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How to Buy Litecoin With Credit Card
Litecoin has long now been one of the most popular coins available to users. When you want to buy Litecoin there are a few different options you can choose from. Paying via credit card is one of the most convenient for users but equally can be expensive if not done carefully. It is worth noting that it’s usually credit and debit cards that incur the highest fees due to their convenience.
That’s why we have put together this guide for you to navigate the best way to buy Litecoin using your credit card. We have included all the information you could need, from how-to guides, platform reviews, and some of the most popular FAQs.
Top Litecoin Brokers That Accept Credit Card
Your first step when buying Litecoin with a credit card is to choose a platform to trade from. There are many platforms to choose from when it comes to buying cryptocurrencies, so below we have listed the top providers to help you get started right away.
Can You Buy Litecoin With a Credit Card?
You will find that almost all platforms, whether that’s an exchange or a broker, will accept payments via crypto credit card. Credit cards are one of the most convenient ways for users to buy Litecoin so for this reason it’s a widely accepted payment method. However, it is worth noting that there are exceptions to this and some brokers and exchanges may not accept your credit card. In this next section, we will go into the specific details regarding what platforms accept credit card payments for Litecoin and how you can use them.
What Crypto Platforms Accept Credit Card?
Here are the best ways that you can buy Litecoin using a credit card. Together they make up the most common ways for users to buy crypto in general, and most, if not all, will accept credit card payments.
Cryptocurrency Brokerages: Brokerages are the most centralized trading option available to you. They set the prices of the assets that you trade and also will charge a fee for a range of different activities. Brokerages are perhaps understood as more trustworthy, especially big institutions like Pepperstone.
Cryptocurrency Exchanges: Here, you can generally perform the same activities as you can with a broker, but in a slightly more direct fashion. Crucially, the key difference here is that an exchange is linking together buyers and sellers who are the actor setting the price. Fee structures are also totally different from brokerages as they don’t charge commissions, but instead, charge through the maker and taker fees (whether you are providing liquidity to the network or consuming it).
Peer-to-peer (P2P) Marketplaces: P2P marketplaces are the most direct option to trade with. Here you are directly matched up with buyers and sellers, but the critical difference is there is no making and taking of liquidity, instead sales and purchases are direct and bilateral. Usually, fees are minimal for P2P marketplaces.
How to Buy Litecoin With a Credit Card?
Here we have created some simple step-by-step guides to show you how you can buy Litecoin. We have included a wide range of options so whatever you are looking for it is catered for.
Cryptocurrency Brokerages
Step 1: Sign up for an account
Find a good broker, like Pepperstone for example, and sign up for an account. You will need to enter an email address and password.
Step 2: Verify your identity
After entering your details, you need to provide an ID for the KYC regulation process. This includes an official ID, proof of address, and a picture of yourself.
Step 3: Deposit funds
Once your account has been accepted, you can deposit funds using any of the available deposit methods; you then need to select the tab that says deposit with a credit card.
Step 4: Follow the relevant steps
Then, follow the relevant steps, inputting your details and following any guidance provided by the exchange. You may also need to provide some form of verification from your bank.
Cryptocurrency Exchanges
The process of buying a cryptocurrency can be complicated, especially if you are new to the space. Check out this step by step guide for how to buy Litecoin using a credit card:
Step 1: Sign up for an account
Go on the official exchange website and sign up for an account. You will need to enter an email address and password.
Step 2: Verify your identity
After entering your details, you need to provide an ID for the KYC regulation process. This includes an official ID, proof of address, and a picture of yourself.
Step 3: Deposit funds
Once your account has been accepted, you can deposit funds using any of the available deposit methods; you then need to select the tab that says deposit with a credit card.
Step 4: Follow the relevant steps
Then, follow the relevant steps, inputting your details and following any guidance provided by the exchange. You may also need to provide some form of verification from your bank.
How to Deposit and Withdraw via Credit Card
Deposit
Almost all platforms accept credit cards as a method of deposit. For example, Binance supports this method, and here are the steps you need to follow to do it:
Step 1: Click the ‘Funds’ tab
Locate the Funds tab.
Step 2: Choose the currency and the amount
Choose the currency and the amount you want to deposit.
Step 3: Select Credit / Debit card
Select Credit / Debit card as the payment method.
Step 4: Submission
Click “submit”.
Withdraw
Typically, platforms will support credit cards as a method of withdrawal. For example, Binance accepts this, and here are the steps you need to follow to do it:
Step 1: Click the ‘Withdraw Funds’ tab
Locate the Withdraw Funds tab.
Step 2: Enter the amount
Enter the amount to withdraw (in USD) – you may withdraw the amount you have in your account minus the margin you have used.
Step 3: Fill the form
Complete the electronic withdrawal form as required.
Step 4: Submission
Click “Submit”.
What Should I Look for in a Credit Card Litecoin Broker?
Fee Charges: Some brokers allow you to use credit cards to purchase Litecoin but make sure you always check and compare what platforms will charge you as credit cards are one of the most expensive methods.
Variety of Trading Options: You want to ensure you can pay by credit card, but you still want to make sure you’re trading with a good broker that offers a good range of assets. This is partially true when you are looking to buy a cryptocurrency like Litecoin – brokerages are only just starting to offer this product.
Speed and Ease of Use: When you are buying Litecoin you want transactions to be as simple to make as possible, and for them to be executed quickly and efficiently. Popular broker Pepperstone for example has a friendly interface and good transaction speeds.
Trust and Security: Arguably one of the most important elements of trading, your broker must be trustworthy and have good security measures in place. Look out for features like 2-factor authentication, loss insurance, and KYC regulations to improve your level of protection.
Cross-device Compatibility: Most platforms now offer services on mobile, web, and desktop. Not only is this convenient for you, but also it is a sign of a good broker. For example, Pepperstone supports all of these devices.
Should I Buy Litecoin Using a Credit Card
- Generally, this is a widely accepted payment method
- One of the most convenient methods to users
- Using a credit card is always one of the most straightforward ways to deposit funds
- Can incur a high fee from the platform you are using
- Can incur cash advance fees with your bank
- Risk of foreign transaction fees
Is Using a Credit Card the Best Method to Buy Litecoin?
No. There are very few positives to using a credit card to buy Litecoin other than its convenience. While it might be the easiest thing to do it will almost always be the most expensive too. Not only will you incur some of the highest fees on a platform, but also you are susceptible to incurring fees from your bank and also interest rates on those fees.
While this method is definitely one of the easiest, it can impact your returns on trades.
What Are the Alternative Payment Methods to Buy Litecoin With?
Here is a list of some of the other ways in which you can buy Litecoin:
Debit Cards: Use your card to directly buy Litecoin. Can incur some fees but is extremely convenient and shouldn’t incur charges from your bank.
Bank Transfer: Transfer funds directly from a bank account linked with your chosen platform. One of the most expensive ways to deposit funds but very convenient and accessible to beginners.
Crypto Transfer: Connect a wallet to your platform that already has crypto funds. By far the cheapest method but can be difficult for beginners.
PayPal: Connect your account to some supported platforms and top-up your exchange wallet; Paypal now also accepts crypto.
Final Thoughts
When buying Litecoin it can be very convenient to use a credit card, but we advise you to avoid this. Not only will you incur high fees from the platform you use, but also you can be subject to fees, interest rates, and possible debt with your selected bank.
If you do wish to use this method because of its convenience then make sure to compare the fee structures of different platforms and make the most informed decision you can.
Credit cards are widely accepted on cryptocurrency exchanges and brokers because they are popular and very easy to use. This is undoubtedly their biggest strength and appeal but remember, usually the more complex the process when buying a product like Litecoin the cheaper it will be. Most experienced users and professional traders get the best rates for this reason.
FAQs
Can I Buy Litecoin Anonymously With a Credit Card?
The only way you could do this would be with a platform that doesn’t require KYC regulations – maybe a Decentralized Exchange (DEX).
How Fast Is Buying Litecoin With a Credit Card?
This will depend on two factors: the platform you use and the bank your card is from. Usually, credit card transactions are relatively fast.
Do I Need a Crypto Wallet?
To use some exchanges, yes. Some brokerages do not require you to have a wallet.
Are There Low Fees When Using a Credit Card to Buy Litecoin?
No – fees are at their highest when using this method.
Can I Hold Litecoin in My Credit Card Account?
No – only the gains you have made from selling your LTC and converting it to fiat, as these can be withdrawn to your credit card.
Can I Buy Other Cryptos Using a Credit Card?
Yes – you can buy any financial product a platform offers using the funds deposited from your credit card.
Can I Buy Litecoin With a Credit Card Instantly?
Yes, but depending on the platform. Most platforms will require you to first buy some kind of fiat/digital currency to then trade for LTC.
Is a Credit Card the Easiest Way to Buy Litecoin?
Arguably, yes. Both debit cards and credit cards offer very simple ways of purchasing LTC. Mostly it is beginners that use this payment method.
Does Coinbase Accept Credit Cards?
Yes, coinbase does accept credit card payments and deposits. However regulations can vary depending on what region you are from – for example, in the UK your credit card must be 3D Secure and some other places do not accept credit card payments at all.
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