Cryptocurrency brokers are somewhat similar to traditional share dealing platforms. This is because you will need to open an account, verify your identity, deposit funds, and then invest in your chosen asset. In the case of Litecoin, you will be buying LTC tokens directly from the broker itself. This means that you don’t need to trade with another user – making the process ideal for newbies.
With no transaction fees, you can focus on achieving your investment goals. If you’re looking to buy Litecoin in the UK in a simple and cost-effective way, it’s https://www.tokenexus.com/ best to use an online broker. The process works much the same as buying shares online, insofar that you will need to open an account and deposit some funds.
How To Buy Litecoin (LTC) in 4 Easy Steps
Plus, even if the issuer does permit this, you might be charged a cash advanced fee. This averages 3% in the UK – so do your homework before proceeding. On the one hand, this often results in very low trading commissions, as the exchange will is simply there to facilitates buy and sell orders between market participants.
In the vast majority of cases, people will buy Litecoin in the UK with an everyday payment method. Whether that’s a debit/credit card, e-wallet, or bank account transfer – the process is simple for newbies. However, if you are already in possession of a cryptocurrency like Bitcoin, there is no need to use a traditional payment method. Most cryptocurrency exchanges and platforms charge fees for buying and selling Litecoin as part of their services. However, you can compare different exchanges to find platforms with lower fees or promotional offers to reduce costs. Litecoin trading refers to the buying and selling of Litecoin (LTC) on various cryptocurrency exchanges or trading platforms.
eToro – Best Place to Buy Litecoin
You can use cash or a card to make a purchase and the coins you buy will be transferred to your wallet. However, this is a much slower process than using an online platform, and the fees can be exorbitant. There is a spread, which is 0.85% when buying LTC and 1% when selling it. UK customers can fund their accounts with a debit card for a 2.49% fee or with a bank transfer via Faster Payments for free.
- If you were to head over to cryptocurrency data platform CoinMarketCap – you will see that there are now more than 10,000 digital tokens in existence.
- Finally, you will have no issues with safety at eToro, as the broker is authorized and regulated by the FCA.
- Litecoin (LTC) is a popular peer-to-peer cryptocurrency that operates on a decentralised network.
- Furthermore, Binance is home to hundreds of cryptocurrency pairs, so it’s a great platform for accessing less popular digital coins.
This includes placing 98% of the client funds in ‘cold storage’, meaning the crypto assets are never connected to an online service. As we briefly mentioned earlier, the vast majority of exchanges supporting Litecoin purchases are how to buy litecoin unregulated. The problem is that as an inexperienced investor, you might not be aware that this is the case. Ultimately, if you end up depositing funds into an exchange that operates without a license, your capital is at risk.
FAQs on Litecoin (LTC)
If you’re ready to get started, read on for step-by-step instructions and a list of platforms you can use to buy Litecoin in the UK. Today LTC is trading for £61.43, which is slightly up from yesterday’s trading price of £60.28. BitCourier – independent UK crypto community and media website.
To quickly analyze your profit and loss (P&L), check out the “P/L” columns. When you are ready, click on “open trade” to finalize the litecoin trade. After you’ve clicked “invest,” you will be able to see the current price for litecoin. Litecoin has a privacy feature called Mimblewimble, which makes transactions invisible to anyone who isn’t directly involved. LTC is faster, cheaper, more plentiful, and more private than bitcoin. The first difference is the mining algorithm, which has been changed from SHA256 to Scrypt.