Getting started with crypto can be exciting and at the same time daunting as well. The how to’s can be hard to grasp .
One of the challenges most people face is where and how to purchase their crypto assets. In this article I’m going to walk you through how and where to buy Litecoin .
What’s Litecoin ?
Litecoin (LTC) is a cryptocurrency that was designed to provide fast, secure and low-cost payments by leveraging the unique properties of blockchain technology.
The cryptocurrency was created based on the Bitcoin (BTC) protocol, but it differs in terms of the hashing algorithm used, hard cap, block transaction times and a few other factors. Litecoin has a block time of just 2.5 minutes and extremely low transaction fees, making it suitable for micro-transactions and point-of-sale payments. https://litecoin.org
Now that we know what litecoin is let’s discuss how and where to buy litecoin .
When it comes to buying litecoin there are several means of buying them . You can buy litecoin using your credit card or debit card , bank transfers, peer to peer as well .
There is always a dilemma as to where to buy crypto , in this case litecoin . The crypto marker has evolved so much that its not a daunting task anymore to find a place to buy your assets.
Some of the most popular platforms to buy litecoin includes , Bitstamp , Coinbase , Pionex.
Buying Litecoin on Exchanges.
Exchanges provide traders with the opportunity to go buy their crypto currencies easily .
Let’s go through a few of the good exchanges available , their fees , trading options .
Registered in the USA with a transparent balance of 53.44B , Coinbase is one of the top exchanges in the world .
When it comes to fees , Coinbase fees are relative. It depends on the time at which you are making the transaction and other factors .
“Coinbase may charge fees when you buy, sell, or convert cryptocurrencies. Fees are calculated at the time you place your order and may be determined by a combination of factors including the selected payment method, the size of the order, and market conditions such as volatility and liquidity.” – https://help.coinbase.com/en/coinbase/trading-and-funding/pricing-and-fees/fees
Registered in Hong Kong , with a transparent balance of 8.68B bitfinix comes up as one of the sort after exchanges .
Bitfinex supports spot and futures trading with base transaction fee of 0.01%
To buy litecoin on most exchanges you have to go through the following procedure .
Step 1 : Sign up to the exchange if you have t done so , or do not have an account with the exchange
Step 2 : Verification . You would have to verify your account to be able to make a purchase.
Step 3 : Bank Transfer or Debit/Credit card.
At this point you can deposit money to your exchange or link your card to make your purchase .
When it comes to bank transfers most exchanges do not charge fees. However it’s going to take 3- 5 working days to have your assets ( litecoin ) available.
However when you prefer instant purchase most exchanges charge between 3-5% and a limit of up to $1000 .
It’s always best to check with the exchange you decide to use .
Buying Litecoin with credit card or debit card.
Most exchanges provide traders to buy litecoin with their credit or debit cards.
Step 1 : Sign up to the exchange of choice
Step 2 : Verification, you verify your account to be eligible to buy
Step 3 : Card Linkage. Time to link your card and make your purchase.
Litecoin Price Prediction .
To be able to speculate on any crypto currency it’s best to look at the bigger picture. The crypto market is still in the early stages compared to other markets, hence there is a lot of growth prospects in the future .
Therefore trading or investing in litecoin could be a sound investment over the long haul .
However since nothing is set in stone in the crypto market , anything could happen in the space hence it’s best to always do your own research before trading or investing .Talking about Trading and Investing .
Now you’ve bought your litecoin , what’s next ? What do you do ?
What To Do After Buying Litecoin
Time to trade or invest .
Trading and investing goes hand in hand . Where trading maybe considered short term investing would be considered long terms .
There are several trading and investing styles and strategies.
With day trading you open a trade and make sure the trade is closed within 24hrs. Traders who trade this way uses lower timeframe like 15mins , 30 mins 1hr to find trading opportunities.
Most swing traders hold their position for more than a day , sometimes up to weeks .
This type of trading is also suitable for people who do not have a lot of time to sit behind the screens .
Position Trading sometimes called investing . This type of trading is more of the long term . Holding positions for months and years .
When it comes to where to invest or trade your litecoin you would like to look at platforms that provide you with security and trading options.
Pionex Exchange is a licensed crypto trading exchange with innovative automated trading bots to assist you in your trading.
Depending on your trading style pionex provides automated trading bots to assist.
Hodling in style : pionex provides the rebalance trading bot that helps your hodl more than one crypto at a go .
Auto buy and sell : pionex provides grid trading bot, that buys low and sells high 24/7
Arbitrage bot : if your risk appetite is very low and want a passive income , the arbitrage bot is for you .
Pionex is where the world trades , with amazing automated bots available traders couldn’t ask for more !