Litecoin was created on October 2011 through a fork of Bitcoin’s protocol, making it one of the oldest altcoins on the market. As a result of being forked, it shares some of the same features as Bitcoin but with some modifications which make it lighter and faster than its parent coin.
Coinbase is a crypto exchange based in the US, which was launched in 2012. The exchange operates in 33 countries and has had more than 12 million customers, trading over $40 billion in digital currencies. In 2013, Coinbase became the highest funded Bitcoin startup and one of the largest exchange according to trading volume.
How to Buy Litecoin on Coinbase
Coinbase is a reputable trading platform that attracts many traders looking to buy and store their crypto. The interface’s design is aimed to cater to beginner traders. In today’s article, we will only be covering how to buy Litecoin with fiat currency.
Step 1. Install the App
Before going through the signup process, first, you have to download the app for your mobile device. Coinbase has apps that are available for both Android and iOS users.
The app has been reported to provide a better user experience than the website, and it is obviously far more convenient to use.
Step 2. Sign-Up on Coinbase
The signup process requires that you provide your name, email and password details. Coinbase will then send you a link through which you have to confirm your email address.
Step 3. Verify Your Email
Click on the link sent to you, verify your email address, and log back into your account. The link is usually sent instantly to your inbox, but if you haven’t received anything for more than a few minutes, go and check your spam folder.
Step 4. Location & Phone Details
Coinbase is known to be secure as it enforces a strict verification process. Make sure that your country and state details are correct. As a majority of account these days require a smartphone to be accessed, your account should also have the two-factor authentication process enabled.
It is recommended that you use Google Authenticator if you are keen on having good account security. Enter the seven-digit PIN given to you by Coinbase for your account verification and finish the signup procedure. Log in with your email address and password used in the signup process.
Step 5. Select Your Payment Method
You first have to link your fiat account/s to your Coinbase account before you can start buying, selling or sending Litecoin.
In the “Add Payment Method” section there are featured three options from which you can choose:
- Make purchases with a debit card
- Make purchases through your bank account
- Wire transfer
A bank purchase can have a verification process of up to four or five days. But you have the option of locking in the price of Litecoin if you want to buy the coin right away. However, you will not own the coin until the verification is finalized.
The option of using credit cards is no longer available as some providers blocked cryptocurrency purchases. Debit card purchases are still supported but they have various fees depending on your bank provider.
Step 6. Linking a Bank Account
Next, you have to link your bank account and have it verified. If needed, enter your login details again. The linking process with most banks takes place almost instantly. The process may differ slightly if you choose to select another payment method.
Step 7: Find Litecoin in the Cryptocurrencies Section
Go to the app’s section which features the available cryptocurrencies and select Litecoin. Click on the “Buy” button.
Step 8: Confirm Purchase
Before making your order, carefully check your amounts which you entered in the fields and have the correct payment method selected. Click on the “Confirm Purchase” button.
If you have followed the steps which have been described above, you should have LTC in your Coinbase wallet. You are now able to use Litecoin for buying online products or hold it as an investment.
Transaction limits vary from country to country, which can also vary due to the payment methods used as well as the account’s verification status. To see your transaction limits, go to your account’s limits page.
US citizens have a daily limit of $50,000 a day worth of crypto in the US, while European users that have their account verified have a maximum of $30,000.
Coinbase is one of the safest exchanges which a trader can use to acquire his or her Litecoins, featuring an easy to use platform that can be understood by beginners. A drawback would be that the platform charges high trading fees for its services.