How To Buy Litecoin (LTC) In Canada (Jul 2022)

June 30, 2022
Blog

If you’re wondering how to buy Litecoin (LTC) in Canada, you’ve come to the right place. This post will walk you through exactly how to buy it using Newton, one of the top-rated crypto exchanges in Canada and the easiest way for Canadians to buy Litecoin.

Newton is a particularly good choice for buying and selling Litecoin because it verifies accounts instantly, supports more than 75 crypto assets, and has zero trading fees (aside from the spread). If you’re serious about crypto investing and want to work with a reputable, reliable exchange, I highly recommend Newton.

What Is Litecoin (LTC)?

Founded in 2011 by former Google employee Charlie Lee, Litecoin (LTC) is a decentralized and open-sourced cryptocurrency that was originally created as a lighter, faster version of Bitcoin. Litecoin can handle a higher volume of transactions than Bitcoin, and the average time to complete a block is just 2.5 minutes, compared to Bitcoin’s 10.

Litecoin is mainly used for small transactions that don’t need a very thorough confirmation, like when you’re making small purchases. Most people accept 1-confirmed transaction, but you can always wait for more blocks to complete if necessary. Litecoin tries to tackle the scaling problem of Bitcoin; it supports the Lightning Network, a layer 2 blockchain-based payment protocol that makes crypto transfers instant.

Litecoin relies on a Proof of Work (PoW) consensus algorithm to prevent double spends, and as an incentive it offers miners rewards. Keep in mind blocks yield less and less coins as it approaches its limit – 84 million LTC. So far, Litecoin hasn’t been hacked, and it’s very unlikely it will ever be. On top of its PoW algorithm, it is cryptographically secured. Litecoin is one of the most popular cryptocurrencies out there, and it is supported by most exchanges.

Here are some other quick facts about Litecoin:

Asset TypeCryptocurrency
Price$99.67 USD
Market Cap$6,999,145,270 USD
Circulating Supply70,157,844
Total Supply84,000,000
WhitepaperLink
All Time High$410.26 USD
All Time High DateMay 10, 2021
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Where To Buy Litecoin In Canada

Here’s how to buy Litecoin in Canada smoothly and easily:

1. Open Your Newton Account

Opening a Newton account is easy: go to their website, enter your name and email, and follow the prompts to upload a piece of government-issued ID to verify your account.

If you sign up using my referral link, you’ll get a $25 signup bonus upon depositing $100 or more into your account.

2. Fund Your Newton Account

Canadians can fund their Newton account through Interac e-transfer, wire transfer, or cryptocurrency transfer from an external wallet. I recommend Interac e-transfer, since it’s fast, easy, and totally free.

Your funds will appear in your account in 30 minutes or less.

3. Buy Litecoin With Newton

Once you’ve funded your account, you can go ahead and buy however much Litecoin you want. To do that with Newton, log in to the app or web platform, tap Trade (the icon with two arrows), enter the dollar amount you wish to purchase, and select Litecoin from the dropdown menu.

Your order will be processed immediately, and your Litecoin will show up in your account right away. And that’s it—you just bought Litecoin!

Zero Trading Fees

Spreads: 0.2% – 0.7%
Security: 95% cold storage
Signup bonus: $25

Low spreads & zero trading fees.

★★★★★

Rated 4.5/5

Why Newton Is Great For Buying Litecoin

There are many reasons Newton is my exchange of choice for buying Litecoin, but here are just three:

1. Extremely Low Fees

Newton doesn’t charge any trading fees, deposit fees, withdrawal fees, or any other types of fees you can think of. They even cover the first $5 on every crypto withdrawal, going above and beyond to save you money.

The only way Newton will make money your trades is through a narrow spread that’s charged on each trade. Newton’s spreads are very competitive with other exchanges, and you can see its live spread on Litecoin on its Fees page.

2. Wide Variety Of Coins

Newton currently supports more than 75 crypto assets, so if you want to trade other altcoins aside from Litecoin, Newton is your best bet for finding them.

Newton obviously supports the major coins like Bitcoin and Ethereum, but smaller altcoins like Lisk and Loopring are also supported.

3. Designed For Canadians

If you use a non-Canadian exchange, you generally have to fund your account with US dollars and pay foreign exchange fees ranging anywhere from 2-5%. Newton is a Canadian exchange, though, so you can fund your account directly with Canadian dollars without any fees.

Other benefits of Newton include the ability to fund your account via Interac e-transfer or from your Canadian bank account for free, plus the knowledge that you’re using a homegrown exchange that follows all current and anticipated Canadian regulations, ensuring your funds and crypto are always fully secure.

Where To Store Litecoin

Storing Litecoin is easy as long as you have the right crypto wallet to protect it and keep it secure. There are dozens of different wallets out there, each with their own set of features, many of which cost $100 or more to buy.

With Newton, though, you can skip expensive wallets altogether and just store your crypto right inside their app. Newton maintains third-party custodian partnerships with Fireblocks and Balance, which means they keep their users’ digital assets under cold (offline) storage at institutional-grade storage facilities. Other benefits of using Newton include:

  • The widest selection of coins of any Canadian crypto wallet/exchange
  • Newton performs daily off-site backups to ensure your crypto is always kept safe
  • Open an account in 30 seconds
  • $25 bonus when you buy $100 in crypto using my signup link

Newton is a widely trusted wallet and exchange I’ve personally used for more than a year. Whether you want to make your first crypto purchase or just spread out where you hold your coins, I can’t recommend Newton enough.

Zero Trading Fees

Spreads: 0.2% – 0.7%
Security: 95% cold storage
Signup bonus: $25

Low spreads & zero trading fees.

★★★★★

Rated 4.5/5

In Summary

Here’s how to buy Litecoin in Canada:

  1. Open a Newton account using my referral link to get your $25 signup bonus.
  2. Deposit Canadian dollars into your Newton account with zero fees.
  3. Exchange dollars into Litecoin with no commissions—you just pay the spread.

Buying Litecoin In Canada FAQs

What Fees Are Involved With Buying Litecoin?

Newton doesn’t charge any trading fees or commissions on Litecoin, so you just pay a spread of around 0.2% – 0.7%.

Which Canadian Exchanges Offer Litecoin?

Newton is the only exchange Canadians can use to buy Litecoin today. Other exchanges like CoinSmart and Bitbuy may add support for Litecoin in the future, but right now, Newton is the only option Canadians have.

How Do I Sell Litecoin In Canada?

To sell Litecoin, log in to your Newton account, go to Market -> Exchange (the arrows in the bottom-right of the app), and then set up the trade by entering the amount of Litecoin you wish to sell. Once the sale is complete, you can withdraw your fiat currency into your bank account via Interac e-transfer or direct deposit.

Alternatively, if you wish to transfer your Litecoin to a wallet outside of Newton, go to Market -> Exchange -> Withdraw -> Crypto to Wallet, select Litecoin from the dropdown list, and enter your external wallet address. Always double-check your external wallet address before processing your withdrawal request, as cryptocurrency transactions can’t be reversed once they’ve been submitted.

Is Litecoin A Good Investment?

At its current price of $99.67 USD, Litecoin is down 75.71% from its all-time high of $410.26 USD on May 10, 2021. If the past is any indication, though, there’s a good chance Litecoin will increase from here and challenge its all-time high again, probably when Bitcoin approaches its all-time high, too.

Of course, all cryptocurrency investments are volatile and uncertain, so I recommend that you only invest money you can afford to lose.

Litecoin Price Prediction

Our price prediction for Litecoin is $716.29 USD within 12 months. This equates to an increase of 619% from its current price of $99.67 USD, and assumes that Bitcoin will surpass its all-time high of $69,045 USD in the next 12 months, too.

The Best Crypto Exchanges In Canada

Best Overall

Trading fees: 0.1%
Security: 99% cold storage
Signup bonus: $50

Serving over 400,000 Canadians

★★★★★

Rated 4.9/5

$50 Signup Bonus

Trading fees: 0.2%
Security: 95% cold storage
Signup bonus: $50

Trusted by 200,000+ Canadians.

★★★★★

Rated 4.8/5

Best For Altcoins

Spreads: ~0.5%
Security: 95% cold storage
Signup bonus: $30

Low spreads, great platform.

★★★★

Rated 4.5/5