How to Trade Litecoin [2024] | Step-by-Step

Summary: This guide will share the pros and cons of trading LTC and provide some general investing tips. If you are ready to invest in this crypto asset, you can follow our step-by-step instructions on how to trade Litecoin via a regulated cryptocurrency exchange BYDFi.

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About Litecoin

Similar to Bitcoin, Litecoin is also open source and uses proof-of-work (PoW) to verify each transaction made within the blockchain. However, unlike Bitcoin, Litecoin’s supply is capped at 84 million coins.

The first ‘altcoin’ to emerge, Litecoin has ten times the transaction speed of Bitcoin, and generating a block takes two and a half minutes, compared to Bitcoin’s ten minutes. These improvements made it a popular alternative, and LTC is still an attractive investment opportunity for crypto traders.

Where to buy Litecoin?

LTC has always been popular among cryptocurrencies, and investors keep buying it to diversify their portfolios. Due to a stable interest, most popular cryptocurrency exchanges list Litecoin as their investment asset. Choosing the right platform takes work; to help you decide, consider these factors: 

• Safety and regulation: Opt for platforms that uphold security regulations and implement ‘Know Your Customer’ (KYC) policy;
• Customer support and user interface: A stable customer support and a user-friendly interface contribute to a better trading experience;
• LTC availability, liquidity, and fees: Ensure the platform provides a constant supply of your desired crypto coin and has acceptable transaction fees.

Taking everything into account, the best way to trade Litecoin could be via BYDFi, a regulated and competitive crypto investing platform that provides investors with the following:

• Over 400 different crypto assets;
• Copy trading;
• Advanced features such as pot, leveraged pairs, and perpetual with up to 150x leverage;
• A significant degree of regulation (such as MSB and FINTRAC registration for the US and Canada);
• User-friendly interface.

Additionally, BYDFi maintains tight security measures and implements the KYC policy, making it a safe platform to trade cryptocurrencies.

How to Trade Litecoin: step-by-step

Trading Litecoin is easier than it might appear at first. Buying LTC with BYDFi can be done quickly with a simple process. 

Step 1: Create a free account on BYDFi website or app

Go to the BYDFi website and click the [Get Started] button in the top right corner of the screen.

You can also use an email sign-up prompt in the center of the page to begin the procedure. Input your email address and press the [Get Started] button.

Afterward, the platform will show you two account registration options: via an email address and through a phone number.

Email registration:

For traders who opt to register using an email, provide your email address and click [Send] to initiate the verification process. Once done, BYDFi will email you a six-digit verification code, which you should copy and paste into the field. 

Continue to create a login password. Check the terms and conditions to agree with BYDFi’s policies. Optionally, you can type in an invitation code in the box.

Once done, press the orange [Get Started] button.

Mobile registration:

The procedure is almost the same for registration through your phone number. BYDFi will send the verification code by SMS; you should perform the rest of this process as mentioned in the first method.

You now hold a BYDFi account and are one step closer to buying Litecoin. What’s next is to fund the newly created account.

Step 2: Decide on the amount and trade Litecoin

Once you create an account and log in, you need to decide on the account funding method, transfer the money, and purchase LTC. 

1. Click the [Buy Crypto] button on the top left side of the main navigation bar. 

2. Find and select LTC as the receiving token and select the fiat currency you want to purchase it with.

3. Scroll down to see the payment channels and choose your preferred method. Bear in mind that the BYDFi platform does not process fiat purchases directly and that third-party services may charge a fee for fiat deposits. 

4. Depending on your choice, after you click [Buy Now], you will get several payment options:

• Credit card payment;
• Apple Pay;
• Google Pay;
• CashApp;
• Bank wire.

Decide on the amount of LTC you want to purchase. Transfer times will be different depending on the payment method of your choice. As for BYDFi’s part, the transaction is done within 2-10 minutes.

Step 3: Review the fees and confirm your order

BYDFi will show you accurate information on fees, costs, and the number of LTC coins you get when you place the order and execute the transaction.

The service’s fees are easy to grasp – crypto spot trading fees range between 0.1% and 0.3% of the transaction amount, depending on the crypto asset you invest in. BYDFi does not charge deposit fees, only a flat fee per transaction to cover the base maintenance costs. 

Step 4: Set up storage

You are nearly done with the process after you confirm your order and see the tokens en route to your portfolio. Finally, you can decide whether you hold your LTC in your BYDFi account or place it in a personal crypto wallet.

BYDFI securely stores crypto coins in cold wallets, specially designed offline devices. Still, if you feel more comfortable that way, you can handle security yourself and stash the funds with your own crypto wallet. Either way, try to make sure intruders have no access points to your crypto portfolio.

However, even if the platform undergoes a digital breach, hackers will not be able to escape with your tokens, as BYDFi stores no records of private keys.

Trading tips

Trading Litecoin, or any other cryptocurrency, requires meticulous planning and preparation. In order to be ready for the potential challenges of investing, you need to understand both the market and the asset. 

So, to maximize your profit, make sure you do your research before you put your money into any speculative asset. Follow the golden rule: ‘Plan your trade and trade your plan.’ To manage the risks involved, diversify your portfolio. Finally, familiarize yourself with the following:

• Crypto day trading;
• Swing trading;
• The most common chart patterns in trading;
• Different trading techniques.

LTC price today

Pros and cons of trading Litecoin

Pros

• Faster than BTC: Litecoin has faster block generation times, which leads to quicker transactions than Bitcoin. This makes it better suited for daily transactions and boosts its usefulness to the market;
• Renowned reputation: Owing to its long history and established credibility, investors are more confident investing in LTC. It has survived and thrived since 2011, which is no mean feat;
• High-profile companies adopted LTC: Several prominent businesses have extended their support to include Litecoin, and there is a growing trend of Litecoin adoption among online merchants.
• Active development and vibrant community: Much of the reputation of a crypto coin relies on the community that supports and uses it. LTC has such a community, and the token benefits from an active development team that continues to improve it;
• Growth potential: The year 2023 was especially favorable toward the price of LTC. Its declined after halving in August 2023, but remains undervalued as of December 2023. 

Cons

• Volatile: Cryptocurrencies are investment assets known for their volatility. Litecoin is also susceptible to market fluctuations;
• Competition: Litecoin was once the sole competitor to Bitcoin, but that has changed a long time since. New cryptocurrencies emerge on a daily basis and if any of these gains a technological edge over Litecoin, it may take over its position on the market;
• Regulatory uncertainty: LTC has been a largely decentralized asset, but regulatory bodies such as federal agencies strive to break the status and induce outside regulations which can harm the long-term prospects of cryptocurrency;
• Dependency on innovation: Any leaps in blockchain technologies can render LTC obsolescent and crash its price: if the development team does not keep up, the coin’s value might be endangered.

Mistakes to avoid when investing in cryptocurrencies

You can easily prevent some common investing mistakes if you follow certain guidelines. What you should avoid at all costs includes:

• Not doing research: Numerous factors make the crypto market run. Researching them in detail is necessary if you want your investment to succeed;
• Not considering their budget: There are no guaranteed outcomes in investing. Investing in LTC can result in a loss, so invest only what you can afford to lose;
• Falling for fraud: Rug pulls and pump and dump schemes are not unheard of in the crypto market. Trade crypto with caution, especially if you are new, and stick with regulated and authorized services only;
• Neglecting security: The security of your investments is just as important as earning money in the first place. Consider using a crypto wallet;
• Impulsive decision-making: Conclusions made and followed through under emotional stress can harm your investment goals. Keep your head cool and your hand steady.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

FAQs about the fastest way to buy Litecoin:

All-in-One Crypto Exchange - Get Your First Coins in 2 Minutes

• Multiple Licenses - Reliable and Regulated

• Service Diversification - One-Stop Trading Platform

• Copy Trading - Get Copied, Get Paid

• Easy Deposit & Withdrawal - From Fiat to Crypto, Fast and Easy

500,000+ Users

Get Started