The whole world is currently riding the waves of the cryptocurrency market. And India is not trailing behind either. So in this post of Coinsuggest, we are going to learn about buying Litecoin in India.
Over the years Litecoin has grown rapidly and incorporated newer technologies to keep it relevant. Currently, it is one of the most popular cryptocurrencies and enjoys a position within the top 10 cryptocurrencies with most market caps.
Kepping in mind the questions asked by you –
How can I buy Litecoin in India? How to buy litecoin with Bitcoin? How to buy Litecoin from Zebpay?
We have covered them below.
- 1 HOW TO BUY LITECOIN IN INDIA
- 1.1 METHOD 1: BUY LITECOIN VIA A CRYPTOCURRENCY EXCHANGE
- 1.2 METHOD 2: BUY LITECOIN VIA AN EXCHANGE SERVICE
- 1.3 METHOD 3: BUY LITECOIN WITH INDIAN RUPEES (INR)
- 2 FINAL WORDS
HOW TO BUY LITECOIN IN INDIA
So let’s come to the main topic of this article – buying Litecoin in India. It may seem like a daunting task at first. But believe me when I say that it is extremely easy to buy Litecoin in India.
And there is not just a single method. Instead, there are multiple. But I prefer three of these methods because they are safe, reliable, fast and easy to do.
I have listed the three methods down below. I have also laid down step by step –
METHOD 1: BUY LITECOIN VIA A CRYPTOCURRENCY EXCHANGE
If you are confident that you can handle all the complexities of a fully-featured cryptocurrency exchange. Then don’t even bother using an instant exchange service like Changelly.
- First of all, you need to make an account on Binance.
- After you have created an account and verified it, you can start exchanging.
- The first thing you need to do is top up your account with any cryptocurrency. Binance doesn’t support any fiat currencies, so you can only deposit cryptocurrencies. I suggest depositing Bitcoin as it offers the maximum currency pair. If you don’t have BTC you can deposit any other cryptocurrency and convert it to BTC on Binance quite easily.
- To deposit, you need to go to the deposit and withdrawal page by clicking the funds button from the main menu.
- After you have deposited the amount you may need to wait a few minutes. If you see the amount reflected in your Binance wallet, you can start trading.
- Head over to the exchange by hovering on the Exchange button on the main menu and clicking the Basic option.
- On the exchange interface, choose the right pair of cryptocurrencies. In this case, it will be LTC/BTC.
- Scrolling down you will see options to buy Litecoin using your Bitcoin. Binance offers three types of buying options. But for beginners, the market and limit order will be enough.
- In case of the market order, the Binance platform decides the price. You just input how many Litecoin you need. Whereas in case of a limit order you have the freedom of quoting your own price.
- On every order, Binance levies a small 0.1% fee. You can halve this fee by paying your fees with Binance Tokens or BNB. Follow the same instructions to buy some BNB for paying your fees.
- Binance does not support any fiat currencies. So your only option is to exchange your existing cryptocurrency.
METHOD 2: BUY LITECOIN VIA AN EXCHANGE SERVICE
The process of buying Litecoin has become easier than ever, thanks to exchange services. No, I am not talking about the normal exchanges. Using a normal exchange can be a bit overwhelming for a few beginners.
In that case, using an exchange service is more convenient for them. Because these exchanges are fast, hassle-free and almost instant.
But you need to have another cryptocurrency. You can use most of the widely used cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, Ripple, Monero etc. Changelly even allows buying using USD with your credit card.
But what’s the catch? Well, the main drawback of the exchange services is their fees and exchange rates. Let’s talk about each of the exchanges individually.
- Changelly is very popular when it comes to instant exchange services.
- I have yet to find a reliable source regarding Changelly’s process of finding the exchange rates.
- Exchanges done on Changelly attract 0.5% of the deposit amount as fees.
- You can also use your international credit or debit card to buy on Changelly.
- Shapeshift offers two modes of exchange – quick and precise.
- The quick exchange mode is, as the name suggests, almost instant. But you get a lower amount of Litecoin for your Bitcoin (or any other cryptocurrency).
- The precise method tries to be extremely accurate but will take more time to do the conversion.
- Shapeshift derives the exchange rates from a lot of factors –
- first of all, it checks the rates of the cryptocurrencies on other exchanges.
- secondly, it checks the market depth of the specific pair that you are exchanging.
- finally, it also checks the balance of its own reserve.
- Shapeshift doesn’t take any fees for using its platform. But it does take a small fee to cover the mining cost.
- The miner fee varies from coin to coin. For example, Bitcoin transactions usually attract a miner fee of 0.00065 BTC.
- Evercoin allows you to exchange one cryptocurrency to another instantly.
- They offer only a selected number of cryptocurrencies.
- Evercoin exchanges also attract a fee (miner fee along with their fee). However, the website does not disclose the amount.
METHOD 3: BUY LITECOIN WITH INDIAN RUPEES (INR)
What if you don’t have any cryptocurrencies at all? What if this is your first ever investment in the field of cryptocurrencies?
Don’t worry as you can also buy Litecoin with Indian Rupees very easily. I personally use three Indian exchanges and I have only good things to say about them.
These three exchanges are – Koinex, Coinome, and Coindelta. All of these exchanges support multiple currencies. So you won’t get stuck with just one cryptocurrency in case you have a change of mind.
You can also transfer your newly bought Litecoins to an international exchange like Binance. As Binance enjoys more liquidity thanks to its enormous user base.
Zebpay started in 2015 as a Bitcoin exchange for Indians by Indians. Since then it has grown tremendously. And it has served hundreds of thousands of customers.
It has kept pace with the time and added newer and popular cryptocurrencies to the platform. To me, Zebpay is like the Indian version of Coinbase.
Zebpay also has a mobile app, which makes it extremely user-friendly and convenient.
- Zebpay follows the same ideology of most Indian exchanges. So you need to verify your mobile number, email, bank details and also KYC documents to start trading.
- Once Zebpay verifies your account, you are free to deposit rupees via NEFT, RTGS and even IMPS. You can also use the inbuilt payment gateway. But Zebpay will levy additional charges for using it.
- When you have successfully funded your account, you can buy Litecoin by heading to the trade or buy page. On the trading page, select Litecoin from the drop-down list.
- Then Zebpay will show you their current Litecoin rate. Enter the amount of Litecoin you want to buy at the current price. The total amount of the order must be lower or equal to your wallet balance for the order to go through.
The Koinex exchange is extremely well-built and very responsive. The signup process is also hassle-free. But do keep in mind that you will need to provide KYC documents to trade on Koinex and most other Indian exchanges.
Koinex also has satisfactory market liquidity because of its large user base.
- First of all, create an account on Koinex by heading to their website.
- After creating an account and verifying the documents you can start trading. Please note that Koinex verifies the documents manually, so it may take 3-5 days on an average.
- You can simply deposit Indian Rupees into your Koinex wallet using NEFT, IMPS or even using their payment gateway. Do note that using the payment gateway incurs a 2% fee.
- IMPS transactions are usually reflected within minutes while NEFT can take up to five days. Koinex requires you to deposit a minimum of 2000 rupees.
- After depositing the amount you can buy Litecoin very easily by visiting the exchange page.
- Koinex levies a 0.25% on buy orders.
Coinome is an initiative of Indian online payments giant Billdesk.
It was launched in November 2017 amid rapid growth of cryptocurrencies.
- Coinome has a similar process of account creation like most other exchanges in India.
- You can quickly deposit by clicking on the large deposit button on the main menu. For INR the minimum deposit amount is only 1000 rupees.
- Once the balance reflects on your Coinome wallet, you can start trading.
- To trade go to the exchange page and select LTC/INR from the left side drop-down button.
- Coinome doesn’t have seller and buyer fees. Instead, it has takers’ and makers’ fees. The takers’ fee is 0.3% while the makers’ fee is 0.1%.
The only problem with Coindelta is its user base. As it has a small user base the market liquidity is also poor. Prices on Coindelta is usually 100-200 rupees higher than Koinex and Coinome.
- Getting started on Coindelta is very easy. All you need to do is signup on their website.
- After signing up and verifying your email you need to verify your identity by providing KYC documents.
- The KYC document is manually verified. So give Coindelta at least three days to go through your documents and activate your account.
- Once activated, you can deposit rupee by clicking on the Deposit Rupee button on the main menu.
- Coindelta supports IMPS and NEFT deposits. It also has a payment gateway for easier deposit process. Coindelta charges a 2.36% fee on all forms of deposits. And you need to deposit a minimum of 500 rupees.
- Once topped up, you can start trading by going to the exchange interface by clicking the Market button.
- Coindelta charges 0% makers’ fee and 0.3% takers’ fee on every order.
This brings us to the end of another helpful guide on Coinsuggest. I hope you learned something new today. If you are going to heavily invest in a cryptocurrency and “HODL” it for a long time. Then I suggest moving the funds to your own wallet instead of keeping them on the exchange.