How to Buy Litecoin in the UK: Step-by-step Instructions
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There are many crypto coin projects you can take advantage of. Not only are those suitable for making payment transactions, which ensures cheap, quick, and secure payments, but they can also be used for earning money. Yes, you can invest in crypto coins and make money on the differences in prices. Litecoin is one of the most popular cryptocurrencies that can be considered for investment. You can purchase it on a range of exchanges. If you wish to buy Litecoin in the UK, you should find out how this can be done, which exchanges can be used, how such transactions are regulated, and other important aspects.
Why Should You Buy Litecoin in the UK?
Litecoin is a P2P cryptocurrency that was launched by Charlie Lee in 2011. It is quite similar to Bitcoin, including source code. This crypto coin was developed to provide cheaper transactions and be convenient for daily use. The main benefits of this crypto coin include:
- Quicker transactions than for some cryptocurrencies
- Cheaper than some crypto coins
- It has a great reputation
- It is a good option for investment due to possible uptrends
How to Buy Litecoin: A Step-by-step Guide
It is possible to purchase Litecoin on the Internet by doing a few simple actions. It should not take you long to finalize your transaction; however, everything depends on the exchange and the payment option you use for this purpose.
Here is a brief instruction on how to buy Litecoin on various exchanges:
- Find an exchange that matches your preferences
- Undergo the registration procedure if it is required
- Add some funds to your account
- Purchase Litecoin
On Which Exchanges Can You Buy Litecoin with GPB?
People interested in Buying Litecoin need to find the right exchange. It would not be a smart decision to use the very first exchange you find on the Internet. Since you want to ensure convenience and safety for your digital assets, check out how the platform matches the requirements listed below:
Buying Litecoin at Coinbase Pro
Coinbase Pro offers various great features and low fees. If you are planning on making transactions in large volumes, you should consider using this platform.
Here is the instruction on how to buy Litecoin in the UK at Coinbase Pro:
Setting up an account
The very first step you will need to take is to become a registered user of this platform. This can be done by filling out and submitting an online registration form. You will need to enter accurate information.
Verifying your details
Some information you provide in your account is subject to verification. During this procedure, you will need to provide some documents. For instance, to prove your identity, you can provide your ID or password.
Replenishing your account
Once you have successfully undergone the verification procedure, you can add some funds to your account. The choice of payment methods available for you depends on the platform, but you should be able to pick something.
Once the money hits your account, you can spend it to purchase Litecoin. The cryptocurrency will be transferred to your account. You can keep it there or transfer it to your wallet.
Buying Litecoin at CoinJar
CoinJar is an exchange that has been on the market long enough to build a great reputation. It is quite a simple platform also suitable for beginners. It has enough features to ensure the convenience of use.
To make a purchase on this platform, you will need to do the following:
Create a new account
By clicking on the Sign Up button, you will open the online registration form. This is where you will add some info, such as your name, email address, password, and others. Once you submit the form, you will become a registered user of this platform.
Verify your details
To get access to payment transactions, you will need to verify your details. This process is associated with providing some documents, which will then be reviewed by the staff of the platform. Once your info has been verified, you can continue with your transaction.
Add funds to your account
To make a purchase, you will need to have enough funds in your account. It is possible to use a range of payment methods to complete this transaction, including credit cards and others.
Purchase the crypto coin
Using the funds you have in your account, purchase Litecoin in the amount you need. Simply pick it from the list of the available assets and specify how much you wish to buy.
Buying Litecoin at Crypto.com
Crytpo.com is an affordable and convenient platform that allows purchasing more than 60 cryptocurrencies. It offers special rewards on certain payment methods.
Here is how to buy Litecoin on this platform:
Register your account at Cryto.com
Registering a new account will not take you a long time. You will provide some required information, including your login details.
Verify your info
Like on other exchanges, you will need to verify your information. You can do this by providing certain documents. You will need to submit them according to the procedure determined on the platform.
Make a deposit
Add some funds to your account, which you will then use to buy some Litecoin. To do that, you will need to pick a payment option you wish to use. Then, enter the amount of your transaction and proceed with your payment.
This is the final step you will need to take. The money you now have in your account can be used for purchasing Litecoin.
Buying Litecoin at Binance
Binance is one of the most popular exchanges, which allows getting access to over 500 different assets. It charges relatively low fees and comes with tough security tools.
This is how to buy Litecoin on this platform:
Set up your account
There is a registration form that you will need to fill out with the required information. Once you do this, you will be a registered member of this platform. However, it is not everything you need to do to be able to complete your transaction.
Verify Your Info
Some of your details must be verified, according to the requirements of the platform. This procedure can be completed by providing the required documents on the platform. You will find the list of them along with other information on the official website of Binance.
Make your first payment
Now that you have a registered account on this platform, you will need to add some funds to your account. There are several banking methods you can use for this purpose. Pick something you like the most.
You can purchase Litecoin using the funds available in your account now. Pick this crypto coin from the list of other options available for you. The next step will be specifying how much you wish to buy.
Buying Litecoin at Litecoinlocal
Litecoinlocal.net is a P2P trading site dedicated to making transactions with Litecoin. It has plenty of payment options you can use, including payments with cash and online. Also, it is possible to pay in different currencies.
If you are interested in buying Litecoin on this platform, do the following:
Create a new account
After filling out a few fields in the online registration form, you will be able to access your account. Then, you will need to add some more details to your profile.
Send documents for verification
Your personal details must be verified. You can do this by submitting required documents, such as ID. It will take some time for this info to be reviewed by the staff of the platform, but it should not be too long.
Add some funds to your account
From the list of available options, you can choose the one you prefer. If you decide to make an online payment instead of an in-person one, you will see plenty of options and currencies to pick from.
This is your final step when you actually purchase Litecoin.
Buying Litecoin with a Credit Card or Bank Transfer
You can buy Litecoin with a credit card or via a bank transfer. That is very convenient since you will not even need to undergo the verification procedure on some platforms. The transaction is made instantly. You will only need to specify how much Litecoin you wish to purchase, where you wish to get it, and other details.
What Wallets You Can Use after Buying Litecoin
Picking the right wallet allowing you to store your coins after you buy Litecoin with GPB is important. There are different types of wallets you can choose from, including the following:
- Hot storage
- Cold storage
Hot storage means that you can access your wallets using an Internet connection. Such wallets can be as follows:
- Desktop wallets. This type of wallet is an application that you can run on your PC. This is where you will store all your cryptocurrencies.
- Mobile wallets. Such wallets are also apps that can be run on your mobile device. Separate versions of such apps are provided for users of Android and iOS devices.
- Web wallets. Those are web-based wallets that can be accessed on different devices because all you need is your browser.
As for cold storage, those are small portable devices you can carry with you. Since they allow storing cash offline, such wallets are considered a more secure option.
The following is the list of wallets you can consider using if you are interested in storing your cryptocurrencies after buying Litecoin:
- Ledger Nano X. It is a hardware wallet offering both security and usability. You can connect it either via Bluetooth to iOS devices or use USB to connect it to your PC.
- Electrum LTC. This wallet can be used on devices powered by different operating systems, including Mac, Linux, or Windows. It is very easy to install the wallet available in the desktop version.
- Jaxx. It is a multicurrency wallet that allows storing crypto coins on different devices. It is very easy to use, and it allows storing more than 90 cryptocurrencies.
- Litewallet. This wallet is a fork of the Bitcoin wallet. Currently, it can be run on iOS-based devices. Users like it for a clean interface, which makes it a great choice for beginners.
Legislation to Know before Buying Litecoin
If you wish to buy Litecoin in the UK, you should find out how to do this legally. There are some regulations you should keep in mind. The Financial Conduct Authority (FCA) is the body appointed to make sure that cryptocurrency transactions are not made aiming at providing terrorists with financial sources. Also, crypto coins must not be used for money laundering purposes. When you buy Litecoin in the UK on exchanges, you will need to undergo the verification procedure, which is associated with uploading some documents and photos. That is required to identify a person making illegal transactions quickly. Therefore, you must not purchase and use this coin for illegal purposes.