If you are wondering how to buy Litecoin in the UK, follow this Litecoin buyer’s guide.
Step 1 – Get a Litecoin storage wallet
Before you try to buy Litecoin, you need to get a wallet to store your purchased coins.
You can buy them and store them in the online wallet on the trading platform of your choice but this is risky and not recommended.
Litecoin Storage Wallets
A storage wallet should be well protected since it holds all your LTC, think of it as your Litecoin bank account!
Litcoin Desktop Wallet
The Desktop wallet for Litecoin is called Litcoin-QT.
You can install this on your PC or laptop and use it free of charge. This convenience comes at a risk, if your computer gets hacked or corrupted you could lose all your LTC. We always keep the wallet.dat file in offline storage and only use it to update the blockchain and LTC balance when required.
Where to download the official Litecoin Desktop wallet?
To get started immediately you can simply download the official Litecoin wallet at https://www.litecoin.org
Be careful to make sure you are on the Official Litecoin site before downloading anything.
Install the wallet. It will take many hours to synchronise the blockchain the first time you run it.
Litecoin Hardware Wallet
For better security for your Litecoins, invest in getting a hardware wallets such as TREZOR or Ledger Wallet.
These are small USB devices
Litecoin Storage Tax
Storing any coins online leaves them vulnerable to being lost if the Litecoin exchange used gets hacked. The exchange may also charge you a week “storage tax” which is a fee for keeping the coins there. This goes towards their cost of having to try to keep them safe.
For example, 1% of funds you store on BitBargain (bitcoins or litecoins) are taken from your wallet every week if you are not a seller.
Step 2 – Go to a Litecoin exchange
Some Litecoin Exchanges limit you to only being able to buy Litecoin in exchange for Bitcoin, rather than actual FIAT currencies such as GBP, USD or EUR.
Fortunately, the BitBargain Litecoin exchange supports the following payment types in UK pounds:
- UKBT: UK Bank Transfer
- Pingit: Barclays Pingit Mobile Payment
- PYC: Pay Your Contact (RBS, Natwest)
- Paym: UK Mobile Payment
Step 3 – Buy Litecoin and withdraw them to your offline LTC wallet
Go to BitBargain.co.uk and go through their online tutorial page to understand the order and payment flow.
Create an account on BitBargain and await validation that it has been activated.
- Go to their Litecoin offers page
- Choose the Litecoin offer you wish to buy
- Click Buy Now and follow the on-screen prompts
The Bitbargain menu bar with show you LTC balance once the coins have been credited to your wallet there.
Consider this wallet your BUYERS WALLET for temporary use only.
Copy the LTC balance into the SEND LTC boxes:
- Amount (that you want to transfer to your offline wallet)
- Send to (the receiving address of your offline wallet)
- Validation (captcha)
Fills in all fields and click SEND LTC
Step 4 – Receive your LTC
You Litecoin should appear in your offline wallet.
Buy Litecoin on Repeat!
There are other options to enable you to buy Litecoin, on automatic repeat!
Step 1 Create an account at Coinbase.com
Step 2 Validate your Coinbase account
Coinbase offers a number of security measures so that you can use their service safely.
You should validate your personal information like name and address, email and telephone number. Optionally you can provide your driving license or other ID to increase the amount and limits of buying Litecoin on their site. Their website has a cool system to take a picture of your photo id using your smartphone camera or webcam to send the information. You will get an approval soon after
Coinbase.com has been getting 100,000 new Customer PER DAY recently, so don’t be surprised if they put you in the queue for some services whilst they catch up with this new level of demand.
Step 3 Add a Payment Method
Follow the prompts to add a new payment method to your accounts, such as your bank account, debit or credit card.
Step 4 Buy some Litecoin!
You should now be all set to buy some Litecoin.
Click on the Buy/Sell tab in your account:
Enter the amount of your local currency you want to spend e.g. £100 / $100
The right side Window will show you the details of the transaction you are about to make:
Review and confirm the transaction and see the Litecoin credited to your Wallet on Coinbase!
The Coinbase site will now offer you the option “repeat this transaction” so that it will take the same amount daily, weekly or monthly.
We recommend moving your Litecoin from this online wallet to offline storage.