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How to buy Litecoin with credit card
This beginner’s guide will help you understand the pros and cons of using your credit card to get Litecoin. It will also run through some of the best brokers and exchanges that you can use and how to choose between them.
Where can you buy Litecoin with a credit card?
We’ve put together a list of top-rated brokers that accept credit cards and also offer Litecoin. You can head straight to one of the platforms below if you want to get started now, or keep reading to learn more about how to do so first.
What is a credit card Litecoin broker?
A broker offers a a place for you to buy or sell Litecoin instantly. It acts as a middleman, offering a fixed price based on what the market sets for Litecoin. They are often some of the best places to buy Litecoin with a credit card.
How to deposit and withdraw via credit card
Different brokers will have somewhat different procedures when it comes to making deposits. However, in broad strokes the steps are largely similar. Here are some basic guidelines on how to deposit money using a credit card:
- Open an account with a broker that accepts credit cards as a form of payment, then verify your ID.
- Go to your broker’s website, and select the credit card option on the “Add money” screen.
- You will then be prompted to link your credit card to your brokerage account.
- Add money to your Litecoin wallet by entering an amount and selecting credit card as the payment method.
You can’t directly make Litecoin withdrawals back onto your credit card, because credit cards cannot hold cryptocurrency. Instead you would need to follow these steps:
- Execute your Litecoin sell order.
- Go to your account on the broker ro exchange.
- Enter the amount that you want to withdraw in fiat currency.
- Designate where you want your withdrawn funds to go, whether to a bank account or another medium that’s not your credit card.
What should I look for in a broker?
Make sure you choose a broker that delivers superior service and value as well as having the option to pay with a credit card. Here are some key traits to look for:
- Competitive transaction fees. The fees you’ll have to pay vary depending on the service you use to make trades. Our guides will help you find the most reasonable transaction fees.
- Speed. Your broker should enable you to make Litecoin purchases within minutes, and in many cases should be instant. If speed is a high priority, then be sure to take this into account.
- Ease of use. The best brokers have a clean and simple interface. Don’t waste time with brokers that make it complicated, and do look for one that has a good quality app as well.
- A strong reputation. Look for a broker with strong user reviews. Other people’s experiences can be a good guide to what you can expect from the platform.
- A verifiable track record. The broker you choose should have a track record of executing purchases reliably for a number of years.
Should I buy LTC with credit card?
- Fast. Credit card purchases often happen within a matter of minutes and in some cases, they can even happen instantly.
- Convenient. Since you already use your credit card for all kinds of everyday purchases, you can stick to your normal buying routines.
- Secure. Most major credit cards and the major partner banks that support those cards offer high levels of security to protect you against fraud, including when making crypto purchases.
Yes, peer-to-peer exchanges are the best way to remain anonymous.
You do not necessarily need a crypto wallet. Online Litecoin brokers and exchanges usually allow you to store your coins in your account without the need to transfer those coins to a personal wallet.
However, some services will require you to enter an existing wallet address where the coins will be sent. Also, for a higher level of security, you should move any coins you’re not planning on selling or trading in the near future to an external wallet – ideally a hardware wallet.
It usually takes just a few minutes. In some cases, it can be done even faster.
Yes, assuming you choose the right broker or exchange to do so. Certain crypto marketplaces allow you to make instant credit card purchases. If that’s a high priority for you, research the different Litecoin services that accept credit cards to see if they offer that functionality.
No, using a credit card is one of the most expensive ways there is. It’s quite common to see transaction fees of greater than 5%. So weigh the benefits of credit card convenience against those high fees when making your decision on the best method for fund your account.
No, you cannot. Credit cards can only transact in fiat currencies and cannot hold cryptocurrencies.
If you already have a credit card linked to your Coinbase account, then yes, you can use that linked credit card on Coinbase (assuming your credit card issuer allows it). However, US customers are not allowed to add a new credit card as a method of purchase.
Yes, including Bitcoin, Ethereum, Bitcoin Cash, Ripple, Dash, and Moreno.
If you already use your credit card all the time as part of your daily life, you may enjoy the convenience and habit of simply using your card. That said, it’s no less complicated than using a debit card, and debit card issuers often charge lower fees.
Biggest pro: There’s no ID required to set up your Litecoin trading account on a peer-to-peer exchange, which is great if you want to remain anonymous.
Biggest con: Certain peer-to-peer crypto exchanges are highly vulnerable to scams, which is why you might prefer the security that comes from using a broker.
Relatively easy. Credit cards are accepted at numerous peer-to-peer exchanges around the world (especially in major financial hubs), and Litecoin is one of the most popular cryptocurrencies in terms of trading volume.
If you already use a credit card, then it might be a simple way to get started. That said, beginners should consider making smaller purchases at first, and the high transaction fees associated with using a credit card can put added pressure on beginner crypto investors to turn a profit.
It definitely can be. If you want to make back the 5% or so in transaction fees you’ll have to pay when you jump in, giving Litecoin some time to appreciate in price could give you a better shot at turning a profit.
That said, crypto investment results are never guaranteed, and you’ll need to decide in advance how much volatility you’re willing to live with if you try a buy-and-hold approach.
Fact-checking & references
Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.
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