Litecoin First Time Buyer's Guide - How to Buy Litecoin

First ( to the newcomers)

Make sure you have a secure wallet set up to receive your Litecoins to. I recommend using a Paper wallet or the official Litecoin client.

I highly recommend you purchase a small amount first. Send it to your wallet, send it around, buy some small things, and get a feel for how to send and receive Litecoins to different wallets first. Once you’re comfortable using the Litecoin network, then invest more.

I say this because Litecoin is decentralized and there’s no head office or customer service desk to call if you make a mistake. If you make a boo boo, then it’s bye bye to your coins! So that’s why I recommend you make any mistakes with a small amount vs a large one.

Now lets get into the methods to buy Litecoin

1) Flagship Exchange

Pros

Instant exchange at current market rates
Deposit or withdraw funds right from bank

Cons

Must be 18+
Need an account
Some require ID verification
Some have buy/sell limits
Could be hacked

Some Flagship Exchanges

coinbase.com
kraken.com
bitstamp.net

2) Altcoin Exchange

Pros

Instant exchange at current market rates
Some Exchanges (like ShapeShift.io) don’t require an account or ID

Cons

Need an account
Some require ID verification
Some have trade or withdraw limits
Could be hacked

Litecoin Altcoin Exchanges

cryptopia.co.nz

3) Litecoin ATMs

Pros

Instant exchange
Some have no ID requirements
Some have no buy limits
Coins can’t be lost due to hack

Cons

High percentage markups
Some require ID, phone number, and even fingerprint
Some have limits

Litecoin ATM Location Finders

athenabitcoin.com/locations
coinatmradar.com/country/226/bitcoin-atm-united-states

4) Localbitcoins.com (and like sites)

Pros

Instant exchange
Some traders have no ID requirements
No buy limits

Cons

Scammers
You may have to meet in person
Some traders have high percentage markups
Some traders require ID and/or phone number

Some Examples

paxful.com

5) Sell your things directly for Litecoins

Pros

Get rid off extra stuff you already have
Possibly higher profit margin for your business

Cons

Must have something to sell
Getting sales can be challenge
Exposure to extreme price volatility

Some Sell Your Stuff Sites

bitify.com
cryptopia.co.nz/MarketPlace
glyde.com/bitcoin
bitpremier.com

That’s it!

I wish you the best on your Litecoin journey! Be sure to follow me on steemit and check the other links below for more Litecoin info.

Follow me on Steemit:

Litecoin Charts

Get Litecoin @ Litecoin.org

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