4 Steps to Safely Buying Litecoin
Litecoin has continuously been rated among the top cryptocurrencies. It was created to be a speedier, more efficient counterpart of Bitcoin. It also has a lower price than Bitcoin, which makes it a popular option. If you’ve done your homework on Litecoin and believe it’s a good investment, it’s time to understand how to purchase some for yourself. There are numerous ways to buy cryptocurrency, but there are also numerous scams. To buy Litecoin safely, follow the steps below.
Choose a cryptocurrency exchange
An exchange, such as Coinbase or Gemini, is the most frequent way to purchase cryptocurrency. Cash App, PayPal, and Venmo are just a few of the investing and payment apps that sell cryptocurrency. Here are some things to check for while looking for a place to buy Litecoin.
Both buying and selling cryptocurrency incur fees. Make sure the platform you choose offers fees that are comparable to those of other leading exchanges.
Examine the platform’s security procedures and see whether any issues, such as hackers or stolen funds, have occurred in the past. The most crucial aspect of a crypto platform is that it protects your assets and personal data.
Ease of Use
Buying cryptocurrency shouldn’t be a chore, so choose a platform that you’re familiar with.
Cryptocurrency selection is another factor worth considering. If you’re simply interested in Litecoin, it’s not a major concern because it’s available on most exchanges. However, if you anticipate investing in smaller coins in the future, cryptocurrency selection is critical when selecting an exchange. For the most accurate and latest information, visit BitQT
Read more at: https://dailynewshungary.com/bitcoin-best-places-to-buy-bitcoin/
Set up your account
It’s time to register an account once you’ve decided where to buy Litecoin. The procedure differs for every exchange, but on the home page, there is usually a button that says “Get started” or “Register.”
To create an account, fill in all the following information. Most apps and exchanges will need the following information:
- Full name
- Phone number
- Email address
That’s all well and good, but you’re not finished yet. Your identification must also be verified by crypto exchanges. “Know Your Customer” is the name of this procedure (KYC). You won’t be able to buy crypto until you’ve done this, or you’ll only be able to buy a modest amount before hitting your account’s limit.
Expect to supply the following information during the KYC process:
- Date of birth
- A scan of a valid passport, driver’s license, or ID card
- Social Security number
Decide how much Litecoin you want to buy
With Litecoin, the golden rule is to only invest what you can afford to lose. Cryptocurrency prices are fickle, and while they might surge, they can also plummet. Don’t use crypto as a retirement fund, and don’t use it as an emergency fund either. A decent rule of thumb is to keep cryptocurrencies to no more than 5% to 10% of your overall investment portfolio.
Make your purchase
The buying process and payment options accepted are determined by the exchange you select. An ACH transfer from a bank account, a debit card, or a credit card are all possible payment options. Because paying with a debit or credit card can result in additional fees, bank transfers are usually the best alternative.
The Bottom Line
Hundreds of platforms are waiting to provide you access to thousands of cryptocurrencies all across the world. And, in order to select the one that’s ideal for you, you’ll need to figure out which features are most important to you.
This article has been published in accordance with Socialnomics’ disclosure policy.