Litecoin is a cryptocurrency created in 2011 by Charlie Lee. The ambition of this electronic money is to offer its users a solid alternative to conventional currencies for daily expenses. Litecoin has similarities to Bitcoin, in particular because the basis of the Litecoin code comes from that of Bitcoin. Their hashing algorithms are different, however, which allows Litecoin to validate its transactions much faster. Litecoin is abbreviated by the three letters LTC.
At the time of writing, Litecoin price is around 40 euros, and cryptocurrency has risen to 7th place of the best cryptocurrencies in terms of capitalization.
Being a fairly well-known cryptocurrency in the industry, Litecoin can be found on several platforms, including Binance. Find out here how to get Litecoin on this exchange platform.
First, create an account on Binance
Before you can start trade on Binance, you must to register. The procedure is quick and simple. Click on the button “Register” located at the top right of the home page. You will just need to fill in your E-mail adress and set password. You must also check a box indicating that you are over 18 years of age (and therefore that you are of legal age) and that you agree to comply with the conditions of use of the site.
You will then receive a code to validate your email. This is enough to open your account on Binance. However, although the step is optional, it is advisable to set up double authentication on your account.
Have your Binance account verified
Since 2019, it is now possible to buy certain cryptocurrencies with a Fiat currency such as the euro or the dollar. However, this is not possible with Litecoin at the time of writing. So, the only way to get Litecoin on Binance is to trade cryptocurrencies.
Nevertheless, it can be interesting to buy one of the cryptocurrencies available on Binance to make a trading directly on the platform. This will save you from additional steps, but also filing fees. To do this, you will need to have your account verified.
Place your cursor over the little guy icon, then click ” Security “. On the open page, go to the puddle “Check” of “Identity verification”. The platform will then ask you to verify two things: personal details and your address. All this includes:
- The country ;
- Your first name ;
- Your name ;
- The birth date ;
- Your home address.
In addition, you will need to add An identity photo and a picture of you.
Buy cryptocurrency on Binance
If you don’t yet have a cryptocurrency to trade for Litecoin, here’s how to buy it on the platform. Place your cursor on “Buy cryptos” and click “Credit / debit card”. Assuming you want to buy Bitcoin, select “BTC”, your amount in euros (“EUR”) and click on “Buy BTC”.
Deposit your cryptocurrency on Binance
This part only concerns you if you already have another cryptocurrency in your wallet. Also, you can consult our page dedicated to best buying platforms.
Once connected to your account, direct your cursor to ” Wallet “, then click “Spot Portfolio”. Then click on the tab “Deposit”. Make sure you are in the game “Crypto” of the deposit page. Then choose the cryptocurrency you want to transfer. You will get a unique address that you can use to deposit funds to your Binance account. Do not hesitate to use the associated QR code if it is faster for you. Once the deposit is made, you will see your cryptocurrency appear on your balance.
Note : Do not send THAT the cryptocurrency you have chosen. If you wish to make a deposit of several cryptocurrencies, repeat the operation by changing the currency using the drop-down selection.
Go to the tab “Markets” in the main menu. Use the research tool as well as the market to find the pair that interests you. For example, to exchange Bitcoin for Litecoin, go to “BTC markets”, type “LTC” and choose the LTC / BTC pair.
You will then be redirected to the page presenting the data of the pair. Head to the bottom of this page to find the box for purchasing your cryptocurrency. Indicate the amount of LTC you want to buy and validate by clicking on “Buy LTC”.
What should you remember to buy Litecoin with Binance?
Binance is increasingly diversifying its means of payment to facilitate access to cryptocurrencies for the greatest number of users. Since then, Binance has established partnerships with several recognized payment processors.
The exchange platform wants to make cryptocurrencies accessible to as many people as possible. In addition, buying cryptocurrency via Fiat currency is still very young. So, it is not impossible that in the near future you will be able to buy your LTC tokens by bank card or by transfer on the platform. So do not hesitate to consult our guide to know more precisely what is Litecoin, then get started on Binance!
From Romain: Source link