How to Buy Litecoin UK -Beginner’s Guide

Litecoin is a decentralised open-source global payment system founded in 2011 by Charlie Lee. It was created as a better alternative to Bitcoin.

While it shares many similarities with Bitcoin, Litecoin differs in that it uses scrypt as a cryptographic algorithm in contrast to SHA-256 in Bitcoin, and it generates blocks faster than Bitcoin.

Because of this, Litecoin has a faster transaction execution time and produces a larger number of coins.

Launched over a decade ago, Litecoin is now accepted by more than 3,000 merchants from around the world.

Litecoin is one of the world’s biggest cryptocurrencies, ranked 20th with a total market cap of £3.6 billion. Also, it is the second-largest cryptocurrency that uses scrypt behind Dogecoin.

Like any other cryptocurrency, Litecoin can be bought or traded via a crypto exchange platform. Although it is easy to do, for newcomers there can sometimes be a bit of confusion concerning how and where to buy Litecoin in the UK.

This article will guide you on how to buy Litecoin in the UK safely and cheaply.

We will also tell you all about the best crypto exchanges in the UK and explain the key benefits of investing in Litecoin today. We will provide you with all the information you need to make a safe and informed decision.

How to Buy Litecoin UK – Quick Guide

In our opinion as well as according to many other sources, the best place to buy cryptocurrency safely is eToro.

eToro is a popular multi-asset platform that will allow you to buy Litecoin in less than 5 minutes. You can purchase Litecoin with a debit/credit card or e-wallet and deposit funds without transaction fees. 

Without further ado, let’s see how to get started with eToro.

  • Open an Account – First, you need to open an account on the eToro website. You just need to enter some basic personal information and upload a copy of your driver’s license or passport. You also need to provide proof of address; documents like bank statements and utility bills will do.
  • Deposit Funds – UK residents are only required to deposit a minimum of $10 (approximately £7). Deposit options include debit/credit cards, online banking and e-wallets such as PayPal, Skrill and Neteller
  • Search for Litecoin – You’ll see a search bar at the top of the page. Simply enter ‘Litecoin’ and click on ‘Trade’.
  • Buy Litecoin UK – Input on eToro how much money you want to invest in Litecoin (LTC). Confirm the purchase by clicking the button saying ‘Open Trade’.

And that’s it! It’s really not that hard to purchase LTC when using a beginner-friendly platform like eToro.

But in case you need a more thorough walkthrough, there’s a step-by-step guide on how to buy Litecoin UK further down. 

Where to Buy Litecoin UK?

So, where is the safest place to buy Litecoin in the UK these days? 

Well, Litecoin is one of the most well-known and best altcoins on the market. Despite its slight drop-off, Litecoin still has a multi-billion pound valuation. And we just showed you how easy it is to complete a crypto purchase.

But we also want to help you decide where to buy Litecoin in a safe and affordable way. The thing is, there are tons of platforms offering Litecoin, and that can be a bit overwhelming, especially for newcomers. 

Nevertheless, we will take into account all the important elements, from regulatory licenses to fees and crypto wallets. 

So, here are our reviews of the best places to buy Litecoin in the UK.

1. eToro – Overall Best Place to Buy Litecoin UK

eToro is the overall best place to buy Litecoin in the UK.

This popular and reliable trading platform has more than 25 million users worldwide. But more importantly, eToro holds a license from numerous regulatory bodies, including the FCA in the UK.

Purchasing Litecoin with eToro.

If you want to buy Litecoin with eToro, you have many different options.

Firstly, you can invest using their main platform. That way, any digital tokens you buy will be added to your eToro portfolio and there will be no need to take care of your private keys.

It’s also very practical and convenient to access your investments: you just need to sign in and click ‘Portfolio’.

When you feel confident about the process of buying LTC, you can also download the eToro crypto wallet app (which works for iOS and Android devices).

The app is free to download and functions like any other crypto wallet. There’s a private key recovery feature though, and in this case, the regulation comes from the GFSC.

The minimum stake required to place an order to buy Litecoin on eToro is $10 (approximately £7), thanks to the broker’s acceptance of fractional crypto investing.

There are plenty of accepted payment methods, from e-wallets like Neteller, Skrill and PayPal to bank wires and Rapid Transfer.

If you want to know how to buy Litecoin with a debit or credit card, you can do this using the eToro platform as well. Plus, you will come across low fees with only 1% payable when you buy cryptocurrencies.

This reputable trading platform currently lists around 60 crypto assets, but eToro adds new projects quite often. Traders can access ETFs and stocks with 0% commission at eToro and create a diverse portfolio of assets.

You’ll also have some passive trading tools such as smart portfolios and the CopyTrader feature at your disposal.

There are dozens of portfolios to choose from, and 12 are dedicated exclusively to cryptocurrencies. This allows you to add multiple tokens to your portfolio in a single investment.

Additionally, eToro manages and rebalances smart portfolios so that you don’t have to. The platform also provides a handy copy trading tool for mirroring the trading positions of more experienced investors.

For example, if they place an order to invest in Litecoin, you’ll find that you also have LTC tokens in your portfolio.

All things considered, eToro is one of the most popular crypto platforms for a good reason. Lastly, you’ll also gain access to popular coins such as Ethereum, Tron and Cardano. Read our complete eToro review.

eToro Pros: 

  • Dozens of cryptocurrencies to trade
  • Regulations 
  • Minimum deposit is only $10
  • Excellent crypto app 
  • Accepts credit/debit cards and PayPal deposits
  • User-friendly trading app
  • Low fees

eToro Cons:

  • Fiat deposit is limited to USD only (small GBP conversion fee)

2. Binance – Largest Crypto Exchange to Buy Litecoin UK 

With a competitive 0.10% per trade commission, Binance offers the cheapest way to buy Litecoin UK.

There are two platforms offered by Binance but only one is available in the United Kingdom. The UK-friendly platform offers over 600 digital currencies to global traders.

Buying Litecoin on Binance.

The Binance platform is suitable for both beginners and experienced traders. However, Binance is not as beginner-friendly as eToro, but it has many other benefits.

You can set up recurring crypto buys for example, which makes dollar-cost averaging easier. You should also keep an eye out for ‘earn and learn’ promotions and other opportunities offered on the platform and check if you qualify.

If you want to be able to buy Litecoin on the go, download the Binance app. You can also buy Litecoins and transfer tokens from the main platform to the Binance Chain Wallet. Another good storage option offered by Binance is the popular Trust Wallet app.

However, the Trust Wallet app is better for more experienced traders who also know how to store crypto properly. The thing is, this app requires taking care of the private keys needed to access Litecoin tokens. 

Nevertheless, if you think this is the best place to buy Litecoin UK, you can sign up and make a deposit with a wire transfer or ACH without any fees.

Alternatively, you can fund your account with a credit/debit card – but this entails a fee of up to 2%, in addition to the instant purchase charge of 0.5%.

The complex trading interface and its trading tools make the platform most suited to experienced investors and traders.

Unfortunately, unlike eToro, it doesn’t offer any social or copy trading features.

Overall, if you’re looking for advanced trading and analytical tools, with a wide range of cryptocurrencies to choose from, Binance is best for you. Read our complete Binance review.

Binance Pros: 

  • Good selection of crypto
  • Trading fees of just 0.10% per slide
  • Supports debit cards
  • Numerous wallet options
  • Advanced trading tools

Binance Cons:

  • Complicated UI is mainly designed for experienced users

3. Crypto.com – Popular Crypto Exchange for Buying Litecoin

If you’re wondering where to buy Litecoin, Crypto.com is another good option. There are around 250 digital currencies to choose from, and that’s ideal for people who want to diversify their portfolios.

Using Crypto.com to buy LTC UK.

More importantly, you can earn up to 14.5% per annum when you buy, hold and stake cryptocurrencies on the platform.

In addition to a secure crypto wallet, the platform also facilitates fixed or flexible staking and provides access to one of the best NFT marketplaces. The Crypto.com credit card and a decentralized exchange are also important to factor in. 

This exchange also offers an intuitive mobile app. It’s free to download and it supports storage for more than 150 digital currencies.

There’s a commission fee charged here though, which is highly competitive at up to 0.4% of the position value. However, remember that Crypto.com offers a reduction on this fee for qualified high-volume traders. 

Lastly, Crypto.com stipulates a minimum deposit of $10 (approximately £7) for buying Litecoin. If you opt for a credit card when you fund your investments, you’ll be charged a fee of 2.99%.

And if you make a deposit using ACH, you won’t have to pay anything. By the way, the minimum deposit on ACH is $20 (approximately £16) and this payment type is processed immediately. 

Crypto.com Pros: 

  • Over 250+ coins supported
  • Accepts debit/credit cards and bank transfers
  • Great reputation
  • Offers crypto interest accounts and lending services
  • Competitive fees
  • Offers one of the best crypto credit cards on the market

4. Coinbase – Beginner-Friendly Crypto Exchange to Buy Litecoin

Coinbase is a crypto platform ideal for beginners who are still learning how to buy Litecoin. The site is fairly easy to navigate, and if you want to invest in Litecoin on the go, you can download a free app.

Buy and sell Litecoin on Coinbase.

In addition, there’s a section with a bunch of useful content including tutorials, trading tips and crypto basics.

You can also get a Coinbase self-custody crypto wallet. You don’t need a Coinbase account to access the wallet, but it will require you to take responsibility for your own private keys.

So, if you’re new to crypto, you should perhaps opt for a standard trading platform or app where you don’t need to worry about keeping your wallet safe.

You should bear in mind that the commission fee is 1.49% for every cryptocurrency position you open or close on Coinbase. And unlike the previously mentioned eToro, Coinbase doesn’t offer copy trading or smart portfolios. 

But, you can take advantage of the reoccurring buy feature. You can set it up by scheduling monthly, weekly, or daily purchases. They will be automatically actioned at predetermined intervals.

You can fund your account with Fedwire, ACH, or a debit card. A debit card entails a fee of 3.99% on each deposit though.

Coinbase Pros:

  • Beginner-friendly
  • Support for debit/credit cards and PayPal
  • Good altcoin selection
  • Top-rated security features

4. Gemini – Secure Platform to Buy LTC UK

Another great option for buying Litecoin in the UK is Gemini. Founded by the Winklevoss twins in 2014, Gemini is functional and compliant with some of the regulatory bodies in the world.

Buying Litecoin on Gemini.

Gemini offers more than 65 crypto listings, making it useful for traders looking to diversify their crypto investment or exchange other cryptocurrencies with Litecoin.

However, unlike eToro, which offers crypto and non-crypto investments, Gemini offers only crypto investments.

The platform always strives to become regulated in any country it operates, including the UK. Therefore, investors can be assured their assets are always secure.

Gemini Pros:

  • Has EMI licensure in the UK
  • Teaching and educational materials
  • Low minimum deposit requirement

Gemini Cons:

  • Fees are high, especially for new traders with small trades

What is Litecoin?

Now we’ll explain briefly what Litecoin actually is. 

This peer-to-peer cryptocurrency was first launched in 2011 by former Google developer Charlie Lee. With the help of Bitcoin’s source code, Litecoin was initially created to make the completion of crypto transactions smoother, cheaper, and faster.

It’s actually one of the first altcoins, or cryptocurrencies, other than the popular Bitcoin.

As one of the first coins derived from Bitcoin’s open-source code, Litecoin uses Ouroboros’s proof of stake. One of Litecoin’s main benefits is its extremely low power usage, almost 0.01% of Bitcoin’s.

It powers its network via the LTC coin, which has transaction tracking similar to Bitcoin.

In fact, Litecoin was once the second-largest cryptocurrency in terms of market capitalization. It’s very popular among people searching for a low-cost alternative to BTC tokens, probably because of its similarities with Bitcoin.

In essence, Litecoin is a decentralized digital currency. So, it works without the help of a central bank. It processes and records transactions using blockchain technology, and new blocks of information are added to the Litecoin blockchain when the transactions are completed.

A huge amount of processing power is used by Litecoin miners to solve tricky math problems in order to be able to validate transactions and add new blocks to the network. 

Lucky for you, an increasing number of merchants accept Litecoin as a form of payment. Even PayPal users can now use the platform to pay for things with Litecoin. You can do it via PayPal’s ‘Check out with Crypto’ feature and swap Litecoin for fiat currency with no extra fees.

Is Litecoin a Good Investment?

As we just mentioned, Litecoin was made to be a low-cost Bitcoin alternative. Therefore, it has similar features as Bitcoin, but with less expensive transaction fees and fewer resources required by miners.

To help you determine whether Litecoin is a good investment for you, let’s delve deeper into Litecoin’s most important characteristics.

Well-Established Cryptocurrency

One of the important factors to consider before investing in crypto is the longevity of a particular cryptocurrency. And Litecoin has been around since 2011. More importantly, it managed to stay among the top cryptocurrencies all this time. 

After all, relying on a cryptocurrency with such a track record is significantly less risky than investing in a brand new project. Therefore, as a well-established cryptocurrency, Litecoin is a rather safe choice, at least compared to some other options.

Plus, Litecoin has a cheaper price point than Bitcoin, but more on that later.  

Valuable Technological Upgrades

Another thing you should take into account is improvements. Many developers are striving to add value to their projects and turning to innovations. For example, they are trying to improve transaction speeds and cut fees, and they want their projects to become more sustainable (both ecologically and technically). 

So, let’s see where Litecoin stands in this area: 

  • Litecoin Foundation introduced OmniLite, a decentralized token generation tool. It’s a layered protocol built on top of the Litecoin blockchain that makes use of the crypto’s cheaper cost and high-level security. Eventually, it will be possible to create stable currencies based on the Litecoin blockchain using OmniLite.
  • At the beginning of 2022, the Litecoin team confirmed that Mimblewimble Extension Block (MWEB) update will be included in the Litecoin Core 0.21.2 release candidate. In essence, MWEB is an opt-in feature that has the potential to make Litecoin the most cash-like cryptocurrency. The goal is to enable fungibility for everybody and boost Litecoin’s scalability.
  • The Taproot update will also be included in the next upgrade. This feature will improve security and privacy.

However, the final results are yet to be proven. Nonetheless, there’s a popular opinion that developers will be more inclined to use Litecoin’s blockchain.

Therefore, we might witness faster processing times and reduced fees creating a layered economy.

Litecoin’s Network of Merchants

Are you searching for a way to invest in a token that’s both established and stable? Well, in that case, you can’t go wrong with Litecoin. 

The thing is, a wide acceptance of a cryptocurrency can make its value higher in long term. So, you could benefit a lot from the cryptocurrency’s widespread adoption if you decide to invest in Litecoin. 

There are a couple of things to consider here: 

  • Over 3,150 merchants claim to accept Litecoin as a means of payment
  • In late 2021, Walmart was said to begin accepting Litecoin as a payment option
  • Therefore, Litecoin price skyrocketed and saw gains of 20% in just one day

The event we just mentioned turned out to be fake news though. And that only proves the uncertainty and speculation around cryptocurrency’s existing merchant network.

Nevertheless, the Litecoin network continues to be one of the most recognized crypto assets by businesses from around the world, as well as one of the most popular digital tokens.

And if the situation remains the same, Litecoin’s value is likely to rise in the long run, at least according to some analysts. At the end of the day, crypto assets are extremely unpredictable. That being said, you should do thorough research before you decide to invest in Litecoin.

Offering a Much Faster Transaction Speed Than Bitcoin

As we mentioned earlier, one of the reasons Litecoin was created was the improvement of transaction speeds. Although it didn’t turn out to be the fastest in the industry, Litecoin is still a whole lot faster than Bitcoin. 

Let’s take a look at the examples: 

  • Bitcoin transactions can take anywhere from 10 minutes to an hour
  • Bitcoin only handles around 7 seconds per second
  • Litecoin is able to process transactions in around 2.5 minutes
  • Litecoin handles about 56 transactions per second

In terms of transaction speeds, Litecoin is a lot more efficient. And that’s another reason this crypto asset became so popular among investors.

Lower Fees Than Other Long-Established Cryptocurrencies

Another thing investors have to consider is the amount of crypto fees. These are transaction charges incorporated into the networks keeping digital currencies running. Third-party services like exchanges, ATMs, and trading applications levy their own charges.

So, if you’re asking yourself ‘should I buy Litecoin?’ you should check the fees first.

We made some comparisons to make current average transaction fees a little clearer:

  • Litecoin transactions are averaging $0.02
  • Bitcoin is averaging $2.10
  • The average price of an Ethereum transaction is around $15

As you can see, Litecoin is definitely an affordable option, and that’s part of the reason why it attracts so many people who use it for transfers. 

In terms of fees, Litecoin is a more convenient and cost-effective solution than some of the other popular assets on the market. Also, since many big crypto networks experience difficulties during peak hours, a smaller and more flexible solution like Litecoin is likely to stay in the spotlight. 

Potential Risks of Buying Litecoin

As you already know, investing in cryptocurrency always comes with risk. Therefore, it’s essential to learn a lot about the asset you’re interested in.

When it comes to the risks of investing in Litecoin, you should familiarize yourself with it to determine if this investment fits your goals as well as your tolerance for risk.

Either way, price swings are normal for crypto assets. But there are some other risks you should keep in mind too:

Competition From Rival Blockchains

One of the risks to be aware of before you purchase Litecoin is that a crypto asset like Litecoin faces competition from other blockchains. 

In other words, there are a ton of cryptocurrency projects and Litecoin is forced to compete with other blockchains that are continually improving and developing. 

Unfortunately, we still can’t be 100% sure if Litecoin can keep up with the trendsetters of the crypto market. 

Slower Than Other Crypto Projects?

Once again, Litecoin has much faster transaction speeds than some of the best and most well-established cryptocurrencies.

However, there are even faster options out there. For instance:

  • Ethereum is able to process about 16 transactions per second
  • Zcash can handle about 27 transactions per second
  • Dash can process about 35 transactions per second

This is important to bear in mind because higher efficiency shows that the coin is simply better at completing transactions and moving data. That being said, if you decide to buy Litecoin, you’ll have to be aware of its competitors.

Four Times More Tokens Than Bitcoin

Although there are much faster options than Litecoin out there, when it comes to tokens, we have to give an edge to Litecoin. Compared to Bitcoin, Litecoin has four times as many tokens in circulation. 

Since Bitcoin has a smaller supply and higher demand, Litecoin has a significantly lower market valuation, and that’s something to be aware of while you’re getting to know the process of buying Litecoin. 

Let’s put things into perspective: 

Bitcoin:

  • Token limit of 21 million
  • Over 19 million BTC tokens have been mined as of March 2022
  • This equates to around 90.5% of the total, with only 2 million yet to be distributed

Litecoin:

  • Token limit of 86 million
  • Over 70 million Litecoin tokens are in circulation
  • This equates to around 83.3%, with just under 16 million still to be distributed

All in all, a token limit should be an important benefit for Litecoin. On the other hand, cryptocurrency value is determined by supply and demand.

That said, the number of tokens in circulation isn’t one of Litecoin’s huge advantages as it may seem at first. 

Litecoin Has Been Slow to Recover Since 2017

In case you’re not familiar with Litecoin’s price movement in the past few years, we’ll explain it briefly.

First of all, Litecoin’s price had risen to $10 in April 2017, while the first crypto market rally was gaining traction and people were starting to pay attention to digital currencies.

  • By December 2017, Litecoin was trading at just over $375
  • Litecoin has seen multiple mild volatility cycles since the 2017 crypto surge. For instance, in December 2018, the price of Litecoin fell under $20 before it made a rebound between April and June 2019
  • In May 2021, Litecoin spiked again, this time reaching over $350

However, despite its potential, the more recent rally was short-lived and Litecoin has failed to break beyond $280 since.

Currently, at the time of writing in 2022, Litecoin is trading for £52.

But the price of crypto assets can also be affected by investor moods as well as high-profile figures making comments on social media. The story of Elon Musk and Dogecoin is a good example.

The truth is, Litecoin doesn’t get much media attention. And cryptocurrency’s popularity can influence its capacity to increase value over time. 

In terms of Litecoin price in 2022 and later, predictions are quite optimistic. However, these estimates are very often incorrect, so you shouldn’t take them too seriously.

Finally, some countries are thinking about regulating cryptocurrencies. New legislation might result in notable price fluctuations for all cryptocurrencies, and Litecoin is no different.

Litecoin Price

You can currently buy Litecoin for £52. The trading volume in the last 24 hours was just under £330 million, and the market cap is approximately £3.6 billion.

Therefore, Litecoin is in the top 25 crypto assets. Also, there are over 70 million LTC coins in circulation. And as we’ve already mentioned, the maximum supply of Litecoin tokens is capped at 84 million.

It’s no news that cryptocurrency prices fluctuate a lot. The prices, market cap and the number of tokens in circulation are therefore invariably changing.

Litecoin came into the market in 2013 at a value of $4.40. The price briefly spiked in late 2013 and early 2014, but Litecoin generally remained flat – you could buy it for less than $10.

In December 2017, Litecoin finally skyrocketed to $375. That didn’t last long though, and the crypto asset experienced a lot of volatility over the next couple of years.

Nevertheless, Litecoin reached its peak with its all-time high of $413 in May 2021.

Litecoin Price Predictions

Compared to the all-time high we just mentioned, LTC tokens are trading at a much lower value.

That indicates that it might be a good idea to buy Litecoin now and get it at a cheaper price. Another reason is that as more merchants and businesses accept Litecoin, its value could rise along with demand.

Let’s look at Litecoin price prediction:

  • According to some analysts, Litecoin will reach an annual high of almost $178 by the end of 2022
  • There’s an opinion that by 2023, investors might have to spend $187 to buy Litecoin, then $184.80 the following year, before hitting an average of $252 in 2025

However, you should be careful with price predictions. After all, they’re based on speculation, and you shouldn’t give this too much importance. You should do your own in-depth research instead. That’s the only way to make an informed decision and probably a smart move. 

Ways of Buying Litecoin

If you’re ready to buy Litecoin UK, there are several ways to do it. Of course, you should opt for a method that fits your goals and preferences. 

To help you make the best choice, let’s explore all the recommendable ways of buying Litecoin. 

Buying Litecoin With PayPal

Although it’s globally popular, PayPal is not supported by all the crypto platforms. That’s why you need to check if your platform has this option first.

If you use Coinbase, you can buy Litecoin with a PayPal account at 3.99%.

PayPal is also an accepted payment method at Crypto.com. However, you can do it only via its proprietory debit card, and that entails a transaction fee of 2.1%. 

But if you opt for eToro and you have a PayPal account, you can purchase Litecoin without any fees.

Buy Litecoin With Credit Card or Debit Card

If you want to buy Litecoin instantly, you need to find a trading platform that supports debit/credit card payments. 

One of the platforms that offer this possibility is Binance. There’s a 0.5% Instant Buy/Sell fee, in addition to a 2% charge for debit/credit cards.

With Coinbase, you will have to pay nearly 4% when you buy Litecoin with a debit or credit card.

On the other hand, eToro offers deposit methods without any fees, so you can buy Litecoin with a credit card with ease.

Best Litecoin Wallet

One of the important things you need to do after you decide to buy Litecoin is to pick a safe storage wallet. It’s essential to keep an eye out for unregulated spaces. They are high-risk environments and nobody’s watching their movements. 

That being said, you need to find a secure, reliable crypto wallet. 

And one of the best crypto wallets you can find is offered by eToro. You can buy Litecoin via eToro’s main trading platform and the investment will be added to your portfolio. And that’s ideal for people who don’t want to download anything. 

But if you want to make investments on the move, you can also download the eToro trading app. It’s user-friendly and very convenient. 

Another option is to get the eToro Litecoin wallet app. This will give you access to over 500 cryptocurrency pairs available to trade 24/7. Plus, this app is very secure and it’s designed to protect your investments from hackers. 

The eToro wallet app is licensed by the GFSC. eToro is approved to operate in the UK by the FCA, as well as by ASIC, the SEC and CySEC.

And when it comes to Litecoin wallet options, they include:

  • Software wallets – web, mobile apps, and desktop
  • Hardware wallets – a physical device that looks like a flash drive/USB and stores your private keys offline

How to Buy Litecoin in the UK – Tutorial

Are you ready to buy Litecoin but you’re still not sure how to do it? We will take you through all the essential steps, from opening an account at the top trading platform eToro to buying Litecoin with low commissions. 

Besides being a regulated broker, eToro is also fairly easy to use. So, it’s a perfect place to buy cryptocurrencies for beginners. Plus, it will take you less than 5 minutes to complete the investment process.

1. Sign up with eToro

Opening an account on eToro is a very simple and straightforward process. You’ll need to provide some contact and personal information and create a username and password.

eToro will then send a code to your cell phone and you’ll verify it by entering the code.

How to buy Litecoin UK using eToro. Sign up page.

2. Account Verification

After completing registration, the next step is verifying your KYC. Enter your profile information and keep your National Insurance Number near for the KYC verification.

Submit valid proof of identity with your passport or driver’s licence and a valid proof of address. Proof of address can be from your internet bill, bank statement or any other utility bill.

Verifying your identity is one of the ways eToro operates within the guidelines of multiple regulators.

eToro account verification UK.

3. Deposit fiat currency

Now you’re ready to deposit funds. 

With eToro, you need to deposit at least $10 (approximately £7). There are many deposit methods to choose from, including Rapid Transfers, bank wire, PayPal, Skrill, Neteller, online banking and debit/credit cards. Deposits made in GBP come with a small conversion fee.

eToro payment methods for buying Litecoin in the UK.

4. Navigate to Litecoin and make a purchase

Once your deposit has been confirmed, proceed to the crypto section of the website.

To complete your purchase, you need to decide how much money you want to invest in Litecoin. With eToro, you can allocate just $10 (approximately £7), and that’s a huge advantage for beginners who want to start small. 

When you’re ready to confirm, click on ‘Open Trade’ and you will complete your investment.

And that’s all you need to do to buy Litecoin on eToro.

How to buy Litecoin UK using eToro.

5. Litecoin is now added to your eToro portfolio

Once the trade is completed, the equivalent value of Litecoin will be added to your crypto portfolio.

Litecoin in an eToro portfolio.

How to Sell Litecoin

Another benefit of choosing eToro to buy Litecoin is that it’s very easy to cash out.

If you want to learn how to sell Litecoin, take a look at the following steps:

  1. Enter your username and password to access your eToro trading account
  2. Click the ‘Portfolio’ button to get a full list of investments
  3. Find Litecoin in the list and press the button with a cog on it
  4. Select ‘Close’ (from the drop-down list)
  5. Select a red cross symbol next to your Litecoin investment to sell your tokens back to eToro

In case you want to keep some of the Litecoin tokens you’ve bought, you can just close part of the trade. There will be an option for this after selecting ‘Close Trade’ when you can enter the amount you want to sell.

Once you do everything you wanted with your Litecoin tokens, you’ll see all the changes in your portfolio. Furthermore, you can arrange a withdrawal or re-invest the proceeds somewhere else. 

Things to Remember Before Buying Litecoin

Don’t put in more than you can afford to lose – It is important to note that cryptocurrency is unpredictable and volatile like other financial assets. Gains and losses are both possible, therefore ensure you invest only what you can afford to lose.

Resist ‘fear of missing out’ – Trading on emotion remains one of the most common failures of many traders. Fear of missing out on trends or potentially rewarding impulsive moves can result in massive losses if emotions are chosen over proper price analysis. Traders need to be disciplined and follow price analysis rather than emotion.

Understand tax consequences – Every financial asset, including cryptocurrency, incurs a tax. Ensure you know the tax liabilities of holding and buying a cryptocurrency and also ensure you are tax compliant. You can find out about UK crypto tax here.

Long vs. short-term investment – Before considering investing in Litecoin, ensure you carefully choose and understand the implications of long vs short-term trading strategies. Equally, it’s important to choose a platform that supports your investment strategy.

Final Thoughts

We hope our comprehensive guide on how to buy Litecoin UK cleared things up and helped you make the right decision. 

Most crypto exchanges and trading platforms offer Litecoin. But if you’re new to crypto, we recommend a UK-approved and regulated broker eToro. Apart from being safe, eToro is very easy to use. 

The eToro platform also supports fractional crypto investing, which means you can add Litecoin to your portfolio with only $10 (approximately £7).

All things considered, eToro is arguably the best place to buy LTC in a safe and easy way.

FAQs 

Is Litecoin legal in the UK?

Unlike some countries like China, trading and buying Litecoin and other cryptocurrencies are legal in the UK.

Will Litecoin become the most valuable cryptocurrency?

Cryptocurrency price actions are unpredictable. Anything can happen. However, the chances of Litecoin becoming the most valuable cryptocurrency are low. 

Can you buy less than 1 Litecoin?

Yes, you can buy less than one unit of Litecoin with fractional trading.

Is it too late to buy Litecoin?

Prices are currently in a dip and may soon recover; therefore, it’s not too late to buy Litecoin. Also, given its new use cases and functions, Litecoin may potentially make a good investment.

Team

Our UK-based team writes articles to help beginners understand the world of cryptocurrency. We are firm believers that Blockchain technology has great application in our future.

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