Nothing in this article is financial advice. The writer is not your financial advisor. Investing contains risk and you can lose money. Consult your own professionals before making investment decisions. This article may contain affiliate links. 

Disclaimer: This guide is not Buy recommendation.

In this post I’ll take you step-by-step through how to buy Litecoin in NZ from a reputable broker and your different payment and storage options.

What is Litecoin?

Litecoin (LTC) is a cryptocurrency that was designed to provide fast, secure and low-cost payments by leveraging the unique properties of blockchain technology.

It was created by Charlie Lee, a former Google engineer, who claimed his intention was for “Litecoin to be the silver to Bitcoin’s gold”.

The cryptocurrency was created based on the Bitcoin (BTC) protocol, but it differs in terms of the hashing algorithm used, hard cap, block transaction times and a few other factors.

Litecoin has extremely low transaction fees and transacts quickly, making it a cheaper and faster version of Bitcoin.

It has a block time of 2.5 minutes (one fourth of Bitcoin’s 10 minute block time) and also has a fixed supply of 84 million coins (four times that of Bitcoin’s 21 million coins).

Personally, I use Litecoin often to move coins around, especially during bull markets, as the fees are significantly cheaper and the transaction times significantly faster.

How To Buy Litecoin In NZ

The option I recommend right now is EasyCrypto.

They are a full-service crypto and Bitcoin brokerage owned and operated in NZ.

Here is why it’s my top recommendation:

  • Orders are filled quickly at market prices.
  • Very low fees.
  • Excellent customer service.
  • Over 100 other cryptocurrencies available.
  • They are a registered NZ Financial Services Provider and FDRS member.
  • Pay by bank deposit, credit or debit card, Poli or Account2Account. 

How to buy Litecoin on EasyCrypto

The reason I like EasyCrypto is that the process is quick, and everything is done in NZD.

There are six simple steps.

Step 1: Open an EasyCrypto account

First, click here to head to their website and open an account:

how to buy litecoin nz

You can sign up with your socials or an email address just like any other online service.

That’s it!

You now have a crypto brokerage account giving you access to hundreds of cryptocurrencies.

Step 2: Verify your account

As a registered Financial Services Provider in NZ, they need to verify your identity.

This might feel like a nuisance, but try to remember it is actually to protect you.

Don’t buy Bitcoin or crypto from anyone who isn’t registered in New Zealand, especially if you’re new to the market.

People get scammed daily trying to get a deal from obscure sellers.

Verification should only take you a few minutes and only requires a driver’s license or passport:

buy litecoin easycrypto

Once you’ve done that, you’re ready to buy!

Step 3: Choose your coins and quantity

For this example, I’m going to walk you through buying $200 of Litecoin.

Head to the homepage after you’ve signed up and you should see a page with all the coins you can buy:

buy litecoin new zealand

Click “Buy”, then click “Litecoin” and then click “$200” as I’ve shown in the screenshot above.

The prices are all in NZD.

Step 4: Choose your Litecoin address

On the next page, you’ll get asked to enter your Litecoin address.

This is where your Litecoin will be sent to.

Litecoin addresses work exactly the same as Bitcoin addresses.

If you don’t have one, you have two options.

You can click the “I don’t have a Litecoin address” button and EasyCrypto will help you set up a private wallet. I also have a guide that will help you set up a private wallet here.

However, for beginners, my advice is to forgo a private wallet and set up an address at an exchange instead.

This goes contrary to the popular advice, which is to always keep your coins in a private wallet, but personally, I think beginners who are just buying their first few hundred dollars of crypto are not yet ready for private wallets.

However, be aware that carrying crypto on an exchange contains risk! Your funds can be locked or lost in the event the exchange is compromised. However, carrying crypto in a private wallet also contains risk. Personally, if this is your first purchase, and if it’s only for a small amount of crypto (say, a few hundred dollars), I think an exchange contains less risk. You can read more about my reasoning and why I recommend exchanges for beginners here.

When you start building your crypto portfolio to higher levels (say, past $1,000) then I would suggest looking into more secure options such as private wallets and hardware wallets. If that sounds like you, check out my guide on private wallets here.

If you’re happy to start with an exchange wallet, the exchange I recommend people start with is Binance.

It’s the exchange I’ve been using since I first got into crypto.

Head to their homepage and register an account.

Once you’ve registered, head to the menu in the top right and click “Wallet”.

Then click “Fiat/Spot Deposit/Withdraw”

Then in the top right, click Deposit:

This should take you to the deposit page where you can find your address.

Where it says “Coin”, choose Litecoin.

Where it says “Network”, choose Litecoin.

This should display a string of characters.

This is your Litecoin address.

Copy/paste this, then go back to your EasyCrypto order and paste it into the address field:

Step 5: Choose a payment option

The next screen will give you your payment options.

I always use bank deposit because it’s free, but choose whichever is most convenient for you:

Step 6: Make payment and wait for your Litecoin to arrive

EasyCrypto will then give you payment instructions.

If you choose card, Poli or Account2Account, your order will execute immediately.

Your Litecoin should arrive within a few minutes.

If you chose bank deposit, your order will execute whenever your bank deposit clears.

That’s it!

You’re now the proud owner of Litecoin.

You will see it in the “Fiat/Spot” Wallet section in your Binance account.

Earn Interest On Your Litecoin:

One of the cool things about using an exchange like Binance is you get more features to utilise your crypto.

To earn interest on your Litecoin, follow these steps:

First, click “Earn” in the menu.

This will take you to the Binance Earn page.

Select LTC as your coin, and you will see the staking/deposit options that will allow you to earn yield:

Simply choose one of those instruments, and deposit your Litecoin:

Your deposit will now show in your Binance Earn dashboard.

At the end of your subscription term, your interest will get paid into your Spot wallet.

As you can see, interest rates are generally not very high on Litecoin.

This is because it runs on a proof-of-work or mining protocol, versus a proof-of-stake or staking protocol.

It is not possible to earn rewards by staking Litecoin, unlike other currencies like Ethereum or Solana.

For this reason, I generally don’t bother depositing coins like Litecoin for yield, however the opportunity is there if you wish to do so.

Warning: Depositing your Litecoin/crypto for yield contains risk. Make sure you read the product disclosures and understand the risks before depositing.

Who should use this method to buy Litecoin in NZ?

In my opinion, EasyCrypto combined with an exchange wallet is going to be the best option for 95% of first-time buyers, and for people who are new to crypto.

When it comes to crypto, most people are interested in buying $200 or $500 or maybe a few thousand dollars as an investment.

EasyCrypto is absolutely perfect for this and you won’t find a service better suited for it.

As you get more involved and educated about crypto, increasing your portfolio and adding other coins, you will need to start looking at moving your assets to a hardware wallet or private wallet.

I talk about both those options in this post.

The hardware wallet I currently use is a Trezor T.

The software wallet I currently use is Exodus.

Both these wallet are compatible with Litecoin.

Private wallets are the safest way to store and access your Litecoin, but does come with a cost and a learning curve, and still contains risk if you don’t manage/backup your wallets properly.

Once crypto starts to become a significant part of your portfolio, start educating yourself on private wallets and moving your Litecoin to a private wallet like a Trezor or Exodus.

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