eToro USA LLC Cryptocurrency Trading
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eToro USA LLC Cryptocurrency Trading
Litecoin (LTC) is a digital token launched in 2011. The token was designed to be more efficient and offer speedier transaction times and lower costs than major competitors. These developments also make it less vulnerable to hacking attempts.
Interested in purchasing Litecoin? Although the notion may be daunting, you can use our uncomplicated guide to buy Litecoin and begin trading cryptocurrencies.
One of the simplest ways to acquire Litecoin is to use a cryptocurrency exchange. These exchanges are comparable to digital stock trading platforms. You can buy, sell and trade digital currencies in a secure, online environment. These blockchain networks are the go-to approach for those wanting to invest in the cryptocurrency market.
Once you have selected an exchange from the table below, you can sign up for an account by clicking the "Go to site" button. You'll be redirected to the exchange's website where you'll need to enter personal details, such as your name and email address. Next, you'll be asked to verify your identity and address. This Know Your Customer (KYC) process is a legal requirement for every user of US cryptocurrency exchanges.
Have a valid photo ID and a copy of a recent bank statement or utility bill handy. Verification is usually instantaneous but can sometimes take a few days to be approved. Once authorized, you can select a payment method to deposit funds into your account which will allow you to make exchange-based cryptocurrency purchases.
As is common with most digital currencies, there's no obligation to buy an entire coin. You can purchase a fraction of one Litecoin, the same way you can procure divisions of Bitcoin, Ethereum, Cardano or Dogecoin.
You can purchase Litecoin with fiat currency, such as US dollars, or use another cryptocurrency to acquire coins. Popular exchanges that accept US dollars include Coinbase, Kraken, Gemini and the American version of Binance, Binance.US. They are all based in the US and comply with strict, local regulations. These exchanges charge service fees and some may take a commission on trades.
To help you decide on the exchange that's right for you, consider the following:
These transactions aren't irreversible. You can always transfer your fiat currency back to your bank account if you decide to sell your cryptocurrency.Linking a card: Linking a card to your account can be a convenient method, but there are some pitfalls. For example, funds are only transferred upon purchase and the fees can be more costly than a regular bank transfer. Credit or debit cards are typically used for instant purchases and cannot be used on the spot market. Some exchanges prohibit the use of credit cards entirely. It's advisable to avoid using a credit card, as you may pay interest charges on top of standard exchange fees.
Sign into your exchange account and navigate to the cryptocurrency markets. Search for Litecoin and find the button or link which will allow you to purchase LTC. This is known as a buy order. This informs the broker (in this instance, the exchange) of the amount of Litecoin you'd like and when to execute the transaction. There are 2 common buying methods on US exchanges: instant buy and spot market purchases.Instant buy: Many exchanges will let you buy Litecoin instantly. The exchange acts as a broker, selling you digital currency directly at a fixed price. Buying coins in this fashion can be expensive, as the exchange often charges fees on top of the market price. Spot market: This is the most common method people use to buy and sell cryptocurrencies. Similar to a stock exchange, you can seek out the lowest listed price or make an offer at a further reduced amount in the hopes that it is accepted. This approach allows for the most competitive prices and trading options.
Carefully review all transaction details, including the amount of LTC you're buying and the total cost of the purchase before completing any transaction. Remember, you don't have to buy an entire coin – they're divisible. Most exchanges will require a minimum purchase amount in fiat, ranging anywhere between US$2 and US$100.
You have the option of storing your newly purchased cryptocurrency in your exchange account, however, this is not recommended. Exchanges are frequently targeted by hackers and don't necessarily have the same insurance policies that established financial institutions offer. A smart practice is to move your tokens to a digital wallet that only you can access through the use of unique private keys. These wallets are software that allow you to store, send and receive digital currencies. When searching for a digital wallet to hold LTC, some options to consider include:
You wouldn't invest in shares without conducting research, so ensure that you're aware of the common pitfalls associated with buying and selling any cryptocurrency:
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