4. How to Buy Litecoin
*Side note: You must be 18+ in order to buy on Coinbase
Other Good Exchanges to Look Into:
- Binance (To trade various altcoins. 50% off all trades with this link.)
- Bithumb (Korea)
- OKcoin (China)
- Quadrigacx (Canada)
- Shapeshift (Everywhere except Washington State, New York State and North Korea)
This is one of the most reputable exchanges in the Western Hemisphere. They work tirelessly to keep in line with U.S. regulations so you don’t have to worry about it being seized by the government. Also, all their cryptocurrencies are FDIC insured. Government issued currency i.e. USD, EUR, and CAD, is also insured up to $250,000. However, one downside is that they only offer three currencies to trade: Bitcoin, Ethereum, and Litecoin. Another downside is that it may take a while for their customer service to get back to you.
Step 1 (Referral Link)
Click on this referral link and fill out the information requested. Both you and I get $10 worth of free Bitcoin if you do!
Step 2 (Verify Your Identity)
You will now see your dashboard webpage.
Click “verifying your identity.”
Fill out the necessary information.
Step 3 (Enable Two Factor Authentication)
Now let’s make sure to increase the security on your Coinbase account with Two-Factor Authentication(2FA). This requires you to not only input your password but also a code that is sent to your phone to log into your account. This prevents hackers who have somehow managed to steal your password from taking your Litecoins. You can request an SMS everytime you log in or you can download special smart phone apps called Authy or Google Authenticator from your app store. I personally recommend Google Authenticator.
In order to enable 2FA, go back to “Settings” and then click “Security.” From there, verify your phone and then click “Enable Authenticator.”
Open up Google Authenticator or Authy from your app and the scan the QR code you see from the pop up window. Please follow the step-by-step directions provided below.
Step 4 (Connect Your Bank or Paypal)
Now that you have 2FA, let's connect your account ot a bank so you can buy some Litecoin. Click on the "Buy/Sell" tab and then "Add New Payment."
Then choose between your PayPal Account, Bank Account, or Credit/Debit. I would recommend using the Bank Account option because it allows you to buy more LTC and doesn’t charge you as large of a fee. The only downside is that you will have to wait 4–5 days.
Step 5 (Buy Your Litecoin)
You will now be able to choose between Bitcoin, Ethereum, and Litecoin. Click Litecoin, enter how many you want, and then click buy. Your Litecoin will now arrive in 4–5 days. Don’t worry if it takes longer, sometimes Coinbase can be a little slow because they deal with so many transactions.
It is also important to note that Coinbase will charge you a fee if you buy LTC this way. If don’t like the fee, then log onto GDAX.com. It is an extension of Coinbase and is for more experienced traders. In order to use it, you will need to know how to place market orders. Also, it is not guaranteed that you will buy LTC when you submit an order. For newcomers, I highly suggest starting off with Coinbase’s “Buy/Sell” option until you can learn more about limit orders.
Step 6 (Send Your Litecoin to Your Wallet Address)
To send your Litecoin to your desktop wallet like Electrum LTC, click on “Accounts” on the Coinbase website and then “send” under your LTC wallet. From there you can copy and paste your address from your Electrum LTC wallet under “Recipient,” enter how much LTC you want to send, and push “Continue.” You will have to pay a small fee (typically .01 LTC) to give to miners who will verify your transaction.
If you bought Litecoin, then congratulations! I welcome you to the Lite Side. 😎. Here’s a Litecoin shirt you can wear in the streets to celebrate! It’s a great conversation starter and a fun way to rep some Litecoin pride!