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With over 7,000 cryptocurrencies in circulation today, the crypto market has come a long way. Some have continued to maintain their dominance in the crypto space since their introduction.
One such cryptocurrency is Litecoin, which was launched by Charlie Lee, an ex-Google engineer. Lee introduced Litecoin in a Bitcoin-themed forum in 2011.
At this time, Litecoin is the 14th largest cryptocurrency by market cap, with 0.58% crypto market dominance. Its market cap is over $12 billion. As for Litecoin’s circulating supply, it is 66,752,615, whereas its maximum supply is 84,000,000.
Investing in Litecoin has turned out to be very profitable for its holders and thus, Litecoin continues to attract crypto investors in hoards.
If you are one of them and are curious about the best Litecoin exchange, you have come to the right place.
In the article, we have listed the best Litecoin exchanges after doing in-depth research.
Multiple factors play a role in selecting the best Litecoin exchanges. It includes the number of supported currencies, number of trading pairs, low transaction fees, available payment methods like debit cards, credit cards, peer-to-peer, among other things.
Let’s not wait further and dive straight into answering your questions about where to buy Litecoin and how to buy Litecoin.
When it comes to the best cryptocurrency exchanges, there is one crypto exchange that always finds a place in the listing. It is none other than Coinbase.
With over $335 billion quarterly trading volume and 56 million verified users, Coinbase is one of the largest cryptocurrency exchanges globally. Offering its services across 100 countries, Coinbase has become a go-to exchange for digital currencies.
It offers a long list of features to its users, including auto-schedule, portfolio management, free digital crypto wallet, among others.
Any user that wants to buy Litecoin from Coinbase can download their application from Google Play Store or Apple App Store, depending on the type of device they are using.
You can also use the Coinbase Desktop app if you prefer buying Litecoin using your personal computer. To buy Litecoin, you can use any of the supported payment methods, including debit card, wire transfer, bank account (ACH), Apple Pay, and PayPal.
Some of these payment methods might or might not be available to you depending on your location.
In Canada, Coinbase currently supports debit cards and PayPal. As for the transaction fees that you incur on your purchase, that will depend on the payment option you chose.
Overall, Coinbase’s phenomenal track record in terms of security, liquidity, and its brand value in the crypto space makes it the top-most cryptocurrency exchange of any user who wants to buy Litecoin.
Features
Number of Supported Countries: 100+
Supported Funding Methods: Debit Card, Wire Transfer, Bank Account (ACH), Apple Pay, and PayPal
Fees: Coinbase trading fees are of two types: taker fees and maker fees. When you place an order at the market price, and the order gets filled immediately, you will pay a taker fee between 0.04%* and 0.50%*. If a customer places an order that matches yours, you become the maker and pay a fee between 0.00%* and 0.50%*.
*Rates current as of September 2021
Binance is considered the world’s largest crypto exchange. You can download the Binance app both from the iOS app store and the Google Play Store. You can also choose to scan the QR code available on the website to download the app on your iOS or Android device. The app is compatible with macOS, Windows, and Linux operating systems.
To buy Litecoins with Binance, you can choose to first buy stablecoins listed on the exchange by wiring money from your account to the coin providers.
Next, you can use these stablecoins to buy Litecoin on the exchange. You can also trade Litecoin for many other cryptocurrencies like Bitcoin, Ethereum, and more.
Binance allows the deposit of more than 150 cryptocurrencies, including all the well-known and high-visibility digital assets available in the market.
Finally, if you want to leverage your fiat currencies to buy Litecoins, you can purchase them directly with a credit card on Binance. The exchange offers both Visa and MasterCard debit or credit card services.
Binance offers unmatched transaction speed with its best-in-class matching engine that can offer up to 1.4 million orders per second.
The user interface is simple and intuitive and when it comes to security and trust, the exchange’s multi-tier, multi-cluster system architecture offers the highest standards of safety.
Features:
Number of Supported Countries: 180+
Supported Funding Methods: Credit or Debit Card (Visa and Mastercard); P2P Trading (Bank Transfer and 100+ options); Third-Party Payment Services (Simplex, Banxa, Paxos).
Fees: For spot trading, Binance has 10 levels, from VIP0 to VIP9. The levels are constituted based on users’ 30-day trade volume in Bitcoins or their BNB Balance. BNB is Binance’s native coin. Depending on the level the user belongs to, the taker fees can range anywhere between 0.04%* and 0.1%*, and the maker fees between 0.02%* and 0.1%*.
*Rates current as of September 2021
Kraken allows the purchase of more than 50 cryptocurrencies. It is a highly inclusive platform with a very low barrier to entry.
One can start trading in Kraken with as little as $10*. The app is available for download from the iOS app store and Google Play Store. Buying Litecoin through Kraken is easy and convenient.
However, what is the most enticing about Kraken is its security features. 95% of all deposits in Kraken are kept in offline, air-gapped, and geographically distributed cold storage.
Moreover, the exchange keeps its servers in secure cages under 24/7 surveillance with strict controls around physical access and code deployment. It also deploys armed guards and video monitors to keep the system under a strict vigil.
To keep user accounts secure, the exchange has the provision of 2FA authentication, customizable, granular API key permissions, and PGP signed and encrypted email for secure communication. It also maintains SSL encryption to offer protection when browsing Kraken.
Features:
Number of Supported Countries: Residents of 48 states in the United States and 176 countries.
Supported Funding Methods: For US domestic, the available funding methods include Fedwire, SWIFT, Etana Custody, and Silvergate Exchange Network. The international funding methods include Wire Transfer, Etana Custody, and Silvergate Exchange Network.
Fees: For instant purchase, Kraken charges a 0.9%* fee for any stablecoin and a 1.5%* fee for any other crypto or FX pair.
*Rates current as of September 2021
Among one of the very first projects to copy and modify Bitcoin’s code to launch a new cryptocurrency, Litecoin aimed to upgrade from the levels of Bitcoin with accelerated transaction confirmation times.
Litecoin has a maximum supply of 84 million LTC coins, with more than 66 million already in circulation. The currency reached its all-time high price of $412.96 on May 10th, 2021, while its all-time low was on January 14th, 2015 when it was only $1.11.
Litecoin pivots itself on Bitcoin and is often referred to as the silver to Bitcoin’s gold.
However, its difference from Bitcoin rests in its hashing algorithm, hard cap, block transaction time, and a few other factors. Litecoin has a block time of 2.5 minutes.
When its low block time combines with its low transaction fees, the currency becomes highly suitable for micro-transactions and point-of-sale payments.
The Litecoin network went live on October 13th, 2011. Since then, the currency has witnessed significant growth in utility and volume. More than 2,000 merchants and stores accept Litecoin across the globe.
Litecoin has achieved its popularity as a currency through its fast, secure, and low-cost payment services. Its simplicity, combined with its utility benefits, makes it as popular as it is today.
Transactions confirm in minutes, with negligible fees. Therefore, Litecoin plays a crucial role as an alternative to Bitcoin in countries where the cost of transactions is a vital factor.
At the time of writing this review, Litecoin has a market capitalization of more than USD 12 billion.
In that sense, it is one of the most popular and highly available digital currencies in the market.
Apart from the best three exchanges we have already cited, Litecoin is available on Huobi Global, FTX, Bitfinex, KuCoin, Gate.io, Bitstamp, and more.
You will get Litecoin trading pairs with USDT, USD, BTC, BUSD, EUR, USDC, BNB, and more.
Litecoin is unique in the sense that it is a peer-to-peer internet currency enabling instant near-zero payments. The service is also available to anyone in the world.
It qualifies as an open-source, global payment network that has achieved full decentralization and works without any central authority.
It ensures faster confirmation times and improved storage efficiency than most of the leading math-based currencies. The currency enjoys significant industry support, trade volume, and liquidity. All these qualities help Litecoin stand out from the rest as a complementary medium of exchange to Bitcoin.
Different exchanges carry different forms of insurance for their assets, including Litecoin. For instance, Coinbase carries crime insurance protecting a part of its digital assets held across its storage systems.
Binance also insures all its USD balances up to $250,000 by the FDIC. Balances stored on Kraken do not qualify for deposit insurance programs. However, as cited earlier, Kraken takes utmost care to protect its client’s assets from losses.
