There are several ways to easily buy Litecoin in Canada for newcomers to the cryptocurrency space. Cryptocurrencies are completely legal in Canada, meaning users can mine, hold, and trade Litecoin and similar digital assets.
Similar to Bitcoin, Litecoin is a digital currency that facilitates global transactions online. Litecoin allows users to send money digitally through the use of blockchain technology, without the need for intermediaries. It can also be used to pay for certain things such as travel and property.
Litecoin is one of the most popular digital assets as it offers cheaper transactions than Bitcoin, making it useful for everyday purposes.
Buying Litecoin on a exchange
Residents of Canada can use a plethora of exchanges to buy Litecoin. Here we will go through some of the top exchanges you can use whether you are a beginner or an experienced trader in Canada.
Coinbase is available for Canadians to purchase Litecoin and other cryptocurrencies with a debit or credit card. The fees are around 4% for every purchase, and once the transaction is complete, the LTC will be delivered to your wallet instantly.
Coinbase provides an easy way for newcomers to get their hands on Litecoin and boasts high liquidity and buying limits.
However, be aware that purchases made via a bank transfer can take up to five working days to complete.
This Canadian exchange has been Canada’s most trusted choice since 2013. Bitbuy allows users to seamlessly buy Litecoin and uses 2FA for added security. The exchange also boasts a 95% cold storage security policy. It provides instant verification and low fees and also has an advanced trading interface for more seasoned traders. This exchange is also ideal for beginners as it has 24/7 customer support.
Other ways to buy Litecoin
If you are not interested in signing up to an exchange, there are a multitude of other ways to get your hands on Litecoin in Canada. You can buy Litecoin with PayPal on Crptex24 or purchase Bitcoin on VirWex and then trade it for Litecoin.
Canada also allows residents to buy Litecoin with cash. Users can pay in fiat currencies on Coinmama or over the counter at a Western Union location. The local peer-to-peer platform Litecoinlocal.net also allows users to meet up and buy/sell Litecoin in person.
Once you have bought your Litecoin, it is important to keep it safe in a wallet and store your public and private keys in a secure place. Remember to never leave your assets on an exchange and always keep up to date with the latest security protocols.
Buying Litecoin in Canada is extremely easy and straightforward. The cryptocurrency is available on the majority of exchanges and has high liquidity due to its rising popularity.