How To Buy Litecoin: Easy 5 Steps Guide

Just as gold and silver are often viewed as complementary investments, Litecoin (LTC) can be seen as the digital silver to the digital gold Bitcoin (BTC). There are multiple crypto exchanges for buying and trading Litecoin. We'll show you how to buy Litecoin (LTC) on Binance through this step-by-step guide.

Where To Buy Litecoin?

Some of the most popular exchanges to buy LTC include Binance, Coinbase, KuCoin, and Kraken. When choosing an exchange to purchase LTC, it's essential to consider factors such as fees, security, user interface, and supported payment methods. It's also important to note that some exchanges may only be available in some countries or regions.

Step-By-Step Guide On How To Buy Litecoin:

Follow the below steps to buy Litecoin using the Binance exchange.

Step 1: Register for a Binance account

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The first step is to register for a Binance account; if you already have a Binance account, you can skip this step.

To register, visit the Binance website and click on the "Register" button at the top right-hand corner of the page. You will then be prompted to enter your email address and create a password. You can also use the main sign-up with an email or phone option.

After completing this step, you will receive an email confirmation from Binance.

Create an account using your personal phone number or email address on Binance. Registering as an entity if you want to buy Litecoin as a Limited company business on the Binance exchange is also an option.

Step 2: Verify your identity on Binance

Before you can buy LTC on Binance, you will need to verify your identity. To do this, click the "Profile" button on the top right-hand corner of the page and select "Identity Verification."

Follow the instructions provided by Binance to complete the verification process.

To complete your Binance registration process and start buying crypto on the Binance platform, you must submit a valid government-issued passport or Driving license based on your country of residence.

Step 3: Buy LTC

There are numerous ways to buy Litecoin on the Binance exchange, and it all comes down to your preference. We will explore some popular methods to buy Litecoin on Binance.

Option 1: Fund your Binance account with crypto

This method is helpful for anyone who owns crypto on other platforms or wallets. Once you have transferred your Bitcoin to a Binance account, you can buy Litecoin with Bitcoin as Binance supports trading BTC/LTC pair.

After verifying your identity, you can fund your Binance account with crypto. To do this, click the "Deposit" button on the top right-hand corner of the page. You will then be prompted to select the cryptocurrency you want to deposit. Select the cryptocurrency you wish to deposit and follow the instructions provided by Binance. Once your cryptocurrency has been deposited, you can proceed to buy LTC.

On the deposit Crypto page, choose the crypto (in this case, we selected bitcoin) and its network. Binance will generate a bitcoin address to deposit your BTC. Copy the deposit address and initiate a withdrawal on the withdrawal platform. Once the transaction is confirmed, Binance will credit the crypto.

Convert Bitcoin Crypto to Litecoin (LTC)

After transferring your crypto Binance account, hover over the Trade menu at the top menubar and click on Binance Convert, where you can convert your crypto to LTC.

There are two ways to convert your crypto to LTC: Market order or Limit order.

Buying LTC with market order: Market order allows you to convert your assets at the current market price based on the quoted price in the conversion.

Buying LTC with limit order: A limit order allows you to place an order to convert your assets at a specified limit price. However, limit orders are executed subject to market conditions and may not be completed even if the market price reaches or crosses your limit price momentarily.

The above screenshot shows an example of placing a limit order to buy Litecoin using BNB. You can click on the bars icon next to the limit button to display the price chart of your selected crypto convert pair. Click on Confirm order to get 900 LTC tokens into your account.

Congrats! You have now bought Litecoin by funding your Binance account with crypto and using Binance Convert.

Option 2: Fund your Binance account with Fiat

This option will benefit you if you prefer to fund your account with your preferred fiat currency beforehand. Customers can fund their Binance account with fiat currency via direct bank transfer or credit/debit card.

When using the Bank transfer method to fund your account, make sure to follow the below tips:

Your bank account name must match the name registered to your Binance account.

Please include your full name in your bank transfer's Reference/Remark section.

If the deposited amount exceeds your daily limit, Binance will divide the total payment based on your maximum daily limit.

After funding the account with fiat currency, it will be stored as your cash balance on the Binance account. Using the deposited fiat currency, you can now buy crypto using the buy crypto with Cash Balance tool.

As shown above, buy Litecoin immediately with your preferred fiat currency! You will get an estimated price of LTC based on the currency of choice, and you enter the desired amount of LTC to buy and confirm the order.

Congrats! You have now bought LTC by funding your Binance account with fiat currency and using a Binance Cash balance.

Option 3: Buy Litecoin with a Credit/Debit Card (Popular method to buy Litecoin)

To buy LTC on Binance using a Credit or Debit card, navigate to the Buy crypto via card page using the top navigation menu.

On the buy crypto with card page, you will see various options to choose the fiat currency to buy Litecoin. Enter the desired amount of LTC tokens to purchase and click Continue.

In the payment method section, if you just created your Binance account, add the card details you will use to purchase LTC.

Once you have entered the card details, you must review the order details to ensure they are correct. If everything looks good, click the "Buy LTC" button to complete the purchase.

Congrats! You have now bought LTC by funding with your Credit/Debit card!

Recurring Plan

Alternatively, you have the choice to buy Litecoin on a recurring basis.

The recurring model typically allows you to regularly invest in cryptocurrency with a pre-determined amount and accumulate your crypto holdings over time. If you are committed to the long-term growth of a coin/token and bullish on its future price movements, it is an excellent way to DCA into the project.

Step 4: Buy Litecoin - Payment Methods

Buy Litecoin with Paypal: Binance does not currently support purchasing Litecoin (LTC) directly with PayPal. However, you can still use PayPal to buy cryptocurrencies on other platforms and then transfer those funds to your Binance account to purchase Litecoin. Other exchanges, such as Coinbase support Paypal payment methods to buy crypto. If you have an existing PayPal account, you can start transactions on Coinbase immediately.

Buy Litecoin with a credit card on Binance exchange: To Add a credit card, Go to the "Buy Crypto" page on Binance and select "Credit/Debit Card." Follow the prompts to add your credit card details.

Buy Litecoin with Debit Card: To Add a debit card: Go to the "Buy Crypto" page on Binance and select "Credit/Debit Card." Follow the prompts to add your debit card details.

How to Buy Litecoin with Apple Pay and Google Pay on Binance

The following steps will guide you through how to buy Litecoin using Apple Pay & Google Pay.

1. Log in to your Binance account and click Buy Crypto with Credit/Debit Card.

2. Select the fiat currency according to your country and then select Litecoin crypto to buy from the list. Enter the amount and click Continue.

3. Select Apple Pay or Google Pay as the payment method after choosing LTC to Buy.

4. Once you have successfully added/chosen your credit/debit card, click Confirm to proceed. Check the payment details carefully and confirm your order within 1 minute, or else after the 1-minute mark, the price and the amount of crypto will be recalculated. You can click Refresh to see the latest market price.

Congrats! You have now bought Litecoin on Binance using your preferred Google or Apple pay.

Step 5: Withdraw LTC from Binance

After buying LTC on Binance, withdraw it to a hard or soft wallet you control. To do this, click the "Withdraw" button on the top right-hand corner of the page. You will then be prompted to enter the wallet address to which you want to withdraw your LTC. Ensure you enter the correct address, as transactions on the blockchain are irreversible.

You must also enter the amount of LTC you want to withdraw. Once you have entered the correct wallet address and the amount of LTC you wish to withdraw, click on the "Submit" button. Binance will then process your withdrawal request, and your LTC will be sent to the wallet address you provided.

Tips for buying LTC on Binance

1. Always double-check your order details before placing a trade to ensure everything is correct.
2. Consider using the "Limit" order type instead of the "Market" one when buying LTC. With a limit order, you can set the price you are willing to pay for LTC, whereas, with a market order, you will pay the current market price for LTC, which may not be the best price.
3. Consider using two-factor authentication (2FA) to enhance security after registration.

10 Reasons To Buy Litecoin Right Now

Should I buy Litecoin? If you are considering whether you should buy Litecoin or not, then the below points may provide some clarity about the project.

1. Faster transactions: Litecoin's design allows it to process transactions in a faster manner. Transactions are reportedly 4-times faster than Bitcoin's.
2. Lower transaction fees: Litecoin has lower transaction fees compared to Bitcoin, making it more affordable for small transactions.
3. Widespread adoption: Litecoin is quite popular in retail payments. Several merchants and payment providers have adopted Litecoin.
4. Strong community: Litecoin has a strong community of developers, miners, and users who are actively working on improving the technology.
5. Security: Like other cryptocurrencies, Litecoin uses blockchain technology, which is secure and resistant to tampering.
6. Limited supply: Litecoin has a finite supply of 84 million LTC. The rarity may make it more valuable over time.
7. Decentralized: Litecoin is decentralized. The cryptocurrency isn't currently under any central authority's control, making it resistant to interference or manipulation.
8. Bitcoin's alternative: Liteoin is usually referred to as the silver to Bitcoin gold. It was created based on the Bitcoin protocol, which means it shares many similarities with Bitcoin and may be seen as a more affordable alternative.
9. Liquidity: Litecoin is traded on many cryptocurrency exchanges. It is easy to buy and sell Litecoin across different platforms.
10. Potential for growth: Some people believe Litecoin has the potential for future growth and may increase in value over time.