You have made it this far, so by now you no doubt have a clear understanding of how to trade Litecoin.
As such, you can now follow our simple walkthrough on how to get started in your trading endeavours.
Step 1: Choose a Litecoin Trading Site
The first thing you need to do is decide which trading platform is best for your Litecoin trading goals. There are heaps offering their services, so do proceed with caution.
We have listed below some of the most important metrics to consider when weighing up potential online brokers:
- Regulation: Is the crypto broker regulated by respected bodies like ASIC and the FCA?
- Fees: What fees does the trading platform charge to trade Litecoin?
- Payments: What payment types does the broker support?
- Account Minimum: What is the minimum stake and deposit at the platform?
- Litecoin Pairs: Which crypto coins and fiat currencies will be on offer to trade against Litecoin?
- Trading Platform: Is the broker platform user-friendly and easy to navigate?
- Mobile: Does the trading platform have a proprietary mobile app?
As you can see, there are heaps of factors to consider before taking the plunge and trading Litecoin.
All things considered, we think eToro is the best all-rounder. We have listed below a few positives about signing up with the popular platform:
- eToro is registered with FINRA (US) and fully regulated by various well-respected bodies like the FCA, CySEC, and ASIC.
- The platform offers super-tight spreads, and there is zero commission charged to trade Litecoin
- Deposits are instant – credit/debit cards and e-wallets are accepted
- You are able to trade Litecoin against a variety of other cryptocurrencies and fiat currencies
- You can start trading Litecoin for as little as $25
Step 2: Open a Litecoin Trading Account
Go to the website of your chosen trading platform and elect to open an account. We find this usually takes less than 10 minutes at eToro.
The process begins by filling in some basic personal information about who you are – name, address, date of birth, and such.
The next step (as eToro is regulated) is to upload a copy of your photo ID – passport or driver’s license. You can do this later if you like. But if depositing more than $2,250, or requesting a withdrawal – you will have to complete this step eventually anyway.
Step 3: Deposit Funds
Now you can fund your new trading account. The minimum deposit at eToro to trade Litecoin is $200.
Most online brokers offer a variety of payment methods. eToro accepts credit and debit cards, and also e-wallets like PayPal, Skrill, and Neteller. Whilst bank account deposits are also accepted, you should note this is the slower option.
Step 4: Choose Litecoin Trading Market
After making a deposit, you are free to trade Litecoin. All you need to do now is browse the ‘Trade Markets’ section or type your chosen pair into the search box, for example, ‘LTC/USD. Alternatively, browse what’s available for inspiration.
Step 5: Place Litecoin Trade
Now you can go about placing your Litecoin trade. We have covered orders in detail, so feel free to scroll up for a recap.
Start by placing a buy or sell order, depending on your stance. Next, hit ‘Open Trade’ to action your Litecoin position!