You can also make instant card purchases instead of depositing, but the fees for this can be significantly higher. Cryptocurrencies are speculative and investing in them involves significant risks – they’re highly volatile, vulnerable to hacking and sensitive to secondary activity. The value of investments can fall how to buy litecoin as well as rise and you may get back less than you invested. This content shouldn’t be interpreted as a recommendation to invest. Before you invest, you should get advice and decide whether the potential return outweighs the risks. Finder, or the author, may have holdings in the cryptocurrencies discussed.
The Bitcoin network will only ever mine 21 million coins, and this event is expected to occur in 2140. Litecoin, on the other hand, has four times that figure, and only 84 million LTCs will ever be mined. This has seen Litecoin enthusiasts point to the network’s perceived advantage over the more established digital currency brand.
Things to consider before buying Litecoin
In addition, the platforms below will reduce fees based on your 30-day trading volume. Also, Binance and KuCoin allow clients to pay fees with their native cryptocurrencies, reducing costs by 25%. The CEX provides several Litecoin trading pairs and simple steps for withdrawing coins. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
These products store your private keys, similar to passwords, that allow you to spend or move your assets around. If you only want to store Litecoin, and not multiple cryptocurrencies, a Litecoin-specific wallet could be a good fit. If you’re familiar with stocks and already working with an online stockbroker, you can https://www.tokenexus.com/ check to see if it offers cryptocurrency. Many other cryptocurrencies are working on payment methods as well, and merchants that accept Litecoin may also take cryptos such as Bitcoin. While Litecoin was developed to be a form of payment, some users also buy it as an investment in hopes that its value will rise.
Step 2: Download the eToro App (Optional)
The platforms listed on this page are ones that we found to be the best at the features we listed them under e.g. cheapest way to buy Litecoin. To see how easy it is to buy Litecoin on eToro, just follow the step-by-step tutorial further up this page. Here is some information about where some of the UK’s most popular banks stand on crypto. Whether or not you should buy Litecoin now depends on the state of the economy, your investment goals, your risk tolerance, and the cost of investments. The buy-and-hold strategy involves buying Litecoin and holding it for a long time, usually as long as you can. This strategy is popular in the industry as it has proven to be effective over long periods, usually years.
You need to ask yourself how long you want to hold your Litecoin. If you think of a few hours or days, you should choose the trading route to increase your potential returns. Investing holding is better if you do not have the time and want to hold for the long term. You can also sell or short your Litecoin position if you determine that the asset may drop in a few hours. As cool as this may sound, trading Litecoin requires a good grasp of the market and analyzing an asset’s price action.
How to Buy Litecoin Anonymously in the UK?
Since then, the digital coin has experienced unprecedented returns. Before you can get started, you need to sign up with a trusted and well-respected broker. For this, we strongly recommend the beginner-friendly platform eToro. Here you have the safety net of several regulatory bodies keeping the space safe. Ergo, it is considerably cheaper and more convenient to buy Litecoin via a regulated broker such as eToro. Litecoin ATMs can be found in shops, airports, and streets just like traditional ATMs.