How to buy litecoins:
Step 1: Get a LightCoin Wallet
Before you buy Lightcoins, you need to get a wallet to store them. The most popular lightcoin wallets today are Coinbase, Exodus and Jaxx, and if you’re looking for the safest solution, you can use hardware wallets like TREZOR or Ledger.
Step 2: Find a litecoin exchange
One major problem is that most exchanges only sell litecoins for bitcoins (not dollars or euros), so one option is to buy bitcoins and then exchange them for litecoins on one of the exchanges: Poloniex or Shapeshift.
However, there are places where you can buy bitcoins directly:
Coinbase – here you can buy lightcoins for no more than $500 by credit card. It is possible to raise the limit, you need to pass identification to do so. Coinbase works with buyers from 33 countries, and the exchange fee here is low – you’ll mostly spend on a bank transfer.
BitPanda – allows you to buy Litecoin by credit card, via Skrill, as well as by SEPA or SOFORT transfer. Transactions on BitPanda require proof of identity, in addition, the limit for purchases is relatively low – €600.
Step 3: Move the Lightcoins to your wallet
So, you decided to exchange, opened an account on the exchange and bought Litecoins. After that don’t forget to transfer Litecoins from the exchange to your personal wallet – never leave your coins on the exchange, they can be hacked or closed.
How to buy Litecoins via PayPal
If you want to buy Litecoins via PayPal, you can’t do it directly. You have to buy bitcoins with PayPal from Virwox or some other place and then exchange them to Litecoins on exchange. Please note: VirWox delays transactions for new users for up to 48 hours, so you may need up to two days for exchange. This is faster than a bank transfer, but keep in mind that it will not be instant (although sometimes it is pretty fast).
What else do I need to know when starting an exchange? First, you need to understand that buying bitcoin through PayPal is really difficult, because in this case the seller is taking a risk. It is possible, but we will go to the second point – since it is not possible to buy bitcoins via PayPal, let’s go the workaround, even though it is more expensive. However, I think it is worth it since bitcoin is extremely volatile.
Opening an account on VirWox
First, you need to go to VirWox (Virtual World Exchange) and open a new account – for that you need to click on link “Not registered yet?”
Now just enter your personal data. When asked about your avatar name, answer “No avatar” and click “Register. Once this step is done you will receive an email with your password.
Don’t forget to change your password!
In the email from VirWox you will receive a password for the service. I strongly recommend you to change it after you enter the site – after all, your money will go through this account. You can do this in the “Change Settings”
Deposit your account via PayPal
Now go to “Deposit”, choose the method PayPal express, enter the amount in dollars or euros you want and click on the button PayPal checkout. Note that if you have a new account, you will face a limit on the maximum deposit, but over time, this limit will disappear, and you can transfer larger amounts. Once you have enough money in your account, you will be able to buy SLLs (Second Life lindens) and exchange them for bitcoins. Start by buying SLL at the SLL/USD exchanger as shown below:
Soon you will see SLL in your account (top left) and now you need to exchange them for bitcoins. Now go to the SLL / BTC exchanger and exchange the lindens for bitcoins.
Go back to VirWox and transfer some bitcoins to your address.
And now you can use Changelly or Shapeshift to exchange your bitcoins to lightcoins.