fbpx

How to Purchase Litecoin in India

How to Purchase Litecoin in India

Interested in purchasing Litecoin in India?

India isn’t the easiest place in the world to purchase cryptocurrency. And Litecoin isn’t the easiest cryptocurrency.

Fortunately, there are ways to purchase Litecoin in India. These methods don’t even involve purchasing Bitcoin and then using it to purchase Litecoin.

That’s right, you can find LTC/INR trading pairs on certain exchanges. 

This article will cover the places where you can find those trading pairs.

Purchasing Litecoin in India – Top Indian Cryptocurrency Exchanges for Litecoin

Here are the best Indian cryptocurrency exchanges for Litecoin. All the exchanges on this list have a LTC/INR trading pair, which allows you to purchase Litecoin with Indian rupees. There is no need to switch to another cryptocurrency.

WazirX

wazirx.com

WazirX is the most popular cryptocurrency exchange for a good reason.

It has low fees.

There are no deposit and withdrawal fees. The only fee is a 0.25% trading fee.

Anyway, WazirX has a LTC/INR trading pair, so you shouldn’t have any issue purchasing Litecoin on the exchange. 

BitBNS

BitBNS

BitBNS is another popular Indian cryptocurrency exchange. Fees on BitBNS range from 0.03%-0.25% if you trade with the BNS token. 

The fees are a flat 0.25% if trading with Indian rupees. 

Either way, the fees are very low. 

There are no fees on deposits and withdrawals. And they can both be done in Indian rupees. 

Of course, BitBNS has an LTC/INR trading pair. As an added bonus, the price of Litecoin tends to be a little less on BitBNS than on other exchanges. 

We recommend purchasing large amounts of Litecoin on BitBNS because the price of Litecoin tends to be lower. 

Colodax

Colodax

Colodax is yet another domestic cryptocurrency exchange. The interesting part about Colodax is that no crypto to crypto trading pairs exist on the exchange. 

All the cryptocurrencies only pair with Indian rupees. 

Litecoin is obviously one of those trading pairs. 

Our favorite part about Colodax is the lack of fees on the platform. A small 0.15% maker and 0.15% taker fee is charged on each transaction.

There are no fees on deposits or withdrawals. 

This means that Colodax has some of the lowest fees of any Indian cryptocurrency exchange. 

We recommend using Colodax if you want to purchase a large amount of Litecoin. It’s not the best platform for trading, which is why we only recommend it for long-term holding.

BuyUcoin

buyucoin

BuyUcoin is another popular cryptocurrency exchange. It’s a domestic exchange, just like BitBNS and WazirX. 

This means withdrawals and deposits can be conducted in Indian rupees, which is very convenient. 

BuyUcoin does have a LTC/INR trading pair. However, we don’t recommend using BuyUcoin to purchase large amounts of Litecoin.

Why?

The fees are simply too high. Maker fees are 0.84% and taker fees are at 0.26%.

Cryptocurrency exchanges normally charge fees in the 0.25% range, so the fees on BuyUcoin are much higher than the industry average. 

The one benefit of BuyUcoin is that they do have a good platform for day trading cryptocurrency. 

With that in mind, we only recommend using BuyUcoin if you plan on day trading Litecoin. For large purchases of Litecoin, you’re better off with a different exchange. 

Purchasing Litecoin in India – Safety Tips

Litecoin is a secure cryptocurrency. However, cryptocurrency exchanges can sometimes have questionable security measures in place, so we recommend moving your Litecoin off the exchange to your own wallet instead of storing it on the exchange. 

With that point in mind, here are the best Litecoin wallets.

Litecoin.org’s Litecoin Wallet

We recommend beginners to Litecoin simply download the wallet from the Litecoin website. It’s easy to install and free. 

It’s also much more secure than leaving the Litecoin on the exchange.

Hardware Wallet

If you’re serious about cryptocurrency or plan on purchasing a lot of cryptocurrency, then a safer option is to use a hardware wallet. 

This is simply a cryptocurrency wallet that is not connected to the internet. You can still transfer cryptocurrency off of it when you plug it into the internet, but otherwise it is not connected to the internet.

For that reason, a hardware wallet is very secure. They also are compatible with all the different cryptocurrencies, so you don’t have to set up a wallet for each cryptocurrency that you purchase.

We recommend the Trezor or Nano. They’re both equally good wallets. Simply pick the one that is more affordable or more readily available to you.

Litecoin in India – Frequently Asked Questions (FAQ)

Here are some of the most frequently asked questions about Litecoin in India.

Is Litecoin legal in India?

Yes. Litecoin is 100% legal in India at the time of writing. You can buy, sell, and mine all cryptocurrency in India. 

You will have to pay taxes on all realized gains (and write off realized losses), though.

We recommend hiring a tax professional to help you with your taxes if you have any realized gains or realized losses from cryptocurrency.

Is now a good time to buy Litecoin?

Yes. The future of Litecoin looks great because it’s a more suitable cryptocurrency for transactions than Bitcoin. 

Additionally, the price of Litecoin is extremely low. The price at the time of writing is approximately $45/LTC.

Is Litecoin safe?

Yes. Litecoin is a safe cryptocurrency. There have been some concerns about the security of the cryptocurrency, but Litecoin has not had any hacks. 

Also, we recommend storing your Litecoin on a wallet rather than an exchange. Exchanges have more security concerns than any cryptocurrency.

Final Thoughts

That’s all we have for purchasing Litecoin in India. There are more exchanges than you would probably guess that have LTC/INR trading pairs.

However, we only recommend purchasing Litecoin on cryptocurrency exchanges that charge less than a 0.25% fee. If you’re paying higher fees than that when purchasing Litecoin, then you can pay less fees for the same Litecoin. 

When it comes to buying Litecoin, there is not a better time than the present to invest in cryptocurrency. Especially with Litecoin because it is a very undervalued coin.

Give a Comment