How to Buy Litecoin on Gemini

In today’s guide, we’ll show you how to buy Litecoin on Gemini. But before we start, we highly recommend checking out our Gemini review, so you are informed about some of Gemini’s issues, most importantly regarding the failure of Gemini Earn. 

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

1. Register an Account and Verify Your Identity

First, open up the Gemini website to create an account.

Gemini takes KYC policies seriously and requires you to verify your ID as you create your account. That means you must use your first and last name to sign up for the exchange.

Click “Create Account.” You will be redirected to the account verification page to select and upload an ID.

Click on the ID type you want to upload to the platform.

You must upload the ID pictures from your phone. 

Click the “Get Secure link” button. Gemini will text you a secure link for completing the uploads. When the upload is finished, go back to the webpage to finish creating your account.

2. Add a Payment Method

Click on the “Account” tab in the upper-right corner of the page. Click on the Payment Methods тab on the left panel.

You can link a bank account or debit card to your Gemini account. 

Once you add a bank account, you can make direct deposits to Gemini via your bank. This allows you to deposit and withdraw fiat to the platform and trade on the spot market with fiat currency.

However, fiat deposits via bank account may take several days to arrive. While it’s more economical than debit card purchases, it’s not the fastest way to buy Litecoin on Gemini, so we recommend using this option for larger fiat currency transfers.

Linking a debit card to your account, on the other hand, allows you to make instant crypto purchases through Gemini’s “Instant Buy” feature. While debit card purchases charge higher fees, the speed and convenience of “Instant Buy” make up for the price, at least for beginners.

Click “Add” to continue.

One of the benefits of using Gemini is the platform’s support for many local currencies. 

Select your debit card currency and click “Next.”

Enter a billing address and hit “Next.”

Add address details and click “Next.”

Finally, link your debit card. The card must be in your name or your application will be rejected.

3. Navigate to the Relevant Screen to Buy

Hit the “Market” tab on the left side of your dashboard. Select Litecoin “LTC” from the list and hit “View Details.”

You will be redirected to the basic trading interface.

You will see the Litecoin price chart and a very simple instant buy form.

All you have to do is fill out the buy form by entering the amount you want to invest in LTC and select a payment method.

You will also see a “How Often?” box on top of the form. Gemini helps you automate your purchases by allowing you to issue periodic buy orders. You can answer it as “Once” for a one-time purchase or “Weekly”/“Monthly” for recurring orders.

Hit “Review Order” to see the amount of Litecoin you will receive and the fees you must pay. If everything looks good, hit “Buy” to complete your purchase. Your order will be processed immediately, and your Litecoin will show up in your account.

While this is the easiest way to buy Litecoin on Gemini, there is also a cheaper way. When you use instant buy, Gemini adds a “spread” to the price of Litecoin, increasing the amount you have to pay.

You can minimize the spread by trading on the spot market. Let’s see how.

Active Trading

You can see the “Active Trader” button under the instant buy form. Hit “Switch to Active Trader” to go to the Gemini spot market. 

Please note that you can only use the Gemini spot market if you’ve made a cash deposit to your account (via bank transfer) or already have digital assets in your Gemini wallet. Debit cards can’t be used for spot trading. 

In the Active Trading interface, search for LTC to see all the available Litecoin markets. Select the trading pair you want to swap.

For example, if you have USDT, you trade the USDT/LTC pair. Click on the pairing and fill out the buy form to issue a buy order.

If there are no suitable pairs, you can sell your assets for USDT and use USDT to buy Litecoin. Most altcoins are denominated in USDT, so you can use your assets to buy other digital assets as well.

And that’s how to buy Litecoin on Gemini with fiat and cryptocurrencies! If you liked this guide, check out our exchange reviews and how-to-buy guides as well.