How to Buy Litecoin (LTC) on eToro: Fees, Features & Step by Step Guide

Litecoin is one of the most popular cryptocurrencies available on most exchanges. This article provides you with a detailed walkthrough on how to buy Litecoin (LTC) on eToro using any of their platforms. It also includes guidelines on funding your account and purchasing this coin using different payment methods.

Author: Adesuwa Ebuehi   -   Last updated: 25/03/2024

Summary

The eToro trading platform is a financial brokerage company that offers Litecoin and 12+ crypto assets. The broker has been in existence for 16 years and they are approved by regulatory bodies in Seychelles, the United Kingdom, Cyprus, and Australia.

For users who wish to buy real or CFD Litecoin, there are a vast amount of options listed in the Deposits section of the eToro website. These options include Bank Transfers, PayPal, Neteller, Skrill, Debit Cards, and Credit Cards. Opting to invest with this exchange provides you with access to each of these methods, depending on your location and preference. Finally, while there are no commissions for buying Litecoin, eToro makes a profit by charging an additional 1% on the normal spreads on this coin.

This guide provides you with a step-by-step walkthrough of this exchange’s deposit process. It covers how to buy Litecoin (LTC) on eToro with different payment methods and all the essential information about this exchange’s services. 

Things to Consider when Choosing a Litecoin (LTC) Exchange

Before you make any deposits and start buying Litecoin via an exchange platform, you must be sure that you are selecting the right service provider. The internet is littered with many exchanges. However, there are some essential factors you must consider before committing to one. 

Location of Litecoin Exchange

Unfortunately, cryptocurrencies have not received worldwide adoption just yet. This means that some countries are still wary of this innovation and have policies in place that do not favor the purchase of this asset. Before you pick an exchange to buy real or CFD LTC, consider its location and be sure that the regulatory policies in that region support cryptocurrency trading.  

List of Available Payment Methods

It is not advisable to use a Litecoin exchange that does not offer many payment options. For instance, you should be able to buy Litecoin with credit cards, debit cards, and e-wallets such as Neteller and Skrill. The advantage of this is that, in the event of a problem with any of the available funding methods, you will have access to numerous alternatives.  

How to Check the Cost and Fee

Although cost should not be the only factor to consider in choosing where to buy Litecoin, it is also extremely vital. Ensure to check the fees of your prospective exchange and confirm that there are no hidden costs or exorbitant charges. You should opt for an exchange that is cost-effective and reliable. 

Volume Listing

It is best to choose an exchange that has a high volume listing as this signals that they are most likely a trustworthy service provider. Also, depositing funds with brokers that do not display their volume listing may be risky and generally considered unsafe. 

What you need to know before Buying Litecoin (LTC) on eToro

In the sections below, we will discuss how you can buy Litecoin with the eToro social trading platform. However, before we take a deep dive into this subject, it is great that you learn more about this exchange – its regulations, office addresses, leverage, fees, and available payment options.

eToro is regulated by the Cyprus Securities and Exchange Commission (CySEC), the UK Financial Conduct Authority (FCA), the Australian Securities and Investments Commission(ASIC), and the Seychelles Financial Services Commission (FSC). 

Their UK address is located at 24th floor, One Canada Square, Canada Square, London E14 5AB. They also have an office in Australia, located at  Level 3/60 Castlereagh St, Sydney NSW 2000.

The minimum deposit amount for buying LTC depends on the payment method used and the client’s location. Customers who fund their accounts via direct bank transfers must deposit at least $500, while other methods are set at $50 for individuals resident in Australia and other countries. However, US and UK users can deposit a minimum of $10 for all funding options, except bank transfers. 

This exchange’s fees include spreads and swaps. For spreads, there is a 1% addition to the base bid-ask gap. Furthermore, you can add money to your account via bank transfer, PayPal, Debit Cards, Credit Cards, Skrill, and Neteller. 

Finally, eToro can provide you with margin trading with leverage up to 1:2 when buying Litecoin. In addition, they provide the option of short trading with CFDs. We discuss these concepts more when we summarize the pros and cons of CFD and real cryptocurrency trading. 

Types of Platforms Offered on eToro to Buy Litecoin (LTC)

eToro clients will have the option of trading on their desktop or mobile devices. This exchange provides a proprietary mobile app with an intuitive user interface and excellent charting tools to enable customers to buy LTC with ease. We cover these platforms below. 

Desktop Platform

eToro provides a proprietary web application that allows users to buy Litecoin on their desktops. On this platform, you will be able to fund your account, view the performance of this asset over a specified period, and place buy orders. The design of this platform is simple and favorable to newbie traders who are still trying to learn the basics of navigating a trading app.

Mobile App

The broker also provides a proprietary mobile application that is free to download on the Apple App Store and the Google Play Store. This platform is similar to the web version. It offers clients the freedom to buy LTC with ease without needing to turn on a desktop. It also provides a beginner-friendly user interface.

How to Buy Litecoin (LTC) on eToro

Here, you will learn how to open a live trading account and fund your account via Credit cards, Debit cards, PayPal, Neteller, Skrill, and Bank Transfer.

A Step by Step Guide on How to Buy Litecoin on eToro

  1. Begin the account opening process by visiting the eToro website
  2. Enter all your personal information and other required details and verify your account to remove any deposit limitations
  3. Select Deposit Funds from the dropdown menu
  4. Pick your preferred payment method
  5. Find Litecoin via the search tab and place an order

How to Open a Litecoin Trading Account on eToro

  1. Visit the eToro website and click on Start Investing
  2. Provide your username, email, and password
  3. Verify your email address and proceed to the next step
  4. Follow the prompts, fill out all the required textboxes, and upload a valid ID and proof of residence

How to Buy Litecoin Using Visa or Mastercard Credit Cards on eToro

  1. Enter your username and password to log into your account
  2. Select Deposit Funds and choose Credit cards as your payment method
  3. Provide all the credit card information requested
  4. Search for Litecoin and indicate how many units you wish to buy

How to Buy Litecoin Using Visa or Mastercard Debit Cards on eToro

  1. Open an account with your mobile device or desktop
  2. Click on Deposit Funds
  3. Choose Debit Cards and input your card details
  4. Using the search tool, find Litecoin and select Invest

How to Buy Litecoin Using Paypal on eToro

  1. Follow the account opening procedures to set up your live account
  2. To buy Litecoin with PayPal, select Deposit Funds, and click on the payment platform as your preferred method
  3. Next, you will be redirected to your PayPal account to enable you to finalize the payment
  4. Search for and buy LTC

How to Buy Litecoin Using Skrill on eToro

  1. Open your trading platform (for mobile or desktop) and fill in your login details
  2. Select Skrill as your payment method
  3. Provide your Skrill email and log into your wallet to initiate funding
  4. Find Litecoin via the search tab and click on it
  5. Select Invest and type in how many units of LTC you want to buy

How to Buy Litecoin Using Neteller on eToro

  1. To get started, you will need to open an account
  2. Next, expand the sidebar and click on Deposit Funds
  3. Select Neteller and provide your email address. You will then be redirected to the Neteller website to finalize the deposit
  4. Enter Litecoin in the search bar and click on buy

How to Buy Litecoin Using Bank Wire on eToro

  1. Open an eToro trading account
  2. Click Deposit funds
  3. Select Regular Bank Transfer from the payment methods listed and add any amount you wish
  4. Search for LTC and click on buy

Buying Litecoin vs Trading Litecoin CFD at eToro

eToro provides both CFD and real coin trading. Although both are similar, there are slight differences between them. CFD trading is more volatile as it offers the possibility of margin trading. Customers will have access to leverage of up to 1:2 on Litecoin CFD. Also, clients can hold long and short positions. 

Buying non-CFD Litecoin may not offer these benefits. However, it delivers less risk. In addition, it is essential to note that residents of the United Kingdom, United States and Brazil will not be able to engage in CFD cryptocurrency trading on the eToro platform due to regulatory constraints. 

While buying real Litecoin does not allow clients to take leveraged positions or short sell, users will have actual ownership of all the coins they purchase. However, regardless of the option you choose, eToro charges a 1% additional spread for all crypto trades.  

Bottom Line

eToro is one of the reliable exchanges where you can buy cryptocurrencies. For clients wondering how to buy Litecoin (LTC) on eToro, they offer several funding methods, including PayPal, Skrill, Neteller, Credit Cards, Debit Cards, and Bank Transfers. They also provide both real and CFD coins to users, depending on their preferences.

You can expect to purchase Litecoin with this exchange without paying any commissions. However, they include a 1% addition to the regular bid-ask spread and overnight charges. Furthermore, the broker is well-regulated by CySEC, the FCA, ASIC, and FSC. So customers need not to worry about the safety of their funds. 

Frequently Asked Questions (FAQs)

First, you will need to open an account on the eToro website, then deposit funds via any of the available payment methods. After this, you can purchase LTC instantly. 

There are many other exchanges for buying Litecoin, including Coinbase, Binance, and Kucoin.

Yes, eToro is a trustworthy exchange and a safe place to buy LTC.

To buy Litecoin with a credit card, you will need to open an account, select Deposit funds, and choose Credit Card as your funding method. 

You can buy as much Litecoin as you want with PayPal. However, eToro has a $10,000 maximum single deposit for this payment method. If you wish to purchase more than this amount, you will be required to make multiple deposits. 

Yes, you can. eToro lists debit cards among its accepted payment methods.

eToro provides a Money Crypto Wallet, which allows clients to hold several cryptocurrencies. 

Yes, you can. eToro makes the process of transferring your LTC or other cryptocurrencies to another wallet relatively easy.

Available leverage on eToro for trading Litecoin is 1:2.

Litecoin’s all-time high is $412.96.

Currently, the total market cap of Litecoin is $6.52 billion. 

Yes, you can buy Litecoin with both skrill and neteller. 

Yes, you can. The eToro Money Crypto Wallet allows you to convert Litecoin to Bitcoin or any other crypto. 

Litecoin is a high-risk asset and although beginners can purchase this coin, they must do their research properly and be sure of their analysis. 

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