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How to buy Litecoin in South Africa

Looking to buy Litecoin in South Africa? Here’s an easy guide to purchase, trade, and store Litecoin with software or hardware wallets!

Written by Bryan Smith Published on

Looking to buy Litecoin in South Africa? Here’s an easy guide to purchase, trade, and store Litecoin with software or hardware wallets!

Cryptocurrencies have made impressive gains in 2017, with Bitcoin leading the way through forks such as Bitcoin Cash and Bitcoin Gold, with altcoins such as Ethereum following closely behind. It’s perhaps no surprise, then, that keen investors are seeking to get in on the action – and today, we’ll be focussing on how to buy Litecoin in South Africa.

Litecoin was first released via an open-source client on October 7th by Charlie Lee, a former Google employee. In 2013, Litecoin reached a $1 billion USD market capacity and, as of November 7th of 2017, trades just above $55 USD.

Read: How to buy Ethereum in South Africa

Litecoin is often described as silver, if Bitcoin were to be compared to gold – though the former cryptocurrency does offer some interesting incentives as a vehicle for trade. For example, the coin offers little to no transaction fees, and can facilitate payments at nearly four times the speed of Bitcoin at just 2.5 minutes per transaction.

Litecoin’s stellar gains and overall resilience have enticed many interested investors, and increasingly South Africans seek a stable means through which to buy and trade the burgeoning cryptocurrency.

How to buy Litecoin in South Africa through Coindirect:

South Africans seeking to invest in Litecoin can make use of Coindirect – A South African exchange that offers easy access to Bitcoin, Ethereum, Dash, zCash, and many other popular cryptocurrencies.

Users can create their own Coindirect account by signing up with their email address and can then create a password – to unlock a R15,000 ZAR trading limit, users will need to fill in their personal details and can verify themselves by uploading a copy of their ID or Passport, a selfie holding both items, or a Proof of Address.

To buy Litecoin in South Africa, users can make use of secure instant EFT to purchase their coins – within a 90-minute payment window, users can dictate how much Litecoin in LTC or Rand value they wish to purchase, and can EFT the required funds directly to Coindirect. Until the EFT is authenticated, the allocated Litecoin will be held in escrow.

Coindirect provides customers with both easy access to an online Bitcoin and Ethereum wallet, and users trading Litecoin will further recieve their own online wallet for their personal use.

Users interested in selling their Litecoin or other cryptocurrencies can further setup payments to reflect directly into their banking account of choice once a trade is completed.

Litecoin Wallets: hardware or software?

While purchasing Litecoin is an important first step in getting involved with investing in cryptocurrencies as a whole, a second – and possibly far more significant – dimension is securing one’s wealth.

A popular option amongst investors is to transfer their purchased cryptocurrency to an online wallet for safe-keeping; while this can be affordable, some online wallets require users to share intimate account details which can leave investors open to scams.

Some surety in this process can be gained by never sharing the private key to one’s Litecoin, and by using two-factor authentification (such as through Google Authenticator) to better secure one’s account.

ledger nano 5
Ledger Wallet’s Ledger Nano 5 is one such hardware wallet.

A more secure method – although, naturally more expensive – is to purchase a hardware wallet to store one’s cryptocurrency. These typically take the form of a USB node that appears somewhat familiar next to a USB flash storage drive.

Read: How to buy Bitcoin in South Africa

Have your say!

What are your thoughts? Do you plan to purchase Litecoin in the near future? Be sure to let us know your opinion in the comments below!

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Written by

South African technology journalist, podcaster, photographer and filmmaker. Hodling - BTC, NEO, ETH.@bryansmithsa

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