Bitcoin reached an all-time high after the newly chosen US president promised to make the nation crypto-friendly. The entire crypto market benefitted from this news, and there was a huge surge in the value of major digital assets. Although some volatility will probably occur in the next few weeks, the overall prediction is bullish.
Does this make the moment right to buy Litecoin with a credit card? It might be the case, while some might consider acquiring Litecoin with fiat currencies. If you plan to purchase it with a credit card, our guide has all the details on the benefits of using this payment method. We also include step-by-step instructions on completing the purchase effortlessly.
Why It’s Better to Buy Litecoin With a Credit Card
You can use debit and credit cards to buy Litecoin in seconds. All it takes is a few clicks and entering the necessary details. You become the owner of LTC coins quickly, and acting fast can be important in the crypto world. In an hour or a day, the USD to LTC value might change, and the conditions might no longer align with your plans.
Credit and debit cards are also convenient since you can purchase LTC from anywhere. Whether you are at home or on the move, it’s easy to complete the transfer. Some other benefits of this payment method include special bonuses and excellent encryption measures.
You Can Unlock Special Bonuses
Purchasing crypto assets with debit or credit cards might entitle you to special bonuses. Here are the incentive types and how to qualify for them:
1. Cashback programs. Crypto.com has multiple Visa card tiers to choose from, and they provide up to 10% rewards on daily or travel spending. Binance also partnered with Visa to launch their debit cards.
2. Discounts for commission. Each exchange charges when you use it to purchase LTC with fiat currencies. Some platforms, such as Coinbase or Binance, are ready to offer discounts if you pick the credit card payment type.
3. Bonuses for first buys. If you are a newcomer to the crypto market, digital exchanges will encourage that with various incentives. Those can include particularly tempting discounts the first time you purchase LTC with USD.
Card Transactions Are Usually Encrypted
Encryption is a protective measure that keeps sensitive data safe from unwanted access. As for credit card encryption, these are actions taken to protect users’ personal and financial data. If you take your credit card, you’ll notice an EMV microchip. It’s a square microchip that serves to keep the data safe for in-store transactions.
As for online payments, web stores will require you to enter all card details, along with the special CVV code. It’s a three or four-digit number on the back of the card, which is actually a “Card Verification Value.” Reliable sellers also ensure all transactions occur over encrypted connections to maximize security.
4 Simple Steps to Purchase Litecoin Using Your Credit Card
It’s a piece of cake to buy LTC with a credit card. If you haven’t done it before, here’s a detailed step-by-step guide on the purchasing process. Just follow the instructions below, and you’ll become an LTC coin owner in no time.
Step 1: Choose Your Crypto Platform
The first task is to choose a crypto platform. It’s worth mentioning that Litecoin is present across all major digital exchanges. You shouldn’t have a problem finding a platform that supports USD to LTC conversion.
Here are some tips when choosing a suitable exchange:
- Go with a reputable platform. Choose websites like Paybis or Binance since they have a long tradition and reputation of serving thousands of users.
- Check the fees. A first-time buy discount is always welcome but check the complete payment structure. If you plan on making multiple trades and becoming an active crypto investor, this could be crucial.
- Ease of use. Mobile-platform compatibility and a simple interface are two things to check. You want the process to be simple on the go, and a user-friendly interface ensures the transaction goes quickly and smoothly.
Step 2: Create an Account and Pass Identity Verification
Setting up an account is free and takes entering your basic details. Confirming the email address and entering valid information regarding your ID and address is imperative. That’s because you’ll need to pass identity verification, which involves uploading your ID, passport, or other relevant documents to the site.
Anti-Money Laundering (AML) and Know Your Customer (KYC) are two programs that financial institutions apply to confirm user identity. It contributes to the overall platform security but also indicates you’ll need some time to verify your ID. After you send the documents, it could take anywhere from a few minutes to 24 hours for the platform to confirm you can proceed with buying LTC.
Step 3: Choose the Amount of Litecoins You Want to Buy
Once you access your account, head to the purchase page. Choose Litecoin as the currency to purchase and USD as the currency you’ll use to buy the crypto. The platform will display the conversion rate and how many LTCs to expect in return. You can experiment with different amounts to see which option fits you best. Once you are ready, proceed to the next step.
Step 4: Link Your Credit Card to the Platform
During the next step, it’s necessary to enter credit card details. It’s similar to any other internet purchase. That means you should insert the entire card number, expiration date, and the owner’s name. Finally, the platform will ask for the CVV number.
Some platforms require connecting the credit card first, so click on the connect button to add it to your payment methods. On other exchanges, you can skip the step of connecting the payment method and enter the details to be used solely for the transaction.
Step 5: Review the Details and Confirm the Transaction
The final step is to double-check all details and verify the transaction. After you confirm everything from the amount to buy/spend to card details, finalize the transfer. It shouldn’t take more than a minute for LTC to arrive in your wallet. That’s usually the wallet on the platform, but you can then move funds away to the desired wallet.
Insider Tips for Purchasing Litecoin
The critical thing is to find the right timing for the trade. If you think the current rate is acceptable, don’t waste time and initiate the transaction immediately. Before that, you should already have a registered account on the desired platform. Make sure you’ve checked all the steps of the process beforehand so that you can act as quickly as possible once the transfer time comes. That will ensure you acquire LTC with your credit card smoothly. Don’t forget to check potential bonuses offered by the platform. Every discount on commission or incentive matters, so make sure not to miss it.
Disclaimer: This article is guest content and was provided by a third-party. The views and opinions expressed in this article are those of the author. We encourage readers to do their own research before making any investment or trading decisions.
