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How to buy Litecoin with Debit card
This simple guide explains how to use a debit card to deposit money into your cryptocurrency broker. It will also run through the pros and cons of using this method, plus detail some of the best brokers and exchanges that you can use.
Where can I buy Litecoin with a debit card?
We’ve compiled a list of top-rated brokers that accept debit card deposits. Use one of the links below to create an account and get started, or keep reading to learn more about what you should look out for.
What is a debit card Litecoin broker?
A broker is a middlemen, facilitating trades you wish to make in the crypto space. It offers Litecoin at a fixed price so you can buy or sell instantly without needing to find someone else to trade with. Not all brokers offer Litecoin and not all of them accept debit cards either, so make sure you do your research before making your final choice.
How to deposit and withdraw via debit card
Different brokers can have some different procedures when it comes to making deposits. That said, here are some basic steps you can expect to follow when depositing money with a Litecoin broker using a debit card:
- Open an account with a Litecoin broker that accepts debit cards as a form of payment, then verify it with a form of ID.
- Go to your broker’s website, and select the debit card option on the “Add money” screen.
- You will then be prompted to link your debit card to your brokerage account.
- Add money to your Litecoin wallet by entering an amount and selecting a debit card as the payment method.
You cannot withdraw Litecoin directly to your debit card because debit cards cannot hold cryptocurrency. What you can do is sell your coins for fiat currency and then withdraw that onto your debit card.
If you have set up your card with your chosen broker/exchange in order to deposit funds, then you’ve already done the hardest part and can just select your debit card from the withdrawal options. Otherwise you simply need to select the “Withdraw” button and enter your debit card details to withdraw funds.
What should I look for in a debit card Litecoin broker?
The first step, of course, is to make sure it actually accepts debit cards as a payment method. That said, the broker you choose should offer more than that, ideally delivering superior service and value. Here are some key traits to look for when choosing one:
- Competitive transaction fees. The fees you’ll have to pay to buy Litecoin with a debit card will 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 be quick and offer transactions that execute in a few minutes or – ideally – instantly.
- Ease of use. The best brokers make it a simple process, even for beginners. Don’t waste time with services that make the process overly complicated.
- A strong reputation. Look for a broker with strong user reviews. Other people’s experiences can be a good guide for what you should expect if you used it yourself.
- A verifiable track record. The broker you choose should have a track record of executing crypto purchases reliably for a number of years. The more long-standing the broker you choose is, the better.
Should I buy LTC using a debit card?
- Fast. Choose the right broker, and your trade will happen in just a few minutes. In some cases, it can even happen instantly.
- Convenient. Your debit card connects to your bank account, so it’s easy to track funds in and funds out, and budget accordingly. Plus since you already use your debit card for all kinds of everyday purchases, you can stick to your normal buying routines.
- Secure. Most major debit 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, although you will have to use a peer-to-peer exchange in your geographic area to do so.
You do not necessarily need a crypto wallet. 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.
They usually take just a few minutes. In some cases, it can be done even faster.
Yes, in some cases. Certain crypto marketplaces allow you to make instant purchases. Research the different Litecoin services that accept debit cards to see if they do offer that feature.
Yes, debit cards are one of the cheapest ways to fund your account. For instance, Coinbase charges fees of just 1.49%.
No, you cannot. Debit cards act as payment mechanisms for a wide array of cryptocurrencies, but you can’t actually hold cryptos in your debit card account.
Yes, Coinbase accepts debit cards.
Yes, you can get numerous other cryptocurrencies using a debit card, including Bitcoin, Ethereum, Bitcoin Cash, and Ripple.
If you’re already a habitual debit card user, then using your debit card should be a familiar and easy way to make that purchase. As a bonus, using the debit card linked to your bank account allows you to keep close tabs on your finances, and avoid paying credit card interest charges.
Pro: There’s no ID required to set up your Litecoin trading account on a peer-to-peer exchange.
Con: Certain peer-to-peer crypto exchanges are highly vulnerable to scams. That’s why many people often prefer the security that comes with a broker.
It’s relatively easy. Debit cards are accepted at numerous peer-to-peer exchanges around the world, and Litecoin is one of the most popular cryptocurrencies in terms of trading volume.
Yes, it’s one of the simplest ways to fund your account. Just remember to start small as cryptocurrency can be a market that moves fast.
It can be, yes. Litecoin can be volatile at times, so if you want to smooth out the ups and downs that often happen during shorter timeframes, holding through those bumps in the road could be a better strategy for seeing long term profits.
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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