How to Buy Litecoin on Binance

How to Buy Litecoin on Binance

It’s extremely easy to buy Litecoin on Binance, whether you want to buy LTC with fiat currencies or cryptocurrencies. In this article, we’ll guide you through each step.

However, keep in mind that if you are based in the US (and other regions where Binance is banned), you must use another exchange to buy Litecoin. We reviewed the most popular 21 Exchanges in the market to help you find the best platform.

Now let’s see how you can buy Litecoin on Binance.

A Step-By-Step Guide on How to Buy Litecoin on Binance

1. Register an Account on Binance

If you don’t have a Binance account go ahead and sign up.

You only need a username and a valid email address to create an account. 

2. Verify Your Account

You can trade digital assets on Binance without ID verification, but if you plan on buying Litecoin with fiat currencies (USD, EUR, GBP, AUD, and so on) you must complete ID verification.

Select the profile icon on top of your dashboard and click “Verification.” Hit “Get Verified.”

Binance verification requirements vary by country, so you must select your residence country before you can continue. Once you select a country, you can see all the necessary documents.

Click “Verify” to continue. Enter all the necessary information (your legal name, country, and date of birth).

Click “Continue.” You may have to upload an ID document to prove your identity.

3. Deposit Funds/Crypto

You can deposit crypto and fiat currencies to your Binance account. To start, click the “Deposit” tab on your homepage.

Deposit Crypto

As you can see in the picture above, you have many deposit options. If you own cryptocurrencies you want to transfer to Binance, click “Deposit Crypto.” 

Let’s say you want to deposit USDT to Binance. Go ahead and select USDT from the list of available assets. Binance will generate a USDT address for you. You can use this address to withdraw your USDT to your Binance wallet. Do NOT use a USDT address to transfer other cryptocurrencies. If there is another asset you want to transfer, select that coin and generate a new wallet address first.

Once your coin transfer is complete, you can trade your assets for LTC through Binance Convert or Binance Spot market.

Deposit Fiat

If you want to deposit fiat currencies (USD, AUD, EUR, and so on) to your Binance account from a bank account, click  “Fiat Deposit.” 

Fill out the deposit form by selecting your currency and transfer method. Bank transfers are usually the cheapest option but you may have other options depending on your currency.

Transfers via online banking and debit cards are instant but generally more expensive. If you are in a hurry and don’t want to wait, these are usually the best options.

You can see the estimated arrival time and any fees that apply after clicking “Continue.”

Other Options

As you can see, there is also a “Buy Crypto” button on the “Deposit” menu. If you don’t want to deposit fiat currency into your account, you can use the “Buy Crypto” function to purchase Litecoin and other digital assets on Binance.

When you click “Buy Crypto,” you will be redirected to Binance’s “Easy Buy” page. Here you can add a Mastercard or Visa credit/debit card to your account and buy crypto.

Buying crypto with a card is generally more expensive than depositing via your card. You pay a processing fee, as well as the “Easy Buy” fee for your purchase. 

We’ll see more about this method in the next step.

4. Navigate to the Relevant Screen to Buy

You can buy Litecoin on Binance through the spot market, Binance Convert, or via the  “3 Step Buy.” 

You can only use Binance Convert or Spot Market to buy Litecoin if you already have crypto assets on Binance.

Let’s start with “Easy Buy”.

Click the “Buy Crypto” tab on your dashboard. Fill out the order form by entering the amount you want to spend in the “Spend” column. Select the payment currency.

Set the “Receive” column to LTC.

The estimated amount of LTC you will receive for your money will be displayed on this page. Click “Buy LTC” to continue.

You must select a payment method: If you made a fiat deposit, select your fiat account as the payment method. If you haven’t made a deposit, click “Add New Card.”

Enter your card information and address details. The card must be in your name, or the transaction will not go through. 

You will see the estimated rates before you complete your purchase. Usually, there is a 2% fee for credit card purchases. Once you click “Confirm,” your order will be processed, and your assets will appear in your wallet.

Binance Convert

If you deposited a cryptocurrency (for example, USDT, BTC, or ETH) to Binance, you can swap your assets for Litceoin through Binance Convert.

Click on the “Trade” tab on your dashboard and go to “Binance Convert”.

This feature is the “Easy Buy” of crypto trades since all you have to do is fill out the extremely basic order form. Select the assets you want to exchange and enter the amount you want to swap for LTC.

As you can guess, this is a lot more convenient than the Spot Market. Binance Convert even lets you place limit orders (by setting your own price). 

However, keep in mind that while Binance Convert is advertised as “free of charge,” hidden fees come into play. When you buy (or sell) a cryptocurrency on Binance Convert, you pay a spread fee (around 2%). You can find better prices on Binance’s spot market. 

On the next screen, you can check the rates and the amount of LTC you will receive.

Once you click “Convert,” your order is instantly executed (limit orders may take a while before they are processed). Your assets will be deposited to your Binance wallet. 

If you enjoyed our “How to Buy Litecoin on Binance” guide, you may also enjoy our coin comparisons and exchange reviews as well!