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How to Buy Litecoin With a Debit Card in 2023
Litecoin is one of the most popular coins available. When you want to buy Litecoin, there are a few different options you can choose from. Paying via debit card is one of the most convenient for users but equally can be expensive if not done carefully and can restrict how much Litecoin you can buy. 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 debit 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 Debit Card
Your first step when buying Litecoin with a debit 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 Debit Card?
You will find that almost all platforms, whether that’s an exchange or a broker, will accept payments via debit card. Debit 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 debit card. In this next section, we will go into the specific details regarding what platforms accept debit card payments for Litecoin and how you can use them.
What Crypto Platforms Accept Debit Card?
Here are the best ways that you can buy Litecoin using a debit card. Together they make up the most common ways for users to buy crypto in general, and most, if not all, will accept debit 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 eToro.
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 Debit Card?
Here we have created some simple step-by-step guides to show you how you can buy Litecoin with a debit card. As we have shown, there is a wide range of different interfaces and platforms you can use so we have included the two most important: brokerages and exchanges.
Cryptocurrency Brokerages
Step 1: Sign up for an Account
Find a good broker, like eToro 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 crypto debit 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 debit 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 debit 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 Debit Card
Deposit
Almost all platforms accept debit cards as a method of deposit. For example, eToro 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.
Step3: Select Credit / Debit Card
Select Credit / debit card as the payment method.
Step 4: Submission
Click ‘Submit’
Withdraw
Typically, platforms will support debit cards as a method of withdrawal. For example, eToro 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 Debit Card Litecoin Broker?
Fee Charges: Some brokers allow you to use debit cards to purchase Litecoin but make sure you always check and compare what platforms will charge you as debit cards are one of the most expensive methods.
Variety of Trading Options: You want to ensure you can pay by debit 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. Also using a debit card for your transactions can sometimes limit the volumes of the trades you make.
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 eToro 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 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, eToro supports all of these devices.
Should I Buy Litecoin Using Debit Card
- Generally, this is a widely accepted payment method
- One of the most convenient methods to users
- Using a debit 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 charges from your bank
- Risk of foreign transaction fees
Is Using a Debit Card the Best Method to Buy Litecoin?
No. There are very few positives to using a debit 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 having your trade limits noticeably lower than some other payment methods.
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:
Credit Cards: Use your credit card to buy Litecoin. It will incur fees but it is extremely convenient.
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: You can also buy Litecoin with 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 debit card, but we advise against it. Not only will you incur high fees from the platform you use, but also you can be subject to fees 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. Remember that trading can incur high risk.
Debit 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 Debit 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 Debit Card?
This will depend on two factors: the platform you use and the bank your card is from. Usually, debit card transactions are relatively fast.
Do I Need a Crypto Wallet?
To use some exchanges, yes. Other brokerages like eToro do not require you to have a wallet.
Are There Low Fees When Using a Debit Card to Buy Litecoin?
No – fees are at their highest when using this method.
Can I Hold Litecoin in My Debit Card Account?
No – only the gains you have made from selling your Litecoin and converting it to fiat, as these can be withdrawn to your debit card.
Can I Buy Other Cryptos Using a Debit Card?
Yes – you can buy any financial product a platform offers using the funds deposited from your debit card.
Can I Buy Litecoin With a Debit 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 Litecoin.
Is a Debit Card the Easiest Way to Buy Litecoin?
Arguably, yes. Both debit cards and credit cards offer very simple ways of purchasing Litecoin. Mostly it is beginners that use this payment method.
Does Coinbase Accept Debit Cards?
Yes, Coinbase does accept debit card payments and deposits; however, regulations can vary depending on what region you are from. But most will support both Visa and Mastercard Debit Card payments.
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