Step 1:

Find a reliable Litecoin wallet

For those just getting started, your best bet is to use the wallet that’s automatically provided to you on our recommended exchange, Coinbase.

However, it’s also a good idea to set up a wallet that’s not linked to a crypto-exchange to ensure you’ll have ready access to your Litecoin even in the event of overwhelming traffic or site closure.

Step 2:

Choose the right Litecoin trader

The best place to make your first Litecoin purchase is on an exchange. There are a lot of exchanges out there, with varying performance. Some are less trustworthy than others, and some are limited, so it’s crucial to pick the right exchange.

We recommend using Coinbase, though there’s no harm in checking out the competition using a Litecoin exchange comparison site.

Step 3:

Select your payment method

Exchanges accept a variety of payment options. Coinbase allows bank accounts, Visa and Mastercard debit cards, and wireless transfers for payments — though one payment solution must be linked to your account before you can make a trade.

Coinbase recently added PayPal as an option for transferring Litecoin, though there are certain caveats.

Step 4:

Make your first trade

To make your first trade, input the amount of Litecoin you want to buy in the provided field and click the buy button.

On Coinbase or Coinbase Pro, this will be a standard market buy order, which will purchase Litecoin at the best market rate.

Alternatively, you can place a limit order, which lets you set a price you’re willing to pay for a certain amount, and a trade will only happen if that amount shows up at that price.

Step 5:

Receive Litecoins into your wallet

Once you’ve made your purchase, your newly gained Litecoin will transfer into your Coinbase wallet for storage. You should then seek the option to transfer these funds to the address of the Bitcoin wallet you have created. You must pay a small fee to move the funds out of the exchange, but that is part and parcel of Litecoin transfers. Fortunately, the cost of such transfers is much lower than it has been historically.

Step 6:

Get ready to use it

Whether your plan is to sell your Litecoin (hopefully at a profit) or use it to purchase goods or services, be ready to do so at a moment’s notice. Litecoin's value fluctuates wildly, so it’s essential to plan your endgame early on. Prepare now by setting up a doubler account on an Fast Bitcoin Doubler Platform, or figure out how to double what you want with it. That way, you would be in a profit to complete your doubling transactions when the time comes.