As cryptocurrencies are roaring once again, some rather popular coins seem to be making a comeback. One of those coins is Litecoin. The “lighter” version of Bitcoin was created by former Google employee Charlie Lee in 2011 and aims to make small-time payments easier on the blockchain.
Moreover, the coin has 4 times the supply Bitcoin (84m) and larger block sizes, allowing for faster transactions.
In this article, we will show you how to buy Litecoin with a credit card or debit card in a few easy steps and without paying any fees!
Create a Wallet First
In order to avoid all fees for this transaction, we will be using Paybis exchange. Since its recent redesign, the platform offers one free transaction to all new users that pay with their bank card.
But there’s more to it than that! We also like this platform due to its simplistic interface, the fast verification process, and the fact that there are no exchange wallets. This means that your LTC will be sent directly to your private wallet.
In case you don’t already have a wallet, this chapter will give you some of the best available options. Find out what works best for you and get ready to start the process:
- If you prefer mobile wallet options, check Atomic wallet. This wallet supports multiple cryptocurrencies (more than 300) and comes both in mobile and desktop versions.
- If your primary focus is the security of your funds, opt for a hardware wallet instead. These USB-like devices are able to store more than a thousand cryptocurrencies in cold storage and are great for people who want to invest large amounts of money. Our favorite hardware wallets are the Ledger Nano S and Trezor Model T.
- If desktop wallets seem more appealing, you might want to go with Guarda wallet. This non-custodial desktop wallet stores multiple cryptocurrencies and has a very responsive customer support team.
How to Buy Litecoin
With your LTC wallet all set up, it’s now time to see how an actual transaction looks like.
Step 1: Register on Paybis exchange
Visit Paybis and create a new account. By doing so, you automatically qualify for your fee-free transaction, which only applies to bank card payments.
Step 2: Create a New Order
As soon as you log in, you can start a new transaction. Select your trading pair to get started.
- Pick your payment option from the drop-down menu on the left. Credit/debit card payments are pre-selected but make sure you indicate your native currency.
- On the right side, you can go through the same process, selecting Litecoin (LTC) as your payout option.
- At this point, you will need to enter the amount you want to exchange. Simply enter the amount into the left or right box on the dashboard (You spend or You receive).
- You are now all set to start the transaction. To do so, click on “Buy Litecoin”
Step 3: Account Verification Process
When the transaction is initiated, you will need to verify your account. As you are dealing with money, you will need to provide you basic personal info, as well as a copy of your ID.
On the first slide, enter your name, surname, and date of birth. When done, click on “Continue”.
In the next slide, enter your location and address. When the information is typed in, click on the “Continue” button once again.
The final step of this verification process requires users to submit a copy of their ID. Select the document you want to use, upload the photo, and click on “Submit”.
At this point, be patient for a few minutes, as the team of Paybis checks whether or not you are eligible to proceed.
Step 4: Make a Payment
After a short waiting time, you will know the results of the review. If you manage to pass the verification process with success, you will be able to proceed.
To continue, enter your Litecoin (LTC) wallet address and continue to the payment page.
To pay with your card, follow the instructions on your screen and enter the details of your bank card. When you authorize the payment, the amount will be sent to Paybis.
Step 5: Get Your Litecoins
Within a few minutes, Paybis will receive your payment and deliver your LTC to the previously indicated wallet. The whole transaction takes less than 15 minutes to complete.
And this is how you can purchase Litecoin using the safest and most convenient method!