|Wirex||Buy Litecoin with debit card|
|CoinCorner||Easiest way to buy Litecoin|
|Coinbase Pro||Cheapest way to buy Litecoin|
|Solidi||Buy Litecoin with bank transfer|
Want to know how to buy Litecoin in the UK with GBP? In this post, I’ll show you how to buy Litecoin the cheapest way, the easiest way, and the fastest way.
Lack of clear regulation has slowed the progress of British cryptocurrency startups, meaning buyers with Sterling have fewer options available to them than those paying in dollars or euros. Nevertheless, there are still several competitive services available for those buying Litecoin with pounds, whether you wish to use a bank transfer, debit card, or PayPal.
Note: If you are already holding bitcoin and want to exchange it for Litecoin, then you can use the same exchanges covered in this article but will need to follow a slightly different buying process.
Litecoin to GBP
Best place to buy Litecoin with Debit Card: Wirex
Wirex is my number one choice to buy Litecoin in the UK with a debit card. The company is FCA-licenced and has won the trust of millions of customers.
But before you pull out your debit card, prepare your proof of identity and address documents. Wirex is heavy on security and follows KYC/AML rules to the letter, meaning you will need to verify your account before purchasing even a small amount of cryptocurrency.
How to Buy Litecoin on Wirex: Step-by-Step
You can buy Litecoin via the Wirex app or web interface. Simply follow these four steps:
- Navigate to Accounts > Litecoin
- Click Add Funds
- Input debit card details
First time users will need to confirm card ownership before gaining permission to purchase large amounts of cryptocurrency. This can be done quickly and easily by visiting your online banking app and then giving Wirex a transaction code.
Wirex debit card fees:
Wirex offers the most competitive fees for buying cryptocurrency with a debit or credit card. The price comes out at 1% fee, plus ~1% commission.
Tip: Avoid debit card fees entirely and just top-up with a bank transfer. Wirex charges nothing to receive GBP via SEPA or Faster Payments from your UK bank account.
Easiest way to buy Litecoin: CoinCorner
Manx cryptocurrency exchange CoinCorner has designed its wallet to make the buying process as streamlined as possible. This reflects in the user experience, with a simple interface making it very difficult for beginners to make any mistakes.
How to Buy Litecoin on CoinCorner: Step-by-Step
Sign-up with your email, and then you can buy a small amount of Litecoin without needing to verify your identity or address.
Note: At present you cannot withdraw Litecoin from the CoinCorner wallet. Your only option is to store it in the wallet, or convert it back to pounds. This means you cannot send the Litecoin to purchase anything, or even send it for safekeeping to your own wallet.
Cheapest way to buy Litecoin: Coinbase Pro
Coinbase Pro is the professional arm of retail cryptocurrency exchange Coinbase. The app is designed for advanced crypto traders and has a detailed trading interface with real-time order books, charting tools, and functionality for various different types of orders. This might be overwhelming for a beginner, but it allows more seasoned traders to cut down fees by using limit orders rather than market orders.
While market orders cost around 0.3% on Coinbase Pro, limit orders cost nothing.
Limit Order Vs Market Order: Coinbase Pro uses a “maker-taker” fee model. This charges fees for orders that take away liquidity (market orders), and doesn’t charge fees for orders that provide liquidity (limit orders).
Coinbase Vs Coinbase Pro
Coinbase is one of the most popular retail crypto exchanges and helped usher in scores of new users during the 2017 bull run with a simple and intuitive user interface that lets you buy using bank transfer or debit/credit card. In recent years however, Coinbase has fallen out of favour. The interface has got more complex with the addition of numerous altcoins, and the platform has continued to suffer downtime during periods of high volatility — exactly the moment when lots of people want to be buying or selling.
Coinbase Pro is aimed at professional cryptocurrency traders and Has a more complicated user interface. The exchange also offers much lower fees to accommodate professional traders that are buying and selling more frequently.
Buy Litecoin with Bank Transfer: Solidi
Solidi is a small cryptocurrency exchange based in Cambridge, UK. It stands out for its simple UX, low fees, and personal customer service. Solidi also supports Faster Payments (FPS) for deposits and withdrawals from UK bank accounts — making it one of the quickest ways to swap cryptocurrency for GBP.
Buying Litecoin via bank transfer on Solidi couldn’t be easier. Simply sign-up with your email address, quickly verify your identity by uploading documents (and with a short video if you want to increase transaction limits further). Once verified to Tier 2, you can purchase up to £10,000.00 worth of cryptocurrency every 30 days.
Buy Litecoin with PayPal: Paxful
Major exchanges like Binance and Coinbase do not accept PayPal. Not because it is the antithesis of cryptocurrency or because they have a bad rep for freezing people’s accounts, but because PayPal transactions are easy to reverse. However, it is still possible to buy Litecoin with PayPal, but you will have to go through a peer-to-peer bitcoin marketplace like Paxful or LocalBitcoins.
Simply sign up to your chosen platform, search for a seller that accepts PayPal, and make the transaction. When you receive the bitcoin, send it to an exchange like Wirex or Coinbase Pro to swap it for Litecoin. Be aware that sellers on peer-to-peer platforms like Paxful will typically charge a premium for accepting PayPal to protect themselves from the possibility of a scammer reversing the payment.
What else should I know about buying Litecoin?
Before you give in to FOMO, take a moment to familiarise yourself with Litecoin. Known as the silver to bitcoin’s gold, or the popular little bro of the leading crypto, Litecoin is a fork of Bitcoin. As such, the two cryptocurrencies share most of their DNA, including the proof-of-wok consensus algorithm.
Litecoin was created by ex-Google employee Charlie Lee, who infamously sold all his Litecoin at the height of the 2017 bull run.
Is Litecoin dead?
No, Litecoin is not dead. Charlie Lee reportedly used the funds from selling the top to fund the Litecoin Foundation — an independent nonprofit dedicated to developing the cryptocurrency. Since then, Litecoin has continued to function as a sort of live testnet; with developers experimenting with technologies like Mimblewimble and SegWit before they are rolled out on Bitcoin.
Litecoin remains actively traded on numerous exchanges, and is consistently within the top ten in terms of trading volume. And with a market cap of over USD$2 billion, Litecoin is still more popular than up-and-coming coins like Tezos and Chainlink.
Litecoin has lower fees and faster transaction times than Bitcoin, making it more suitable for everyday transactions, and popular with traders moving funds between exchanges. As of May 2020, the average fee per Litecoin transaction is $0.014. When the Litecoin blockchain was congested in January 2018, fees momentarily spiked to $1.434, according to BitInfoCharts.
The Best Litecoin Wallet (UK)
When you are considering cryptocurrency wallets you need to weigh accessibility against security. If you are looking to squirrel your Litecoin away for a long period and want maximum security, you will probably want to invest in a hardware wallet. This type of wallet is also known as cold storage as it keeps the private keys controlling the crypto assets completely offline.
If you want to keep your Litecoin more easily accessible then you might consider a software wallet. These wallets are also known as hot wallets as they keep the private keys controlling the crypto assets on a networked device — your computer or phone, which is more vulnerable to attack.
Best Litecoin Software Wallets
Exodus is an ideal software wallet for beginners. It is easy to use and available for both desktop and mobile. The wallet has good customer support, and accommodates numerous different cryptocurrencies including Litecoin.
Electrum offer an open source desktop wallet for Litecoin which is very similar to its mother client — Electrum Bitcoin. The wallet is versatile, feature-rich, and available for Windows, Linux and MacOS.
Litecoin Core is the official full node client for Litecoin. This is more than just a wallet, incorporating full node functionality to allow you to not only store, send and receive Litecoin, but create multiple separate wallets, estimate fees accurately, and support the Litecoin blockchain. Be warned that this is aimed at advanced users, and requires you to download the full blockchain to your computer, which could take a while.