Are you a beginner and wondering where to buy Litecoin in Australia but don't know where to start? We have written this easy-to-follow guide to describe step-by-step how to purchase crypto in Australia and answer these FAQs:
- Where can I buy Litecoin in Australia?
- What is the best crypto exchange in Australia to invest in Litecoin?
- Which Australian crypto exchange is safe?
- Is Swyftx the best Litecoin exchange in Australia?
To help you get started, we have conducted extensive research and assessed the important consideration when looking for a crypto exchange in Australia such as trading fees, deposit limits, payment methods, safety & security and customer support.
How To Buy Litecoin In Australia: Quick Guide
To buy Litecoin (LTC) in Australia, follow these steps:
- Register for an account with an Australian cryptocurrency exchange such as Swyftx
- Complete the signup registration process and verify your email
- Deposit AUD into the account
- Choose a preferred payment method
- Select Litecoin from the cryptocurrency list
- Enter the amount you want to buy with AUD
- Confirm the transaction details and confirm your purchase
Where To Buy Litecoin (LTC) In Australia
Here is our consolidated list of the best Litecoin exchanges in Australia (with our commentary):
- Swyftx (low fees and beginner friendly)
- Binance (worlds largest crypto exchange)
- CoinSpot (reputable and exchange that has been established for many years)
- Coinjar (only Australian exchange with a mobile app to buy and sell cryptocurrency)
- Independent Reserve (popular exchange with variety of deposit methods)
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Best Litecoin Exchanges In Australia: Reviews
Our review and assessment of the popular Litecoin exchanges in Australia is based on important factors such as ease of use, reputation, charting features, trading fees, deposit methods, security and customer support.
Swyftx is a state-of-the-art online platform that users to buy, trade and sell Litecoin with AUD. The trading platform is well known for having 4 times lower spreads and 2 times cheaper trading fees compared to its closest competitors in Australia and rapid account verification in less than 2 minutes without taking selfies.
Ease of use
Independent Reserve is a popular exchange among cryptocurrency traders around the world that offers trading competitive fees and support for traditional fiat currencies such as the Australian Dollar, New Zealand Dollar and US Dollar. The exchange supports AUD and NZD deposit methods using EFT, POLi, PayID and SWIFT to buy, trade and sell 14 cryptocurrencies in Australia.
Ease of use
CoinJar is a trusted crypto exchange in Australia and also one of the longest-running digital currency exchanges where users can buy, sell, store and spend Litecoin. With over 400,000 users and counting, CoinJar exchange is one of the best places to buy Litecoin in Australia that will suit both beginners and experience investors.
Ease of use
CoinSpot was founded in 2013 and has built up a solid reputation and trustworthy image for an Australian cryptocurrency platform. The exchange is focused on helping newcomers to buy Litecoin and cryptocurrency in Australia with AUD. Coinspot has historically been one the best place to buy LTC in Australia over the last few years.
Ease of use
Ways To Buy Litecoin In Australia
There are several ways to invest in Litecoin in Australia which depend on your payment method. If you prefer to use a regulated cryptocurrency exchange (which we recommend), then you should know that each digital currency provider can support different deposit methods such as:
- Bank transfers (EFT)
- Cash deposit
- Debit / credit card
Therefore, it's best that you decide to register with an exchange that supports your preferred payment method to buy Litecoin. Use our guide below to see which common deposit methods are supported by our top rated Australian crypto exchanges.
Buy Litecoin Using Bank Transfer In Australia
You can purchase Litecoin using bank transfer (EFT) using a regulated cryptocurrency exchange in Australia. Bank transfers usually credit within the same business day depending on the bank. Most Australians will be familiar using an EFT transaction using their online bank account.
To complete a bank transfer, you need to obtain the BSB and Account Number of the exchange's bank account. This is not different from making a payment to anybody. You should note that bank transfer can take a bit longer to clear compared to other deposit method and it is easy to make an error.
The following Australian crypto exchanges allow you to buy Litecoin with a bank transfer:
Buy Litecoin Using PayID In Australia
Using PayID is an easy method to purchase Litecoin in Australian. It is supported by most of the larger Australian banks and is a near instant payment method. This will will suit investors that wish to make an immediate Litecoin investment.
AUD deposits will be credited to your account within minutes of being transferred from your bank account. All you need is the cryptocurrency exchange's PayID email address to make a deposit.
The following Australian crypto exchanges allow you to buy Litecoin with PayID:
Buy Litecoin Using POLi In Australia
POLi is an instant deposit method that is available on several cryptocurrency exchanges in Australia to purchase Litecoin. The deposit method allows you to complete the transaction from the exchange through an interface to your supported bank account.
It works in the same way that you would normally visit your online bank website to make a payment. POLi payments are incredibly simple and only takes a few minutes to complete and the funds are transferred direct to the exchange.
The following Australian cryptocurrency support POLi payments to purchase Litecoin:
Buy Litecoin Using BPAY In Australia
There are a handful of Australian cryptocurrency exchanges that allow you to invest in Litecoin using BPAY that include:
While this payment method is commonly used to pay bills in Australia, BPAY payments can take between 1 and 2 business days to clear. So if you want to deposit funds quickly to buy Litecoin, BPAY may not be the best option and you should consider using PayID or POLi which are near instant.
Buy Litecoin With Cash Deposit In Australia
You can buy Litecoin with a cash deposit in Australia using a regulated cryptocurrency exchange. You will still need to provide identification to comply with regulations in Australia even if you pay with cash.
To buy Litecoin with cash, you will need to complete the transaction at a supported newsagency across the country. This method does incur higher fees between 1.5% and 2.5%.
The following Australian cryptocurrency exchanges allow you to buy Litecoin with a cash deposit:
Buy Litecoin With Debit / Credit Card In Australia
Generally, Australian banks do not permit the use of credit card to invest in Litecoin or other cryptocurrencies. So you will find that most crypto exchanges in Australia will not not provide a credit card option.
However, depending on which bank you're with, it can still be possible to buy Litecoin with a debit card. You should check with your financial institute or card issuer to find out if you can buy crypto with a debit card.
You can also choose to buy Litecoin with a debit card using the following global exchanges:
How To Buy Litecoin (Step-By-Step)
Before you should buy any Litecoin, it is recommended that you set up a digital hardware wallet to safely store your coins. Exchanges have online wallets but it's best to remove it totally offline to a device that you hold in your possession.
Step 1 - Register Account
To create a new account with Swyftx, click the "Sign Up" button below. This will take you directly to the Swyftx registration page where you will be required to fill in your email, set a password, enter your name and phone number.
Click "agree" to the terms and conditions and hit "Create My Account".
Step 2 - Verify Account and Activate 2FA
The verification process for Swyftx is incredibly simple and can be completed in 2 minutes.
To start the verification process, navigate to the side bar on the left and click "Profile" then under your name go to "Verification". This will bring up an online form where you will only be required to provide some personal information
Once you completed all of the verification steps, you will want to activate the two-factor authentication on your account. This is essentially another security layer to keep your funds safe and secure.
To get started, go to the "About" page and click "Setup MFA". Follow the prompts to install the Google Authenticator App on your smart device and enter the token that appears once you have scanned the QR code.
Step 3 - Deposit AUD
The next step is to click the "Deposit AUD" link on the left side bar. Here you will be able to choose the amount of Australian Dollars that you wish to deposit. Once you are on the deposit page, you can fund your Swyftx account with Australian Dollars (AUD) using either PayID (instant) or BPAY (within same business day).
Step 3 - Buy Litecoin
Now that your account is verified and you've deposited AUD (or BTC), you can start buying and selling cryptocurrency. To get started, click "Trade" on the left side bar. This will bring up the "Assets" list where you can search and select any cryptocurrency. Swyftx has over 70+ crypto assets to trade and growing.
Select Litecoin that you wish to buy, sell or trade and it will display the current price against AUD. Now select how much AUD you want to spend on the coin and click "Instant Buy". The Litecoin amount will be purchased, show in your trade history and stored in the Swyftx wallet.
That's it! You have now purchased Litecoin using Swyftx.
Frequently Asked Questions
What Is Litecoin?
Litecoin was created by ex-Google engineer Charlie Lee in 2011. His focus was to improve the speed of transactions handled by a blockchain and developed the platform using code almost identical to Bitcoin, with a few distinct differences that aimed to solve the transaction speed and scalability of Bitcoin.
Litecoin was created as a peer-to-peer Internet currency to enable instant, near-zero cost payments to anyone in the world as an alternative to fiat currency systems that existing today. It can be used to purchase web development, online services and everyday goods using an open source, global payment network.
It is a safe and easy way for merchants to accept money as there are no fees to receive payments or charge backs.
All transactions are recorded on the blockchain so payments can be immediately verified and the fees are considerably less compared to the banks to send and receive payments internationally.
Litecoin's network is fully decentralized without any central authorities that empowers its users to control their own finances without intervention and interference from the banks. Litecoin is known for its faster transaction confirmation times and improved storage efficiency compared to Bitcoin. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce.
What Are The Differences In Bitcoin and Litecoin?
Charlie Lee created Litecoin to improve on the transaction speed and scalability of Bitcoin. Both networks provide near instant transactions, however the key difference is between the two is the time it takes to verify the transaction by other network participants.
According to data from Blockchain.info, the Bitcoin network’s long-term average transaction confirmation time is just over 10 minutes per transaction, though this can vary widely when traffic is high. The equivalent figure for Litecoin is roughly 2.5 minutes. In principle, this difference in confirmation time could make Litecoin more attractive for merchants.
To provide an example, a merchant selling a product in exchange for Bitcoin would need to wait nearly four times as long to confirm payment as if that same product were sold in exchange for Litecoin. On the other hand, merchants can always opt to accept transactions without waiting for any confirmation at all.
Conclusion: Where To Buy Litecoin In Australia
Buying Litecoin in Australia does not get any easier or cheaper with Swyftx. It's one of the best crypto exchanges in Australia that has excellent features, the lowest spreads and trading fees in comparison to other competitors.
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