How to Buy Litecoin on Poloniex

How to Buy Litecoin on Poloniex

There are two ways to buy LTC on Poloniex: with fiat money and with cryptocurrencies. We will help you learn both options.

However, you should know that Poloniex has a pretty bad reputation among crypto traders. You can learn more about the drawbacks of using this platform by reading our Poloniex review. 

Let’s see how to buy Litecoin on Poloniex.

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

1. Register an Account

Go to Poloniex and sign up for an account.

2. Verify Your Account

Verification is entirely optional as users can buy, sell, and trade assets without confirming their identity. 

However, completing verification increases your trading limits considerably, and allows you access to better customer service, or so the platform claims.

Hit the profile icon on your dashboard and go to “Profile.”

As you can see, you are already level 1 verified after signing up.

Click “Get Started” to complete Level 2. You must upload an official ID to complete this level.

3. Buy or Deposit Crypto

If you own digital assets in an external wallet, you can move them to Poloniex and trade your assets for Litecoin. 

Since most beginners don’t own digital assets, they need to buy Litecoin with fiat currencies (such as USD, EUR, GBP, and so on).

Poloniex accepts several payment methods, including third-party payment channels like Simplex and Mercuryo.

Hit the “Buy Crypto” tab on your homepage to be redirected to “Third-Party Buy.”

You can buy different cryptocurrencies through the third-party buy feature. All you have to do is select the currency you want to receive, enter the amount you want to spend, and select a payment option.

If Litecoin is not offered by any third-party channels, you should buy another cryptocurrency and trade it for LTC on the Poloniex spot market. Poloniex offers a liquid USDT/LTC market, so USDT is probably your best choice.

Once you click “Submit,” you will be taken to the payment page to see all the fees and the amount you will receive. If everything looks alright, you can confirm your purchase and complete the transaction.

Please note that you must sign up for a Mercuryo or Simplex account to complete the transaction. Once you create an account, you can finish your purchase.

4. Spot Trading

Go to your dashboard and click on the “Trading” tab. Go to “Spot Trading.”

There is a BTC/USDT ticker on the upper-left side of the page. Hit the arrow near the pairing and you can see all the spot trading markets. Enter LTC in the search area and select USDT/LTC.

Fill out the order form on the opposite side of the page by adjusting how much USDT you want to sell for LTC. If you select to issue a “Market” order, you will receive the best available price in the order book. Your order will be executed in a few seconds and your assets will show up in your exchange wallet.

You can also issue a “Limit” order and set a lower buy price for Litecoin, but then you must wait for the price to drop for your order to be executed.

Now you know how to buy Litecoin on Poloniex! If you enjoyed this guide, go on and check out our exchange reviews and articles on how to buy Polygon, Solana, Bitcoin, and Ethereum!