How to buy Litecoin with a credit card

Litecoin is a cryptocurrency widely referred to as the “lite version of Bitcoin.” It is one of the most popular cryptocurrencies, currently ranking in the top 10 digital coins globally. 

There many ways to buy Litecoin, one of which is using a credit card. Credits cards (Visa/MasterCard) have been widely adopted globally; therefore, crypto exchanges have gone out of their way to integrate them into their platforms.

This page is a hub for all the information required to assist you in buying Litecoins using your credit card.

Best platforms to buy Litecoin with a credit card – 2021

1
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
2
Minimum Deposit
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Trade the global markets. Trade with real-time execution and professional tools
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.48% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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What is a credit card?

Credit cards are issued by financial institutions and are used for buying goods and services from merchants.

Exchanges readily accept Visa and Mastercard credit cards. Other cards like Discovery are only usable in selected exchanges. Credit cards can be linked to other payment options and platforms like Paypal, Apple Pay, and Google Pay. 

Note that you should only use a reputable exchange for purchases. Shady platforms may be out to steal your credit card information.

Buying Litecoin using credit cards is not recommended.  Due to the speculative nature of Litecoin, using a credit card for purchases face various drawbacks.

Buy Litecoin with a credit card now at our preferred partner

1
Minimum Deposit
$50
Exclusive Promotion
User Score
10
More than 3,000 assets, including currencies, stocks, cryptocurrencies, ETFs, indices and commodities
Buy crypto, or trade cryptocurrencies via CFDs
CopyPortfolios: Innovative, fully managed investment strategies
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Pros

  • Speed – Credit card purchases are renowned for fast transaction speeds. These transactions take an hour at most compared to bank transfers which may take 3-10 days. Fast transactions may allow you to seize a favourable price.
  • Ease of Use – Using a credit card is easy and practical for funding your account.
  • Secure – There are various layers of protection from the card issuer and the exchange.

Cons

  • Limits – Many exchanges and credit card issuers have imposed a limit on how much you can buy using your credit card. This is different from bank and cash transactions.
  • Bank restriction – Some banks restrict their cards from the purchase of Litecoin.
  • Privacy – Exchanges will require you to verify your KYC details which exposes your data.
  • Expensive fees – Card issuers treat Litecoin purchases as cash advances. Charges range between 25%-27% depending on the issuer.
  • No grace period –The annual percentage rate(APR) would start applying immediately after the purchase

How does Litecoin work?

Litecoin shares various similarities with Bitcoin. It is a digital peer-to-peer cryptocurrency used in creating and transferring funds.

Litecoin looked to solve the inefficiencies of Bitcoin, which was relatively slow in funds transfer and the transactions fees too high. 

The Litecoin blockchain facilitates instant and minimal-cost payments for both institutions and individuals. The proof-of-work algorithm secures the Litecoin blockchain just like Bitcoin. The Litecoin network has a block confirmation of 2.5 minutes; transactions are executed faster. 

How to Buy Litecoin with a credit card

Using crypto exchanges

Follow these steps to acquire Litecoin with your Visa or MasterCard.

Step 1: Find a suitable exchange and create an account

Sign up for an exchange that is secure and offers reasonable fees. Get to know the fees by entering the amount of cash you wish to spend on the buy section. See how many Litecoins you will get and the fees.

Please note that some exchanges work by region; therefore, you will find that you can not use an exchange in your Country.

Step 2: Identity verification

Some exchanges may take up to 3 days to verify your identification documents. You will need to upload your ID card (Driving licence, passport, government identification), your photo. Some exchange will ask you to get a photo of yourself holding your identification document.

Also, note that the billing address must be the same across the process.

Step 3: Fund your purchase

Enter your card details, select “Buy Litecoin” and enter the amount you wish to spend or the number of coins you wish to buy.

Step 4: Confirm the purchase.

Most exchanges will require you to add your payment preferences. These will include wallet, fiat currency, PayPal, credit card, debit card and bank transfer. Select “credit card” from the payment options.

Some of the best and most secure exchanges to get some Litecoin include:

a. Coinbase
b. Gemini
c. Changelly
d. Kraken
e. CEX.io

Purchase using Peer to peer(P2P) platforms

P2P platforms connect buyers and vendors. Vendors place “Ads” detailing their offers, including the volume and price. 

There is the use of an escrow service that protects both the buyer and vendor. Here are some of the steps common to all exchanges.

Step 1: Open an account and verify your details.

Step 2: After account authorization, browse for offers on the platform. Requirements here is to check for vendors who accept credit card payments, the price, the volume.

Step 3: Click on the offer that meets your requirement. Read any terms available. A chat feature enables you to iron out any finer details between you and the vendor.

Step 4: Add a credit card as your method of payment. Complete the transfer of funds to the vendor. 

Step 5: Confirm the purchase. Check the fees and other transaction details.

Step 6: The Litecoins will be released to your P2P wallet. You need to transfer your coins offsite. You can download and use wallets like Exodus. There are other wallets you can buy, such as Ledger Nano S.

P2P platforms are widely used because of their availability in many countries. Popular P2P exchanges include Paxful, LocalBitcoins and Remitano.

Congratulations, you’ve just bought your first Litecoin with a credit card!

Top platforms to buy Litecoin with a credit card

1
Minimum Deposit
$50
Exclusive Promotion
User Score
10
More than 3,000 assets, including currencies, stocks, cryptocurrencies, ETFs, indices and commodities
Buy crypto, or trade cryptocurrencies via CFDs
CopyPortfolios: Innovative, fully managed investment strategies
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
2
Minimum Deposit
$250
Exclusive Promotion
User Score
8.1
Trade the global markets. Trade with real-time execution and professional tools
Follow and copy Naga's top traders who have mastered their trading strategies
Free personal account manager
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.48% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
3
Minimum Deposit
$50
Exclusive Promotion
User Score
7.5
Over 4 million customers worldwide
Buy, sell and trade nearly 200 digital assets
Verified within 15 minutes

FAQs

How safe is it to buy Litecoin with my Credit card?

It is secure to purchase Litecoins with your Creditcard in exchanges that have credible security. 

What should I watch out for when buying Litecoin using my Credit card?

Before going ahead and confirming that purchasing, certify the following:

  • How secure the exchange is
  • The transaction fees and any other underlying fees charged for the purchase.

Is it possible to purchase Litecoin with Credit cards?

Yes, it is possible in some crypto exchanges and P2P platforms. The purchase is easy and almost instantaneous on the most reputable platforms.

How to store my Litecoin?

Wallets are used to store Litecoins securely. There are cold and hot wallets that offer secure storage options. Examples include Exodus, Trezor, edge, and Ledger Nano S.

Can I sell Litecoin?

Yes, you can sell the Litecoin on the exchanges we have listed above, for instance, Coin base.

How much time does Litecoin take confirmation?

Ideally, it should take about two and a half minutes for confirmation.

What affects the price of Litecoin?

The crypto market is volatile. Prices are determined by increased adoption, a reduction in coin uptake, and the close correlation to Bitcoin. There exists a 0.83 positive correlation between Litecoin and Bitcoin.