How to Buy Litecoin on Bybit

How to Buy Litecoin on Bybit

If you need some guidance on how to buy Litecoin on Bybit, you’re in the right place! Let’s see how to buy LTC on Bybit.

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

1. Register an Account

Go to Bybit and sign up for an account.

2. Verify Your Account

If you have digital assets you can trade for LTC, like USDT, USDC, BTC, ETH, and so on, you can skip this step.

If you don’t own any digital assets yet, it’s alright. You can purchase Litecoin and other cryptocurrencies with fiat money once you complete identity verification.

To start, select the profile icon on your dashboard and hit “Identity Verification.” 

You must complete level 1 verification to buy and sell Litecoin on Bybit. You can complete Level 1 verification by uploading a selfie and a government-issued ID like a passport or driver’s license. 

Hit “Verify Now” to start and follow the instructions on the screen. It only takes a few minutes and once you are verified you can continue to the next step.

Completing Level 2 is optional but allows you access to more trading products (such as margin trading). If you are a beginner in crypto trading, you won’t need these products until you are more experienced. Nevertheless, if you want to have more options, you can complete it by uploading a proof-of-id such as a bank statement, a bill in your name, or your lease.

3. Deposit Funds/Crypto

If you have crypto assets in another wallet, you can transfer them to Bybit to trade for Litecoin. If that’s not an option, you can deposit fiat money into your account. Let’s check out how.

Deposit Crypto

Go to the “Assets” tab on your dashboard. You will see a list of crypto assets available on Bybit. 

Let’s say you have USDT you want to transfer to Bybit. Select USDT from the list and copy the QR code that shows up on the other side of the screen. 

This QR code represents your USDT wallet address on Bybit. You can use this QR code as your withdrawal address to transfer USDT to Bybit from all other wallets.

Each QR code is cryptocurrency-specific, so you can only use it for a specific asset. Don’t use a USDT address to transfer other cryptocurrencies like Bitcoin, Ethereum, or any others.

Your cryptocurrency will show up on your “Assets” page once your transfer is complete. You can trade them for Litecoin on the Bybit spot market, as we describe in the next step.

Fiat Deposit

If you don’t have any digital assets, you must transfer fiat currency to Bybit and purchase Litecoin through the “One-Click Buy” feature.

To start, open the “Buy Crypto” menu and hit “Fiat Deposit.”

On the deposit form, select the fiat currency you want to deposit and enter the amount. Next, pick a deposit method. Fiat deposit methods vary depending on your verification status and location.

Hit “Continue.” Follow the instructions on the screen to complete your deposit.

If your deposit doesn’t go through, don’t worry, you can still use your credit card to buy Litecoin. However, credit card purchases may involve a higher fee.

4. Navigate to the Relevant Screen to Buy

For fiat purchases, click “One-Click Buy” from the “Buy Crypto” menu. This is the easiest way to buy cryptocurrencies with fiat money.

On the form, enter the currency and the amount you want to spend. Set the “Receive” column to Litecoin. You will see a rough estimate of how much Litecoin you will receive.

For the payment method, you can either use your fiat balance or link a debit card to Bybit.

Click “Buy” to complete your purchase.

If Litecoin isn’t available for “One-Click Buy,” as certain assets may get removed from time to time, you can buy USDT and exchange it for LTC on the spot market.

Spot Trading

If you transferred or bought digital currencies on Bybit, you can exchange them for Litecoin on the spot market. 

Click on the “Trade” menu and hit “Spot Trading.” 

Look for a pairing ticker, most likely the BTC/USDT sign, on the upper-left side of the page. Hit the arrow next to it to reveal all the pairings.

Enter “LTC,” in the search box. That will display all the LTC pairings on Bybit. Select the pairing you want to exchange and scroll down to place an order.

If you have an asset like USDT, you can smoothly trade it for LTC. If you have an asset like Polkacot or Crdano, you may not be able to trade it for LTC directly. If that’s the case, first turn your assets to USDT and then to LTC.

And that’s how to buy Litecoin on Bybit with fiat and digital currencies! If you are interested in more guides, check out our exchange reviews and further how-to-buy guides.