Litecoin was first made in October 2011 as a side project to bitcoin. Known as the brother of bitcoin, it’s safe to say Litecoin has made a name for itself. Litecoin is among the topmost established crypto resources in the market and is among the top ten best digital currencies by market cap.
After bitcoin, Litecoin has made a name for itself for being reliable and beneficial to users. If you are looking to buy Litecoin in India, this guide will show you how to do it. Before that, keep this tiny detail in mind that digital currencies are legal in India. You won’t face any troubles while purchasing Litecoins.
Price of LTC to INR
Back in 2016, Litecoin started at a meager price of 264 rupees. But soon, in December 2017, the LTC to INR price rose to almost twenty thousand rupees. That’ the highest LTC to INR price ever recorded in India.
Litecoin faced its highs and lows from there onwards, and right now, the LTC to INR price is just over 14,000 rupees.
Buying Litecoin in India
There are multiple methods to purchase your Litecoin in India. Here are a few of them:
Litecoin is among the top four largest cryptocurrencies in the world. You can trade Litecoin using your fiat currencies on fiat exchanges. If you want to trade multiple currencies or have the option to convert other currencies into Litecoin, you can consider C2C exchanges as well. Don’t forget to learn techniques like spot exchanging and subsidiaries exchanging to make your exchanges more beneficial.
Using Regular Currency
Yes, you can buy Litecoin using Indian rupees. Litecoin is an excellent investment. Many platforms offer their users to buy Litecoin by paying cash. While Litecoin’s price is still low, purchasing the altcoin and setting up your long exchange earlier will benefit you greatly.
P2P Litecoin Exchanges
Follow this step-by-step guide to buy Litecoin via a P2P exchange.
Open a Digital Wallet
A digital wallet lets you store your cryptos and enables interaction with others using blockchain technology. You will find countless digital wallets provider. It is on you to carry out your research to decide which one is the best wallet for you.
Open an Account
Sign up, register, and open an account on a P2P crypto exchange to buy Litecoins. Fill in all the necessary information they ask for. Remember to compare crypto exchanges before you register with one. This way, you will determine the benefits they provide and the fee they charge.
Complete the KYC Form
Indian jurisdiction requires users to fill out the KYC and AML forms. Your data will be safe with the Indian data centers only. KYC requires a recent selfie and images of your pan card. They may also require information like your phone number, address, and email.
Enable Two-Step Verification
It is vital to add 2-step verification for advanced security. To use 2-step verification, you will have to install an Authenticator application on your device. Once you enable the app, it will ask you to provide a six-digit one-time password as well as your email and password every time you log into your P2P crypto account. This will work when you sign in with your email and password only.
Add Bank Details
You will have to add bank details to fund your account or directly link your bank account to your online crypto exchange account. You will be asked to add the credentials of your bank name, account holder name, account number, and IFSC code details.
After that, you can simply search for a seller on the platform by entering your local currency and the digital currency you want to buy. Find a seller that best fits your needs. Open a trade with them. Pay for the trade and the amount of Litecoins you wish to purchase. Receive Litecoins in your wallet.
Purchasing a Litecoin Wallet
After purchasing your Litecoin on a spot trade, you need to move it to a web wallet or equipment wallet for safety measures. Plus, keeping your Litecoins safe and for long-term means, you will get to see generous benefits as its price increases over time.