Table of contents:
- 1 Buy Litecoin: Use the crypto potential optimally like professionals
- 1.1 Buy Litecoin: Use the numerous opportunities of the top crypto currency
- 1.2 LITECOIN BUY INSTRUCTIONS: IS THERE A GUARANTEE FOR PROFITS?
- 1.3 Litecoin buy Germany at stock exchanges
- 1.4 OPENING A TRADING ACCOUNT: IT’S THAT EASY
- 1.5 VERIFICATION REQUIRED
- 1.6 WHY IS VERIFICATION NECESSARY?
- 1.7 CRYPTO-WALLET TO BUY LITECOIN
- 1.8 HOT STORAGE WITH DESKTOP AND MOBILE WALLET
- 1.9 THE SECURITY AND THE ONLINE WALLETS
- 1.10 PROTECTION FOR ONLINE WALLETS
- 1.11 BUY LITECOIN GERMANY AND USE COLD WALLET
- 1.12 HANDLING OF COLD WALLETS
- 1.13 HOW THE PAPER WALLET IS GENERATED
- 1.14 USING THE HARDWARE WALLET
- 1.15 BUYING LITECOIN WITH PAYPAL: THE ACCOUNT CAPITALIZATION AT STOCK EXCHANGES
- 1.16 OBSERVE LIMITS AND TRANSACTION TIMES
- 1.17 Buying Litecoin: How traders find the optimal time
- 1.18 USE TECHNICAL ANALYSIS TO BUY LITECOIN
- 1.19 FUNDAMENTAL ANALYSIS OFFERS A LITTLE MORE INFORMATION
- 1.20 TIP: USE CURRENT NEWS FOR TRADING
- 1.21 Buy alternatives to Litecoin
- 1.22 USE FAUCETS FOR MICRO-SERVICES
- 1.23 Litecoin – is the crypto currency ready for the future?
- 1.24 LITECOIN WITH A PROMISING FUTURE
- 1.25 TRADE LITECOIN CFDS
- 1.26 Conclusion: Buy Litecoin – the chance for all traders on crypto exchanges
Buy Litecoin: Use the crypto potential optimally like professionals
Buying Bitcoin or Litecoin is a good way for many traders to profit from the hype surrounding digital currencies. Who would like to acquire the Coins directly, needs for it a Wallet, comparable with a physical purse. The price determines when trading on the market is recommended. Analyzing this is not as difficult as one might think. We have tested how traders can exploit their full crypto-potential and how they should proceed, and we provide a Buy Litecoin guide. With the help of strategic procedures it is much easier to use the possibilities with Litecoin.
- Traders can also buy Litecoin with little own liquid assets
- Storage of Litecoin in offline or online wallet possible
- Trading activities it also at crypto exchange
- Use Faucets for free Litecoin
Buy Litecoin: Use the numerous opportunities of the top crypto currency
Buy Litecoin or not? The question, whether and which crypto currency is suitable for the purchase, should be asked by every trader before making a trading decision. Finally there are at the market over 3.000 Internet currencies, tendency rising. Beside Bitcoin Litecoin is one of the in demand currencies, around which also recently a Hype developed. Litecoin has taken up the challenge to become even faster and cheaper on the basis of the Bitcoin block chain, using a new, modified algorithm. Traders can trade LTC and other crypto-currencies mainly directly and thus acquire the coins directly; they can sell them profitably. But there are also numerous financial instruments available at crypto brokers, which could also be used to generate attractive profits with an optimal strategy.
LITECOIN BUY INSTRUCTIONS: IS THERE A GUARANTEE FOR PROFITS?
With a Litecoin Buy Guide, investors and investors can proceed strategically and make their trading decisions more efficient, but even with a sophisticated plan, the supposedly perfect investment strategy, there is no guarantee for profits. Although the crypto-market offers many opportunities, it is characterized by volatility. Therefore, while traders can hope for attractive profits when buying Litecoin and the right time to resell it, the price can quickly go the other way due to volatility, so that successful sales transactions may not be as safe as they might think. Traders should not be discouraged by this, but should instead prepare themselves better in order to make the most of the opportunities. We show how different investment and investment opportunities can work.
Litecoin buy Germany at stock exchanges
To invest directly into a crypto currency is possible with stock exchanges, the so-called Exchanges. For this the traders need:
- Trading Account
To start trading, traders must first find a suitable crypto exchange. The choice is enormous, so we recommend a crypto exchange comparison to search for those exchanges that offer a high trading volume for Litecoin and also offer optimal conditions. Once the appropriate exchange has been found, the registration of the account can begin. In contrast to crypto brokers, experience shows that the exchanges do not offer a demo account, so that the traders have to open a real account with their own capital to start trading activities.
OPENING A TRADING ACCOUNT: IT’S THAT EASY
Opening a trading account works online and is done within five minutes. For this purpose, personal data must be entered in the registration form, usually name and address. A password is also assigned. Although each crypto exchange can create an individual registration form, the procedure is very similar for most of them. After all the information has been entered in the registration form, the information is confirmed and the next step is taken. This includes the verification of the given data. With this, the traders confirm their identity and protect themselves against the misuse of their personal data; the exchanges in turn protect themselves against false statements with the verification and comply with the legal requirements.
The verification of the information is done optionally by uploading a valid identification document, i.e. identity card or passport. Proof of address is also required, which users can do with a current telephone bill or utility bill, for example. Once the documents have been uploaded, they are checked by support, which usually happens within a day. If the number of requests to the crypto exchange is slightly higher, it may take longer. Another way to perform the verification is offered by many exchanges in the form of a video phone call. In this case, video identification calls are made either via PC or cell phone, whereby the users must hold their ID documents to the camera in order to have them confirmed by the support team.
WHY IS VERIFICATION NECESSARY?
Many users may find it annoying if they need to verify before trading begins, as this delays the start of trading. However, verification is not only useful but also necessary; at least if the crypto exchanges are working seriously. They have the legal requirement that they must verify the identity of their users, which is done through verification. Given the large number of exchanges, there may well be trading places where verification is perhaps not necessary or is carried out particularly thoroughly. Registration may be quicker on these platforms, but we do not recommend it because verification is also for the trader’s own protection.
CRYPTO-WALLET TO BUY LITECOIN
The Crypto-Wallet is a digital wallet, which is necessary for the administration of the coins. We know it from everyday life: Euro, USD or other Fiat currencies are stored in the physical wallet or purse. Although Litecoin and other crypto-currencies do not exist physically, but only digitally, they too must be kept safe. If you want to buy Litecoin directly at the crypto exchange, you can use the crypto wallets, which are available in different versions:
- Mobile Wallet
- Desktop Wallet
- Hardware Wallet
- Paper Wallet
- Browser-based Wallet
With so many wallet solutions, the question arises as to which one is the best. Let’s take a closer look at the individual types of wallet and clarify which variant is suitable for what.
HOT STORAGE WITH DESKTOP AND MOBILE WALLET
Hot storage is also known as online storage or online wallet. This method includes the mobile wallet, the desktop wallet and the browser-based wallet. With the hot storage the Trader uses a Wallet, which is connected on-line with a server, which makes the access to the Coins and the Wallet clearly more comfortable and faster. Exactly therefore many traders like to use the online wallets, because they are independent and can buy or sell coins from almost anywhere. This functionality has however its price, because the Online Wallets have a high safety risk with insufficient security, which does not exist with the cold storage.
THE SECURITY AND THE ONLINE WALLETS
The Online Wallets are connected to the Internet, so there is an interface, which should of course be secured. This principle is comparable to the domestic WLAN, which is also protected by a password. Whoever does without it or chooses a particularly simple password also runs the risk that their own WLAN is shared by others, for example, or that criminal machinations are even carried out. This is similar with the digital crypto exchange. If the online wallet is not comprehensively protected, hackers could access it and steal the coins. With Bitcoin and other crypto currencies this has already happened more often in the past; coins worth millions of coins were lost. The damage was enormous not only for the coin owners, but also for the developments on the crypto market. Investors lost confidence because they were afraid that their coins could be stolen.
PROTECTION FOR ONLINE WALLETS
To prevent hackers from accessing the online wallet, it is advisable to implement a second security level. The 2-factor authentication is suitable to make access to the wallet more difficult and thus to avoid hackers’ attacks at best. Also the renouncement of the use of public networks is an essential part of the security mechanism. Although public networks are convenient and allow access to Internet pages and also the crypto-wallet without having to use their own bandwidth, they nevertheless pose a security risk, because public networks are often insufficiently secured. Therefore, we recommend that you only access the site via your own secure network (at home).
BUY LITECOIN GERMANY AND USE COLD WALLET
In contrast to hot storage, cold storage is offline and therefore safer. If you use a hardware or paper wallet, you can be sure that the lack of a connection to the Internet means that no hacker attacks are possible over the Internet. However, if you pass on your private key to the wallet, you also expose yourself to the risk of misuse of the wallet. To prevent this from happening, we recommend that users keep their private keys in their own possession only, as anyone who has this key could actually access the wallet and steal the coins.
HANDLING OF COLD WALLETS
The handling of the cold storage options is uncomplicated and can be easily implemented. Retailers can decide whether to use the Paper or Hardware Wallet. The Paper Wallet is free of charge, the Hardware Wallet is not. While the Paper Wallet, as the name suggests, is a piece of paper on which the keys are printed, the Hardware Wallet is comparable to a USB stick. A plastic casing provides optimum protection for the digital coins and makes it easy to transport the storage medium. A piece of paper can be damaged more quickly in a handbag or trouser pocket. Therefore the Hardware Wallet is especially interesting for users who want to use their wallet flexibly and portably. The purchase price is amortized quickly, because optimal security is guaranteed even for long-term storage.
HOW THE PAPER WALLET IS GENERATED
A Paper Wallet can be created individually. There are online generators for this purpose, with whose help the public and private addresses are determined at random. The information is then printed on a piece of paper or handwritten on. However, the latter variant is less suitable, because the public and private keys consist of long strings of characters, so that an error can quickly occur when writing them down. If you write down the addresses incorrectly, you run the risk of not being able to use the wallet. Therefore, we recommend that you print out the shots. To protect the paper from environmental influences or other damage, we recommend printing it out several times at once and storing it safely (for example in a box or safe). If you want to transport your Paper Wallet, you should cover it with a protective foil.
USING THE HARDWARE WALLET
The Hardware Wallet cannot be used immediately, because users must first purchase it. While the Paper Wallet is available free of charge, the Hardware Wallet has a one-off purchase cost of approximately 100 euros. As soon as the Hardware Wallet was acquired, the users can activate it. The installation takes only a few minutes depending upon manufacturer and is usually completely intuitively possible. The Hardware Wallet offers maximum security, although the access to the Coins is clearly slower than with the on-line storage possibilities.
BUYING LITECOIN WITH PAYPAL: THE ACCOUNT CAPITALIZATION AT STOCK EXCHANGES
So that a crypto currency can be acquired at the stock exchange, the dealers must invest themselves. Here a clear difference exists to the crypto brokers, who usually offer free demo accounts with virtual assets. With the crypto stock exchanges, the traders have to capitalize their account immediately. There are various options for this:
- Payments with Fiat money (including Euro or USD)
- Purchase with Bitcoin or other crypto currencies
If traders decide to use Fiat money to buy LTC, there are several options available, for example
- Bank transfer
If the traders want to use PayPal when buying Litecoin, the choice of providers is limited. Although PayPal is a renowned and secure payment service provider, this electronic transfer is not available at many exchanges. Instead of using PayPal to buy Litecoin, traders can use alternative electronic wallets such as Skrill and Neteller.
OBSERVE LIMITS AND TRANSACTION TIMES
There are big differences in limits and transaction times. Experience shows that the fastest way to pay is with electronic purses and credit cards. With the latter, however, traders have to pay attention to individual limits, because not every card has a high limit by nature. Experience shows that there are no limits for bank transfers, but traders must expect a longer processing time for bank transfers. Processing times of up to five business days are not uncommon, especially for international transfers. In addition, there are possibly high costs, which can arise from the currency conversion.
Buying Litecoin: How traders find the optimal time
Once the trading account is set up and capitalized, traders can begin trading on the Crypto Exchange. But when is the right time to trade Litecoin on the market? There is not THE one or THE best time, because the market is extremely volatile. However, with some skill and a good price analysis, traders can make sure that they find a good time to start trading. This can be done through technical and fundamental analysis; both methods of analysis have different approaches.
USE TECHNICAL ANALYSIS TO BUY LITECOIN
The technical analysis focuses on past data. Traders take a closer look at the historical data of the Litecoin price and try to predict patterns or trends for the Litecoin future based on this information. The technical analysis is based on the idea that trends will repeat themselves one day and that at some point similar patterns will appear on the chart. Because of this simple methodology, technical analysis is also well suited as an entry point into chart analysis for less experienced traders. However, it does not take into account the current market situation, which of course can cause significant fluctuations due to sudden price changes. Traders should always take this risk into account and consider it for a strategic trading decision. In order to close the gap to the analysis of the current market situation, traders can also use fundamental analysis.
FUNDAMENTAL ANALYSIS OFFERS A LITTLE MORE INFORMATION
Fundamental analysis uses the current market situation to provide a forecast for future developments. For example, data from the crypto-market is analyzed in more detail, although the information gathering for this is much more complex than in the technical analysis. This can be a great challenge, which is not always easy to master, especially for trading beginners. Since many exchanges do not offer such detailed information needed for fundamental analysis for free, many traders do not even know how to obtain optimal information for fundamental analysis. However, once you have accessed the information, it is much easier to act and perform the fundamental analysis with a few tips.
TIP: USE CURRENT NEWS FOR TRADING
The crypto market is strongly influenced by news reports in particular. Traders can take advantage of this and trade the latest news reports, for example. Those who do it skilfully subscribe to news in the form of SMS or push notifications, which are available free of charge from many exchanges and brokers. On the basis of this information, traders can carry out more in-depth analyses or take them into account in their trading decisions. For example, if there are new messages about hacking attacks or regulation of crypto currencies, investors are often unsettled by this and react with a drop in demand on the market. Traders can use this situation to buy Litecoin, because experience shows that prices will then fall. Whoever waits for the downward trend a little bit and buys shortly before the trend reversal, gets even a more favorable price for the current market situation.
Buy alternatives to Litecoin
Is it really necessary to always provide Fiat money or another crypto currency for the purchase of Litecoin? We have looked for alternatives in practice and actually found offers that allow traders to get Litecoin even without their own liquid assets. For this, simply the public wallet address is required and some time is needed. The users can get Litecoins in smallest quantities at so-called faucets. These are platforms or mobile applications that issue LTC free of charge. In many cases, users do not even have to do anything except register with their wallet. Wallet registration ensures that the coins end up at the correct address. The public address itself cannot be used by other users to commit abusive acts, as it is only used to transfer the coins. In order for hackers to gain access to the wallet, they would have to know the private address.
USE FAUCETS FOR MICRO-SERVICES
Some Faucet platforms are used by companies to query user opinions and then output LTC in return. The amount of rewards is manageable and is in the micro range. Nevertheless, with a little continuity and ambition, users have the opportunity to accumulate coins without their own liquid assets and then, at best, sell or trade them at the stock exchange at a profit. Those who want to can collect Litecoin even more efficiently and register for it with several faucets at the same time. In this way, the micro-coins from different sources are transferred to the wallet and the amount of coins increases faster.
Litecoin – is the crypto currency ready for the future?
In view of the more than 3,000 crypto currencies, the question arises, which crypto currency has a future? Is Litecoin one of the most sought-after currencies with future prospects or should traders rather leave it alone? Buying Litecoin can be worthwhile for certain trading types and investment strategies. After all, the crypto-currency is one of the top 10 and can look back on a solid performance within the last years. In terms of price, Litecoin is significantly cheaper than Bitcoin, but more expensive than EOS or XRP, for example. It depends on what the traders want to achieve with the crypto currency. If you want to concentrate purely on Litecoin, there are of course no alternatives. If, on the other hand, the traders are open and strive for diversification, Litecoin with Bitcoin or Ripple can be a good mix to spread the risk.
LITECOIN WITH A PROMISING FUTURE
Due to its algorithm, Litecoin has positive prospects in practical application, because in contrast to Bitcoin, transactions are processed much faster and more cost-effectively. As a result, Litecoin as a crypto-currency is in the focus of many investors, who are primarily looking for a cost-effective Bitcoin alternative with future prospects. In addition, the Litecoin ROI is also convincing, at more than 1,340 percent.
TRADE LITECOIN CFDS
Dealers also have the opportunity to use the price development of Litecoin for speculative purposes. The contracts for difference make it possible for traders to bet on falling and rising prices and even use leverage for this purpose. Traders have the opportunity to take full advantage of the volatility of Litecoin without having to expend too much equity. Although on the one hand, contracts for difference are interesting and offer many profit opportunities, on the other hand they are also risky. Therefore, we recommend trading CFDs only if there is some practice in it and the traders optimally limit their losses. For practice, brokers usually provide a free demo account, which is equipped with virtual credit and allows trading under near-market conditions. If a trading decision was wrong, traders can learn from it without suffering real losses.
Conclusion: Buy Litecoin – the chance for all traders on crypto exchanges
To buy Litecoin using PayPal is not possible at many exchanges, but the trade can use many other payment service providers. Optionally, you can invest in LTC with Fiat money or a crypto currency, even with little equity. All that the traders need is the trading account and a suitable wallet. After buying the crypto currency, the coins are transferred to the wallet, where they are available for administration or resale. We recommend to sell Litecoin only after a holding period of twelve months, because after that there are no taxes on the profits. This way, the traders naturally retain more of the profits. If you want to use this long holding period, you should also rely on the safest possible storage; at best with the Hardware or Paper Wallet. If the traders would like to become active far away from the crypto stock exchanges, there are also possibilities, many brokers offer interesting financial instruments around Litecoin and the crypto market. For example, traders can trade Litecoin CFDs and profit from the price developments without having to buy coins themselves.