Bitcoin is undoubtedly the frontrunner of the cryptocurrency rate. As it’s the first cryptocurrency that caught investors’ attention, it is the most sought-after digital currency worldwide. As a result, today, one Bitcoin costs around $49,904.
It wouldn’t come as a surprise why millions of investors are turning to more affordable and promising coins like Litecoin (LTC) to start their crypto investing journey. As crypto investing can be challenging to understand for the first time, many traders and investors find it challenging to understand the process of buying Litecoin.
Thankfully, here are four smart tips that will help you buy LTC for the first time.
1. Choose the Right Exchange
Crypto exchanges are secure platforms to buy, sell, and trade cryptocurrency. They are like any other e-commerce store to buy things online, except they cannot control the prices and market volume as cryptocurrency works on a fully decentralized network. Therefore, choosing the proper crypto exchange is imminent before starting investing.
There’s nothing to worry about. All you need to do is evaluate the platform based on different factors and see if it fits your needs. Security is the most critical factor to look out for in any exchange. Make sure they have provisions to protect your crypto assets.
Many top exchanges have 2-factor authentication to safely login into your account and avoid unauthorized access. Check how much commission they charge per transaction and how friendly and straightforward it is to buy, sell and trade cryptocurrency on the platform.
Make sure they have robust customer support, so you can easily find solutions to your problems.
2. Register for the Wallet
Crypto exchanges allow the users to create accounts on their platform, which has a wallet to store their crypto assets. Once you choose the platform, it’s time to register for an account. You have to provide details like name, address, social security number, phone number, etc.
You will also verify your identity through the Know Your Customer (KYC) process. You might have to submit supportive documents like your passport or any other identity proof so you can verify your identity.
3. Choose the Quantity of LTC to Buy
A golden rule of investing, ‘only buy that much you can afford to lose, will help you decide how much LTC you need to buy.
Crypto is a volatile market and many things can feed its volatility. Though the value of Litecoin (LTC) shows a promising trajectory, you need to be aware of the market conditions and prospects of the coin so that you can make a better decision.
The price of LTC hovers around $160 as of December 2021 and the market cap of LTC is $11.08B. It will help you understand how much LTC you need to buy.
3. Store the LTC
The buying and storage process of coins varies according to the platform. The platform will provide you with different options like hot wallets and cold wallets to store your crypto assets safely.
Hot wallets store your assets online, so you can quickly trade them, making it a perfect option for intraday traders as they frequently trade their assets.
The cold storage allows you to store your assets in offline wallets so that they are away from the network and you can store them safely.
Choosing the right crypto exchanges has a lot to do with your crypto investing experience.
Make sure you select the suitable exchange that will provide the utmost protection and the flexibility to buy, sell and trade your Litecoin (LTC) without any hassle.
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