You have just inquired about the Litecoin (LTC) and you are interested? If you want to invest in this cryptocurrency, you have several means at your disposal. Among the many sites you can use, Coinbase is one of the safest. So we are going to show you how to buy Litecoin with this trading platform in this article.
Why choose Coinbase?
Above all, you have to know that Coinbase is a platform forcryptocurrency purchase which has existed since June 2012 and which was founded by Brian Armstrong and Fred Ehrsam. Based in San Francisco, California, the site has more than 30 million users worldwide and offers various cryptocurrencies, including Litecoin, Bitcoin and Ethereum. The platform also offers an online wallet (a wallet) which allows users to store their cryptocurrencies once they have been purchased.
Reasons to join Coinbase
Note that having an account on Coinbase will allow you to be able to:
- Buy multiple cryptocurrencies available on the site, including Bitcoin, Ethereum or Litecoin;
- Sell cryptocurrencies that you have on your account;
- Store your cryptocurrencies in a wallet offered by the site;
- Learn more on different cryptocurrencies in addition to receiving them via Coinbase Earn.
Registration on Coinbase
Registration on Coinbase is both easy and fast. However, it is necessary to verify that your country of residence is eligible before starting. Note that by going through this link, you will benefit a $ 10 bonus from $ 100 of crypto purchases
To register, you will first need to click on “Start”, then fill in various information. The site asks you:
- A name ;
- A first name ;
- An email ;
- A choice of password;
As soon as your registration is complete, you will receive a confirmation e-mail containing a validation link for your registration. By connecting to your account, and in order to secure it, Coinbase will ask you to enter a phone number, which you will then have to confirm via a code which will be sent by SMS. Thereafter, you will have to fill in the information concerning you and then justify your identity by attaching an identity document (passport, national identity card or driving license).
Once all of these steps are complete, you can finally start buy Litecoin on Coinbase. We give you more details about joining Coinbase on our guide.
Start buying Litecoin on Coinbase
The first thing to do before you start buying Litecoin on Coinbase is toadd a payment method to your account. By going to the settings, Coinbase offers you to associate accounts, that is to say to register means of payment. You have the choice between:
- The credit card ;
- The bank account, especially if it is a large sum;
- PayPal, which can only be used for withdrawals.
Our advice: Instead, make your deposits by bank account if you are looking for an inexpensive payment method.
Now that you have registered a means of payment in your Coinbase account, you can begin your purchase. To do this, go to the “buy / sell” tab, select the Litecoin, enter the amount, then click on “buy”.
Also note that you have the possibility of depositing funds on the site. However, by bank transfer, this can take a few days. It’s up to you to choose your payment method according to your needs and priorities.
The Benefits of Buying Litecoin on Coinbase
The platform has an interface easy to use even for beginners. Coinbase allows users toquickly and easily exchange cryptocurrencies at market prices while more advanced traders can use Coinbase Pro to grow their cryptocurrency. This platform is more focused on trading, and the main difference is that you buy cryptocurrencies there directly from other users, while on Coinbase, the price is set by the site.
Warning : Trading is never safe because there is a risk of loss. We recommend that you invest only what you are ready to lose.
Regarding storage of funds, you have to remember that Coinbase specifies that the funds of its clients are separated from its own capital. As a result, there is nothing to fear in the event of the insolvency of the company.
Several institutions have invested in the platform’s products, notably in Custody, Coinbase’s storage service which has proven itself. It currently manages a few billion dollars in assets, making Coinbase one of the largest cryptocurrency storage services. It should also be noted that all investor funds held in the active stock market portfolio are insured.
It is also important to know that more than 95% of the cryptocurrencies of users of Coinbase are stored offline, in particular on equipment and paper wallets, while the 2% stored online is insured. As well, customers will be entitled to a refund in the event of hacking.
Coinbase also has an app available on Google Play and App Store that will allow you to buy Litecoin wherever and whenever you want.
Some hazards to anticipate
Fees charged on Coinbase are quite high, especially when using your Bank card. Note that these fees vary depending on your payment method, you should check them carefully before making any transaction. Due to the growing number of users, online support for the platform also takes a while to respond. You should know that this waiting time can go up to 72 hours.
For users of Coinbase, one of the problems is that there is account tracking. Coinbase can thus know your position, and prohibit you from actions. Indeed, Coinbase is allowed in a number of countries. Also, the platform can block certain transfers, because it is aware of where you are sending your cryptocurrencies.
What should you remember to buy Litecoin with Coinbase?
There are many cryptocurrency exchange platforms. However, you should choose the right site for safe transactions. You will have noticed that the benefits of buying Litecoin on Coinbase are many.
If you buy Litecoin with Coinbase in order to resell your cryptocurrencies later when the Classes (the value) will be higher, remember to keep them in an offline portfolio. Coinbase does offer an online wallet, but we recommend that you only use it if you trade often.
Regarding the use of your cryptocurrencies on Coinbase, remember to keep an eye on the platform, because some partnerships could form the basis of new services.
Finally, don’t forget to take advantage of your $ 10 welcome bonus!