Information on Litecoin
Litecoin was created in October 2011 through a fork of the Bitcoin protocol, making it one of the oldest altcoin on the market. As a result of being bifurcated, it shares some of the same features as Bitcoin but with some changes that make it lighter and faster than its mother currency.
Information on Coinbase
Coinbase is a cryptographic exchange based in the United States, which was launched in 2012. The exchange operates in 33 countries and has had more than 12 million customers, trading more than 40 billion dollars in digital currencies. In 2013, Coinbase became the largest funded Bitcoin startup and one of the largest based on trading volume.
How to buy Litecoin on Coinbase
Coinbase is a reputable trading platform that attracts many merchants who try to buy and store their cryptography. The design of the interface is designed to satisfy beginners traders. In today's article, we will cover just how to buy Litecoin with fiat currency.
Step 1. Install the app
Before going through the registration process, you first need to download the app for your mobile device. Coinbase has apps available for Android and iOS users.
It has been reported that the app provides a better user experience than the website and is obviously much more convenient to use.
Step 2. Register on Coinbase
The registration process requires you to provide your name, email and password details. Coinbase will then send you a link through which you will have to confirm your email address.
Step 3. Check your email
Click on the link that was sent to you, verify your email address and log in to your account again. The link is usually sent immediately to your inbox, but if you have not received anything for more than a few minutes, go and check your spam folder.
Step 4. Location and details of the phone
Coinbase is known to be safe as it applies a rigorous verification process. Make sure your country and status details are correct. Since most of the account these days requires access to a smartphone, your account should also have the two-factor authentication process enabled.
We recommend using Google Authenticator if you want to have good account protection. Enter the seven-digit PIN number assigned by Coinbase to verify your account and complete the registration process. Log in with your email address and password used in the registration process.
Step 5. Select the payment method
You must first connect your fiat accounts to your Coinbase account before you can start buying, selling or sending Litecoin.
In the "Add payment method" section there are three options among 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 blocking the price of Litecoin if you want to buy the currency right away. However, you do not own the coin until the verification is finalized.
The option to use credit cards is no longer available as some providers block cryptocurrency purchases. Debit card purchases are still supported, but they have various fees depending on your banking service provider.
Step 6. Link a bank account
Next, you need to link your bank account and have it verified. If necessary, re-enter the login details. The process of connecting with most banks happens almost instantaneously. The process may differ slightly if you choose to select another payment method.
Step 7: Find Litecoin in the Cryptocurrencies section
Go to the section of the app that presents the cryptocurrencies available and select Litecoin. Click on the "Buy" button.
Step 8: purchase confirmation
Before placing the order, carefully check the amounts you entered in the fields and select the correct payment method. Click on the "Confirm Purchase" button.
If you followed the steps above, you should have LTC in your Coinbase wallet. Now you can use Litecoin to buy products online or keep it as an investment.
Transaction limits vary from country to country, which may also vary due to payment methods used and account verification status. To see the limits of your transaction, go to the limits page of your account.
US citizens have a daily limit of $ 50,000 per day for encryption in the United States, while European users with a verified account have a maximum of $ 30,000.
Coinbase is one of the safest exchanges that a trader can use to acquire his own Litecoin, with an easy-to-use platform that can be understood by beginners. One disadvantage would be that the platform charges high trading fees for its services.