Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
How to buy Litecoin with a credit card in 3 steps:
Step 1: Create an account
No matter which service you want to use to buy Litecoin with a credit card, you will have to create an account. This requires you to sign up with an email and password. Additionally, exchanges will require you to pass a know your customer (KYC) process. Once you are signed up and have passed KYC, you can use the service to buy Litecoin with a credit card.
Step 2: Set up a wallet
Generally, when buying Litecoin through an exchange, it will come with a wallet built in to the platform. Any Litecoin bought with a credit card will be deposited into the integrated wallet. In this case, continue to step 3.
Some exchanges request a Litecoin deposit address. In this case you will first need to set up a wallet to obtain a Litecoin address before buying LTC. Setting up a wallet requires downloading a Litecoin wallet, and following the steps to secure it. Once the wallet has been initialised, you will obtain a Litecoin address which can be pasted into the field that requests it.
Step 3: Purchase with credit card
The final step is to purchase LTC with your credit card. This requires you to input the full credit card number, the expiry date and CVV code. Depending on the provider, it will also ask for billing details along with the name on the card. After entering your details, you can input the amount of Litecoin you want to purchase. Usually you're able to specify an amount of Litecoin to buy or an amount of AUD to spend.
Litecoin exchanges
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Pros and cons of buying Litecoin with a credit card
Pros
Buying LTC with a credit card is instantaneous and purchases are deposited quickly.
Liquidity is not required to buy Litecoin with a credit card.
Cons
Credit card providers usually charge a cash advance fee when purchasing Litecoin.
The exchange or service that the user is buying Litecoin from often applies a surcharge of between 1.5% and 5%.
Litecoin purchases via credit card can attract unwanted attention from the associated bank or provider.
How to choose the right platform
Want to buy Litecoin with your credit or debit card but don't know which broker or exchange to use? Remember to take the following factors into account when comparing the available options:
Safety and security. Above all else, you want to be sure you're dealing with a trusted and secure provider. For more information, check out the "Is it safe to buy cryptocurrency with a credit card?" section.
Cost. The convenience of buying cryptocurrency with a credit or debit card comes at a price, so take some time to compare the fees charged by different platforms before picking one.
Supported currencies. Which cryptocurrencies does the platform allow you to buy using your credit card? Bitcoin and Ethereum are the 2 digital currencies that are most widely available, but some platforms will also allow you to buy a number of other coins.
Supported cards. Does the platform accept all major credit cards or even debit cards?
Transaction limits. What are the minimum and maximum amounts you can spend in any single transaction?
Processing times. How long will it take for the cryptocurrency you purchase to arrive in your wallet or a deposit to arrive on the platform?
Sell-side services. Does the exchange also allow you to sell your cryptocurrency, or is it a buy-only service? If you can sell your cryptocurrency, it's worth checking what fiat withdrawal methods are supported and whether any fees apply.
Customer support. Find out when the provider's customer support team is available and how you can get in contact with them, along with their reputation.
How much does it cost to buy Litecoin with a credit card?
While buying Litecoin with a credit or debit card is generally quick and easy, it can also be quite expensive. This is because there are several fees that can contribute to the cost of your transaction, not only from the cryptocurrency broker but also from your card issuer. These charges can include:
Cash advance fee. Many card issuers treat a cryptocurrency purchase as a cash advance. This means your purchase will usually incur a cash advance fee and will also attract higher interest rates than normal purchases.
Exchange/broker fee. The platform you use to buy Bitcoin or another cryptocurrency will impose its own transaction fee. These tend to range from 4–6%, but are higher in some cases.
Credit card surcharge. You may also be asked to pay a credit card surcharge on top of any other fees and commissions being charged.
Currency exchange fee. If you're using an Australian credit card on an overseas exchange, you might be paying credit card currency conversion rates.
Is it safe to buy Litecoin with a credit card?
Check it's secure. Make sure the platform's web address starts with "https://" which means that all communications between your browser and the website are encrypted.
Check what security features it offers. What other features does the platform offer to protect your funds? For example, does it support 2-factor authentication? Are client funds stored offline?
Check where the exchange is based. Finding out where an exchange platform is based can give you a better idea of how it is regulated and whether there are any measures in place to protect you against fraud.
For example, Australian digital currency exchanges must be registered with AUSTRAC.
Read reviews. Check out independent user reviews and browse online forums to find out what sort of experiences other users have had with the platform. Did it deliver the service promised? Would they recommend it to friends and family?
Check the exchange rate. Take a look at how the exchange rate you're getting compares to the current LTC/AUD market rate. This will help you calculate just how much your transaction will cost.
Check your interest rate. Most card issuers will classify a cryptocurrency purchase as a cash advance, which means higher-than-normal interest rates apply. Be aware of how interest accrues with your card.
Know the risks of buying cryptocurrency. You've probably heard and read plenty about the volatility of Bitcoin and other cryptocurrencies, but don't assume that the coins you'll buy will increase in value enough to cover your purchase costs.
Buying LTC with a credit card frequently asked questions
The safest way to buy Litecoin is through a cryptocurrency exchange using the spot market. While credit cards are faster, it is a less safe option due to you inputting credit card details.
Yes, there are high fees when buying any cryptocurrency, including LTC, with a credit card.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
James Hendy is a writer for Finder. After developing a keen interest in traditional financial investing, James transitioned across to the cryptocurrency markets in 2018. Writing for cryptocurrency exchanges, he has documented some of the key blockchain technological advancements. James has a Masters of Science from the University of Leeds and when he isn't writing, you will either find him down at the beach, reading (coffee in hand) or at the nearest live music event.
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