Skip to main content

How to buy Litecoin

Litecoin is a big bitcoin alternative. Here's how to buy some

how to buy litecoin litecoin04
Chesnot/GettyImages
As one of the most popular alternative cryptocurrencies out there, Litecoin shows a lot of potential as a store of value and a potential investment option — especially since its price fell towards the end of 2017. But in order to be in with a chance of enjoying any rise in Litecoin’s value in the future, you need to know how to buy Litecoin. That’s what this guide is all about.

As with other cryptocurrencies, there are different ways to acquire them. You can mine them yourself, but if you want to buy Litecoin, these are the best ways to do so.

Buying through an exchange

Bitstamp

For those just getting started with buying cryptocurrencies like Litecoin, or for anyone who wants to buy in the most straightforward manner, buying from an exchange is probably the best way to go. Although they are far from perfect, they do a lot of the legwork for you and give you the quickest and easiest access to a wide variety of cryptocurrencies, without you needing to be hands-on for the trade itself.

Picking an exchange might seem complicated, but it needn’t be too much of a headache. There are a lot of them out there and as with buying cryptocurrencies in the first place, you want to pick the one that’s right for you. Some of the more established trading platforms include Coinbase, Kraken, and Bitstamp, but Bitcoin.com has a list of all major exchanges that you can sift through. Whichever one you pick, make sure it’s well-established, has insurance to cover any potential losses — and most importantly in this case — actually supports Litecoin trading.

When you’ve locked in which exchange you want to use, your next step should be to sign up. Most exchanges operate from a web address, though some also offer smartphone app compatibility if you prefer. Depending on the exchange, signing up may require you to provide some form of identification, but that’s merely to comply with anti-money laundering laws. You’ll then need to pair your bank account or debit card with the exchange — and in some cases transfer funds directly to your account. Once you’ve done so though, you’re ready to begin trading.

The actual method for buying Litecoin will depend very much on the exchange you use, but most of them will boil down to a few simple options. You’ll be looking to make a “buy order.” When you do, a certain amount of your fiat currency (USD, etc.) will be transferred out of your account, with the requisite amount of Litecoin then sent to your exchange wallet.

Basic buy orders, sometimes called market orders, make the purchase for you automatically at the best market rate. If you want to only buy at a set price, you can in some cases place a “limit” order instead, which allows you to specify a value.

If you plan to hold your Litecoin for a while or have purchased a particularly large amount, we’d recommend you transfer it out of your exchange wallet into something more secure. Although most established exchanges are well protected, DDOS attacks, busy trading periods, and hacks can cause problems with accessing your cryptocurrency. Making sure you have a firm grasp on it, whether you use a software or digital wallet, is a good idea.

Buying through direct trade

Cointal

The other main way to buy cryptocurrencies of any type is directly from the owners. It’s a little more off-the-grid than exchanges, but ultimately just means that you can have a firmer grasp of price and the timing of the trade. It does mean being actively present for the trade and manually sending the funds, but it also keeps your currency (of all types) away from any platforms which may become inaccessible for whatever reason.

Direct trading with Litecoin isn’t as easy as it is with bitcoin — there just aren’t as many platforms that support it. Fortunately, Cointal handles peer-to-peer transactions for everything from bitcoin, to Litecoin, to Ripple. It also supports a wide array of payment methods, so you can buy Litecoin with Paypal, gift cards, or a direct bank transfer, among others.

To use Cointal, head to the site’s homepage and input either how much USD you’re willing to spend, or how much Litecoin you want to purchase and click the “find an offer,” button. You will then be presented with a list of available offers which you can list by buy/sell or payment method. You can also peruse sellers and look at their reputation, feedback, and location.

When you have selected a deal you like the look of, click the “buy” button on the right-hand side and you’ll be taken to the relevant deal page. Double check the details of the transaction and then hit the “Buy Now” button, and you’ll be taken to the login page, at which point — if you haven’t already — you’ll need to make an account.

The actual specifics of the transaction will be down to you and the seller, but suffice to say, it will involve you sending them a payment, which will be held in escrow while they send you the Litecoin. When everyone is happy, your new Litecoin will be sent straight to your chosen wallet.

Buying with other cryptocurrencies

The only other way to get hold of Litecoin is to trade it for another cryptocurrency like bitcoin. If you do have some alternative tokens you want to trade, you can use asset exchange websites like ShapeShift or Changelly for a more automated experience. You can also use Paxful or indeed Cointal, to make direct trades with one cryptocurrency for another.

For a full look at that process, check out our guide on how to trade bitcoin for other cryptocurrencies.

Editors' Recommendations

Jon Martindale
Jon Martindale is the Evergreen Coordinator for Computing, overseeing a team of writers addressing all the latest how to…
Best Buy to restock Nvidia RTX 30-series GPUs again — here’s how to score one
Line outside of Best Buy for RTX restock.

Best Buy is restocking RTX 30-series graphics cards again. Starting on Friday, October 1 at 7:30 a.m. local time, Best Buy stores across the country will start handing our vouchers for the coveted GPUs. If you're lucky enough to receive a voucher, you'll be entitled to a graphics card -- and at list price.

You'll only be able to buy the graphics cards in-store, and only select stores are participating. You can look up the location nearest to you using the search on Best Buy. If this is your first time going to a Best Buy restock, there are a few important things you should know.

Read more
What is GPU mining?
heatmine cryptomining heaters bitcoin mining crypto coin farm mem 2v2

At the onset of cryptocurrency mining, CPUs were the primary way to conduct mining operations. Today, unless you're using application-specific integrated circuits (ASICs) to mine a currency, the next best thing is GPU mining, and for many cryptocurrencies, it's the dominant form of mining.

Here's a breakdown of what GPU mining is and how it has started to cause real problems for the hardware industries it draws from.
What is mining, and how do GPUs accomplish it?

Read more
How to increase your gaming performance without buying a GPU
PC gamer wearing headset

The GPU shortage has made it almost impossible to buy a graphics card. Thankfully, you don't need to upgrade your GPU to squeeze some extra performance out of your PC. We have five ways to optimize your PC for gaming, all of which you can do in a matter of minutes. Better than that, they're all free.

To test each of the changes, we set a baseline score with 3DMark Fire Strike Extreme. This score represents performance when doing everything wrong. We then tested each of the changes individually, not cumulatively, to get an idea of how much performance you could gain back.

Read more