How to buy Litecoin with a credit card
The easiest and fastest ways to buy Litecoin is by buying them on an exchange with your credit card or debit card. Before, exchanges required you to buy Bitcoin(BTC) and convert them into Litecoins. But now, it is possible to purchase Litecoin directly without going through this overwhelming process. Here is the most painless way to buy your first litecoin
1.Get a Litecoin Wallet
There was a time when each time you bought an Altcoin, you had to find a special wallet for this coin.
Fortunately, you can now just save all your favorite cryptocurrency in a multicurrency wallet.
I recommend using Exodus.io for beginners which is a desktop wallet which is not only very secure but also extremely user friendly.
It takes only a few minutes to download and set up.
Don’t forget to save the private keys separately so you don’t lose your litecoins 😉
Storing your Litecoin
- Never keep your cryptocurrency on an exchange because they are the favorite targets of hackers.
- Always keep a paper back up of your private keys in case your computer crashes.
- Never ever give out your private keys to anyone.
Recommended: Private Key vs Public Key
1. Find an exchange to buy Litecoin
There are several popular exchanges which allow people to buy Litecoin.
Though Coinbase and Bitpanda are very popular on top being user friendly, the biggest challenge for me, as well as many other people, is the country restrictions.
The best place to buy litecoins if you are a beginner and live outside of the US and Europe is Coinmama.
Despite this weird name, this company has been in business since 2013.
2. Sign up to a Cryptocurrency Exchange
Like most shopping websites, you will need to sign up to create and account.
The registration process takes only a few minutes with just a few clicks.
Then check your email and click on the link in the confirmation email.
3. Verify your account to purchase litecoins
As an exchange is a financial service, you will need to go through some verification steps.
My verification was approved within an hour instead of months unlike other exchanges.
This usually requires uploading some kind of verification documents. This usually depends on the amount you would like to purchase.
I was approved for $5000 of cryptocurrency.
Prices are very volatile in the crypto universe and sometimes you can’t afford to wait months.
Recommended: Coinmama Review
3.Choose the amount of Litecoin you want to buy.
You can choose packages of $100, $250, $500, $1000.
I also like the fact that there is an option to view the prices in Euros.
4.Or choose the amount of USD or EUR you want to spend
5.Enter Litecoin Wallet Address
Provide the receive address or public key of the wallet you created in Step 1.
6.Add your credit card or debit card
7.Selling your Litecoin
The biggest mistake many people make is they do not have an exit plan.
Meaning they successfully bought the cryptocurrency at a low price but don’t have a fast solution to cash out.
While some investors prefer to keep their coins for the long term, others wait before the coins reach a price before trading them.
Another reason to get signed up is many cryptocurrency exchanges do not allow you to cash out Litecoin directly.
In most cases, you are required to convert the Litecoin to Bitcoin(BTC) and then cash out.
Set up a exit strategy
I recommend signing up to both of these exchanges before buying your Litecoin so you’re prepared for any price surges.
For this reason, it is a good idea to set up an account in with an exchange which allows you to trade like CEX.io or cash out directly in fiat like LocalBitcoins.com.
Don’t FOMO
Actually advice an ex-stock trader gave me: If you want to be successful trading crypto you need BALLS OF STEEL.
The truth is even the most informed professionals fall into the trap of missing out.
The New York Times recently wrote a piece on an English Financial Analyst bought bitcoin at the $23,000.
Higher risk in the high risk environment
Professional investors consider Bitcoin as a high risk investment as a high risk investment as the prices can crash down to 60% or even 90%.
Litecoin is an even higher risk in this high risk environment.
Ball of steel Test
Would you be comfortable with burning this money?
If yes, you can proceed.
If not…. buy a pizza 😉
Thank you for reading!
Let me know if this info was helpful for you 😉
Cheers,
Marie
Founder of Satoshi Library
PS
If you feel comfortable enough to give me your email, just enter it below and I just might send you an email one of these days 😉
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Disclaimer: I am not a financial advisor and the information provided does not replace professional advice. Cryptocurrency prices are highly volatile as well as evolving very quickly. This post may contain inaccuracies, so please do your own research before placing money in any website. Thanks!