Also, you will need to set up secure 2-Factor Authentication to protect your account. Once your account is active, you will have to deposit Bitcoin or Ethereum to your Binance wallet. This will give you an address to send your coins to. Make sure you only send the selected currency to that address i. If you send any other coin, it could be lost.
Binance is also allowing users to purchase digital assets using a credit card, however, there may be some digital assets not available for purchase with this method. Choose the coin you deposited earlier, and search for XLM. Click on the pairing to bring up the XLM trading screen. Using this information, you can be sure to buy low, and sell high. The trading screen will show you price and order history for every pair.
It also gives you the option to set limits for buying or selling. This means you can set a price at which Binance will automatically make a trade for you. Buying at the market price will execute your transaction at whatever value XLM is at that moment. The best thing to do is to move the funds to a cryptocurrency wallet specifically designed to store digital assets. This is very important because it would allow users to safely store their funds and use them when they are needed.
Some of the most useful and secure wallets include hardware devices such as Ledger Nano S. You will need a wallet that supports Stellar Lumens. An official list of wallets supporting XLM can be found here. Popular options include the Interstellar wallet, a multi-platform wallet specifically for the Stellar network, or the Ledger Nano S hardware wallet, one of the most secure types of wallet available. From here, find XLM from the dropdown menu. Now add your XLM wallet address, and choose how much to withdraw.
Your coins should show up in your wallet shortly, depending on the amount of activity on the network. Purchasing XLM using Binance is one of the best decisions that investors can make rather than using iliquid exchanges with low-security measures. Moreover, in case there are problems with the funds, Binance has a contingency fund that was already used once when the exchange was affected by an attack. After all the process purchasing the funds, sending the XLM to a hardware or offline wallet would be the best decision to store the digital asset.
Along with his work in many areas of the e-commerce space, Andrew has a keen interest in cryptocurrency, especially altcoins and projects focused on mainstream crypto adoption. Skip to content BTC. When trading stock CFDs, Capital. However, it is important to trade carefully as even though leverage can significantly increase your potential profits, it can also increase potential losses.
They also provide articles, glossaries, and various courses which help get you up to speed in the markets. They also offer a demo account you can use before trading for real, which provides a risk-free way of gaining exposure to the trading platform.
It is a top-tier platform that offers trading on more than digital currencies. Binance provides access to several cryptocurrencies. It also gives users multiple ways to trade the assets. You can buy or sell digital currency instantly by paying using a debit card, credit card, or bank account transfer. The exchange also offers leveraged trading and access to crypto futures, thereby allowing traders to buy cryptos bigger than their wallet balances. Additionally, Binance has a highly detailed web and mobile trading platform where you can analyze price movements and changes in momentum.
In terms of commissions, Binance charges start from 0. Your Capital is at risk. Coinbase is one of the leading mainstream cryptocurrency exchanges in the world. The exchange has a solid number of cryptocurrencies for users to invest and trade-in. It was launched in San Francisco in Coinbase has a unique interface that is geared towards beginners or newbies. Therefore, making trading on the exchange very easy. Coinbase Pro has advanced charting functions and allows users to make crypto-to-crypto transactions, as well as place market, limit, and stop orders.
Libertex is the trading subsidiary of Libertex Group. Libertex charges commissions on trades and not spreads. The broker offers two web trading platforms for traders. Libertex is a fully regulated online broker with over 20 years in the industry. It covers about markets and gives users access to stocks, ETFs, forex, and cryptocurrencies, among others. On Libertex, traders have access to over 50 cryptocurrencies.
It also offers traders access to margin trading with leverage as high as for retailers and up to for professional clients. Libertex has an easy-to-use mobile app and desktop trading interface that provides users with flexibility and a seamless trading experience.
Several deposit channels are supported by Libertex, such as Skrill, Neteller, credit and debit cards, bank transfers, Multibanco, Sofort, Trustly, and others. Like many other brokers, Libertex also offers a demo account you can use before real trading. This provides a risk-free way of gaining exposure to the trading platform. Plus is a CFD broker that offers over 2, financial instruments that include forex, commodity, cryptocurrency, and index trading.
It is an easy and simple-to-use platform that offers a seamless trading experience. Plus interface is integrated with WebTrader 4, a user-friendly layout built especially for advanced traders. Plus is very secure; it offers a two-step log-in authentication for security purposes. AvaTrade is one of the oldest online brokerage platforms. The online broker supports a wide array of currencies such as cryptocurrencies, indices, CFDs, options, bonds, and much more. One of the unique qualities of Ava Trade is the availability of different trading platforms.
The broker will only charge you a variable spread instead. AvaTrade also offers users access to various forex trading tools such as advanced order types, technical indicators, and chart drawing tools. It also has a demo account option where no deposit is required to start trading. The broker supports both credit and debit cards. Revolut is a FinTech firm based in London that offers banking services to customers.
The service provides a quick and easy interface for users to receive, send, and exchange currencies wherever they are. Users can convert crypto to fiat currency in only a matter of seconds. Revolut does not allow you to trade crypto directly on the platform; you can only buy, transfer or withdraw crypto here.
There are other benefits of Revolut. The platform provides access to loans as well as both phone and travel insurance. Launched in , CryptoRocket is an online broker that offers trading services to various assets. This includes cryptocurrencies, indices, stocks, and so on.
However, the broker is more focused on cryptocurrencies. However, deposit methods on CryptoRocket are limited, unlike other services. Here, you can only deposit with wire transfers, Bitcoin, and cards. One of the many features that make CryptoRocket unique is the same-day withdrawal service for credit card transactions.
The broker enables traders to get access to advanced charting and analysis tools, and the latest news to help with their strategies and trades. For advanced traders, leverage of up to is available. Changelly is a cryptocurrency exchange that was established in It has a very fast and easy interface for buying and selling cryptocurrencies. It is different from other exchanges because of how it converts cryptos quickly to fiat currency. It is known for its privacy features. Changelly does not require your personal information or any form of proof of address before you can buy crypto on the platform.
At Changelly, you get a flat rate for crypto-to-crypto trades on Changelly, which stands at 0. There are no specific deposit fees on the platform, but you will need to factor in transaction fees when making an exchange. Changelly is a safe and legitimate service that you can use. It also provides trading through its Changelly Pro arm, where you can put your money to work for you.
Changelly is registered in Hong Kong. If you are new to the crypto scene, you may be wondering what Litecoin is and what it aims to achieve. This section will give you a full breakdown of the crypto asset and its role in the blockchain. When transactions occur on the Litecoin network, funds are transferred from one wallet to another.
This takes about two and half minutes to validate the transaction — not minding where both transacting parties are. When the premier digital asset was introduced in a whitepaper by the pseudonymous Satoshi Nakamoto, the idea of digital currencies was still a fantasy. Twelve years later, it has changed the way people spend and earn money.
One of such blockchain enthusiasts was Google engineer Charlie Lee who felt that the underlying weaknesses of the first digital currency could be improved on. This led to the birth of Litecoin in Although based on a similar PoW consensus mechanism, Litecoin uses a more novel and lighter algorithm named Scrypt. This new algorithm enables the Litecoin network to process transactions faster.
Bitcoin has a block finality countdown of 10 minutes. Another uniqueness of Litecoin is its hard-cap limit. The Bitcoin network will only ever mine 21 million coins, and this event is expected to occur in Litecoin, on the other hand, has four times that figure, and only 84 million LTCs will ever be mined.
Litecoin is also more retail-driven in its mining approach. Digital currencies are created by users who allocate a particular amount of their computing resources to solve complex mathematical puzzles to be the first to validate these transactions. So a Litecoin miner gets LTC as block rewards. Bitcoin has seen large mining corporations seize the mining business from individuals. Miners use these sophisticated mining rigs due to the Bitcoin difficulty level, which is updated often.
Not barring this, some miners also use special mining rigs to increase efficiency. And like Bitcoin, Litecoin is highly liquid, and you can trade against major pairs like the US dollars and stablecoins like USDT on various crypto exchanges globally. People buy Litecoin for various reasons. Some are for speculation on the open market, and others are more attracted to its faster validation process.
If you are still in doubt about whether to buy Litecoin or not, we list a few reasons why we think you should buy Litecoin today. This makes it a scarce commodity, like Bitcoin. Digital assets with a hard-capped limit are known to retain their value over time. Before the advent of Bitcoin and digital currencies, investors bought gold bars, stocks, and exchange-traded funds ETFs to preserve their wealth and hedge against inflation.
Many investors are put off by the high value of Litecoin, believing they need to buy up to 1 LTC before they can trade the digital asset. However, this is not so. Litecoin can be broken down into smaller units, and you can buy any amount of Litecoin that you want. Meanwhile, you will need to invest through a cryptocurrency broker that supports fractional ownership of investments.
This is the main reason why eToro is a clear favorite among its 20 million users. You can choose to increase your position when you feel more convinced about the project with time. Unlike the traditional stock market, which has closing and opening periods, the crypto market does not operate this way. This means you can trade Litecoin anytime you want due to the high liquidity the digital currency boasts of.
This is great for traders who may want to liquidate their position when they make a profit. This means you can buy and sell Litecoin every day, always. Litecoin started the year on a good note after seeing its value plummet from to However, cryptocurrencies like Litecoin are called alternative currencies or altcoins for short.
This means that they are tied to the hip of Bitcoin price action. Its subsequent decline saw major gains wiped off the market. This has been primarily due to the volatility issues that have plagued the major virtual currency and shows that the crypto market is still in its infantile stages. If you want to add Litecoin to your investment portfolio, we can show you a couple of ways to do this.
Some of the best payment methods available for you are:. At the moment, PayPal does not offer direct purchase of digital currencies through its platform, although you can make payments with your digital assets on PayPal. However, you can buy cryptocurrency with PayPal if you have funds in your account. Digital assets like Litecoin can easily be purchased on the eToro platform using PayPal as a payment method.
An alternative to PayPal is to use your credit card on eToro to purchase Litecoin. This is a huge advantage as not all crypto brokers support credit card payments. It is advisable to speak with your credit card issuer before trying out this option. Another option is to use your debit card. Many traders prefer using their debit cards for trading, given the easy and fee-saving feature. Various crypto exchanges have different fee structures depending on the payment method they use.
Are you thinking of buying Litecoin? There are a few things you should keep in mind as you trade in the crypto market:. You must have come across this statement before and think it may be a way to deter interests from the crypto space. However, this is not a smokescreen.
This sees them rise and fall with the benchmark cryptocurrency. This was due to a regulatory clampdown by Chinese authorities on crypto mining in its Inner Mongolia regions. Although Litecoin has recovered somewhat in the last few weeks, you need to keep its volatile nature in mind. All digital currencies use blockchain technology, and the underlying framework of this solution rides on transparency, meaning all transactions are open to public scrutiny.
So your Litecoin transactions will be shared and traceable by everyone in the world. So if you are uncomfortable with this, you should reconsider buying Litecoin. Litecoin transactions are carried out on a wallet-to-wallet basis. No one can gain access to your transaction history and wallet balance except you. However, new tools deployed by crypto forensic firms like Chainalysis now make it possible for law enforcement to uncover anonymity from the blockchain.
If you want to buy Litecoin online, you will need to look for the right broker that makes it easy to buy the asset in a safe and secure environment. To steer you in the right direction, we highlight some crucial details you should look out for when choosing a broker to buy Litecoin through:. The first thing you should look out for in a broker is the fee structure. You should check the deposit, withdrawal, hidden fees, and how much you have to pay to convert your LItecoin to other digital assets.
Every detail here matters. A crypto broker with expensive fees would affect your profits. Make sure you work with a broker with reasonable fees. Safety comes in next, and you should only buy Litecoin from an exchange with strong security protocols. A crypto exchange that does not take security seriously could lead to loss of funds and leak your details.
This should be avoided at all costs. Also, you should move your funds from the platform to cold digital storage. This puts the safety of your funds solely in your care. If you hit a snag, you will need to reach out to the exchange to sort this out. This means you have to work with an exchange with a great customer support service.
How do you make deposits and withdrawals? What payment methods does the platform support? You can also check out exchanges that offer PayPal and other e-wallets for additional options. The broker you decide to buy Litecoin through must have a high level of volume and liquidity of the said asset. This is important as it will let you access your funds anytime you want. The price of Litecoin — like all financial instruments — will constantly be in an influx throughout a given day.
This means it can start the day on a high and end on a negative note. However, like several investment vehicles, Litecoin is driven by market forces of demand and supply. Regarding supported fiat currencies, Litecoin is frequently traded against the US Dollars. You may have come across several opinions online on how much Litecoin will be valued in the future, and this is what is obtainable in the fast-paced crypto industry.
So far, Bitcoin has seen much resistance, and with growing regulatory action, these figures may not be easily obtainable any time soon. However, despite the hullabaloo that has permeated the crypto space, some market experts have based their forecasts on technical indicators. Here, the historical pricing data is examined to predict the future trend for a particular asset. As effective as this may seem, this is still a difficult approach to making forecasts, given that Litecoin is inherently speculative in nature.
A better way of profiting while trading Litecoin is to monitor the market sentiment. If you made an early entry and sell at the peak, you have a chance of generating returns on your investment in a short time. One thing you may have noticed is the different strategies investors use in the crypto market. While some prefer to hold for the long term, others are much more comfortable trading LTC.
Investing in Litecoin may be the best strategy to adopt if you are just starting and have basic knowledge of how the financial markets work. This way, you buy Litecoin and wait for the price to rise. You can sell or liquidate your position when you feel like you have made enough return on investment ROI. Long-term holding is highly profitable, and for several investors, this is the best strategy to adopt. Trading Litecoin may be of interest to you if you are an experienced investor and have a good understanding of how the financial market operates and how volatile the crypto market is.
You can easily detect breakout movements beforehand and enter into positions to profit when the price moves. Trading Litecoin may be a good choice if you have the time to spare or are a full-time trader. This way, you can make early entry points and turn out a profit if your forecast is right. You can also utilize leverage to increase your possible returns. A 5x leverage could more than double your expected gains. You can also sell or short your Litecoin position if you determine that the asset may drop in a few hours.
This will help you determine whether to buy long or sell short a particular asset in a given trading session. This is solely dependent on you and what your aims are for buying Litecoin. However, we have highlighted a few factors for you to consider before choosing your investment strategy.
Time is of the essence in the crypto market. You need to ask yourself how long you want to hold your Litecoin. If you are thinking of a few hours or days, you should choose the trading route to increase your potential returns. If you do not have the time and want to hold for the long term, investing holding is better. If you want to make a quick buck, then you should consider trading. Several hot coins or cryptos are shilled by social media influencers and public figures and dumped when the price reaches a peak.
If you bought at the top, you would likely see the value of your assets erode in real-time. If you do not have the mental fortitude to bear such losses, ensure you do the needed research and get the right facts before investing.
A contract for difference CFD is a financial contract that pays the differences between the settlement price in the open and close of a trading session. CFDs are highly popular among FX investors and commodities traders, and it allows investors to trade the direction of an asset within a short trading window.
CFDs have existed for a long time, and now this financial derivatives trading has recently found its way into the crypto market. You can trade Litecoin as a CFD product in several brokers who support digital assets. Buying Litecoin CFD will enable you to profit off the price movements of Litecoin without holding the underlying asset.
The crypto market saw phenomenal growth last year, and government agencies are already noticing the emerging industry. The US Securities and Exchange Commission SEC is currently working on a regulatory framework to guide investors interfacing with the volatile asset class. The Internal Revenue Service IRS is also keen on keeping tabs on the nascent industry and has sought to regulate the space, although the process is still ongoing.
For now, cryptocurrencies are considered properties, and they are taxable under the capital gains law. Crypto trading can also fall under the income tax bracket in some instances. However, you can use your losses to offset some of your tax obligations.
Your income bracket will also determine how much you must part with. Knowing this will help you determine your:. If you only started trading cryptocurrencies less than a year ago, your capital gains tax will fall under your normal tax bracket. We have curated a full list for your perusal. Despite the fairy tale gains of trading cryptocurrencies like Litecoin, major losses are incurred if you fail to protect your funds.
This is why we have compiled a few tips to adhere to for responsible Litecoin trading. Research is key to responsible crypto investing. Streamline your research to a few key areas covering adoption and market sentiment. Subscribing to expert review websites like Inside Bitcoins will go a long way in bringing you up to speed on the best crypto assets with long-term growth potential. Litecoin utilizes a proof-of-work PoW consensus mechanism — although a newer version — which means you can commit a certain amount of your computing resources to solve complex mathematical puzzles for block rewards.
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