What should you know before buying Litecoin (LTC)?
In the first part of the text we present information about Litecoin. Then we describe how to buy LTC on the ByBit and OKX exchanges.
Litecoin is a cryptocurrency that is technically very similar to Bitcoin. The cryptocurrency was created by programmer Charlie Lee in 2011. It is considered one of the most popular cryptocurrencies. It has long ranked high among the cryptocurrencies with the largest market capitalization.
Like BTC, Litecoin is decentralized and based on a peer-to-peer network. however, LTC transfer is faster and the network is more scalable.
The block processing time is faster compared to Bitcoin (it takes 2.5 minutes while Bitcoin takes 10 minutes). LTC has the ability to perform 56 transactions per second, while BTC has the ability to perform only 7 transactions per second. This means that LTC has the capacity to handle about 8 times more transactions than BTC.
As with Bitcoin, the number of units is limited, making Litecoin characterized by deflationary pressures. However, the number of LTC units is four times larger compared to BTC because it is 84 million.
Litecoin is a popular cryptocurrency that can be purchased on various cryptocurrency exchanges. Below is what are the options for buying LTC on ByBit and OKX exchanges.
How to buy Litecoin (LTC) on the ByBit exchange?
ByBit is a cryptocurrency trading platform that allows you to buy LTC. It stands out for its intuitive user experience and high security standards.
Registering an account on the ByBit exchange
Registering on the ByBit exchange is intuitive and similar to registering on other cryptocurrency trading platforms. Simply go to the website and click the yellow “Sign Up” button in the upper right corner. After filling in the required fields (e.g. email address and password), you can configure additional security features such as 2FA authentication.
Deposit funds to ByBit exchange
The easiest way to deposit funds on the ByBit exchange is via a simple SEPA transfer (using EUR, for example), or you can, for example, buy USDT with a credit card and then exchange it for LTC on the spot market.
Buying Litecoin (LTC) with a credit card and the One-Click Buy option
Unfortunately, it is not possible to buy Litecoin directly using the One-Click Buy option. However, you can buy USDT or BTC, for example, and then exchange the purchased cryptocurrencies for LTC on the market.
Buying Litecoin (LTC) using P2P Trading
Litecoin is not available on ByBit’s P2P Trading platform. Alternatively, you can buy other cryptocurrencies (e.g. USDT or BTC) this way, which can then be exchanged for LTC on the spot market.
Buying Litecoin (LTC) using fiat currencies and a simple bank transfer (SEPA)
To make a deposit in fiat currencies, go to bybit.com/fiat/trade/deposit/home and select a fiat currency (e.g. EUR). Unfortunately, you cannot deposit PLN.
When you choose SEPA Transfer as your payment method, the transfer time should be between 1 and 3 business days. Once the transaction is completed, you can exchange the currency for cryptocurrency, such as EUR for USDT, and then USDT for LTC.
Litecoin (LTC) trading on ByBit
To buy LTC on the spot market, you need to click the “Trade” option from the menu, then select “Spot Trading” and specify the currency pair you are interested in, such as LTC/USDT or other. After selecting the appropriate amount of LTC you want to purchase, a summary of the entire order will be displayed. Then confirm the order to complete the trading transaction.
How to buy Litecoin (LTC) on the OKX exchange?
The OKX exchange is one of the most popular and respected platforms for trading cryptocurrencies. The platform is used by thousands of users every day. It has been secured with various technologies, ensuring high standards in terms of security. Users are provided with intuitive and easy-to-use tools that allow them to conveniently trade digital assets.
Registering an account on the OKX exchange
Registration on the OKX exchange is intuitive.
- All you have to do is press the “Register here” button, located in the upper right corner of the website.
- Then fill out the form, entering your information, including your phone number and email address.
- Make sure your information is correct, as you will receive a verification code sent via SMS or email.
- Once you have successfully registered, you will need to present a valid ID to pass the KYC verification process.
Purchase Litecoin (LTC) on OKX with a credit/debit card
Unlike ByBit on OKX, you can buy LTC directly with a credit card.
- All you have to do is go to the “Buy cryptocurrency” option in the menu and click on “Buy with card”, then choose the type of card (e.g. MasterCard or Visa).
- Then you choose LTC from the list and specify how much LTC you want to buy. Interestingly, you can place your order in zlotys (PLN).
- To complete the transaction, just follow the instructions shown on the screen.
For more information on buying cryptocurrencies with a credit card on OKX, visit https://www.okx.com/learn/how-to-buy-crypto-with-a-credit-card-on-okx.
Buying Litecoin (LTC) on OKX using P2P trading
It is not possible to buy LTC through P2P trading on OKX. However, there are many other cryptocurrencies that can be purchased this way – including BTC, ETH and USDT.
Buying Litecoin (LTC) on OKX with the help of a third-party operator (such as Simplex or Banax)
- To buy Litecoin with the help of a third-party payment operator, select “Buy cryptocurrency” in the menu, and then “Third-party payment”.
- Next, you need to choose in which currency you want to make the payment (e.g. PLN) and you need to choose a cryptocurrency (in this case LTC).
- Before making a worthwhile transaction, check the purchase limits of the given operator and the payment processing time. In some cases, the crediting of funds can be instantaneous and in other cases the cryptocurrency can be sent within minutes.
For detailed information on how to purchase cryptocurrencies using a third-party payment operator, it is worth reading the instructions on the OKX website: www.okx.ada.support/api/articles/633665c2084d3fcdaf447411/?chatter_token=7ad95483-c046-403f-a4ed-7ccb37eabefa
Trading Litecoin (LTC) on OKX
Go to the “Trade” section in the top menu and select “Spot”. Once the trading platform opens, select the desired currency pair (e.g. LTC/USDT) and enter the appropriate amount in the “amount” field. Then simply click the green button indicating purchase and follow the on-screen instructions to complete the transaction.
What are the other ways to buy Litecoin (besides centralized exchanges)?
In addition to centralized exchanges such as the aforementioned ByBit and OKX, cryptocurrencies can be bought on decentralized exchanges, cryptocurrency exchange offices and peer-to-peer platforms. We briefly describe each of these ways below.
- Decentralized cryptocurrency exch anges(DEX) – platforms of this type allow you to conveniently exchange cryptocurrencies without an intermediary. This means that transactions are made directly between the wallets of users who exchange with each other. Examples of such exchanges include Uniswap and PancakeSwap.
- Cryptocurrency exchange offices – can be available in the form of online platforms, as well as physical locations. The undoubted advantage of using exchange offices is that it is an extremely easy way to buy cryptocurrency from the perspective of those taking their first steps into the world of cryptocurrencies. On the other hand, using exchange offices involves higher fees than exchanging on an exchange.
- P2P services – platforms of this type provide intermediary services between buyer and seller, using the so-called escrow function. An example of such a service is Paxful. Skilled users are able to find price bargains on such platforms and buy (or sell) cryptocurrencies at an attractive rate.
How to buy Litecoin (LTC) without going through the KYC verification procedure?
More and more exchanges require users to go through the KYC (Know Your Customer) verification procedure. However, there are still exchanges on the market where you can trade without going through full verification.
An example is the ByBit exchange, which does not require KYC verification if the payout is less than the equivalent of 2 BTC. An alternative to exchanges is to use exchange offices and bitmarkets, which also often offer the possibility to transact up to a certain amount without going through the KYC procedure.
To make sure that a particular exchange/exchange/bitomat does not require verification, it is a good idea to check the current information posted on the website of the respective service.
Where to hold Litecoin (LTC) after buying it?
For long-term storage of cryptocurrencies, you should get a so-called hardware wallet (such as Ledger or Trezor). There are also other options, such as exchanges and “hot wallets” (e.g. Exodus or BRD), but according to popular opinion, it is best to bet on so-called cold wallets for security reasons.
