How To Buy Litecoin (LTC)

Litecoin is a peer-to-peer internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralised without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.

Define an investment strategy to optimise your chances of profit

In order to make your pounds stretch the furthest possible, it is highly recommended to choose an investment strategy. Ouch, that seems complicated I hear you thinking, and why is that important anyways? Well, it is important for one simple reason, if things start to go south and you are starting to experience a little bit of FUD, you can revert back to your plan and feel (hopefully) a little bit reassured. With regards to coming up with an investment plan, you come up with a simple one in just a few minutes by answering these two questions:

Do you want to adopt a long- or short-term strategy?

If you want to invest a lot of time and money in the fascinating world of cryptocurrencies, you can opt for a short-term strategy by trading daily with multiple crypto-assets on a reliable cryptocurrency trading platform. This would follow the simple investment logic that in order to make a profit you need to be buying your chosen coin/token at a low price and then selling it at a higher price. Nevertheless, always keep in mind that the market is notoriously difficult to predict.

If you want to make a crypto investment in the coming years and you don’t want to invest too much of your time trading it all day long, then it is best to opt for an investment strategy which focuses on the medium- to long-term.

Cost-average investment or taking the all-in approach?

The all-in strategy consists of investing the entire investment into crypto at once. Even if it is the most used strategy, it is also the most risky because you expose all of your investment capital to a sudden change in the market. Taking a cost-averaging approach will flatten out the entry price of your investment and minimise your risk. For example, if you want to invest £1000 in BTC, instead of investing it all at once, you could invest £100 every day for 10 days.

Choosing the right exchange platform

Although not the only way to buy cryptocurrency, the quickest and easiest way to buy most cryptocurrencies is to go through an exchange platform. Here you will be able to buy other cryptocurrencies with USDT (Tether) and BTC but more importantly with fiat money like £, € or $ (increasingly other fiat currencies around the world are being accepted)

There are many exchange platforms on the market but here are some tips so you do not get overwhelmed by the huge range of choice:

Reputation

The best way to find an exchange is to read user reviews and comments available on Reddit and other forums, so you can learn more about user experiences with each platform. Alternatively visit CoinGecko to see which exchange has the best score (Green/10.0 being the best score). 

Fees

Before registering and purchasing any amount of cryptocurrency, make sure you are aware of the deposit, transaction (buy/sell) and withdrawal fees. These fees (if any) will vary depending on the trading platform you are using.

Payment methods

What are the payment methods available on the platform? Can you purchase crypto using your credit or debit card, bank transfer or PayPal? Check that the payment method you want to use is available on the chosen platform. Important as some exchanges only allow crypto-crypto trades.

ID verification requirements

The vast majority of trading platforms are required to check your ID in order to allow you to make deposits and withdrawals. Make sure you have the necessary forms of ID available in digital formats, so you can upload them to the platform’s website (although a device with a camera, so you take photos of your ID, is usually enough). Also, bear in mind that if you do not provide all the necessary documents restrictions and limits will be placed on your account.

Geographic restrictions

Unfortunately, not all countries have been as forward thinking about crypto as the UK, so if you are reading this from abroad some exchanges might not be available to you. Make sure that the platform gives you full access from the country or region you are most likely to trade from or reside in.

Exchange rates

Some platforms may ask you to convert your pounds into dollars before you can buy cryptocurrency. Consult the exchange rates used as these can vary considerably. It is not uncommon for rates to fluctuate up to 10% or more in some cases.

So now you’ve chosen a cryptocurrency, know which platform you want to use and have a good investment strategy in place – all you need to know is how to actually purchase your chosen cryptocurrency. Below, we have selected three of our favourite exchanges and shown you how to buy cryptocurrencies using them. If you have chosen a different platform, it is likely the steps are very similar.

Guide to buying your cryptocurrency on Binance

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Binance, while only created in 2017 through the ICO of its utility token BNB (binance coin), has in a short space of time established itself as the leading exchange in the crypto space and it’s easy to see why. Its focus on international accessibility through its wide choice of languages, quality customer support and protection, notwithstanding the benefits of owning BNB on the platform (which include reduced transaction fees and increased rewards from your referrals) has won it a huge number of users (retail and institutional traders alike). Finally, Binance has one of the most important range of cryptocurrencies available to trade – over 150 cryptocurrencies with more than 450 trading pairs.

Here’s how to buy cryptocurrencies on Binance:

  • Visit binance.com or download the Binance app from the App/Play Store and make sure you use referral code ‘TCT’ to get a discount on your trading fees. 
  • Register by entering your personal information and verifying your identity
  • To obtain cryptocurrency the quickest way possible, use your credit/debit card. Be aware of the minimum purchase amount if you do use your debit card (£15). Alternatively top up your account with pounds via bank transfer or if you already have some cryptocurrency send it to your Binance account.
  • Secure them in the official Binance wallet (Trust Wallet) or send it to a wallet of your choice

Guide to buying your cryptocurrency on Crypto.com

  • Download the Crypto.com app from the App/Play Store and make sure you use the referral code ‘TCT50’ to get $50 free worth of CRO (crypto.com coin) when you order their Visa card.
  • Register by entering your personal information and verifying your identity. You will be usually verified in about 10 minutes (but it could take longer).
  • To obtain cryptocurrency the quickest way possible, use your credit/debit card (there are usually fees when doing this but until September 2020 it’s free). Alternatively top up your account with pounds (£) via bank transfer or if you already have some cryptocurrency send it to your Crypto.com account.
  • Secure them in the official Crypto.com wallet or send it to a wallet of your choice

Guide to buying your cryptocurrency on Swissborg

  • Download the Swissborg app from the App/Play Store and make sure you use the referral code ‘TCT’ to win up to €100’s worth of Bitcoin when you deposit the equivalent of €50.
  • Register by entering your personal information and verifying your identity. You will be usually verified in about 10 minutes (but it could take longer).
  • Top up your account with pounds (£) via bank transfer or if you already have some cryptocurrency send it to your Swissborg account
  • Swissborg is a very safe platform (non-custodial) so exceptionally you could leave them on your account but alternatively send it to a wallet of your choice

Of course, these are not the only platforms where LTC is available to buy, others include: Bitpanda, Alvexo and Paymium to name but a few.

Securing your newly bought cryptocurrency

So now you have some bitcoin, maybe ether or even something less well known, and its sitting pretty on the exchange you should now think about keeping it safe. Isn’t safe on the exchange I bought it from, you say? Not exactly. If I told you over $100 million worth of cryptocurrency has been stolen from cryptocurrency exchanges since January 2020 alone would you want to keep it there? That being said, the three exchanges listed above have not been hacked so far in 2020.

Securing your crypto assets when delving in this industry should be your number one priority. Luckily for you we have written some handy guides, so you know what to do once you have bought your crypto. Read our general introduction here.

Securing your cryptocurrency via wallet is not the only way you can keep your cryptocurrency away from the prying hands of hackers. Take a bit of time out of your day to read through these guides so you can choose the best email address, passwords as well as other methods to keep your digital money safe!

Conclusion

Today we have covered why buying cryptocurrency is not just about registering with an exchange and clicking a few buttons. It is much more than that, you need to think up an investment strategy, choose the right platform and finally secure your cryptocurrency once you’ve bought it. Might seem simple now you’ve read all about it but its good to take things seriously if you are going to take your financial future and freedom into your own hands!

For any questions regarding this article and this process. Do not hesitate to contact us on our socials.

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( Foreign Countries Manager )

Just your average global millennial embracing, and interested in, the future of money and finance. Excited by blockchain tech as well as fintech but have a special passion for DeFi and Yield Farming, what will this technological disruption bring next?

DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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