How to Buy Litecoin (LTC) | A Step-by-Step Guide
As one of the oldest and largest cryptocurrencies, there’s plenty of great exchanges where you can buy Litecoin (LTC). In this step-by-step guide, we’ll show you exactly how to buy Litecoin from Coinbase, GDAX, and Binance.
In this guide, we’ll cover how to buy LTC with:
- Debit Cards, Credit Cards, or Bank Account on Coinbase
- Bank Transfer or Bank Wire on GDAX
- Other Cryptocurrencies on Binance
The Exchanges We’ll Be Using
Before jumping into our step-by-step guide, let’s take a quick look at the cryptocurrency exchanges we’ll be using.
Coinbase is widely considered to be the easiest way to buy cryptocurrencies. On this platform you can use both your credit/debit card or bank account to make a purchase.
GDAX is actually owned by the same company as Coinbase. While Coinbase caters to new cryptocurrency investors, GDAX aims to serve a more advanced user. GDAX accepts deposits via bank transfer and bank wire.
Binance is a cryptocurrency only exchange, meaning you can trade one cryptocurrency for another on the platform, but you can’t use fiat currencies like USD or Euros.
For more information on any of these exchanges, click the link to their review in the table below.
|Exchange||Buy With||Estimated Fees||Exchange Location||Beginner Friendly||Review|
|Credit Card /|
|~1.49% via Bank|
~3.99% via Credit Card
|San Francisco, California||Coinbase Review|
|Bank Account /|
|~0.3% or less||San Francisco, California||GDAX Review|
|Cryptocurrency||0.1%||Hong Kong &|
Step 1) Sign Up to Coinbase
Click the “Sign Up” button in the upper right-hand of the Coinbase website.
To start, you’ll need to give your name, email address, and state.
After submitting the above form, you’ll be sent an email from Coinbase. Click the links sent to you by Coinbase to verify your email address.
This link will take you to the Coinbase signup wizard.
The first step of this process is to enter your phone number, which will be used as a 2-Factor Verification method.
Step 2) Add Payment Method and Verify Your Identity
The next step is to add your payment method. You may also need to verify your identity, depending on your payment method and location.
Coinbase allows you to make purchases through your bank account, debit card, or credit card.
- Bank Purchases allow you to buy large amounts of Litecoin, Bitcoin, or Ethereum typically at a 1.49% fee. The downside to using a bank purchase is that you won’t receive your cryptocurrency until your payment has been processed. Your purchase price will however be locked in at the time of your purchase.
- Debit/Credit Card Purchases give you the cryptocurrency you bought instantly at roughly a 3.99% fee. Unfortunately, limits for this order type are far lower than if using a bank account.
By clicking on “Add a payment method”, you can choose the option you prefer.
If choosing “Bank Account”, you’ll need to log into your bank account directly from Coinbase. While this process is used by millions of people safely, you can choose a “Wire Transfer” if you don’t want to log into your bank account from Coinbase.
You may want to read the “Is Coinbase Safe?” section of our Coinbase Review.
If choosing a credit or debit card, you’ll likely first need to verify your identity by uploading a picture of your government issued ID.
Once your identity is verified, you can add your credit or debit card.
After adding your credit card, Coinbase will make two very small charges to your card. You’ll need to find the amount of these charges (through online banking), then enter them into Coinbase to verify your card.
Step 3) Buy Litecoin on Coinbase
Once your payment method is set up, locate the “Buy/Sell” page of your Coinbase account.
On the “Buy” tab, choose Litecoin from the list of available cryptocurrencies and select your previously connected payment method.
Enter the amount of Litecoin you want to purchase. The price and fees will be clearly displayed on the right side of the page.
Click the blue “Buy Litecoin” button.
You’ll be asked to confirm your purchase.
Once you confirm your purchase, you’ll see a message showing exactly when your purchased Litecoin will be available. If you used a bank account it will likely be a few days (up to a week), while debit/credit card purchases will be instantly available.
Steps 1-2) Sign Up & Set Up Your Account
As mentioned at the start of this guide, Coinbase and GDAX are owned by the same company. If you already have a Coinbase account, you can use that to log into GDAX.
If you click the “Create Account” button on GDAX, you’ll see the following form.
Like with Coinbase, you’ll be sent an email to verify your email address. In fact, you’ll likely actually be directed to Coinbase to continue setting up your account.
Follow the steps shown in “Step 2) Add Payment Method and Verify Your Account” in the Coinbase guide above.
Step 3) Deposit to GDAX
After you’ve set up and verified your account, log into GDAX. Locate the “Accounts” page in the menu of your account. To deposit USD, click the down arrow.
You’ll have 3 USD deposit options: Bank Wire, Bank Account, and Coinbase Account.
Bank Wire Deposits have no limits and will be available the same day or next day. They do however come with a $10 fee.
Bank Account Deposits have no fees, but take 3-10 business days (usually 3-5). You’ll also likely be limited to depositing somewhere around $15,000 or less per week using this method.
Coinbase Account Deposits allow you to transfer funds from your Coinbase account to your GDAX account. These are instant, limitless, and have no fees.
Step 4) Buy Litecoin on GDAX
Once your USD deposit has been processed, find and select the “LTC/USD” trading pair in the drop down menu next to the GDAX logo.
The page shown will look very complicated, but we’ll just be using a small portion of it to place our order.
On the left hand side of the page, you’ll see the order form. There are 3 order types: Market, Limit, and Stop.
Market orders are the easiest option, only requiring you to enter the amount of Litecoin you want to buy in USD. The exchange will then automatically fill your order at the best available price from sellers on the exchange.
Enter the amount of LTC you want to buy, then click the “Place Buy Order” button.
If you used a market order, your balances should instantly reflect your purchase.
1) Create Your Binance Account
The first step is to sign up for a Binance account. Registration is simple, only requiring an email address and to create a password.
Once you've submitted the registration form, you'll need to verify your email address. This is simply done by clicking the link Binance has emailed you.
2) Secure Your Binance Account
Upon logging into your account for the first time, you'll likely be prompted to enable 2-Factor Authentication (2FA). While this is not required, it's highly recommended.
2FA helps to secure your account by requiring an additional passcode when login attempts are made. Binance offers 2FA through the Google Authenticator App and SMS text messaging. We recommend using Google Authenticator, as SMS 2FA has known security vulnerabilities.
Once you select Google Authenticator, Binance will show you step-by-step how to set it up.
You can also set up 2FA at any time from your "Account" page.
From your "Account" page, you'll also be able to submit verification documents, should you need higher withdrawal limits than the default 2 BTC equivalent per 24 hours.
3) Deposit Bitcoin or Ethereum to Binance
Locate the "Deposits" page, under "Funds" in the main menu. Here you can search for the cryptocurrency you want to deposit. We recommend Ethereum over Bitcoin, as it's faster and has lower network fees (fees from their respective networks, not Binance).
In this example, we'll be depositing 1 ETH.
Once you've selected the cryptocurrency you want to deposit (in our case Ethereum), Binance will give you an address where you can send your deposit.
After you've sent funds to the given address from your cryptocurrency wallet, your deposit will soon show up as pending while it completes the required number of block confirmations. For our ETH deposit, it took about 5 minutes for our deposit to be completed. Other cryptocurrencies like Bitcoin, that have longer block confirmation times, will take longer to deposit.
4) Buy Litecoin on Binance
Find the “Basic” version of the Exchange in the menu.
On the right-hand side, choose your trading pair.
- If you’re using Bitcoin to buy Litecoin, choose “LTC/BTC”.
- If you’re using Ethereum to buy Litecoin, choose “LTC/ETH”.
Use the “Buy LTC” order form to place your order. We recommend placing a “Market” order as it’s the simplest order type.
All that’s required for a market order is to enter the amount of LTC you want to purchase. The exchange will automatically fill your order at the best available price.
Binance’s 0.1% fee will be taken out of the LTC you receive.