What is Litecoin (LTC)?
Litecoin is one of the largest cryptocurrencies in the world by market capitalisation. It is a peer-to-peer cryptocurrency that is designed to make transactions cheaper, and hence make it easier for people to use crypto in their daily lives. Litecoin is one of the original cryptocurrencies and is seen by many - including the original developers - as a direct reaction to the creation of Bitcoin. However, Litecoin was never intended to replace Bitcoin but to be the silver to Bitcoin's gold. While Litecoin is intended to facilitate transactions, Bitcoin is seen more as a cryptocurrency for long-term value storage.
There are several differences between the two cryptocurrencies, mainly in the speed of execution, the algorithm as well as the coin limits. All of these differences were meant to address the potential problems that Litecoin’s founders saw in Bitcoin.
Like Bitcoin, Litecoin is decentralised and is not controlled by any government agency or bank. The supply of Litecoin is also limited and there will only ever be 84 million Litecoin. It is mined the same way as Bitcoin, with those who successfully complete a block rewarded with 12.5 Litecoin. This number has been decreasing over the years as more blocks are completed and will continue to be halved until all 84 million Litecoin have been mined.
Where can I buy Litecoin?
While Litecoin is often seen as less popular than Bitcoin, it is still very popular among those who believe in the initial dream of cryptocurrencies, the facilitation of trade and exchanges outside government and banking control. Because of this, many of the exchanges where you can buy, sell, and trade Bitcoin also support Litecoin.
To ensure that you don't get scammed, it is important that you choose a trustworthy cryptocurrency exchange in Australia. Some of the largest, most popular and secure exchanges that support Litecoin in Australia include Swyftx, Independent Reserve and Digital Surge. These three exchanges are all legitimate and registered with AUSTRAC to fight against money laundering and terrorism financing. My first choice of crypto exchange is Swyftx since it has a multitude of features, demo mode, plenty of deposit & withdrawal options, low fees and free $10 bitcoin if you sign up with this link.
How to buy Litecoin (LTC)?
It only takes 4 easy steps to buy Litecoin in Australia takes 4 steps, which I will expand on below.
Step 1: Choose a cryptocurrency exchange
Step 2: Create an account
Step 3: Deposit funds
Step 4: Buy LTC
Step 1 - Choose a cryptocurrency exchange
While it is possible to buy Litecoin from a peer through direct exchange, the best way to buy LTC is through a cryptocurrency exchange. The first step in doing this is choosing a trustworthy exchange that has everything you need to buy or invest in Litecoin. Doing some research online should help you find out how trustworthy the cryptocurrency exchanges you are considering are. Check to see if these exchanges have been involved in any scandals, whether they have been hacked in the past and what they did about it, and the overall reputation in the cryptocurrency community.
Once you have a list of trustworthy cryptocurrency exchanges, it is time to compare their features. Because you want to buy Litecoin, the main criterion for selection is whether the platform offers buying, selling and trading of Litecoin. The platform should also offer numerous other cryptocurrencies you can buy or invest in, should you be interested in that in the future.
Next, you need to look at the features they offer. The interface is very important as you do not want to start with a complicated interface that makes things harder than they ought to be. Check whether the exchange has Demo accounts for those who would like to get a hang of how the platform works before investing their money. Other considerations include deposit and withdrawal options, fees, mobile app availability, and platform security.
My top 3 recommendations for Aussie crypto exchanges are listed below. If you want to follow along easily in this guide, sign up with Swyftx, since I will be using screenshots from my Swyftx account to show you how to buy Litecoin.
Top 3 Recommendations
Best for OTC trades
Best for Low Fees
Still undecided on where to buy Litecoin? You can read my article here which covers all of the best Aussie crypto exchanges. If you plan on buying, selling and trading LTC on your mobile, then you need to take a look at the best mobile crypto apps available for iOS and Android.
Step 2 - Create an account
Once you find a trustworthy and secure exchange that has all the features you want, it is time to create an account. This is an easy process that involves filling out a form followed by verification. You will need to provide your government-issued identification, mobile number, residential address, email address and other information. The types of documentation and personal details you will need to provide will depend on the particular exchange.
The verification process usually takes a few minutes, and then you will have full access to your account, including depositing and withdrawing money. Swyftx makes this whole process simple. Click on the link here: https://trade.swyftx.com.au/register/ and complete the short form with your personal details.
To verify your account, click Profile in the menu, and then click Verification (highlighted blue below). Follow the instructions to verify your mobile, email address and ID.
Step 3 - Deposit funds
After account verification, it's time to deposit some funds into your account so you can buy LTC. Click on Quick Deposit in the menu on the left, then click Deposit AUD (circled in blue below).
You should now see the page with various Deposit Methods, and you can select which method you wish to use to deposit funds. I like using Bank Transfer using Osko (first option on the page) as it is instant, so you can get right into buying the LTC you want.
You can also use PayID or POLi if you prefer. Both of these deposit methods are supported by most of the large banks. POLi transactions are instantaneous so you will see your deposits in less than 60 seconds after depositing whereas PayID deposits can take up to one business day to fund your account.
Another option is using debit and credit cards. Most crypto exchanges in Australia do not accept either debit or credit cards, but Swyftx is one that does. Credit and debit card deposits take around 30-45 minutes to clear, before you can start buying crypto. Swyftx's various deposit methods are all free of charge.
To deposit instantly with Bank Transfer (Osko), click on the Bank Transfer tab at the top of the screen. This opens up to show Swyftx's bank account details (circled in blue in the screenshot below). In a separate browser tab, log on to your online banking website and transfer the amount you wish to deposit to the Swyftx bank details. It is just like you would do if you were transferring funds to a friend. Now you can return to your Swyftx account and refresh that page. Your AUD deposit will be seen in the Balance section near the bottom of the menu.
Step 4 - Buy LTC
Once the deposit is complete and you have a balance showing in your account, the last step is purchasing Litecoin. The process for doing this is similar on all exchanges, the only difference is the interface. In your Swyftx account, Click on Trade at the top of the menu, then click on Buy (highlighted in blue below). Now type in Litecoin or LTC in the search field (magnifying glass icon) then select Litecoin in the Assets list. As soon as you click on Litecoin, the price of LTC will be displayed on your screen, which will continually change as the price updates.
The only thing left is to enter the amount you would like to spend in AUD (circled in green in the screenshot below) and click Instant Buy. In my example screenshot, I purchased $500 of Litecoin.
A pop-up window will appear, with details of how much LTC you want to buy, the rate (price) of LTC, the fee (0.6% of your transaction), and the total amount in AUD. After checking all your details click the green Confirm Buy button, and you have just bought some Litecoin!
The Litecoin you just purchased will be transferred to your online LTC wallet. You can keep your Litecoin here but this is not the most secure option. If you are going to hold onto your crypto for a while, send your LTC to a personal wallet (either an app or a hardware wallet) that supports Litecoin.
Frequently Asked Questions:
Where can I store Litecoin?
The three main options for storing Litecoin are in your crypto exchange account wallet, a soft wallet or a hardware wallet. Cryptocurrency exchanges create a wallet for you once you open an account, but for increased security you should transfer your assets to a personal wallet. Otherwise, if the exchange gets hacked, you could lose your crypto. A soft wallet is an app on your phone or desktop, and a hard wallet (the most secure method of storage) is a physical device resembling a USB drive, that is not connected to the internet.
Is Litecoin legal in Australia?
Yes, buying, selling and exchanging LTC is legal in Australia. Some exchanges require that you prove you are an Australian resident by providing identification.
What is the difference between Bitcoin and Litecoin?
The three main differences between Bitcoin and Litecoin are the algorithm, coin limits and speed of execution. Litecoin uses a more sophisticated algorithm than Bitcoin - after all, it was developed to solve problems that Bitcoin had - making it around four times faster than Bitcoin. Litecoin also has an upper limit of 84 million coins compared to Bitcoin's 21 million coin limit.
How does Litecoin work?
Litecoin works similarly to Bitcoin where it makes use of blockchain technology to stay decentralised. Litecoin can also be mined, bought, sold and traded for other cryptocurrencies at various exchanges.
Does this method work for all cryptocurrencies or only Litecoin?
As long as your crypto exchange supports the cryptocurrency you want to buy, you will be able to use the same method to buy your coins. Swyftx offers more than 270+ different cryptocurrencies, so it will be easy to find most coins on their exchange. If you are interested in buying Bitcoin, you can take a look at my step-by-step guide to buying BTC.
Can I buy Litecoin using PayPal?
It is hard to find a crypto exchange in Australia that accepts Paypal. I recommend using another method to deposit your funds. Swyftx supports a variety of fee-free methods including bank transfer, POLi, PayID, credit cards and debit cards.
If you only have access to Paypal, you can try opening an account on eToro Australia. You can deposit with PayPal on, but you are actually trading CFDs (contracts for difference), instead of purchasing the Litecoin. It is similar in that you are making money if the price of Litecoin rises, but you don't own any LTC. Find out more by reading my review of eToro Australia here.
How do I buy Litecoin using debit or credit card?
There are not many crypto exchanges that accept credit and debit card payments, but Swyftx is an excellent Australian exchange that does. Simply follow the steps in the guide above to create a Swyftx account. When you reach the deposit method section in Step 3, select the credit card option.
How do I buy Litecoin instantly?
To buy LTC instantly, without waiting to deposit first, then Easy Crypto Australia is an exchange you want to consider. With Easy Crypto Australia, there's no need to deposit fiat currency before buying Litecoin. Instead, as you go to buy LTC, your money is sent straight from your bank, and you'll receive LTC directly to your personal soft or hard wallet. Easy Crypto Australia never holds your fiat currency, nor your crypto, so you always have secure control over your assets. If you want to learn more about Easy Crypto Australia, read my detailed review by clicking here.
How do I buy Bitcoin?
It's simple to buy Bitcoin using the same method as how to buy Litecoin. You can follow along with my guide here.
How to buy LTC using USDT?
If you want to use your USDT to buy Litecoin, you must choose a crypto exchange that supports coin swaps. Swyftx is a great exchange that allows you to swap coins, and the method is easy. First, you need to send your USDT to the USDT wallet address in your Swyftx account. Once your USDT has arrived in your Swyftx account, click on Trade in the menu on the left, then click Swap. Search for USDT, then click on USD Tether under Assets. Type in LTC as the coin you want to swap to, then type in how much USDT you want to use. In my example I bought 500 USDT worth of LTC. If you are ready to swap your USDT for LTC, click the blue Swap button underneath.
Is buying Litecoin in Australia safe?
Yes, it is safe for Australian residents to buy, sell and trade Litecoin, if you are using a safe and trustworthy crypto exchange. The top Aussie exchanges (like Swyftx) feature multi-layered security, and are registered with AUSTRAC so you know they are legitimate. I have included a comparison table below to show you a quick summary of the best exchanges.
Comparison Table of the Best Crypto Exchanges in Australia
Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us.