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How to buy Litecoin

Is this not entirely clear to you? No worries! Our team always stands ready to assist! It’s our goal to make cryptocurrencies available to everyone. To reach this goal, it is crucial that our customers are well informed about Litecoin. You can contact us through the live chat, located at the bottom of this page.

Get the best Litecoin prices using SATOS

Step 1 – Create a Litecoin wallet

At SATOS, we aim to make purchasing cryptocurrencies as convenient as possible. That’s why we decided to operate without website accounts. The only thing you will need to purchase Litecoin from us is your own Litecoin wallet. If you do not have such a wallet yet, we recommend you to have a look at our dedicated Litecoin wallet page, where we explain how this process works. A Litecoin wallet is best described as a bank account that you are in complete control of!

Step 2 – Place a Litecoin order

After you have created a Litecoin wallet, the rest of the process becomes a piece of cake. We will first like to know how much Litecoin you wish to buy. You will then be shown the real-time exchange rate that we use to process your order. Do you agree with the proposed rate? Then click on ‘Place order’. In the next screen, you will be asked to enter your email address and Litecoin recipient address. You can find your recipient address in the Litecoin wallet you have just created (in case you didn’t already possess one).

Step 3 – Paying for your Litecoin

Next up is paying for the reserved Litecoins. SATOS allows payments through iDEAL, Bancontact, or SEPA. We do advise the use of iDEAL if possible, as it is the fastest payment method. Once you have paid for your order, we will safely reserve your coins and prepare them for depositing. You can now specify the wallet address you want to send your coins to.

Step 4 – Verification

Alas, even SATOS is obligated to follow up on verification procedures as after you have placed your order, we will ask you to briefly verify yourself. We will thoroughly explain our verification procedures on your personal transaction page as well as indicating which procedures apply to you. Do not fret, it is not rocket science and if you are curious about what our verification procedures are you can always check our current verification methods. Once you have handed in the specified verifications, our compliance team will do their best to quickly assess and verify your documents, after which they will process your order as soon as possible.

Up-to-date with our verifications? Then we will process orders to known addresses almost instantly!

Do you need help buying Litecoin? No problem, we stand ready to assist! Every day, SATOS strives to make buying and selling cryptocurrencies as simple as possible. After all, trading concerns your money, which is why it is vital that you are well informed and act safely. You can reach our team through the live chat, located at the bottom of this page.

Why do people invest in Litecoin?

  • Litecoin has already been around since 2011. It’s one of the first and most successful Bitcoin split-offs.
  • People invest in Litecoin because it aims to complement Bitcoin. Whereas Bitcoin is the digital gold, Litecoin is the digital silver.
  • Litecoin is a lighter and faster version of Bitcoin focusing on everyday payments.
  • Litecoin has always been one of the first to adopt new technologies. For instance, it was the first coin to implement SegWith (a feature that makes the storage of transactions more efficient).
  • The first-ever Lightning Network transaction was also conducted with Litecoin.
  • Finally, on September 20, 2017, Litecoin became the first coin to participate in a direct transaction between two different blockchains, a so-called atomic swap.

Why do people use SATOS to buy Litecoin?

  • Speed: orders are processed directly, seven days per week.
  • Reliable: SATOS has been the Netherlands’ primary broker for selling and buying Litecoin for more than five years now.
  • Support: the SATOS team stands ready to assist, seven days per week. We offer live support through chat and social media.
  • Secure: we do not manage our clients’ assets. Litecoins purchased through us always remain in your own hands.
  • Straightforward: paying for your order is a piece of cake with iDEAL, Bancontact and SEPA.

We appreciate our customers’ feedbacks! Here’s what some of our customers say about our work Trustpilot.

Always use your own Litecoin wallet

Indeed, our name already suggests that we share Satoshi Nakamoto’s vision that people should have the possibility to be in charge of their assets. After you have created a Litecoin wallet, you are no longer dependent on anyone else for managing your Litecoins. In short, you are now in charge of your own fortune. On our Litecoin wallet page, we explain how you can create a Litecoin wallet within just a couple of minutes.

What are some of the differences between Litecoin and Bitcoin?

  • The maximum Litecoin circulation has been set at 84 million. In comparison, Bitcoin has established its limit at 21 million.
  • A new block is added to the Litecoin blockchain every 2.5 minutes. Bitcoin expands its blockchain every ten minutes.
  • Litecoin also used a different hashing algorithm for miners, which is incompatible with existing specialised mining hardware. This serves to discourage mining farms and helps keep Litecoin accessible.
  • Litecoin was launched in 2011, whereas Bitcoin already went live in 2009.
  • The Litecoin blockchain can process 61 transactions per seconds. In contrast, the Bitcoin blockchain only manages to handle seven transactions each second.

What should I keep in mind when buying Litecoin?

The crypto market is extremely volatile. The Litecoin exchange value forms no exception to this. Always keep this in mind when you plan to purchase Litecoin through SATOS. We consider it essential that people realise that the enormous Litecoin price surges from the past offer no guarantees for the future.

Cryptocurrencies still find themselves in a very early stage of development. On the one hand, this makes investing in it an exciting endeavour, because the potential profits are momentous. But this also entails a high level of risk. Don’t forget that Litecoin has only existed since 2011. It hasn’t been around for long.

Nevertheless, Litecoin is nowadays one of the most popular altcoins, and the crypto community considers the project very promising. The coin operates differently compared to Bitcoin, which is why its blockchain can handle more transactions per second. Whether Litecoin will still be regarded as the fast and ‘light’ variant of Bitcoin in the future remains to be seen. Just like with any other investment, it’s vital that you inform yourself well before you decide to invest in Litecoin. After all, there are plenty of factors influencing the coin’s exchange rate.

Can I also sell Litecoin at SATOS?

It’s not only possible to buy cryptocurrency from us; you can also sell it to us! We consider it essential to offer our customers a platform that they can always fall back on to transfer their euros to cryptocurrency and vice versa. Therefore, you can also use our services to sell your Litecoins for euros.

Wondering what other cryptocurrencies you can buy and sell at SATOS? Take a look at these pages:

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Can I also sell Litecoin at SATOS?

It’s not only possible to buy cryptocurrency from us; you can also sell it to us! We consider it essential to offer our customers a platform that they can always fall back on to transfer their euros to cryptocurrency and vice versa. Therefore, you can also use our services to sell your Litecoins for euros.

Wondering what other cryptocurrencies you can buy and sell at SATOS? Take a look at these pages:

Litecoin is not anonymous

Media like to proclaim that cryptocurrencies serve as an ideal payment method for criminal activities, because of their anonymous nature. However, this notion completely disregards the fact that a public blockchain is accessible for everyone, and that everyone can have a look at your entire transaction history. This is why you should be extra careful when submitting personal data, as this could lead to a scenario where people can link your identity to your wallet address. Once people find out that you are the owner of a particular wallet, they will be able to see how much Litecoin you have in possession, and how many transactions you have completed. In the crypto environment, the responsibility for guarding your privacy lies entirely with you.

Litecoin transactions are irreversible

One of the exciting aspects of digitalised currencies that make use of blockchains is that transactions are irreversible. If you have transferred Litecoin to someone else, you cannot just easily get it back. No one can revert the transaction for you. Therefore, always carefully check whether the recipient address you entered is correct. Even a small typo can cause your Litecoin to forever disappear. To prevent mistakes, we advise our customers to always copy-paste recipient addresses, and not to retype them. Avoiding such mistakes is of the essence in the crypto sphere, because there’s just no way to undo them. Fortunately, more and more Litecoin wallets appear on the market with automatic verification features checking addresses for errors. Until such useful features become more commonplace, it’s good to remain alert when trading.

The Litecoin exchange rate is volatile

At the time of writing, the value of Litecoin jumps up and down far more rapidly than average investment products. This is due to the fact that cryptocurrencies are still in an early stage of development. Besides, the markets used for trading these coins isn’t liquid enough yet, which also leads to substantial rate fluctuations. It’s because of this instability that it’d be unwise to invest all your savings in cryptocurrencies. Think twice before you decide to invest, always do your research, and never invest more than you can afford. Are you interested in learning more about the Litecoin exchange rate? Then check our Litecoin price analysis. Here we explain the dynamics behind Litecoin pricing.

Should I use my own bank account to buy Litecoin?

In principle, yes. If you do choose to use someone else’s bank account to buy Litecoin, we do require written approval. Please contact us in advance if you plan to use a different account.

Can you transfer my Litecoin order directly to an exchange?

In principle, yes. If you do choose to use someone else’s bank account to buy Litecoin, we do require written approval. Please contact us in advance if you plan to use a different account.

Can I buy Litecoin anonymously through SATOS?

Unfortunately, due to legal obligations, this is not possible at SATOS. Read our KYC / AML policy for more information.

What are the costs of buying Litecoin through SATOS?

The costs are on average 1-2% of the purchase amount. These are the costs that we charge for our services. These costs depend on supply and demand and differ per crypto currency. As a rule of thumb, the larger the amount, the more favorable the exchange rate!

Can I also use a credit card to buy Litecoin?

We do not offer this payment method yet. We do work hard to implement this feature in the future.

Is there a limit to the amount of Litecoin I can buy?

No, we do not have a Litecoin purchase limit. We do have a EUR 10,000 transaction limit per iDEAL-payment. Nevertheless, it’s certainly possible to place multiple consecutive orders of EUR 10,000.

Is there a minimum amount of Litecoin I have to buy?

You can place your Litecoin order from EUR 50 and up. With orders of less than EUR 50 in value, the transaction costs would become disproportionally high. We want to avoid such scenarios for our customers.

How long does it take before I receive my Litecoin order?

We generally process transactions quickly. You should receive your purchased Litecoins within only 15 minutes. When processing your order, however, we are still dependent on banks and the traffic on the blockchain. Is this your first order at SATOS? Then we will first have to verify your bank account. This only takes a couple of additional minutes.

Select a customary miner fee

It’s important to add a reasonable fee for the miners because this miners fee determines how fast the Bitcoin network will process your transaction. When you opt for a fee that’s too low, you may have to wait hours before your transaction is confirmed. It may not even be processed at all. Therefore, always check the current average fee when doing a transaction.

Pay taxes on your crypto assets

Paying taxes is also an integral component of cryptocurrency. Always ensure that you file your crypto assets with the tax authorities. The taxes you need to pay only make up a small part of your capital, and in the Netherlands, the first EUR 30,000 is exempted from taxation. You can find more information about cryptocurrencies and taxes at our dedicated tax page. Ethereum and other cryptocurrencies are nowhere recognised as official currencies, but this doesn’t entail that they are exempted. Consider, for instance, the income tax, corporate tax, asset tax and turnover tax. Cryptocurrencies represent value, and everything that carries value has to be reported to the tax authorities. Also, be aware that you are personally responsible for complying with the applicable tax legislation. To make this a bit easier, we have created an overview of the relevant legislation that will help you figure out how to pay bitcoin tax.

Be prepared and do your research

There are a couple of things that you need to know when you are entering the Bitcoin business. One of these is that this form of digital currency allows for a type of money exchange that is different from the one that’s used by traditional banks. Therefore, it is essential that you inform yourself about the features of Bitcoin and the workings of this cryptocurrency. Always do such research before initiating significant Bitcoin transactions. In short: treat your Bitcoins in the same careful manner as you would handle the cash in your wallet. Sometimes, you even need to be more cautious! Also have a look at our cryptocurrency knowledge base. Here we have collected a number of articles for beginning cryptocurrency users.

Consider your inheritance

Cryptocurrencies may form a significant part of your fortune. Therefore, always entrust someone within your close circle of friends with access to your Bitcoin assets. You could even share only half of the private key (your unique wallet access code) or half of your password with someone you trust, and inform a notary of the other half.

Make a backup of your wallet

When you use your Bitcoin wallet, always first make a backup. Most wallets offer a simple tool to arrange this in just a couple of steps. Is this not entirely clear to you? You can find more information about Bitcoin wallets on our dedicated wallet page. To make it easy for you, we have described a number of tips that can help you safely store bitcoin and other cryptocurrencies.

Install a good virus scanner

What’s particular about Bitcoin is that you act as your own bank. You can make transactions from person A to person B without the interference of third parties. You bear responsibility for managing your cryptocurrencies, but this also entails responsibility for securing them. That’s why you should always have a decent virus scanner installed. Prevent criminals and scammers from stealing your hard-earned cryptocurrency by reading more about known forms of bitcoin fraud.

I need assistance; what is the most convenient way to reach you?

We are available seven days per week from 10 AM to 9 PM. You can reach us through the live chat, by email, or by using social media. For frequently asked questions, please first check our support-page.

I would like to pay for my order with a business account. Is this possible?

Yes, this is not an issue, but be aware of the applicable tax legislation governing business investments. This concerns the profits of your company. For more tax information, please take a look at our tax page.

What does SATOS use my personal data for?

We understand that privacy is a key concern for you. Therefore, we drafted an entire page covering just this subject. Please have a look at our privacy policy page.

Which payment methods does SATOS accept?

Besides iDEAL, we also offer Bancontact and Belfius payment services. Do you prefer to pay using wire transfer? Then choose the ‘SEPA’ payment method.