How to Buy Litecoin (LTC) | The Pose

Category: Crypto and Finance

✍ 11 mayo, 2021 – 10:59

It is sometimes called a “silver” coin compared to “Bitcoin gold.” Litecoin (LTC) was one of the first altcoins developed, and it is an open source cryptocurrency, peer-to-peer. The cryptomoney was originally introduced to streamline money transfer and its network is based on technology from Bitcoin, with some major improvements.

For example, Litecoin’s more efficient network means lower transaction costs and higher transfer speeds compared to Bitcoin. Its faster network also makes the cryptocurrency less susceptible to hacking attempts, which typically take place when a user transfers coins from one wallet to the other.

Related content: Litecoin: One of the Cryptocurrencies with the Most Future?

Investing in cryptocurrencies like now. Our guide will teach you how to buy Litecoin, how to decide when to sell your coins, and we recommend platforms that currently support Litecoin transactions.

Step 1: Open an account online

The easiest way to buy Litecoin (and most cryptocurrencies) is to open an account with a cryptocurrency broker that supports direct buying and selling of Litecoin. A cryptocurrency broker is very similar to a stock broker (it will open your account, place your purchase orders and buy the cryptocurrencies you request according to your specifications). After your order closes, you will see your Litecoin in your brokerage account.

Similar to opening a bank account or stock brokerage account, you will need to provide a little personal information to your broker before you can trade. Some of the data that you will have to provide may be:

  • Full legal name and address
  • Email address and phone number
  • Some information about your income and experience in cryptocurrency trading
  • Bank account information or details of another payment method (such as PayPal and credit card information)
  • A copy of your driver’s license, passport, or other form of photo identification

Not all cryptocurrency brokers offer access to the same currencies. If you’re not sure where to start your search, consider our favorite Litecoin trading broker.

With a clean interface and a number of unique tools, eToro It can be an ideal option for both beginner investors as well as intermediate and expert investors.

Related content: The Best Cryptocurrencies to Invest in 2021

The brokerage page offers investments in Litecoin both from a desktop computer and from your mobile. One of the most unique features of eToro is its functionality CopyTrader, which allows you to start trading with cryptocurrencies by “copying” the operations carried out by professional crypto investors. You just choose a user you want to copy, enable CopyTrader and eToro will match your moves to those of the experts.

If you’re interested in testing your cryptocurrency trading skills, consider the eToro practice account, which provides you with $ 100,000 worth of fake virtual currency to hone your trading skills.

Step 2: Buy a coin wallet

After opening a brokerage platform, you must choose a private wallet to store your coins. There are two main types of cryptocurrency wallets: hot and cold. Hot wallets are free but must be connected to the internet in order to access your coins. Colds are physical devices that you can use to store your coins offline (without connecting to the internet). Although they contain fewer coins than hot wallets, cold storage devices provide you with the highest level of security possible.

We recommend that you store your Litecoins in a cold storage wallet. Take a look at some of our favorite options below.

do click here to buy or sell Litecoin now.

Best for coin choice: HaloCam SafePal

One of the biggest complaints users of cold storage wallets have is that they tend to hold less cryptocurrencies than hot wallets. This can mean purchasing several different wallets to store all of your tokens, increasing the chance that you will misplace a device.

Related content: How to Invest in Cryptocurrencies in Argentina?

The HaloCam SafePal It is one of the most complete cryptocurrency wallets that we have seen, it supports more than 10,000 coins and tokens spread over 19 blockchain projects. If you are looking for a single solution to store multiple cryptocurrencies offline, the SafePal it can work for all your investments.

Best for affordability: KeepKey Hardware Wallet

Many cold storage wallets cost around $ 100. If you are a beginner, you may not be able to spend that much on a wallet (especially if you only need to store a small amount of Litecoins).

The physical portfolio (hardware) with bank-level security patterns KeepKey is a simple and affordable solution for anyone looking for an easy way to store their coins offline. The KeepKey wallet is compatible with Windows, Mac and Linux operating systems, and has high-level security solutions comparable to more expensive models. Priced under $ 30 on Amazon, the KeepKey wallet can be a great solution for you.

Step 3: Buy your Litecoins

After opening and funding your brokerage account, and deciding where you want to store your coins, it is finally time to place your order. You will place an order to buy Litecoin by entering a buy order on your broker’s trading platform.

Your buy order tells your broker how much Litecoins you want to buy and when the order should be executed. There are several types of purchase orders.

Related content: The Best Altcoins To Buy Today

Let’s take a look at some of the most common order types you can come across.

Market order

A market order is a buy order that tells your broker that you want to buy a specified amount of Litecoins at the current market price. Market orders are executed immediately, as long as someone is selling their Litecoins at the time of placing your order. Also, they are much more likely to be executed than other types of orders, but they give you less control over the price you pay per coin.

do click here to buy or sell Litecoin now.

Limited order

A limit order is a buy order that instructs your broker to buy a specific amount of Litecoin, but only at a certain price. When you enter a limit order, you choose both the number of coins you want to buy and the maximum price you are willing to pay per coin. Let’s say you place an order to buy 5 Litecoins at a limit price of USD 80 per coin, your broker will only execute the order if he can buy each coin at USD 80 or less. Limit orders give you more control over the price you pay per coin.

After placing your purchase order, you can finally relax. Your broker will do the rest of the work for you, and will see your coins in your account when your order is complete.

Trade or sell your cryptocurrency

Once your broker completes your order, you will see your coins in your brokerage platform’s account. From here, you will have to decide if you want to take advantage of short-term price movements or if you want to invest in the long term. If you think that the price of Litecoin will increase in the long term, we recommend that you move your coins to your cold wallet. These wallets include a set of private keys that greatly reduce the chance that you will lose your coins if a hack occurs.

Related content: 5 Cryptocurrencies To Buy Besides Dogecoin or Bitcoin

If you plan to take advantage of short-term price movements, it is more affordable to keep your coins in your online brokerage account. You can convert Litecoin to an intermediate currency (like USD Coin or Tether) when you think the price is high, and then convert back to Litecoin when you think the price is low. This allows you to accumulate more Litecoin, which you can turn into cash when you decide to collect your earnings.

If you plan to become a cryptocurrency day trader, it is important that you open an account only with trusted brokers. If you don’t know where to start, then you can explore some of our favorite cryptocurrency brokers that offer access to Litecoin.

Current cryptocurrency prices

Keeping track of how Litecoin prices are changing can help you determine the best time to buy. Take a look at some of the current market changes below.

Add Litecoin to your investment portfolio

With unique technology and accessible transfers, Litecoin can be a great addition to your wallet. It is important to remember that the cryptocurrency market as a whole remains unregulated. If you decide to invest in Litecoin, make sure that this asset represents only a small percentage of your total investment.

Related Content: Litecoin or Dogecoin: Which One Will Grow More in 2022?

If you are interested in testing your cryptocurrency trading skills, consider eToro, which gives you $ 100,000 in test currency to hone your trading skills.

Via Benzinga, translated by El Planteo.

Photo by Executium via Unsplash

We would love to give thanks to the author of this short article for this outstanding material

How to Buy Litecoin (LTC) | The Pose

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