How To Buy Litecoin in Australia – LTC Buying Guide
Alright, so you want to buy and trade some Litecoin (aka LTC). First things first, a quick guide on buying crypto in general.
Cryptocurrencies are bought through exchanges and you can check out our Best Australian Crypto Exchanges list for an overview of the most popular ones. Once you’ve signed up with one, you can log in, deposit money (preferably AUD) into your account.
And then you can use that money to buy and trade cryptocurrencies like LTC on the crypto exchange. Our favourite exchange is Swyftx, it’s easy to sign up and they have 70+ coins available for you to purchase (including Litecoin of course).
How To Buy Litecoin in Australia
- Register for an account with Swyftx.
- Enable 2FA (2-factor authentication).
- Verify your account.
- Deposit AUD into your account
- Click the “Trade” link
- Search for “Litecoin” and click on “Buy”.
- Enter the amount AUD you want to trade for LTC, or how much Litecoin you want to buy.
- Review the details.
- Click “Buy LTC”
How To Get Started With Swyftx
Setup Your Account
As mentioned above, Swyftx is our go-to for trading cryptocurrencies in Australia, definitely if you're starting out. It's the most trustworthy exchange available and it makes trading buying, selling and switching coins incredibly easy.
After creating your account the first thing you'll want to do is SETUP MFA (2-factor authentication, adds an extra step for logging in to your account, very easy to setup), you can find this on your Profile page under "Security".
Verify Your Account
Before you do anything on Swyftx you'll have to verify your account. It has the fastest verification process we've tested so it won't take long.
Click in the left navigation bar on "Profile" then the "Verification" tab
You'll have to verify your email, mobile number and identity to begin trading.
You will then have to fill in all of your personal information including documents, don't be alarmed uploading this information, every exchange requires it. It's to ensure your safety and make everyone on the platform accountable.
You'll first need to deposit AUD on the platform so you can buy an sell cryptocurrency. You can also deposit Bitcoin straight into the platform if you already have some and would prefer trading with that.
Click the left navigation on Deposit AUD
You can then either choose BPAY or PayID to Deposit AUD on the platform.
Once your account is verified and you've added AUD or BTC you can start buying and selling cryptocurrency.
Go to Trade
This page lists all the coins that Swyftx has available (which is a lot). You can simply click on any of the cryptocurrencies in the left section under "Assets" or search for your desired cryptocurrency.
Once you've decided what you want to buy you can indicate how much AUD you want to buy of each coin.
Easy as that! You now have bought some cryptocurrency. We highly recommend moving your cryptocurrency to a hardware wallet if you are planning on holding it for a while. If you are planning on day trading, or trading fairly regularly we suggest keeping it on the Swyftx platform.
Litecoin Price AUD
Find the LTC AUD price below:
Where To Buy Litecoin
We highly suggest using Swyftx to buy and sell Cryptocurrency. We've done a comparison of the top 10 exchanges in the world for Australians to use and Swyftx clearly deserves the top spot.
Swyftx is by far our most recommended exchange for Australians. They have an easy to use platform and an online wallet that makes trading simple for new users. They have a strong sense of community and are constantly posting updates and adding new coins to their portfolio. On top of this they have low fees and are upfront about any transaction fees they do charge whereas some exchanges charge much more in spreads. This is the most trusted exchange in Australia and arguably one of the best exchanges globally.
What Is Litecoin?
Litecoin is a quite successful digital currency modeled after Bitcoin technology. They operate on a peer-2-peer based system that gives the user near-instant transactions at an almost cost-free expense. They are a worldwide cryptocurrency, one of the top five of the entire industry.
The major benefits of using Litecoin are the lighting fast transaction confirmation and better storage capabilities. The coin is also the number one math-based currency in the industry to date as well. Litecoin is not by any means looking to replace Bitcoin. Instead, Litecoin is looking to complement the world’s fastest-growing cryptocurrency. As Litecoin puts it best, they are the silver to Bitcoin’s gold. They have proven time and time again, to be a sufficient, reliable, and proven medium of commerce.
What Are Their Future Goals?
For one, Litecoin is looking to set the tone for atomic swaps. Developments all over the world are ready to enable Litecoin based swaps. Many transactions have already been completed. They are also developing MAST technology, it will allow the feature of lump transfers by way of Merkle root. And lastly, they are creating covenants, which will play a massive role in the entire ecosystem from here on out. This will essentially give users the ability to keep their coins locked together, so they don’t get all jumbled or mixed up.
Who Is Litecoin for?
The creator of Litecoin, Charlie Lee – has basically explained that Litecoin is for people making everyday payments and purchases, whereas Bitcoin is more of a type of stored value. Litecoin will be less secure than Bitcoin, but transactions can happen much faster and cost much less. Litecoin provides a service to a specific niche, people who are looking to use it for everyday use and Bitcoin for storing the currency prior to needing to be used.
It’s for anyone looking for an open source, worldwide payment system. It has faster block generation then Bitcoin, so it allows for more rapid use. It’s no different than gold and silver. In the past, silver was used primarily for goods and services and gold would be for keeping and raising in value. At the time of writing, Litecoin is the fourth largest cryptocurrency in the world by market cap. The only being ahead of it, Bitcoin, Ethereum, and Ripple. You can of course buy Litecoin everywhere, if you’re in Canada for example, have a look here on how to buy Litecoin in Canada.
Litecoin vs. Bitcoin
The blockchain used by Litecoin can handle a significantly higher amount of transactions per second than Bitcoin. This is because of the generation of more frequent blocks. It allows the network, the ability to support more transactions without needing to change any software, this will hold true in the future as well. Merchants can, therefore, count on cheaper confirmation times and at the same time, have the ability to wait for more confirmations when larger ticket items are being sold.
As of now, miners are given 50 new Litecoins per block. The amount is cut in half about every four years or so. As of now, they are scheduled to create another 84 million Litecoins, which is more than 4 times the current amount the coin has. Bitcoin on the other hand only has about 21 million in circulation.
Other differences are in regard to the algorithm used, whereas Bitcoin uses the SHA-256, Litecoin uses a specialized script to run the system. The mean block time for bitcoin is 10 minutes, Litecoins is about 2.5, which is considered a significantly shorter time. The block reward details are also majorly different as well, Litecoin is halved for 840,000 blocks and bitcoin for every 210,000. They are both the same in initial rewards, however, as they both offer 50 BTC. But the current block reward for Bitcoin is only 25 BTC, which is half of Litecoins 50 LTC.
They also use different block explorers, Bitcoin uses Blockchain.info and Litecoin uses blockexplorer.com. Finally, LTC has a market cap about 1/20th of Bitcoin, though in recent times it has been catching up to its big brother.
Another aspect that is greatly different between Bitcoin and Litecoin are transaction differences. Litecoin confirms transactions at a significantly higher rate than Bitcoin. The rules are as follows for Litecoin:
Litecoin is able to handle a high volume of transactions because it generates blocks faster than Bitcoin. Bitcoin would have to go through massive updates to compete with Litecoin’s transaction speeds. The code that everyone on the Bitcoin network is running today would have to be changed.
Bitcoin’s advantage is that its blockchain is proportionately smaller than Litecoin’s and contained more orphaned blocks as well. Faster block time of Litecoin however, decreases the chance of double spending or attacks.
This is only theory, however, in regard to both networks having the same hashing power. With Litecoin, merchants would have to wait only 5 minutes for two confirmations, whereas Bitcoin would have to wait for 10 for just one.
The faster block time or transaction time is touted as moot points by many who use Bitcoin. Many merchants allow for zero-confirmations for many types of purchases. A transaction is typically instant, it is then confirmed by the network.
Buying Litecoin Using Different Payment Methods
Bank transfers and wire transfers are the most popular way to deposit funds and make Litecoin purchases in Australia which means you’ll have no trouble finding a crypto exchange that supports this payment method.
Australian exchanges like Swyftx, Independent Reserve, and CoinSpot all include this option. You just need to link your bank account to the platform and verify the request.
BPAY, Osko, POLi, and PayID
Next to bank transfers, a lot of traders like to purchase Litecoin via online payment services like Osko, BPAY, POLi, and PayID because these payments are almost instantaneous. Delays only happen if your bank decides to look further into the nature of your transfer.
These kinds of services are available to Australian traders on Swyftx and CoinSpot. CoinSpot only charges 0.9% for BPAY transfers while Swyftx has zero deposit fees on orders less than $100,000 Australian Dollars but has a 0.8% spread instead.
Credit Card and Debit Card
The only way to buy Litecoin using a credit or a debit card in Australia is to use an international cryptocurrency exchange because Australian ones don’t support card payments.
We recommend using Coinbase or Coinmama, two reliable and licensed exchanges, one from the US, the other one UK-based. Coinbase charges a fixed 3.99% fee on debit card payments made via Mastercard or Visa with a $7,500 weekly limit. Coinmama charges 5.00% per trade but locks the price at the moment you start making your order and has a $20,000 monthly limit.
Regular crypto exchanges are perfect for retail traders who typically purchase smaller Litecoin sums. However, institutional investors might have trouble finding a platform with the right level of liquidity to place large orders without disrupting the market.
For this purpose, they need to use an OTC (Over-the-counter) desk with deeper liquidity like the one by Independent Reserve, an Australian platform that has recently launched an OTC desk. Other international options include Binance and Kraken also famous for their choice of altcoins and great exchange rates.
PayPal is another famous but less-popular crypto payment option. PayPal payments are less popular with crypto exchanges because of the high fees and potential risks associated with these trades.
The best way would be to link your PayPal account to your bank account to spend the money on your balance. Otherwise, try searching for PayPal offers on peer to peer platforms like LocalBitcoins.
How to Store Your Litecoin
Cryptocurrencies are stored differently than traditional currencies. Since they only exist virtually, you only safeguard the access to your crypto balance and not the actual coins.
This access known as a private key is an encrypted address, unique to every crypto trader. When you create a wallet account, you also get a public key, the address that individuals or exchanges use to send coins to you.
As for the wallets, you have a couple of options you can choose from. You can use online cloud-based wallets where you simply log into your account from your computer or mobile device, relying on the platform’s security measures.
Then, you can choose a software wallet and download it to your device. In this case, the responsibility to protect the wallet from external factors falls on your shoulders.
If you don’t trust online platforms and feel unsure whether you can protect your device from malware, we advise you to purchase a hardware wallet. This wallet stores your Litecoins offline, in cold storage, minimizing the risk of fraudulent activity and cyber thefts.
Frequently Asked Questions
How Can I Sell Litecoin?
On Swyftx, you can register as a seller and sell your LTC quickly and easily. You also have the option to withdraw Litecoin to an external wallet and cash out. If you want to buy/sell Litecoin, Swyftx looks into the partner exchanges’ liquidity to see the popular demand for that coin. The offer it gives is always the best one Swyftx could find on the market.
Should I Buy Litecoin or Bitcoin?
These two crypto assets are not competing against each other. They appeal to different types of traders altogether. Bitcoin has the status of the most popular and mainstream cryptocurrency, accepted in many shops and online platforms. On the other hand, Litecoin is a lighter version of Bitcoin that’s better for small everyday purchases and its potential is yet to attract more attention.
Why Should I Buy Litecoin?
Unlike some cryptocurrencies, Litecoin has great transaction throughput and scalability. It means you’ll be able to make money transfers swiftly and at a low cost. Although digital coins were created with the intention to supplant fiat currencies, they still aren’t that convenient for small purchases. Litecoin aims to change that.
Does Amazon Accept Litecoin?
Amazon users can use the Lighting Network to their Litecoin wallet and use their LTC to purchase goods. Some currency exchanges like Coinbase, a popular brokerage from the United States, allow customers to link the Lighting extension to their Coinbase account and pay in LTC, BTC, or ETH.
What Was the Highest Price of Litecoin?
Litecoin reached its all-time high in February 2018, when 1 LTC was worth $216.56.
What’s the Best Litecoin Wallet?
The best Australian crypto exchange, Swyftx, provides an internal user-friendly wallet for every digital asset it supports, including Litecoin. They apply state-of-the-art security measures to keep your assets safe. However, even the team at Swyftx admits that software wallets are liable to cyber threats which is why hardware wallets are a better option for longterm storage.
Disclaimer: Digital currencies and cryptocurrencies are volatile and can involve a lot of risk. Their prices and performance is very unpredictable and past performance is no guarantee of future performance. Consult a financial advisor or obtain your own advice independent of this site before relying and acting on the information provided.