Have you ever wondered how to buy Litecoin in Australia? Even if you are new to the trading or you are an experienced trader in Australia you must have heard about Litecoin at least once in your trading journey.
Litecoin (LTC) is one such coin that started as an identity token for the main cryptocurrency in the market, Bitcoin. Litecoin’s features and patterns of operations are extremely similar to the Bitcoin while the only difference is in the mining processes.
Litecoin is a potential altcoin that has not hit its peak yet and people from across the world and especially Australians are bullish on this token.
But how can you buy Litecoin in Australia? In this guide on How to buy Litecoin in Australia, we are going to discuss how can we buy Litecoin (LTC), what are the right choices, and what are the best exchanges where you buy it.
How To Buy Litecoin In Australia: Quick Guide
While it is possible to buy Litecoin from partners through direct exchange, the best way to buy LTC is through a cryptocurrency exchange. Here is a quick guide to buying Litecoin
◾First, pick an exchange. Binance is advised. To buy, sell, or trade Litecoin, we recommend it for its ease of purchasing coins
◾ Next, you need a Binance account. Fill out the registration form to join name, email, password, and other details are required.
◾Find your Binance account next. Binance accepts deposits via bank transfer, credit/debit card, PayPal, etc.
◾ In the market section find Litecoin and enter the amount you wish to buy and click the buy button
Where To Buy Litecoin In Australia?
You can use an exchange to exchange one cryptocurrency for another — for example, to convert Bitcoin to Bitcoin — or to buy cryptocurrency in the same currency as the US dollar. If you are willing to buy Litecoin in Australia then there are many crypto exchanges that are present in Australia that will allow you to trade in Litecoins (LTC).
However, while choosing a trading exchange make sure that it supports all the crypto tokens that you are willing to purchase in the future as it will assist you with all the coins other than Litecoins (LTC) only. If you want to know about these exchanges then read the article till the end.
Best Crypto Exchanges In Australia To Buy Litecoin
Before knowing how to buy Litecoin in Australia we should know about the exchanges that allow you to buy Litecoin. The only way to choose the best crypto app and Litecoin exchange in Australia for you is to consider your top priorities.
There are plenty of options when it comes to Australian crypto exchanges (and more being added every month). The three best crypto exchanges are listed below
Swyftx is one of the best cryptocurrency exchanges, offering everything you need in one platform. You can trade over 290 Swyftx assets, including Bitcoin, Ethereum, Ripple, Litecoin, and DeFi coins like UniCoin.
Our trading platform has low fees and small spreads, allows you to trade all your favorite multi-currency cryptocurrencies on Trading-View, and has an unrivaled demo mode for live trading, excellent customer support, and real-time feed, and two-factor authentication for added security.
Swyftx Crypto Exchange has taken the crypto world by storm by reducing spreads and fees, introducing new features, increasing overall efficiency, simplifying verification and trading processes, and offering world-class customer support.
eToro is one of the leading crypto exchanges in the world that has a particularly large user base in Australia due to its compatibility with Australian authorities. With over 3,000 tradable symbols, eToro is the premier global cryptocurrency exchange offering clients outside the United States the ability to trade currencies, exchange-traded securities, and cryptocurrencies.
For Austrian nationals, eToro offers trading of funds and exchange-traded funds (ETFs) to consumers in 44 countries to expand their existing cryptocurrency offering. eToro is a leading online brokerage firm offering cryptocurrency trading and stock trading.
Today, eToro hosts more than 40 cryptocurrencies on its popular online trading platform, provides enterprise-grade cryptocurrencies to professional traders, and offers a multi-currency crypto portfolio.
Binance Exchange is a main digital currency trade established in Hong Kong in 2017. It has a solid spotlight on altcoin exchanging. Binance offers crypto-to-crypto trading in over 500 cryptocurrencies and virtual tokens, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Dogecoin (DOGE), and its own Binance Coin (BNB) token. In 2018, it moved its corporate headquarters to Malta, in the EU, in response to China’s strict regulations on cryptocurrency businesses.
Binance is one of the most innovative exchanges in Australia, giving you access to a plethora of services that appeal to both novice and experienced traders. In addition to buying and selling over 500 different cryptocurrencies, a single account gives you access to income-generating accounts, loans and bonds, NFT, and decentralized finance (Defi).
Ways of Buying Litecoin
Developed by developer Charlie Lee in 2011, the Litecoin software seeks to differentiate itself from Bitcoin with changes to reduce the time it takes merchants to confirm transactions. (LTC) was designed as a decentralized peer-to-peer form of payment, so many merchants buy LTC in the hope that it will be widely accepted by merchants one day.
Buy Litecoin With Paypal
All those who have been wondering how to buy Litecoin in Australia and which payment methods are available to buy LTC will get their answer here. Buying cryptocurrency is easier than ever – all you have to do is get your phone out and open the app.
PayPal is one of the few popular mobile and online payment platforms that now allow Australian consumers to buy, sell and hold Litecoins. Transacting with Paypal is not only one of the fastest ways of transacting money but also allows you to pay either from your credit cards or bank account.
Paypal comes with different native integration and is universally accepted as a payment method. All the information and data related to your bank account goes through end-to-end tunneling encryption, making Paypal one of the safest ways to buy Litecoin in Australia.
Buy Litecoin With A Credit Card/Debit Card
On Binance, you can buy LTC with a debit card. Anyone can quickly become a Litecoin owner. Once you try the service yourself, you’ll know how to earn Litecoin. We bet you will even tell your friends how to buy Litecoin.
Many Binance customers appreciate the simplicity of direct purchases and recommend Binance services to others. Binance is a good choice for customers who want to buy Litecoin and take their first steps with cryptocurrency. Even though cryptocurrencies seem pretty complex, we are working to make them accessible. Try the Binance platform for the best experience.
Litecoin’s Price And Prediction
While the early stages of LTC did not get much acceptance from the masses, it took LTC time to build and work towards that trust. Undoubtedly a leader, rising to a price of $106 today at publication.
Litecoin predictions from many crypto experts believe Litecoin has a considerable market cap potential and encourages investors to make intelligent recommendations.
According to Litecoin’s estimates, the price started at around $85 in early December last year, then there was a short-term price decline in LTC for four straight days, until the end of the year, the average price was around $85 to $160.
Benefits Of Buying Litecoin
With a market cap of $11.6 billion, Litecoin is currently one of the top 10 most valuable cryptocurrencies. This measure means LTC has relatively high visibility and high liquidity. The average daily trading volume is more than 2 million coins. Get lifetime coverage until the age of 85 and only pay premiums until the age of 60.
Liquidity is very important in the crypto market, given the extreme volatility in outer space. Without sufficient liquidity, sellers may be able to lower the cryptocurrency’s price. Fortunately, LTC investors will never bother to back down. In terms of the reliability of the basic software, Litecoin investors can rest assured.’
Knowing how to buy Litecoin in Australia might also bring many more benefits in the future.
Risks Of Buying Litecoin
Litecoin (LTC) is a cryptocurrency that aims to act as an alternative digital payment system. Cryptocurrencies are volatile and relatively untested investments. There are several risks in buying Lightcoin such as:-
Battle For Brands
In the cryptocurrency world, Bitcoin is the boss. While LTC could be designed as an alternative to Bitcoin, most investors see Ethereum (CCC: BTC-USD) as an essential alternative to Bitcoin.
Whether fair or not, Litecoin is an offshoot of Bitcoin that tarnishes its reputation as a viable alternative. Many investors combine Litecoin with eight other cryptocurrencies in the top 10 in value alongside Bitcoin or Ethereum.
Losing Market Share
Another disappointing factor for Litecoin investors is that the cryptocurrency is losing market share, not gaining it. During the last primary cryptocurrency of 2017, Litecoin ended the year as the fifth-largest cryptocurrency by market cap, and today it is number 10. In the last three years, the price of LTC has increased by 44.9%. At the same time, the price of bitcoin increased by 365.4%, and Ethereum is up 348.6%.
Litecoin Creator Throws His Coins: One of the most devastating titles for Litecoin investors in recent years came in 2017 when Lee announced that he had sold all of his Litecoins.
Step By Step Procedure For Buying Litecoin From The Binance Exchange
The procedure for buying Litecoin from the Binance exchange is as follows
Choose An Exchange That Sells Litecoin
The most common way to buy crypto is through an exchange like Binance. Several investment and payments apps also sell cryptocurrencies, including Cash App, PayPal, and Venmo. If you’re looking for a place to buy Litecoin, this is what you should be looking for.
Security: Check the security measures the platform has taken and for any previous incidents such as hacking or theft of funds. The most important part of a crypto platform is protecting your assets and personal information.
Fees: There are fees for buying and selling cryptocurrencies. Check if the platform you have chosen is cost-competitive with other top exchanges.
Ease of use: Buying cryptocurrency is not a tedious task, so make sure to choose a platform that you are comfortable with.
Create And Verify The Account
Once you’ve decided where to buy LTC, it’s time to create an account. The process varies by exchange, but a button on the homepage usually says “Get Started” or “Sign Up.” Enter the information required to register an account. Most applications and exchanges require the following:
- Full name
- Email address
- phone number
It’s easy enough, but you’re not done yet. Crypto exchanges also need to confirm your identity, and this process is called Know Your Customer (KYC). You cannot buy any cryptocurrency until you do this, or you can only buy small amounts before reaching your account limit.
Expect the following for the KYC process:
- Date of birth
- ID card number
- Scan a valid passport, driver’s license, or ID card
Fund Your Account
The golden rule with Litecoin and any cryptocurrency is only to invest what you can afford to lose. Cryptocurrencies are volatile, and while prices can skyrocket, they can drop quickly. Don’t turn cryptocurrency into your retirement fund, and don’t use crypto as your emergency fund. It is good to dedicate no more than 5% to 10% of your investment portfolio to cryptocurrencies.
The purchase process and accepted payment methods depend on the exchange you choose. Payment methods can include ACH transfers from bank accounts, debit cards, or credit cards. A bank transfer is usually the best option, as paying with a debit or credit card may incur additional fees.
Bank transfers have one downside to them, and that is the lack of swift transfers. You usually have to wait a few days for the transfer to be processed and the money in your account.
Once the funds are available, select the “Buy” option and select LTC. Enter the amount you wish to purchase and preview the transaction to see the fees and amount of Litecoin you will receive. If you are satisfied with everything, confirm the transaction.
Best Wallet To Keep Your Litecoin
Now we know how to buy Litecoin in Australia, the next step is to ensure its safety. Litecoin is becoming increasingly popular in the growing cryptocurrency industry, and storage is necessary. As innovation continues in the crypto industry, there is no reason to use substandard wallets. Here is the best Litecoin wallet to store your coins safely
Ledger Nano X
Ledger Nano X Wallet is a cryptocurrency hardware wallet manufactured by Ledger, based in Paris, France.
In the United States, the company has offices in San Francisco, California. Ledger was launched in 2014 by eight professionals with experience in embedded security, cryptocurrency, and entrepreneurship.
The company’s goal is to develop secure solutions for blockchain applications at lower costs. But these keys, which are usually stored online, are vulnerable to theft and hacking. Cryptocurrency users have developed alternative storage systems.
How To Sell Litecoin?
To sell Litecoin Cash, follow these steps:
- Register on an altcoin exchange and fund your account with Litecoin Cash or load Litecoin Cash into a Bitcoin ATM. Signing up for an altcoin exchange is the easiest way to sell LCC for Bitcoin or Ethereum, which means you can make money faster outside.
- Sell 2 Litecoin Cash for Bitcoin or Ethereum. Bitcoin and Ethereum are two of the most widely used cryptocurrencies, so this will make your access easier due to their greater volume and liquidity.
- Transfer your Bitcoin or Ethereum to BINANCE after registering and verifying your account. Fund your BINANCE account by clicking “Funding” in the top menu and following the instructions for the Bitcoin or Ethereum you wish to fund.
- Sell your LTC to AUD with Quick Trade located on the left side of the BINANCE dashboard. You can sell any cryptocurrency on Binance in a matter of three clicks.
- Withdraw your funds in Euros or Canadian Dollars directly to your BINANCE bank account. You can do this by clicking “Download” in the menu on the top bar of the panel, then following the prompts.
How To Buy Litecoin In Australia: Conclusion
The secure Litecoin network makes data protection much easier than networks with higher transaction fees because moving funds to the Litecoin network is much cheaper. Since it is also used as a payment method, most cryptocurrency payment processors accept it as a form of payment.
The Litecoin community anticipates further developments that could lead to improved features and usage.
There is no denying that LTC has the greatest potential of all the cryptocurrencies available today. This has already proven to be a real use case that most projects can only dream of. So, buying and selling bitcoin from Binance today can possibly be a good choice.
Hope this article gave you a complete idea about how to buy Litecoin in Australia from an exchange