Taking possession of Litecoin (LTC) these days is much easier than when it came out. A whole series of exchanges now provides support for the famous Bitcoin fork. Although most people access cryptocurrency exchanges from their desktops; today, however, we will see how to buy Litecoin on Coinbase using only your phone.
If you do not know much about Litecoin, follow our guide. Litecoin had a pretty tough race in 2018 after an upward trend of about 6500 percent in 2017. This does not mean bulls will not come back, even though crypto bear markets tend to last for about a year. You may want to arrive early this time, in front of the crowd.
How to buy Litecoin on Coinbase
Coinbase has built a stable reputation in the cryptographic sphere as a safe place to buy and store your cryptography. The interface is clean and is designed specifically for novice investors. Please note that Coinbase is not available in all countries and you may have better results with a local exchange. Also, please note that this article covers the fiat to encrypt Litecoin's purchase. In other words, with dollars, euros, pounds or other supported currencies.
Step 1. Initial registration
Go to Coinbase and follow the normal registration procedure providing details about your name, email and password as below. Coinbase will follow a link that will help you verify your email address.
Step 2. Check the e-mail
Click on the link, verify your email address and log in to your account again. The link usually arrives immediately in your inbox, so you may want to check your spam folder if you do not receive anything in a few minutes.
Step 3. Location and details of the phone
The verification is fairly rigorous on Coinbase, so make sure your national and provincial data are correct. Most forms of account access these days require a smartphone. You should also enable two-factor authentication. Something like Google Authenticator is a good bet if you're serious about the security of your account.
Enter the seven-digit pin you receive from Coinbase to verify your account and complete the registration process.
Step 4. Login for the application
The previous process was performed through the Coinbase website. If you prefer, you can also start recording via the app. If you have not already done so, now is the right time to install the Coinbase app (iOS | Android).
The app provides a better user experience and is recommended from this point on. Log in with your email address and password provided in the previous step.
Step 5. Add the payment method
Before you can buy, sell or send Litecoin, you need to link your fiat accounts to your Coinbase account. Click on "Add payment method". You have several options here:
- Buy Litecoin with a debit card
- Make purchases through your bank account
- Wire transfer
The purchase of a bank requires four or five days for verification at the beginning. Although you can lock the Litecoin price today if you want to buy immediately. However, you will not be able to take possession of Litecoin until the verification is complete.
Note that Coinbase no longer supports credit card purchases due to some providers blocking cryptocurrency purchases. Purchases with debit cards are still supported, but may involve fees depending on the bank. You can also keep a USD portfolio with Coinbase if you are looking to invest heavier amounts of $ 5,000 or more.
Step 6. Link a bank account
For this process, we have linked a bank account and verified. You may need to provide login details again. The connection process is usually immediate with most banks. Your process from here may be slightly different if you have chosen another payment method.
Step 7: Switch to Litecoin and review the price details
Switch to the cryptocurrencies available through the app and select Litecoin. Press "Buy" and you're almost done!
Step 8: purchase confirmation
Be sure to double check the amounts in the relevant fields and select the correct payment method. Now you can buy Litecoin instantly "Confirming the purchase"
Bob is your uncle, now you are a proud owner of Litecoin (LTC) through your phone. Now you can send Litecoin to shop online, keep it as an investment or send it to friends and family as you wish.
In the United States, you can buy up to $ 25,000 per day of encryption. Once again, however, check your limits as they may vary if you are in Europe or other supported countries. Check with the Coinbase support system for further details. Also, be sure to consider an even more secure storage solution as a hardware portfolio once Litecoin is in your possession.
The purchase of Litecoin through Coinbase is not perfect and, just like any solution, has both advantages and disadvantages.
- Secure cryptographic storage
- Easy to use interface
- FDIC insured funds up to $ 250,000
- Limited currency pairs
- High trading fees
Final considerations: How to buy Litecoin with your phone
Most of the hassles involved in buying a crypt are still evident in the traditional banking system. While the blockchain proceeds with record transaction times, the old banking system can take up to four or five days before the transactions are canceled. Prepare to wait or, alternatively, to send larger amounts at a time you can trade.
If you are going to buy Litecoin with other encrypted ones like Bitcoin or Ether, then there are better and cheaper solutions out there. Coinbase is not suitable for everyone, but if you are a mobile user and a non-encrypted guru, then buying Litecoin with this approach is definitely for you.