Oleg Galeev

4 weeks ago

How to Buy Litecoin in Canada in 2022

Buying Litecoin in Canada

Litecoin (LTC) is one of the oldest cryptocurrencies, first appearing in October 2011. Litecoin was inspired by, and shares many similarities, with Bitcoin. It has often been referred to as “the silver to Bitcoin’s gold.”

Litecoin is a proof-of-work cryptocurrency with faster transaction times than Bitcoin, lower fees, yet similar security since it was originally a fork of the Bitcoin network. It’s therefore better suited to payments than Bitcoin. There are only 84 million Litecoins that will ever exist compared to Bitcoin’s 21 million coins. 

One year ago, the price of Litecoin was $144 and today it is around $67. Litecoin’s all-time high was $497, in May 2021.

There are many Canadian crypto exchanges where you can buy Litecoin easily and cheaply and in this article we’ve listed some of the most popular places to buy LTC. 

How to Buy Litecoin in Canada

To buy Litecoin in Canada you must first sign up to a crypto exchange. All you need to do is create an account and go through the KYC process to verify your account. After that, you will be able to buy LTC with fiat or crypto. 

Where to Buy Litecoin in Canada

Below we have listed some of the best crypto exchanges based on ease of use, reputation and cost. 

CoinSmart

CoinSmart is a Canadian crypto exchange that offers an easy way for Canadians to buy Litecoin. As a beginner-friendly crypto exchange, CoinSmart is easy to use. You can make deposits via Interac e-Transfer, though there is a 1.5% fee for deposits less than $2000. Trading fees are 0.2%, which is lower than a lot of other exchanges. Withdrawals have a 1% fee. 

Bitbuy

Bitbuy is one of the most reputable crypto exchanges because it is the first regulated crypto exchange in Canada. You can therefore trade with complete peace of mind knowing Bitbuy is safe and trusted. Bitbuy has some of the lowest trading fees at just 0.1%/0.2%. You can deposit Canadian dollars easily with Interac e-Transfer, but there is a 1.5% fee for these deposits. 

Bitbuy is suitable for both beginners and more advanced traders because it has both Express and Pro platforms. The Pro platform has advanced trading information such as charting and order book data. With its ease of use, low fees, and high reputation, Bitbuy is one of the best places you can buy LTC in Canada. 

Netcoins

Netcoins is a crypto exchange owned by Bigg Digital Assets, a publicly traded company. This can give you assurance that Netcoins is a safe crypto exchange to buy Litecoin. Deposits and withdrawals are free, it has its own Visa card for spending crypto, plus it has a beginner-friendly platform. However, trading fees are on the high side at 0.5%. 

Still, Netcoins is a popular choice for Canadians because it is regulated, and has a large selection of cryptocurrencies, including Litecoin. 

Newton

Newton is a Canadian crypto exchange that doesn’t charge fees. Deposits and withdrawals are free, but there is a slightly higher spread than some other crypto exchanges. Despite this, Newton is a top choice to buy Litecoin in Canada because it’s simple to use and making deposits with Interac e-Transfer is easy and fast so you can buy LTC quickly. Newton is fast becoming one of Canada’s most popular crypto exchanges for beginners.

Wealthsimple Crypto

Wealthsimple Crypto is a safe and reputable place to buy Litecoin in Canada. Wealthsimple is regulated and has insurance, so you can be certain your funds are safe. If you also invest in stocks, then Wealthsimple might be a good choice to buy crypto because you can keep all of your investments in one place and transfer funds between your investment accounts. 

The downside is that Wealthsimple charges a high spread of about 1.5% to 2% when trading crypto. Deposits and withdrawals are free. 

NDAX

NDAX is a good Canadian crypto exchange to buy LTC. You can deposit funds for free via Interac e-Transfer and its trading fees are low at a fixed 0.2%. Fiat withdrawals cost $25. 

NDAX is becoming a favourite exchange for Canadians due to its excellent customer service, low fees, and beginner-friendly platform.

How to Keep Litecoin Safe and Secure in Canada

Once you have purchased Litecoin, you must store it safely. It is never a good idea to keep cryptocurrency on an exchange, even if it is regulated because any exchange is vulnerable to hacks. Should your crypto be taken from an exchange, there is no guarantee you’ll get it back. 

The best way to store cryptocurrency is with a private wallet. There are many different types of crypto wallets to choose in Canada from including soft wallets such as desktop wallets or apps you can download on your phone, or hardware wallets, which is the safest way to store crypto. 

If you choose to use a private wallet, you must keep your seed phrase in a safe place, offline, so that no one can steal your crypto. 

We have reviewed several of the best crypto wallets in Canada for you to choose from in our previous article. 

How to Sell Litecoin in Canada

It is an easy process to sell Litecoin in Canada. If you have signed up to a crypto exchange, it is best to use the same one to sell Litecoin so you only need to KYC once. 

Once you have moved your Litecoin back to the crypto exchange from your wallet, look for a sell button. You can sell to another crypto or to Canadian dollars. Once you’ve sold your LTC, your fiat wallet should now have Canadian dollars in it. You can then “withdraw” these funds to your bank account. 

Every exchange will have a variation in layout, but the steps to sell and withdraw will largely be the same. 

Litecoin Canada FAQs

Can you buy LTC in Canada?

Yes, you can buy LTC in Canada. Litecoin has always been a popular investment for Canadians since its launch in 2011.

What is the best way and place to buy LTC in Canada?

We suggest you buy LTC using one of the cryptocurrency exchanges we have vetted in this article. We recommend Bitbuy, Coinsmart, Wealthsimple Crypto, NDAX, Newton, or Netcoins. 

How to trade LTC in Canada?

You can trade LTC in Canada using the crypto exchange where you have signed up. Each exchange will have different cryptocurrencies and trading pairs available, but most will have options to trade to Bitcoin, Ethereum and stablecoins at a minimum. You simply click “trade” or “sell”, and you will see which cryptocurrencies you can swap LTC for on that exchange. 

Is LTC a good investment for Canadians?

Litecoin can be considered a good investment because it is the second-oldest cryptocurrency after Bitcoin and it is still around. Litecoin has stood the test of time. It is reliable, and has all of the benefits of Bitcoin including decentralization and security, with faster and cheaper transactions. There is nothing particularly exciting about Litecoin, but it has been working as a currency successfully for over ten years. 

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Author

Oleg is a crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun.