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How to Buy Litecoin (LTC) | A Step-by-Step Guide

How to Buy Litecoin (LTC)

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:

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
Coinbase Exchange Logo Small Table

Coinbase

Credit Card /

Bank Account

~1.49% via Bank

~3.99% via Credit Card

San Francisco, California thumbs up Coinbase Review
GDAX Logo Small

GDAX

Bank Account /

Bank Wire

~0.3% or less San Francisco, California Okay GDAX Review

Binance

Cryptocurrency 0.1% Hong Kong &

Tokyo

Okay Binance Review

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.

Coinbase Sign Up Form

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.

Coinbase 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.

Coinbase Sign Up Form Phone Number

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 Complete Account

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.

Coinbase Buy Methods

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.

Coinbase Choose Bank Account

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.

Coinbase Identity Verification

Once your identity is verified, you can add your credit or debit card.

Coinbase Link Credit 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.

Buy Litecoin with Bank Account

You’ll be asked to confirm your purchase.

Buy Litecoin with Bank Account Confirmation

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.

Buy Litecoin with Bank Account Success

Buy LTC on Coinbase

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.

GDAX Sign Up

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.

Coinbase Complete 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.

GDAX Deposit USD

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.

GDAX Deposit USD Options

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.

GDAX LTC-USD Trading Pair

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.

GDAX Buy Litecoin LTC with USD

If you used a market order, your balances should instantly reflect your purchase.

GDAX LTC Balance

Buy LTC on GDAX

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.

Binance Sign up Register

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.

Binance Email Sent Sign Up Confirmation

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.

Binance 2FA Prompt

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.

Binance Google Authenticator Set Up

You can also set up 2FA at any time from your "Account" page.

Binance 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.

Binance Deposit Ethereum Step 1

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.

Binance Deposit Ethereum Step 2

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.

Binance Pending ETH Deposit New

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 Buy Litecoin LTC

Binance’s 0.1% fee will be taken out of the LTC you receive.

Binance Litecoin LTC Balance

Buy Litecoin on Binance

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