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 CoinSpot, Swyftx 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 CoinSpot since it is user-friendly, has free deposits and withdrawals, over 370+ cryptocurrencies, and staking on 21 coins.
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 Live Chat support which is extremely helpful for new users that don't know their way around cryptocurrency. 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 CoinSpot, since I will be using screenshots from my CoinSpot account to show you how to buy Litecoin.
Top 3 Recommendations
Best for Demo Mode
Best App for Beginners
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
The process is easy to create an account with CoinSpot. Click on the following link: https://coinspot.com.au/ and you will be taken to CoinSpot's home page. Click on the white "Register" button in the top right, then you will see a page like the screenshot below. Simply enter your email address, choose a password, click the box to show you’re not a robot, then Create Account.
Once you have created your CoinSpot account, the next step is verification. Click the "Complete Verification" button and follow the prompts. First you verify your email address, then fill out your personal details and then verify your driver license. After you have completed those steps, it may take some time before your verification is finished. While you are waiting, feel free to browse CoinSpot's account so you can get used to how it works.
Step 3 - Deposit AUD into your account
After your account verification is complete, you can deposit AUD into your CoinSpot account. Under the CoinSpot logo in the top left, you will find the "Deposit Funds" button: click this, and you will be taken to a page like the screenshot below. There are 5 different deposit methods, and you can select which one you prefer. Most users like to use POLi as it is instant, convenient, and free of charge. Choose how much you want to deposit, select the bank you use, and click "Continue to POLi" to make the payment.
Step 4 - Buy LTC
When your money has arrived in your CoinSpot account, it's time to buy some LTC. Click on "Buy/Sell" in the menu along the top, search LTC, then click the buy LTC button.
You will be taken to the purchase screen, where the price of one coin is displayed in the middle of the screen. Select how much AUD you want to spend on LTC, then click the blue "Buy" button.
You will see a pop-up which shows you a summary of the purchase. It tells you how many coins you will receive, the price for each coin, the fee charged, and the total amount you will pay. In my example, I have input $500 worth of LTC. When you are happy with the details, click "Confirm Buy" to complete the transaction. Congratulations, you now own some LTC!
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. CoinSpot offers more than 370+ 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. CoinSpot supports bank transfer, POLi, PayID, BPAY and Cash deposit.
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. It is the #2 recommended crypto exchange in Australia.
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 CoinSpot) 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.