How to Buy Litecoin in Canada

If you’re in Canada and want to find a way to buy some Litecoin, we want to help. With our guide, you’ll learn how to buy Litecoin. Plus, we’ll share some basics around cryptocurrency and the best exchange to use when purchasing digital assets.

When it comes to buying Litecoin, most people use a cryptocurrency exchange. This is the most common method of purchasing any type of digital currency. To buy Litecoin Canada, you’ll want to register on an exchange, then deposit your funds. When that’s done, you can start buying, selling, and trading Litecoin.

If you want to buy Litecoin in Canada, you’ll discover that many exchanges also support other coins like Bitcoin, Ethereum, and Ripple. Chances are good if you’re using a large exchange, it will support Litecoin as well. When it comes to buying Litecoin in Canada, we recommend using Coinmama.

Coinmama is a standard exchange, which is the type of exchange most users visit when they want to purchase Litecoin. An exchange provides a platform on which you can buy Litecoin. However, before we start talking too much about buying Litecoin, let’s first talk about the type of exchange Coinmama is.

  • 📈 Trade: BTC, ETH, XRP, LTC, BCH, ADA, QTUM, ETC
  • 💰 Deposit Methods: Credit/ Debit Card, Bank Transfer, Cash
  • ✅ Regulated
  • 🎧 Support: Email Form & Facebook

How to Buy Litecoin in Canada

Using a Standard Exchange

When using a standard cryptocurrency exchange, you can use fiat currency to purchase Litecoin. People like standard exchanges since they’re getting digital assets in exchange for the money they spend. If you have a digital wallet and want to buy Litecoin, then a standard exchange is your best option.

The standard exchange we recommend is Coinmama. Through Coinmama, you can buy as much Liteocin as you want. Coinmama has a minimum purchase amount, however, as long as you’re buying that much, it’s a great way to buy Litecoin Canada.

Buy Litecoin in Canada Through Coinmama

How to buy Litecoin in Canada with Coinmama

For buying Litecoin in Canada, we recommend visiting Coinmama. One thing to bear in mind as you get going with Coinmama is that the exchange does not have a mobile option. As a result, you won’t have a way to buy Litecoin on the go. However, the web platform is always accessible from your desktop or laptop.

When you first arrive at the Coinmama site, you’ll notice several options in the top right of the homepage. There is a blue button that says “Sign Up.” Click on this button to begin registration for Coinmama.

How to sign up to Coinmama

Next, Coinmama will ask you to fill out a form for registration. The exchange asks for your country, first and last name, email address, and a password.  After you’ve provided all the necessary info, select “Create Account” at the bottom of the form.

Not too long after you fill out the form, Coinmama will send you an email asking you to confirm your email address.

Create Coinmama account

You’ll a verification link in the message you receive from Coinmama. Click on that and you’ll return to the site. Next, Coinmama will ask you to confirm your identity by requesting some personal information. Giving the exchange the necessary information helps provide extra security to the Coinmama platform. This helps the exchange know exactly who is on the platform in the event of an attack.

This isn’t an uncommon request. Most exchanges request this type of information, so don’t hesitate to provide the info Coinmama needs.

How to create Coinmama account

Once it’s ready, provide Coinmama the necessary documentation. The exchange will accept your driver’s license, passport, or another form of approved government identification. When Coinmama has the paperwork it needs, it will send over approval to use the exchange. Coinmama is pretty quick about getting users approved. You shouldn’t have to wait more than a few hours.

When Coinmama lets you know your account is confirmed, you can start purchasing Litecoin.

Buying Litecoin With Coinmama

One thing to note when you buy Litecoin with Coinmama is that the exchange doesn’t store your payment info on site. There are some users who like this since it means their information is secure if the site gets hacked. However, others dislike the fact that they have to enter their payment information every time they want to make a purchase.

Now that we’ve registered and verified our identity, it’s finally time to buy some Litecoin. Click on the “Buy” link located in the top right corner of the Coinmama site. You should see a page that shows you all the digital currencies that Coinmama supports. Since we’re buying Litecoin, you’ll select “LTC.” At this point, you can choose which rates you want to use. Coinmama lets you choose between USD or EUR.

At this point, you can enter the amount of Litecoin you want to buy. Once you’ve typed that in, select “Buy LTC.” Now, Coinmama will want the digital wallet address for your Litecoin. Coinmama doesn’t provide its users with local wallets for their digital currencies. As a result, you’ll have to create your own.

Locate a wallet that meets your needs, then copy the receiving address. Paste it into the field Coinmama provides so the exchange can send your Litecoin to you. Enter your payment information, then click on “Buy LTC.” That’s all there is to it.

How to buy Litecoin in Canada with Coinmama

The last step is the validation of your payment by Coinmama. Once it confirms everything, it will send your Litecoin over to your digital wallet. You should now have your very own Litecoin. Using these steps, you can buy Litecoin in Canada whenever you want by using Coinmama.

Further Info About Litecoin

Many people, including those in the world of crypto, don’t know that Litecoin is an altcoin which makes use of the technology that Bitcoin uses. The two cryptocurrencies are similar in that both reside on peer-to-peer networks which give users a way to perform cheap and quick transactions on the blockchain. When it comes to market capitalization, Litecoin consistently resides in the top five of all digital assets.

Perhaps the largest advantage of using Litecoin is the speeds at which it processes transactions. Some within the crypto community believe that Litecoin wants to take over Bitcoin, however, those within the project say that’s not the case. The coin wants to work alongside Bitcoin to improve both currencies. Since it was created, Litecoin has proved that it is a stable and sufficient choice for commerce.

Who Needs Litecoin?

Anyone who regularly makes purchases or payments online is the perfect person for Litecoin. Comparatively, Bitcoin is a digital asset which is used mostly as a store of value. Using Litecoin means giving up some security, but transactions on the network occur much cheaper and much faster than with Bitcoin.

Many people suggest that Bitcoin and Litecoin are the gold and silver of the crypto world. Physical silver was a way to buy goods or services. However, gold was (and to some extent still is) used as a way to store value. This is the most important way that Litecoin is different than Bitcoin.

Pros and Cons of Litecoin

Litecoin logo

  • Transactions performed on the Litecoin network are processed very quickly. Litecoin can manage its transactions in just a few minutes. By comparison, Bitcoin can take nearly a quarter of an hour to complete one transaction.
  • Litecoin offers transactions which are cheaper than most other digital assets on the market.
  • A key advantage of Litecoin is its flexibility. This means the network can adopt technologies as they become available.
  • The Litecoin network can quickly and easily meet market needs and demands
  • Litecoin is an open-source platform
  • Potential of being hacked is less than other coins as it completes transactions quickly
  • Has a total coin limit of 84 million, which is much more than Bitcoin’s 21 million.
  • Coins new to the world of cryptocurrency are boasting that they are faster and better than what Litecoin has to offer.
  • Some question the commitment of Litecoin’s leadership. Found Charlie Lee sold the Litecoin he had, which makes some people wonder if the coin will be around in the future.
  • The project pulled its LitePay option, which was viewed as a competitor to BitPay

Even though Litecoin has some drawbacks, it is still a reliable digital asset with a solid reputation. It is constantly towards the top of the market in terms of capitalization and plans to continue establishing a solid foundation on which it will continue to build.

Is Litecoin a Good Investment?

We can’t tell you how Litecoin will perform in the future, however, we can give you some information that will help you determine whether Litecoin is a good investment option. Here are some items we think will help you in the decision-making process:

  • Litecoin is a legitimate Bitcoin alternative as it provides lower costs and faster transactions
  • It’s easy to purchase and is available on most exchanges due to its ranking and popularity
  • Scalable and compliant enough to integrate easily with new innovations and technologies
  • Being talked about and thought of as a coin that is similar to Bitcoin hinders growth potential
  • Litecoin is not viewed as a high-risk coin since it sits near the top of the market in terms of capitalization

Bear in mind that the world of cryptocurrency is highly volatile. That means there are risks with this asset class that you may not experience in other areas. This is why it’s imperative that you learn as much as possible prior to purchasing Litecoin. For detailed analytics and insights into Litecoin and other digital assets, check out CoinMarketCap and TradingView.

  • 📈 Trade: BTC, ETH, XRP, LTC, BCH, ADA, QTUM, ETC
  • 💰 Deposit Methods: Credit/ Debit Card, Bank Transfer, Cash
  • ✅ Regulated
  • 🎧 Support: Email Form & Facebook

Did you know you can also buy other major cryptocurrencies in Canada like Bitcoin, Ripple XRP and Ethereum?

Further Reading At
1) Want To Learn More About Litecoin Before Doing Anything? Read Our Dedicated LTC Guide & Learn Everything You Need To Know.

2) Think Altcoins Like Litecoin Are The Way To Go? Find Out What Our Top Altcoin Picks Are For 2019.

3) Looking For The Next Litecoin? We Reveal Our Strategy To Find The Next Big Crypto Coin.

DISCLAIMER: Be aware that the activity of cryptoassets mentioned in this article is unregulated. This article must not be construed as investment advice. Always do your own research.

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