Litecoin is one of the popular crypto assets that traders or investors continue to buy to make gains in the market. This is owed to its resilience amid volatility and its viability as a suitable payment method, including the positive market sentiment around the coin. So, as there are many ways to acquire LTC, let’s explore how to buy Litecoin using PayPal.
Ways To Buy Litecoin Using PayPal
There are different methods by which you can purchase LTC with PayPal. The choice will be the function of your preference and other things to consider before buying Litecoin.
1. Buy Litecoin With PayPal On Crypto Exchanges
Many exchanges enable you to use PayPal to purchase LTC on their platforms. They act as the intermediary to facilitate trade. Popular of these exchanges are Binance, Coinbase, eToro, etc.
These platforms have their respective PayPal deposit fee, which you must consider, and trading fees to acquire Litecoin. For instance, the PayPal deposit fee on Coinbase is 2.5%, and the trading fee ranges between 0% and 0.6%.
How To Buy LTC Using PayPal On Exchanges
You can easily find Litecoin on most exchanges due to its popularity, but you must choose an exchange that supports PayPal.
- Create an account with your preferred exchange and complete the know-your-customer (KYC) procedure to verify your identity.
- Proceed to the deposit page to choose PayPal as your funding method. But you may encounter certain restrictions like deposit limits and limited fiat currencies.
- Navigate to the search bar on the platform to choose Litecoin as the crypto asset to buy.
- Enter the amount of LTC that you want to purchase and provide the Litecoin wallet to receive. You can create a wallet on the exchange to send the LTC to your external wallet.
2. Buy Litecoin Directly On the PayPal App
Litecoin is one of the four crypto assets you can buy directly on the PayPal app. Others are Bitcoin, Ethereum, and Bitcoin Cash. Therefore, you don’t need any sign up process to buy Litecoin if you are already a PayPal user.
How To Buy Litecoin On PayPal
- Log into your PayPal account and choose crypto at the top-right corner.
- Choose Litecoin from the list of available cryptocurrencies on PayPal.
- Enter the amount of LTC you want to buy.
- Choose your preferred payment method, which could be your PayPal balance, credit/debit cards, or bank transfer.
- Review the transaction details and click “Buy Now.”
Meanwhile, trading fees apply to the purchase of your LTC on PayPal. But you can compare the fees on PayPal to the ones on crypto exchanges to choose the best for your trade. The fees depend on the LTC you buy, ranging between $0.49 and $2.49. But you will be charged 1.5% of your amount if you buy LTC worth over $1,000.
Where To Sell Litecoin
The trade of purchasing your Litecoin either for short- or long-term investment is always completed by selling the asset. This is with the knowledge that crypto trading is one of the best ways to make money online. So, if you want to sell Litecoin, you can consider Prestmit the best platform to convert your Litecoin to fiat, crypto, or gift cards.
Prestmit offers an intuitive interface, advanced security, and features like a Litecoin rate calculator to enable profitable trading on the platform.
How To Sell Litecoin On Prestmit
Here are the quick steps to sell your LTC:
- Visit the official Prestmit website or download the Prestmit app on the Google Play Store or Apple Store.
- Create a Prestmit account and log in.
- Click “Buy & Sell Cryptocurrency” and choose “Sell Cryptocurrency.”
- Select “Sell Litecoin” and generate a Prestmit LTC wallet.
- Follow the prompts to sell your Litecoin.
- You will receive payment immediately after successful confirmation of your transaction.
Frequently Asked Questions (FAQs) About Buying Litecoin Using PayPal
Is PayPal The Fastest Way To Buy Litecoin?
PayPal offers instant deposits, hence making it one of the fastest methods to buy Litecoin. You can use your credit/debit cards to purchase LTC. But, the PayPal customer support team can occasionally delay a transaction for inspection, which can take one or two days.
Is It Cheap To Buy Litecoin Using PayPal?
This depends on the method you are using with PayPal. There is no fee attached to buying Litecoin with PayPal on eToro. But you will incur fees between $0.49 and 1.5% of the transaction amount when you buy LTC directly on PayPal
Can I Buy Litecoin With PayPal Without KYC?
You must complete the KYC procedure when using PayPal on centralized exchanges (CEXs). This is mandated by regulators for their users to verify their identity, which complies with anti-money laundering (AML) requirements.
But, you are not required to verify your identity when using decentralized exchanges (DEXs) because you can trade by connecting your decentralized finance (DeFi) crypto wallet.
Conclusion
It is easy to trade or invest in Litecoin if you know the proper steps. Interestingly, you can buy LTC using PayPal on crypto exchanges or directly on the PayPal app.
However, it is important to consider PayPal support before choosing any exchange, as not all exchanges have PayPal as a payment method. You must also take fees on exchanges and the PayPal app into consideration to guide your decision.
