Litecoin (LTC) is a popular cryptocurrency created as a Bitcoin fork. With prices down, many people are wondering “Should I invest in Litecoin?”.
We’ll be answering that question along with covering how to invest in Litecoin and the best exchanges to make your investment with. So without further ado, let’s get the ball rolling.
Should I Invest in Litecoin – Quick Explanation
There are plenty of reasons to invest in Litecoin but there are also reasons not to. To decide if you should invest in Litecoin, answer these questions.
- Can you afford to wait? – The crypto market is currently undergoing a correction so it could be a while until prices recover. If you can afford to wait, great. However, if not you might be better off holding onto your money.
- Do you understand crypto? – Warren Buffett believes you should only invest in what you understand. It’s important to know what you’re buying, otherwise, you might not have the constitution required to invest in Litecoin.
- Is Litecoin right for you? – Have you looked at other assets and chosen Litecoin? If so, perfect!
Where to buy Litecoin – Best Litecoin Exchanges
Deciding where to buy Litecoin is just as important as making the investment. Selecting a quality exchange will make your life far easier so it’s always worth comparing a few different platforms.
Binance – Overall Best Exchange to Invest in Litecoin
Binance is the world’s largest exchange by volume and comes equipped with all the features you’d expect from a market-leading broker.
Binance supports a ton of deposit methods and has something for most regions around the world. Binance offers some of the lowest-cost wire transfers on the market, making it a great choice for frequent or high-quantity investors.
With a range of order types and some of the truest-to-cost prices out there, you can focus on deciding on should I invest in Litecoin rather than worrying about getting a good deal.
Overall, Binance is a well-rounded exchange with over 90 million users around the world. It offers some of the cheapest deposits and charges a taker fee of just 0.1% so you’ll always get the most for your money.
|Fee to Buy Litecoin||0.1%|
|Credit Card fee||Varies|
FTX – Trade Litecoin with Margin
FTX is a fairly new broker that’s making waves within the industry. It’s primarily aimed at professional traders/investors.
Users have access to up to 25x margin, meaning profits and losses can be greatly increased. In addition to providing margin, FTX also allows users to trade a range of stocks and commodities, making it a great platform to invest in Litecoin along with a ton of extra assets.
FTX is a solid choice for anyone wanting to invest in Litecoin. It’s a got a clean interface and loads of great trading features. However, its range of crypto-assets still pales in comparison to Binance.
|Fee to Buy Litecoin||0.25%|
|Credit Card fee||N/A|
Coinbase – Buy Litecoin for Beginners
Coinbase is one of the best-known exchanges on the planet. It’s a great choice for anyone deciding whether should I invest in Litecoin.
As a regulated platform with market-leading security, Coinbase is incredibly secure. On top of that, it has a strict vetting process that any new coins must undergo before becoming available for trade.
Coinbase is commonly touted as a beginner exchange but recently the feature found on Coinbase Pro have been added to the regular Coinbase, making it a far more attractive option. Now, Coinbase has a trading fee of just 0.6%. However, it’s worth noting that credit/debit card fees are still high at 3.99%.
Coinbase is a great choice for any beginners wanting to invest in Litecoin. It has plenty of educational material explaining how to invest in Litecoin, making it extremely easy to use.
|Fee to Buy Litecoin||0.6%|
|Credit Card fee||3.99%|
Should I Invest in Litecoin – Price
To figure out whether you should invest in Litecoin, it’s worth taking a look at its price.
From this chart, we can see that the current price of Litecoin is close to lows not seen since 2020. Considering the price of Litecoin spiked to above $350 and traded between $150-200 for months, it seems today’s price of $51 is rather cheap.
It’s always better to invest in Litecoin toward the bottom of the market, so it seems like a solid opportunity.
Should I Invest in Litecoin – Conclusion
Litecoin is a popular cryptocurrency that has been around for only slightly less time than Bitcoin. It’s already proven it can survive bear markets and thrive during bull markets, so investing in Litecoin seems like a fairly safe bet.
Of course, there’s no way to predict the future, but LTC seems like it’ll be around the many years yet. If you’re unsure which exchange is right for you, Binance does offer the most features, best security, and even has a ‘Lite’ mode which makes operating the platform even easier.
Out of all the platforms we’ve analysed, Binance consistently comes out on top in all metrics.
Deciding should you buy Litecoin isn’t a decision to take lightly. However, with prices at lows not seen for years, it’s a good time to begin building a LTC position.
Although it could still dip from here, Litecoin is a fork of Bitcoin and has been around for years, making it one of the safest cryptocurrencies out there.