Dreaming of increasing your wealth with Litecoin? The article "LTC/USD chart" will tell you the most important things about this cryptocurrency.
However, if you want to make a profit from LTC, it is important not only to buy altcoins but also to manage them. We will tell you how to exchange Litecoins into fiat currencies, which methods are the most attractive, and what you should pay attention to.
In 2021, most cryptocurrencies had a successful year. Litecoin did not become an exception and showed gains.
In spring, the LTC price hit an all-time high and rose above $410. Litecoin's low was $107.8 in 2021.
Considering that only five years ago the value of the coin did not exceed $5, the growth was impressive
On January 1, 2022, Litecoin was at $146.6. By March 10, it dropped to $106.2
In terms of market capitalization, Litecoin is still in the top 20 of the cryptocurrency ranking. At the time of writing the article, the LTC market cap stands at $7.4 billion.
LTC is one of the first altcoins that appeared after Bitcoin. Today, there are more than 7,000 of altcoins in the market. In terms of capitalization, Litecoin's share of all these digital assets is 0.4%. Considering the number of competitors, this is a very solid share. Since Litecoin appeared, it managed to strengthen like other cryptocurrencies. If 10 years ago a limited number of people were investing in coins, now even newcomers are looking to invest in them. What is the reason for that? The answer lies if the fact that you can make money with Litecoin, protect your savings from inflation, and transfer funds worldwide quickly and at the lowest cost.
Given the popularity of cryptocurrencies, you can not only acquire digital assets but also exchange them for fiat currencies. LTC, as well as other coins, has not yet become a full-fledged means of payment.
Although the adoption of cryptocurrencies is growing, the average consumer cannot avoid real money.
The exchange may seem especially complicated to beginners. In fact, exchanging digital coins for fiat is easy.
If you decide to exchange LTC for US dollars, euros, or other currencies, remember that there are several ways to do it. They are similar to the ways in which cryptocurrencies are purchased:
Let's focus on each of them in more detail.
One of the most popular ways to exchange Litecoins for real money is via cryptocurrency exchanges. Such platforms as IFXBIT, Binance, Coinbase, and many others work with LTC.
To use their services, registration is required, which includes a user identification procedure. Some people may find the lack of
anonymity suspicious but it guarantees the transparency and legitimacy of transactions.
The exchange Litecoins on cryptocurrency exchanges is as follows:
Once US dollars, euros, or other currencies are in your wallet, they can be withdrawn to another account, transferred to a card or bank account, or left directly in your wallet on the exchange.
Virtual exchangers operate on the same principle as an offline bureau de change. A customer exchanges a particular currency for another one.
Online exchangers are Internet services that carry out fast exchange operations and require just basic proof of identity from customers during their registration.
The most popular online exchangers are RoyalCash, Xchange, and others.
Some simple steps are needed to exchange Litecoin for fiat money: choose a currency and a way of receiving cash.
The service informs a customer of an e-wallet address where crypto should be sent. Once a transaction is carried out, a customer’s e-wallet will be credited with fiat money, while an e-wallet of the other party will be replenished with Litecoins. The Internet is flooded with online exchangers, so you might spend a long time in search of a suitable service. To facilitate your search, you may look up in aggregators, for example, BestChange.
Crypto exchangers in Telegram are based on the same principle. All transactions in the messenger are enabled by chatbots.
You pick a particular currency, a payment method, and a seller. Then, all you need to do is to transfer assets to e-wallets of one another.
Such platforms match counterparties with each other. If you want to exchange Litecoins for US dollars, platforms look for and find the users who are ready for the opposite exchange.
P2P platforms may operate as independent services as well as supplementary services on some crypto exchanges, for example, on Binance.
Exchange operations are carried out between two parties and the platform acts as a mediator to ensure smooth transactions.
What is needed to sell Litecoin for fiat currency through a P2P platform:
Importantly, tokens exit your e-wallet provided that the counterparty has credited your wallet with an equivalent in fiat money. The case when you send your asset and receive nothing in exchange is eliminated.
This way implies an exchange transaction between two private holders without the third party involved. Counterparties may be found on social media, on forums, etc.
You agree on the transaction’s amount, specify an exchange rate, and send assets to e-wallets of one another. All you should do is to tell each other addresses of your wallets.
Both crypto exchange platforms and online exchangers team up with popular payment systems. Thanks to this cooperation, customers make deposits and withdrawals.
Some payment systems have their own infrastructure for digital money. For instance, WebMoney developed its units for fiat money and cryptocurrencies.
To put it simple, these are equivalents of assets adopted inside WebMoney. These assets are available for exchange.
WML is a title unit for Litecoin equal to 0.001 LTC. If you hold an account with WebMoney, you may easily exchange WMLs for WMZ which in turn, is a title unit for the US dollar equivalent to $1.
There are plenty of options to exchange Litecoin for fiat money. The question is which option to choose.
Let’s figure out strong points and vulnerabilities of every option.
For a start, analysts recognize crypto platforms as the most worthy of note in terms of security. They obey appropriate legislation and minimize risks in the course of a transaction.
Another advantage is a more beneficial exchange rate than in online exchangers. At the time of writing this article, Litecoin’s quote on IFXBIT was $106.1, while the ask price at the RoyalCash online exchanger was $98.4.
Exchange floors offer a wider list of currency pairs than online exchangers. Moreover, more services are available on crypto platforms.
On some crypto platforms, the interest may be accrued for storing assets. Sometimes, clients are allowed to use leverage in margin trading. Traders can evaluate a market environment by means of charts and analysis provided on the platform’s websites.
Crypto exchanges charge commissions for transactions. They commonly vary from 0.1% to 1%.
Commissions could be higher up to 5% if a client makes deposits/withdrawals through third-party services. In this case, an extra fee is charged by banks, payment systems, etc.
Make sure you allow for some expenses when dealing with online exchangers. The average commission is 4% in this case.
For your consideration, if a commission/fee is notably lower, it might happen that it has been already priced in. Therefore, make sure you compare different services in terms of the asset’s prices and commissions. Online exchangers are inferior to crypto platforms in terms of security. At the same time, they do not bother about a thorough check of a customer’s identity and make exchange transactions in a flash. They also work in tandem with popular payment systems. P2P platforms set the lowest commissions. Newcomers do not have to verify their identity. The risks are about zero when working with reliable platforms. Still, this option does not suit well to exchange LTC in a large amount. If you want to exchange lots of Litecoins for fiat money, it might happen that you will have to apply to a few sellers. The exchange of Litecoin for fiat money through payment systems is also a hassle-free option. Do not forget about commissions. On WebMoney, the lowest commission is 0.8%. As a rule, no commissions are paid for exchange operations via chatbots in messengers or directly from other private holders. Another advantage is simplicity and anonymity. Importantly, beware of enormous risks!
When we visit a bank to exchange a currency, the first thing to consider is a beneficial exchange rate. We do not even bother about transaction’s safety because the bank is responsible for this function.
As for crypto, we should bear in mind a variety of matters. To evade unexpected situations and disappointment, it is essential to find attractive ask and bid prices as well as foresee all risks.
The first thing to arrange is to pick the right Litecoin wallet.
It is not only a storage to keep your tokens. Without a wallet, you will not be able either to sell or to exchange Litecoin. A great number of wallets have been tailor-made to suit specific needs of LTC owners. For instance, if someone gives priority to speed and simplicity, a good choice will be a mobile or desktop crypto wallet such as Electrum LTC, Exodus, LoafWallet, Jaxx, and Coinomi. If safety is a decisive criterion, there are hardware crypto wallets, for example, Ledger Nano, Trezor, KeepKey, and others. Before you make a transaction with other crypto holders, please double-check whether you and your counterparty specify the right codes for your wallets. If a mistake occurs in someone’s address, there is a grave risk of losing your funds. Do you want to use services of an online exchanger? You should trust only proven service providers. Do not venture into any operations via exchangers which have just popped up. Find out reviews of such service providers. As a rule, comments from other customers may shed light on an online exchanger.
Some exchangers and P2P platforms unveil traders’ ratings. It makes sense to look them up. Indeed, the more successful transactions have been completed, the more reliable it is.
If you are going to exchange Litecoin for fiat money on a crypto platform by placing an order, you should allow for some deviations in the price because you might wait for a seller for a long time.
Do not handle a huge amount at a time. If you plan to carry out a large transaction, you had better split it into several stages.
Sadly, the crypto market is not immune from monkey business. The risks are especially high when exchanging Litecoin via private holders. Please be aware that it will be hard or even impossible to prove your point.
There is no sure-fire solution to exchanging Litecoin for fiat money. Every investor picks the most suitable way of converting assets depending on personal aims and preferences.
Someone aims to carry out a transaction as soon as possible whereas others want to avoid redundant costs.
Nevertheless, all investors pursue the same goal, namely safety, because people share a sense of financial well-being.
Do you want to exchange LTC for fiat money smoothly, beneficially, and safely? IFXBIT is sure to come to your expectations!
Another article to read: “Where to buy Litecoin for WMZ” «All about Litecoin wallet» «How to check Litecoin transaction» «Intraday forecast of Litecoin» «Miner of Litecoin»