How to Buy Litecoin in the UK
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Risk Warning
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
Updated 16/11/2024
Explore our curated list of reputable exchanges for buying Litecoin, each rigorously tested with real funds. All brokers are accessible to traders in the United Kingdom.
To Buy Litecoin in the UK, you'll need to:
Featured Partner - eToro
- Copy Trading
- User Friendly Platform
- Regulated & Trusted
- 30 Million+ Users
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
Top 5 Exchanges
1
eToro
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
2
Coinbase
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
3
Uphold
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
4
MEXC
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5
OKX
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
Litecoin was one of the first cryptocurrencies I ever invested in when I noticed its potential during a market rally.
Like many new investors, my initial purchase was driven by excitement, and I didn’t pay enough attention to fees or timing. I’ve since learned to approach crypto purchases more strategically, saving significantly on costs.
Litecoin has established itself as a fast and efficient cryptocurrency, often referred to as the silver to Bitcoin’s gold. Its low transaction costs and quick processing make it a practical choice for many.
With growing interest in crypto across the UK, buying Litecoin (LTC) has never been easier.
I have created this guide as a simple and practical approach to buying Litecoin in the UK.
A Step-by-Step Detailed Guide on Buying Litecoin
Step 1 – Choosing the Right Exchange to Buy Litecoin
Finding the right cryptocurrency exchange is a crucial first step when buying Litecoin. Start by focusing on security features like two-factor authentication (2FA) and cold storage to keep your assets safe.
Fees are equally important, as these can vary significantly between platforms. Pay close attention to transaction, deposit, and withdrawal fees to ensure you’re not overpaying.
For beginners, a user-friendly platform with clear navigation and reliable customer support can make all the difference. Opt for exchanges that provide an intuitive experience to streamline your trading process.
For UK residents, choosing an exchange registered with the Financial Conduct Authority (FCA) ensures regulatory compliance, adding a layer of trust and protection.
Here’s a quick comparison of popular exchanges for buying Litecoin:
- eToro: Excellent for beginners and social trading, with a simple and accessible platform.
- Coinbase: Ideal for casual users, offering straightforward tools and robust security.
- Coinbase Advanced Trade: Great for experienced traders, with lower fees and advanced options.
- Uphold: A versatile option for multi-asset trading, offering fee-free transactions but higher spreads.
| Feature | eToro | Coinbase | Coinbase Advanced Trade | Uphold |
|---|---|---|---|---|
| Ease of Use | Beginner-friendly, social trading features | Simple interface, ideal for beginners | Advanced tools, suited for experienced traders | Straightforward, easy-to-navigate app |
| Fees | 1% trading fee | 1.49% transaction fee | Lower fees (0.4% maker, 0.6% taker) | 0% trading fee, but higher spreads |
| Funding Options | Bank transfer, debit/credit card | Bank transfer, debit/credit card, PayPal | Bank transfer, debit/credit card | Bank transfer, debit/credit card, Apple/Google Pay |
| Crypto Selection | 75+ cryptocurrencies | 240+ cryptocurrencies | 240+ cryptocurrencies | 200+ cryptocurrencies |
| Security | FCA-regulated, 2FA, cold storage | Insured funds, 2FA, cold storage | Insured funds, 2FA, cold storage | Strong security, but not FCA-regulated |
| Extras | CopyTrading, multi-asset platform | Educational tools, staking | Advanced charting, order types, lower fees | Multi-asset platform with cross-asset trades |
Step 2 – Creating and Securing an Account
Once you’ve chosen an exchange, signing up and securing your account are key steps:
- Sign-Up Process: Register with your email, create a strong password, and agree to terms.
- Verify Identity: Complete Know Your Customer (KYC) checks by uploading a government-issued ID and proof of address.
- Enable Security Features: Activate 2FA to add an extra layer of protection.
Pro Tip: Avoid using the same password across multiple platforms to minimise risk.
Step 3 – Depositing Funds
After securing your account, deposit funds to begin trading:
- Bank Transfer: A low-cost option but may take 1-3 days.
- Debit/Credit Card: Instant but incurs higher fees (2-4%).
- E-Wallets (e.g., PayPal): Available on some platforms but often less cost-effective.
Ensure the exchange supports GBP deposits to avoid unnecessary conversion fees. Double-check deposit details before proceeding.
Step 4 – Find and Place a Buy Order for Litecoin
Purchasing Litecoin involves placing an order:
- Search for Litecoin (LTC) on the platform.
- Choose an Order Type:
- Market Order: Executes instantly at the current market price, suitable for beginners.
- Limit Order: Allows you to set a specific price for Litecoin. The order is only filled when the price reaches your target.
- Enter the amount of Litecoin you want to purchase and confirm.
Market orders are faster, but limit orders offer better control over the purchase price.
Step 5 – Reviewing and Confirming the Purchase
Before completing your Litecoin purchase, review the following:
- Order Details: Check the amount of Litecoin and the current price.
- Fees: Ensure the platform’s fees align with your expectations.
- Accuracy: Double-check wallet addresses or any other critical information.
Confirm the transaction only when satisfied.
Step 6 – Transferring Litecoin to a Wallet
For added security, move your Litecoin to a private wallet instead of leaving it on the exchange:
- Hot Wallets: Software wallets like eToro Wallet are convenient but connected to the internet.
- Cold Wallets: Hardware wallets like Ledger Nano X or Trezor store Litecoin offline for maximum security.
Always back up your wallet’s recovery phrase and keep it safe.
Step 7 – Tracking Your Investment
Monitoring Litecoin’s performance helps you make informed decisions:
- Use platforms like CoinMarketCap or CoinGecko to track Litecoin’s price trends.
- Set price alerts to stay updated on market movements.
- Review your portfolio regularly to ensure your investments align with your goals.
Step 8 – Selling or Using Litecoin
When ready, you can sell or use your Litecoin:
- Selling: Convert Litecoin back to GBP or another cryptocurrency on the exchange. Withdraw your funds to your bank account.
- Using Litecoin: Spend it directly where accepted or use it in decentralised finance (DeFi) applications.
Keep transaction records for tax purposes, as profits may be subject to Capital Gains Tax in the UK.
Where to Buy Litecoin
#1 eToro - Best in class for ease of use, simplicity and quick sign up
eToro is a top pick for UK investors due to its straightforward registration process and user-friendly platform. Regulated by the FCA, it offers an added layer of security. Its CopyTrader feature allows beginners to mirror trades from seasoned investors, and the built-in wallet makes Litecoin storage hassle-free.
Pros & Cons
- Pros: Simple to use, FCA-regulated, CopyTrader feature, integrated wallet.
- Cons: Fees are higher than on advanced trading platforms.
What are the Fees?
eToro charges a 1% fee on crypto trades. Additional costs include a £5 withdrawal fee and potential conversion fees for deposits not made in USD.
What Cryptocurrencies are Available?
The platform supports over 75 cryptocurrencies, including Litecoin (LTC), Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and Ripple (XRP).
How Safe is the Exchange?
eToro uses 2FA, cold storage, and FCA compliance to protect user funds. Insurance against platform breaches further enhances investor confidence.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
#2 Coinbase - The go-to platform for beginners
Coinbase is well-suited for first-time investors looking to buy Litecoin. Its clean design, combined with strong security measures and access to over 240 cryptocurrencies, makes it an ideal platform for beginners. Educational tools and support enhance the overall user experience.
Pros & Cons
- Cons: High fees on smaller transactions.
- Pros: Easy to navigate, extensive crypto selection, high-security standards.
What are the Fees?
The standard platform charges a 1.49% fee per transaction. Advanced Trade, aimed at experienced users, offers reduced fees starting at 0.4% maker and 0.6% taker.
What Cryptocurrencies are Available?
Coinbase supports over 240 digital assets, including Litecoin, Bitcoin, Ethereum, Dogecoin, and Solana.
How Safe is the Exchange?
With 98% of funds stored in cold wallets and FCA compliance, Coinbase provides one of the most secure environments for trading in the UK. Additional security measures, such as 2FA, ensure user accounts are well-protected.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
#3 Uphold - Multi-Asset, Low Minimums
Uphold is a versatile platform that supports a variety of assets, including cryptocurrencies, fiat currencies, and precious metals. Its £1 minimum deposit makes it accessible for investors on a budget, while its straightforward interface simplifies Litecoin purchases.
Pros & Cons
- Pros: Multi-asset trading, low deposit requirement, beginner-friendly interface.
- Cons: Spreads are higher compared to platforms with flat trading fees.
What are the Fees?
While Uphold does not charge direct trading fees, it applies spreads ranging from 0.8% to 1.2% for Litecoin trades. Withdrawal fees depend on the chosen method.
What Cryptocurrencies are Available?
Uphold supports over 250 cryptocurrencies, including Litecoin (LTC), Bitcoin (BTC), Ethereum (ETH), Polygon (MATIC), and Chainlink (LINK).
How Safe is the Exchange?
Uphold implements 2FA and cold storage for user funds. However, it is not FCA-regulated, though it has a solid reputation globally for transparency and reliability.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
What is Litecoin?
Litecoin is a peer-to-peer cryptocurrency designed to enable fast, low-cost payments across the globe. Created in 2011 by Charlie Lee, a former Google engineer, Litecoin is often referred to as the “silver to Bitcoin’s gold.” It shares many technical similarities with Bitcoin but offers faster transaction speeds and lower fees, making it more practical for everyday transactions.
Unlike Bitcoin, which focuses on being a store of value, Litecoin aims to be a more efficient medium of exchange. With a maximum supply of 84 million coins (four times Bitcoin’s cap), it uses a streamlined mining algorithm called Scrypt, which allows for faster block generation.
How Does Litecoin Work?
Litecoin operates on a decentralised blockchain network, where transactions are verified by miners using a Proof-of-Work consensus mechanism. Unlike Bitcoin’s 10-minute block time, Litecoin processes blocks every 2.5 minutes, resulting in quicker transaction confirmations.
Transactions are recorded on a public ledger, ensuring transparency and preventing double-spending. Litecoin’s lightweight infrastructure and reduced fees make it a popular choice for cross-border payments and microtransactions.
Additionally, Litecoin integrates with innovations like the Lightning Network, further enhancing its scalability and efficiency.
Is Litecoin a Good Investment?
Litecoin has remained a prominent cryptocurrency for over a decade, earning a reputation as a reliable and efficient digital asset. Its consistent network uptime, low fees, and widespread adoption make it a strong contender for practical use cases, including payments and remittances.
Historically, Litecoin has followed the market trends of Bitcoin, experiencing significant price surges during bullish periods. Its recent integrations with emerging technologies, such as the MimbleWimble privacy protocol, have also added to its appeal.
While Litecoin may not have the same growth potential as newer cryptocurrencies, its long-standing presence, practical use cases, and active development make it a viable investment for those seeking a more established asset in their portfolio.
Is Litecoin a Good Investment?
Investing in Litecoin, like any cryptocurrency, comes with risks:
- Price Volatility: Litecoin’s value can fluctuate significantly within short periods, driven by market sentiment and speculation.
- Competition: Other cryptocurrencies, including Bitcoin, Ethereum, and newer altcoins, may offer features that overshadow Litecoin’s advantages.
- Regulatory Uncertainty: Changing regulations around cryptocurrencies in the UK and globally could impact adoption and use.
- Limited Innovation: While Litecoin offers efficiency, it lacks the advanced features of platforms like Ethereum or Solana, which support smart contracts and decentralised applications.
Carefully consider these risks and only invest what you can afford to lose. Diversifying your portfolio can help mitigate potential losses.
Final Thoughts on Buying Litecoin
Litecoin remains a reliable and efficient cryptocurrency for both everyday transactions and long-term investments. Its low fees, fast transaction speeds, and strong track record make it a practical choice for those entering the crypto market or expanding their portfolio.
However, like any cryptocurrency, Litecoin carries risks, including price volatility and competition from other digital assets. It’s essential to research thoroughly, use regulated exchanges, and invest only what you can afford to lose.
By following a clear strategy and securing your assets in a trusted wallet, you can navigate the Litecoin market with confidence. Whether you’re holding for the long term or using it for payments, Litecoin offers a solid foundation in the world of digital currencies.
FAQs
A: The amount of Litecoin you should purchase depends on your investment strategy and how much you’re willing to allocate towards this digital currency. It’s recommended to start small and only invest what you can afford to lose.
A: For storing Litecoin, both hardware and software crypto wallets work well. Hardware wallets are more secure as they store your Litecoin offline, while software wallets provide convenience for easy access and trading.
A: As with any investment, there are risks involved. However, Litecoin is one of the more established digital currencies with a track record of stability and is widely supported by various trading platforms.
A: Trading Litecoin, like any form of trading, carries risk, and it should not be relied upon as a primary source of income, especially for those who are not professional traders. It’s important to gain experience and understand market trends before considering trading Litecoin as a significant income stream.
Exchanges in the UK typically charge a trading fee, withdrawal fees per trading fee, and sometimes deposit fees and withdrawal fees. The specific amounts per trading fee can vary between platforms.
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References
Investopedia: “Talking to Clients About Crypto Risks: A Guide for Financial Advisors”
https://www.investopedia.com/risks-of-cryptocurrencies-8401477BBC News: “FTX: Cryptocurrency market rocked by near-collapse of exchange”
https://www.bbc.com/news/business-63564364Investopedia: “10 Rules of Investing in Crypto”
https://www.investopedia.com/investing-in-crypto-6502543Investopedia: “Crypto Due Diligence and the Fiduciary Responsibility for Financial Advisors”
https://www.investopedia.com/financial-responsibility-and-crypto-due-diligence-8385090The Times: “A user’s guide to all you need to know about cryptocurrency”
https://www.thetimes.co.uk/article/a-users-guide-to-crypto-3k5q77p90
Our #1 Recommended Crypto Wallet & Exchange Platform in the UK
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.