How to buy Litecoin with Paypal, a Credit Card or a Bank Transfer

Note: If you’re looking to buy Dash for trading purposes only you may want to check out  Plus500 Litecoin CFD trading. Keep in mind that when trading CFDs your capital is at risk.

What is Litecoin in a nutshell?

Litecoin was created by Charles Lee, a former employee of Google. It has taken the general idea behind Bitcoin, but changed a few key component:

  1. The block time, is 2.5 minutes versus 10 minutes for Bitcoin.
  2. The mining algorithm which blocks the use of powerful ASIC miners like you have in Bitcoin.
  3. The total number of Litecoins available is 84 million as opposed to Bitcoin’s 21 million.

How to buy Litecoin? (PayPal, credit card, bank transfer)

Litecoin, Bitcoin’s younger brother has recently taken off to new heights. Since Litecoin reached its all time high on December 2013 of $38 it then plummeted and kept a steady exchange rate of around $3 for the last 3.5 years. However recently Litecoin started booming again, many people say this is due to the fact the currency has adopted the Segwit soft fork implementations.

Today Litecoin is trading over over $40 on most major exchanges. In this post I will cover how you can buy Litecoins using a credit card, your Paypal account or wire transfers. Keep in mind that using the first two methods will probably cost more than using the wire transfer. This is due to the fact that if you buy Litecoin with Paypal or a credit card the seller takes the risk of your requesting a chargeback on your transaction.

 

Step 1 – Get a Litecoin wallet

Before you buy your Litecoins you should first get a wallet to store them on. Between some of the  most popular wallets today for Litecoin are Coinbase, Exodus and Jaxx. If you’re looking for better security for your Litecoins you can use hardware wallets like TREZOR or Ledger to store them as well.

Step 2 – Find a Litecoin exchange

One of the main issues it’s currently hard to buy actual Litecoins is because most exchanges trade it only for Bitcoins (and not for USD or EUR). Therefor one option you have is to buy Bitcoins and then exchange them to Litecoins on exchanges like Polonix, BTC-e or Shapeshift.

However, there are some exchanges that allow you to buy Litecoins directly.

eToro – Platforms like eToro don’t give you actual access to your coins and you can’t send coins from eToro to other people. The only thing that can be done with the platform is to buy and sell Litecoin for fiat currency (i.e. Dollars, Euros, etc.). Meaning this platform is good if you only want to speculate on the price. This method is only valid if you live outside of the US.

IMPORTANT! If you use eToro you don’t actually need a Litecoin wallet as they don’t supply you the actual coins. Also, Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. So keep in mind that your capital is at risk.

Coinmama – Coinmama allows you to instantly buy Litecoin with your credit card. They accept users from most countries around the world (and almost all states of the USA). Fees are relatively low compared to other credit card buying options.

CEX – Allows you to buy Litecoin and various other coins in a fast & secure way, using your credit card. Daily buying limits are low (500$) and can be raised for verfied accounts.

Coinbase – Allows you to buy up to $500 worth of Litecoins using your credit card. Higher limits can be achieved once you verify your identity. Coinbase accepts buyers from 33 countries around the world and the fees on the exchange are relatively low (mainly for ACH transfers inside the US).

Bitpanda – Allows you to buy Litecoin using your credit card, Skrill account, SEPA transfer or SOFORT transfer. Buying on Bitpanda requires verification and buying limits are relatively low (600 euros).

Bitstamp – One of the oldest cryptocurrency exchange out there. Bitstamp allows you to buy Litecoin through a wire transfer of USD or EUR. You can also exchange your Bitcoins to Litecoins as well.

Step 3 – Buy Litecoins and withdraw them to your wallet

Once you decide on an exchange, open an account and buy the Litecoins. Make sure to withdraw the Litecoins from the exchange to your personal wallet. Never leave coins in an exchange as you risk losing them if the exchange gets hacked or shuts down.

Can I buy Litecoins with Paypal?

If you’re looking to buy Litecoins with Paypal there is no direct option. You’ll need to buy Bitcoins with Paypal through Virwox or other options (as shown below) and then exchange them to Litecoins on an exchange like changelly.

Important update!

VirWox is delaying new user transactions for up to 48 hours. This means that it can take you 2 days to complete this process. This is still way faster than using a wire transfer but keep in mind that this will probably not be instant (although in some cases it is relatively faster). If you find yourself getting stuck at any point don’t hesitate to contact me through the contact form on the site.

A few things to keep in mind before we begin. The first is that it’s really hard to buy Bitcoin with Paypal  because of the risk it poses to the seller. It’s still possible but now we come to the second point. Since we can’t buy Bitcoin with Paypal directly, we will buy it using a workaround. This workaround causes the transaction fees to be higher. I find this process still worth the cost because of the extreme volatility of Bitcoin.

Also the minimum amount to buy in this process is 0.002BTC, so don’t use this process if you want to buy less than that.

Open an account in VirWox

The first thing you’ll need to do is to go to VirWox (Virtual World Exchange) and open a new account – look for the “Not registered yet” link as shown in the image below:

VirWox register as a user

Now just fill in your personal details. Where it asks you about your avatar name just leave it at “no avatar” and click “Register. Once this step is done you’ll be sent an email with your password.

IMPORTANT – Don’t forget to change your password

In the email from VirWox you will receive a password. Log into VirWox with that password. I strongly recommend you change it once inside since you will be transferring money through this account. You can do this under “change settings” as shown here:

VirWox change password

Fund your account through Paypal 

Now go to “Deposit” and choose the “Paypal express” method. Enter the amount of USD/EUR you want to deposit and click the Paypal checkout button. Note that if your account is new you will have a max limit on how much you can deposit. In time this limit will be removed and you will be able to deposit more and more.

Once the account is funded it’s time to buy some SLL (Second Life Lindens) and exchange them into Bitcoins. Start off by buying SLL in the SLL/USD exchange  as shown here:

VirWox buy Bitcoins with Paypal / Credit Card

After you see the SLL in your account (top left) you will now need to exchange them to Bitcoins. Go to the SLL/BTC exchange and exchange you Lindens to Bitcoins:

VirWox buy Bitcoins with SLL

Withdraw you Bitcoin

Go back to VirWox and transfer your funds into this Bitcoin address:

Now you can use Changelly or Shapeshift to exchange your Bitcoins to Litecoins.

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Roger Swiatlowski
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Roger Swiatlowski

I bought a Trezor wallet and bought Litecoin from Coinbase. The problem is I can’t transfer my Litecoin to my Trezor wallet. Coinbase tells me they cannot transfer Litecoin to a Trezor wallet. Any suggestions. Can I transfer to an Electrum wallet and then to my Trezor wallet?
Can you send an answer to my email?

Vicki C.
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Vicki C.

Good advice in here but some are a bit complicated for beginners. I used coinbase app which was simple minus the initial wait of the deposit to hit the account. Graduated to Gdax for very low to no fees, same account owned by Coinbase so you use the same log in on your computer. Then the best next step for me was using Binance exchange. Glad I did, it was very easy to use and transfer my coins to start trading other coins and fees are low as well. I leave my coins on the exchange for months now and… Read more »

Justin
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Justin

Hello,
I’m green also. I’d like to buy Litecoin (LTC)and put them on a ‘cold storage’ wallet card. I’m thinking of buying the card from: cryptocoinwalletcards.com. Are they good? Once I receive the card how do I deposit, say $1000? Once the USD are on the card, how do I purchase the LTC? When I sell the LTC, how does my USD come back to me?
Thank you and Happy Holidays

Maria
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Maria

Hi,
I am so green to all this but i am trying it. So, I just opened a Coinbase account, i linked it with my bank. It says that it will take 305 days for the bank to confirm…WHEN can i make a purchase?? it seems like its allowing me to purchase – but i do not see the funds. If i buy now at the “x”price and it takes 2-3 days to process what will be the final price?
Anyhow from what you said i need to create a wallet. How do i do that before purchasing?
Thanks so much!

Kendra
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Kendra

I’m completely green to all of this and want to make sure I’m doing everything correctly before I do it. I set up a Coinbase account and linked my bank account info to it so I could purchase a few Litecoin. But, before I do, I want to clarify….. Does Coinbase serve as both my wallet AND the exchange? I saw your instructions that cautioned not to leave our money in the exchange, and to transfer it into our wallets to protect it in case the exchange gets hacked. Will you please tell me how to make sure my purchase… Read more »

Kimberly
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Kimberly

I just purchased Litecoin through Coinbase. How do I set up a personal wallet to transfer it too?

Alissa
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Alissa

Hi! I noticed that Coinbase has a strike through it. I’m currently using Coinbase to purchase Bitcoin, Ethereum and Litecoin. Please tell me why you’re no longer using Coinbase or what it isn’t a viable option. I’m so green but I had to get on this train.

Dan
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Dan

Hey man thanks for the video. Seems very long winded for most people. So Litecoin really is reliant on bitcoin it seems. I suppose when these virtual currencies become mainstream through a decent app we will then see the real skyrocketing of their potential. A shame they were not a bit more accessible though. I remember Max Keiser going on about bitcoin loads and sadly I didn’t invest because I didn’t really get it, then mt god shut down and it got hacked. Anyway I’ve lost ££££ investing in silver and now considering just taking a loss and re investing… Read more »

Siddhant Latiyan
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Siddhant Latiyan

Its very helpful article to know how we can buy buy litecoin through Paypal or credit cards. But there are some other methods also to buy litecoin to buy directly through the fiat currency.

noluckever
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noluckever

well its nice to know that you didn’t explain that the minimum order for btc is 0.002 so me wanting only 0.0017 is now useless and money in the vox account and unable to exchange

please state this in your article