How to Buy Litecoin (LTC) Guide 2018

How to Buy Litecoin

How to Buy Litecoin (LTC)

A Step by Step Guide

This guide will teach you how to buy Litecoin (LTC). We know that so many methods are available, so we made your life a little easier. Keep on reading! 

Step 1. Choose the Best Litecoin wallet

*If you already have a Litecoin wallet, you may skip to: Choosing a Litecoin Exchange.

Also, you don’t really need a wallet because the exchange you’re using to buy Litecoin already has one. It’s just safer to get one.

Choosing a wallet is pretty easy. Either go for a digital (online) wallet, or a Hardware (physical wallet). Keep in mind, hardware wallets cost money. They are the safest type of wallets though.

The #1 choice Litecoin wallets is; Litecoin Core. It is a free and “full node” wallet maintained by the Litecoin Core development team. (I’ll teach you how to set this up now)

Most popular Litecoin Hardware Wallet – Ledger Nano S *Highly Recommended*

Litecoin Wallet Setup

1) First, go to Litecoin’s Official Website and download the Litecoin Core wallet.

Choose the correct wallet for your operating system, download the file, unzip it and install the wallet.

2) Now the installation process is pretty simple, you just have to follow instructions based on your system. Were going to go with a Windows setup for this guide. Every operating system has a different setup but there all similar.

Windows firewall might ask for permission, just make sure “Private networks” is checked and click “Allow Access”.

3) Now you have to wait for the wallet to fully synchronized. You don’t have to do anything but wait until “Progress” reaches 100% (This could take a while).

4) Now to encrypt your wallet.

This is simple, just go to “Settings” in the top left and click “Encrypt Wallet”.

5) You will then be asked to create a password.

Choose something secure but easy to remember. 

A window will pop up informing you that if you lose your passphrase, you will lose all of your Litecoins. 

*Make sure to copy down your passphrase and store it somewhere safe!

Congratulations! Your Litecoin wallet is ready to use!

Backup Litecoin Wallet

You will want to backup your Litecoin wallet. Don’t worry it’s really easy!

When Litecoin Core is open, click on “File” > “Backup Wallet”.

You will be prompted to download a file, store this somewhere safe! (External Hard Drive or USB).

I recommend backing up your wallet everytime you update your Litecoin balance.

Now let’s choose the best Litecoin Exchange!

Step. 2 Choosing the Best Litecoin Exchange

Choose Bitcoin Exchange

For paying with Paypal, Moneygram, Western Union, Cash, Bank Deposits, Skrill, Gift Cards, and More.

*Recommended

For exchanging Bitcoin for Litecoin.

LitecoinLocal

Use LitecoinLocal to buy Litecoin with Paypal, Credit Card, Cash, Bank Transfer, and other Online Payment Methods.

1) First, go to LitecoinLocal & click “Sign Up Free”.

2) You will now need to create an account. Simply enter a your E-mail and Password.

You will be prompted to verify your e-mail address as well.

3) Now you will see a list of offers from different sellers (as shown below).

Find one with your desired payment and cost, then hit the “Buy” button.

Note* Choose a trader with 100% Feedback and at least 10 trades.

4) After you hit “Buy” you will be redirected to the seller’s trading page.

Make sure to read the seller’s instructions very carefully.

When you’re done reading that, type in how much Litecoin you want to buy (in USD).

Also, include a message to introduce yourself.

When you’re done, hit “Start Trade”.

6) Now you just have to wait for the seller to fund the trade. Do not send money until it the trading screen tells you to do so!

The money will go to an Escrow so you don’t have to worry about getting scammed if you send the payment! 

Review the payment information while you wait, it shouldn’t take long. 

7) When the trade is funded, you will see how much time you have to make the payment (as shown below).

Go ahead and send the payment according to the seller’s instructions.

When you send the payment, click on “Mark payment as complete”.

Now you just have to wait for the seller to verify the payment, and they will release your Litecoins! This should only take 30 minutes max! 

Congratulations! But, how about when you’re ready to sell your Litecoin? It’s simple, you just reverse the steps.

*I always sell my Litecoin back on LitecoinLocal. It’s easy and you sometimes you can make a profit! 

*Feel free to ask us any question at our digital help desk!

Binance

Exchanging Bitcoin & other Cryptocurrencies for Litecoin

For buying Litecoin on Binance, you have to exchange Bitcoin or other Cryptocurrencies. Simply put, you deposit Bitcoin into Binance, and exchange it for Litecoin. 

If you have Bitcoin, great, continue reading.

If you don’t have Bitcoin, read our Step-By-Step Bitcoin Buying Guide.

2) Register. Fill out your E-mail, and Password. Click “Agree” , and “Register”.

Go to your e-mail, and confirm registration with the link they sent you.

3) Deposit Bitcoin. On the top of your screen, click “Funds” then “Balances”. You should now see a list of all your wallets. 

Search “Bitcoin” and hit “Deposit”.

4) Now you will be directed to your Bitcoin (BTC) wallet. 

You should see your BTC Deposit Address (as shown belown). Deposit your Bitcoin to that address.

5) After you deposit your Bitcoin, you will get an e-mail when it has arrived. Usually 15-30 minutes.

You are now ready to trade your Bitcoin for Litecoin!

Go Back to your home Screen. 

  1. Click “BTC Markets”
  2. Type “LTC” in the search bar
  3. Click “LTC/BTC”
* “LTC” is the abbreviation for Litecoin.

6) You should now be on the Exchange Platform. 

On the bottom left, you will see “Buy LTC” 

Just type in how much Litecoin or “LTC” you’d like to buy and click “Buy LTC”.

Your order will go in and it will be fulfilled shortly.

Congratulations! But, how about when you’re ready to sell your Litecoin? It’s simple, you just reverse the steps.

*I always sell my Litecoin on LitecoinLocal. It’s easy and you sometimes you can make a profit! 

*Feel free to ask us any question at our digital help desk!

Remember, Be Smart & Invest

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