Litecoin is one of the top cryptocurrencies out right now, and Binance is arguably the best exchange platform available, so in this guide, we will put you through the process of purchasing LTC from the Binance platform.
Binance is one of the best places to buy Litecoin LTC, -1.44%. Registration is quick and simple, and the exchange offers very good liquidity – it’s likely you’ll be able to find Litecoin on Binance at the best price available, and your trade will complete within seconds. Binance also lists a huge selection of other cryptocurrencies, so you can easily convert your LTC to another coin later.
In order to buy Litecoin (LTC) on Binance, you first need to open an account.
1. Register on Binance
Binance is one of the most widely used cryptocurrency exchanges in the world. A major reason for Binance’s popularity is its extensive selection of altcoins, which continues to grow with frequent additions. No verification is required on Binance for withdrawals below 2 BTC per day, and the exchange also offers a mobile app for both iOS and Android devices.
2. Deposit cryptocurrencies
The most convenient cryptocurrencies to deposit are Bitcoin BTC, -3.33% and Ethereum ETH, 2.10%. They both have trading pairs with the vast majority of cryptocurrencies listed on Binance and therefore give you the greatest amount of flexibility. Both BTC and ETH can be traded for LTC on Binance.
In order to make your deposit, go to the navigation bar at the top of the website and click Funds > Deposits
A search bar should appear on your screen. Enter the ticker (BTC for Bitcoin, ETH for Ethereum) for the cryptocurrency you wish to deposit and select it from the drop-down menu.
The website will provide you with a deposit address for the cryptocurrency you selected. The address will be a string of numbers and letters(both lowercase and uppercase). Copy the address in its entirety and go to your wallet of choice. Send the amount you wish to deposit to the address you copied. It is quite common for the transaction to take up to half an hour to complete, so don’t expect the funds to be available on your Binance account instantly.
Tip 1: Depositing ETH is usually faster than depositing BTC, and comes with lower fees.
Tip 2: For your first deposit, it is recommended to start with a small amount of ETH or BTC just to be safe. Once the small amount reaches your Binance account, you can proceed to deposit the amount you would actually like to use for trading.
Tip 3: Depositing funds from one exchange to another can sometimes be limited by restrictions. We strongly advise you to deposit directly from your wallet.
3. Check your balance
In order to check your balance, go to Funds > Balances in the navigation bar at the top of the website. If you would only like to see the coins which have a balance of over 0.001 BTC, click on Hide small assets.
If your deposit has already been processed, the coin and amount will appear on the list. If you have multiple coins, you can use the search bar.
4. Place a buy order for Litecoin.
To place an order, go to Exchange > Basic.
For this step, we will assume you deposited BTC. If you deposited ETH, don’t worry – the process itself is exactly the same.
On the top right corner, select BTC and search for LTC, which is the ticker for Litecoin. The LTC/BTC trading pair should appear.
After clicking on the trading pair, a price chart will appear in the center. You can place your buy order under the chart. If you want to buy LTC when it reaches a specific price, use the Limit order. Enter the desired price (in BTC) and the amount of LTC you want to buy, then click the Buy LTC button.
Tip 1: If you’re planning to trade different cryptocurrencies, purchase some Binance Coin BNB, -1.24% first. The BNB token is used to pay the exchange fees on Binance with a 50% discount. To enable the 50% discount, click on the user icon, select the Account menu and turn the discount on.
Tip 2: If you deposited a large amount of coins, try not to purchase your LTC all at once – instead, consider buying it at different price levels. This strategy is called unit cost averaging.
If you want to buy LTC at its current price, click on the Market tab and enter the amount of LTC you wish to buy. The order should be executed almost instantly and the LTC will be added to your balance soon.
Congratulations, you’ve just completed your first order on Binance!
If you don’t want to use Binance, there are plenty of alternatives – here’s a list of all the exchanges where you can buy Litecoin.
As you can see, buying Litecoin on Binance is a pretty straightforward process. Hopefully, this article was helpful if you encountered any issues along the way.
If Binance isn’t your cup of tea and you’re interested in trying out another trading platform, check out our list of the top cryptocurrency exchanges. As always, keep in mind that cryptocurrency trading is risky and don’t invest more than you’re willing to lose. Good luck!
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