4 Steps to Safely Buying Litecoin

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First time buying Litecoin? This step-by-step guide will take you through the process.
Created to be a faster, more effective version of Bitcoin, Litecoin has systematically ranked among the top cryptocurrencies. It besides trades at a much lower price than Bitcoin, making it a democratic alternate. If you ‘ve researched Litecoin, think it ‘s a smart investment, and want to get some of your own, then it ‘s time to learn how to buy it. There are many ways to purchase crypto, but there are besides plenty of scams out there. Follow the steps below to safely buy Litecoin.

1. Choose a cryptocurrency exchange

The most common direction to buy crypto is through an exchange, such as Coinbase or Gemini. several investing and payment apps besides sell crypto, including Cash App, PayPal, and Venmo. As you shop round for where you ‘ll buy Litecoin, here ‘s what to look for .

  • Security: Review the security measures the platform takes and if there have been any incidents in the past, such as hacks or stolen funds. The most important part of a crypto platform is that it keeps your assets and your personal information safe.
  • Fees: There are fees for both buying and selling crypto. Check that the platform you choose has fees that are competitive with other top exchanges.
  • Ease of use: Buying crypto shouldn’t be a chore, so make sure to pick a platform that you’re comfortable using.

To see options that check all these boxes, review the best cryptocurrency apps and exchanges. One more feature you might want to consider is cryptocurrency choice. It ‘s not a big cope if you ‘re only matter to in Litecoin, because that ‘s available at most exchanges. But if you think you ‘ll want to invest in smaller coins in the future, then cryptocurrency survival is significant when choosing an substitute .

2. Set up your account

once you ‘ve picked a place to buy Litecoin, it ‘s clock to create an history. The process varies by exchange, but there ‘s normally a release that says “ Get started ” or “ Register ” on the home page.

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  • Full name
  • Email address
  • Phone number

That ‘s easy enough, but you ‘re not done yet. Crypto exchanges besides need to verify your identity. This process is called “ Know Your customer ” ( KYC ). Until you ‘ve done this, you either wo n’t be able to buy crypto, or you ‘ll entirely be able to buy a little sum before hitting your bill ‘s limit. For the KYC process, expect to provide the follow :

  • Date of birth
  • Social Security number
  • Address
  • A scan of a valid passport, driver’s license, or ID card

3. Decide how much Litecoin you want to buy

The fortunate principle with Litecoin, and with any cryptocurrency, is to only invest what you can afford to lose.

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Cryptocurrency is explosive, and even though prices can skyrocket, they can come down fair as cursorily. Do n’t make crypto your retirement fund, and decidedly do n’t use crypto as your hand brake store. A good guideline is to dedicate no more than 5 % to 10 % of your investment portfolio to cryptocurrencies. Think about how much you ‘ll buy Litecoin as well. Some investors make one bombastic leverage or make casual purchases with no strategy behind it. For cryptocurrency investments, dollar-cost average is much a better method. With dollar-cost average, you make periodic investments. For example, you could buy $ 250 of Litecoin every two weeks or every calendar month. This works well for fickle investments, because even if the price drops, you have n’t put in all your money at once.

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4. Make your purchase

The leverage process and accept payment methods depend on the exchange you chose. Payment methods may include an ACH transfer from a deposit history, debit batting order, or credit circuit board. Bank transfers tend to be the best choice, because paying by debit or credit batting order can result in extra fees. Bank account transfers do have one disadvantage, and that ‘s focal ratio. You typically need to wait several days for the transfer to serve and the funds to arrive in your account. once the money is available, choose the “ Buy ” option and blue-ribbon Litecoin. Enter the measure you want to buy and review the transaction preview to see the fees and how much Litecoin you ‘ll get. If you ‘re quenched with everything, confirm the transaction. Do n’t forget to record the come you spent and the amount of Litecoin you received for tax purposes. When you either sell Litecoin or trade it for another cryptocurrency, that ‘s considered a taxable event. After completing those steps, you ‘ll have your own Litecoin. One final thing you may want to do is look into crypto wallets where you can store it. many investors keep their crypto on the central where they bought it, but transferring it to a crypto wallet is a good room to have excess security.

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source : https://ontopwiki.com
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