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What is Litecoin?

Litecoin is a peer-to-peer digital currency. It was invented by Charlie Lee in 2011 and is in many technical regards nearly identical to Bitcoin. The system works without a central repository or administrator, but uses a distributed ledger called blockchain to record transactions. Litecoin offers technical improvements over Bitcoin which allow a faster and a greater number of transactions as well as almost zero payment cost. Furthermore, the cryptocurrency is often used to test new technologies before they are adopted by the Bitcoin protocol.

How to buy Litecoins

Litecoin can be bought on cryptocurrency marketplaces. Before you are able to buy your first litecoins, you need to open an account and verify your identity with one of them. If the chosen marketplace does not offer a wallet service, you also have to setup a litecoin wallet to store your litecoins. The process of account creation, identity verification and payment processing can take from few minutes to several weeks, depending on the verification process and used payment method.

Where to buy Litecoins

There are three different types of cryptocurrency marketplaces where you can buy Litecoin.

Exchanges resemble traditional stock exchanges such as the New York Stock Exchange and allow individuals to trade Litecoin directly among each other. Cryptocurrency exchanges are thereby responsible for matchmaking, i.e. to determine a price for litecoin where there are enough buyers and sellers. Cryptocurrency exchanges are oftentimes targeted towards professional traders and offer many advanced trading features and interfaces which can somewhat confusing for beginners.

Brokers, by contrast, offer the purchase of litecoin out of their own asset stock. This means that when you buy litecoins from a broker, you do not make a transaction with another individual, but the broker. Cryptocurrency brokers therefore act as market makers and charge a higher fee than cryptocurrency exchanges. Nevertheless, buying cryptocurrencies from broker services is often very easy and straightforward.

Lastly, peer-to-peer (P2P) directories are platforms where two individuals can trade bitcoin directly between each other and without a third-party or matchmaking algorithm. However, there it is more risky to buy Litecoin on a P2P directory due to the lack of a third party.

What to consider when buying Litecoins

After learning more about cryptocurrency marketplaces, you might be wondering: “What’s the best marketplace for me?” Rest assured, you have come to the right place: Cryptoradar lists popular places to litecoins litecoins from all around the world. Simply use our filters to find a marketplace of your preference.

Verification: Most marketplaces require identity verification (e.g. by uploading a copy of your passport) and proof of residency (e.g. by uploading a recent utility bill) before you can buy litecoins. The verification of your account can take from few minutes to several weeks.

Wallet Service: A litecoin wallet is a piece of software where you can store your litecoins. If you are inexperienced with cryptocurrencies, we recommend to choose a marketplace that provides a built-in wallet service. Nevertheless, please note that storing litecoins in a wallet that you manage yourself is usually more secure, but it requires a learning effort. You can find some basic information about different types of wallets here.

Prices & Fees: The price of litecoin is determined by supply and demand, meaning that its prise will rise and fall depending on the number of people willing to sell and buy litecoins. As cryptocurrency exchanges are responsible for determining the market prices, they usually offer litecoins at a lower price and with lower fees than broker services. Additionally to trading fees, there may be fees to deposit and withdraw your cryptocurrencies.

Payment method: To buy litecoins, you need to transfer money to a marketplace. Most exchanges only offer limited payment methods such as wire transfer, while broker services often offer faster or near instant payment methods such as credit cards or Skrill at an extra fee.

Security: When investing into cryptocurrencies, security plays a major. Cryptoradar helps you filter marketplaces for security features such as two-factor authentication (2FA) or cold storage. We also advise you not to store significant amounts of fiat or cryptocurrencies on marketplaces as they may be subject to cyber attacks.

When to buy Litecoin?

Is now a good time to buy Litecoin? We don’t know. However, if you are looking at a specific price at which you would like to buy Litecoin, we can help you to not miss a favourable opportunity: Sign up for a Cryptoradar account and set up a price alert to get notified when bitcoin trades below or above your target price.