How to easily buy Litecoin (LTC) with a bank transfer on bitFlyer
When it comes to the process of buying cryptocurrencies, especially altcoins like LTC, any user can choose dozens of offers – from in-person meetings with sellers to anonymous exchanges in messengers. However, we suggest to consider a method that is both safe, fast and convenient for any European user. This method allows for buying Litecoin with bank transfer or SEPA transfer.
SEPA or the "Single Euro Payment Area" is a financial initiative that emerged from the joint efforts of the banking sector aimed at optimizing transfers between the EU member states. In principle, they are exactly the same as bank transfers but conducted more conveniently.
Today SEPA - transfer can be used both by residents of EU countries and non-residents who have payment accounts in European banks. The main difference with this system is that there is a fixed tariff that does not depend on the amount, destination, or any other factors. The recipient's account is guaranteed to receive the amount which was declared at the time of sending.
Another advantage is standardization. To send money, it is enough to know the IBAN code (International Bank Account Number) and the BIC identifier of the financial institution. As a result, financial transactions are processed quickly regardless of where the money is sent from.
In other words, if you want to know how to buy Litecoin on bitFlyer via bank transfer, the answer will likely be a SEPA transfer (all European residents use the EU department of our platform which is registered in Luxembourg). That is, all the necessary information for bank transfer will be available right in your account.
Steps to buying Litecoin (LTC) via Bank Transfer
Before giving detailed guide on how to purchase LTC with bank transfer, it is worth making a small remark. Firstly, the main currency of your deposit will be Euros. Secondly, regardless of the level of your account, such a transfer for deposit will be absolutely free and will be made taking into account all legal regulations.
As for account types, there is a limit for Trade class accounts. It is €249.99 worth (per transaction) and €2,499.99 worth (cumulative within a one-year rolling window). With an advanced Trade Pro class account, the maximum amount of EUR for deposit or withdrawal is unlimited.
To buy LTC using a bank transfer you need to follow a couple of simple steps:
- Sign up at bitFlyer or log into your existing account. Note that for the security of our users, we adhere to KYC-policy. In other words, you need to fill in your user profile to make transactions.
- Go to the "Account Funding" section and choose the “Deposit EUR” tab where you will be able to initiate a bank transfer.
- Use the provided details for a bank transfer. Double-check them before completing your deposit transaction to avoid losing funds. As we mentioned at the beginning of this article, for the SEPA transfer the basic information you will need is IBAN and BIC-code. Also remember your unique Recipient message, which you should add to your transfer exactly as shown on the website. You will need it for the correct calculation of money to your account.
- Normally the deposit via a standard bank transfer takes up to 2 business days (on the banks’ side). But often, it can happen faster. Once the money is credited, you can use a simple "Buy/Sell" feature on the side menu. Choose Litecoin, enter the number of coins you want to buy and click the "BUY COIN" button. Confirm the pop-up message and your order will be complete.
- Congratulations! You have become the owner of your first LTC. Since transactions inside the platform are made directly between the user and bitFlyer, your new asset will be transferred to your personal bitFlyer wallet immediately after the purchase.
Other methods to buy Litecoin (LTC)
Bank wire transfer isn’t, of course, the only way to buy cryptocurrencies. Our platform always tries to incorporate customer feedback, so we have introduced several different approaches at once.
Firstly, you can buy litecoin with debit card as well as with your credit card. This option is available to all users and supports both Visa and Mastercard.
Secondly, if you already have Bitcoin, Ethereum, Lisk or Monacoin in your portfolio, you can fund your account with one of these assets. Technically, at the moment Litecoin does not have trading pairs with these cryptos, but you can exchange them for fiat currency and then buy Litecoin.
Thirdly, you can buy Litecoin on bitFlyer through third-party providers. Today we cooperate with the most popular online services in Europe, such as Sofort, Ideal, and Giropay.
Which of them will you choose entirely depends on your trading style and habits, but keep in mind that each of them has their own fees and terms of trading.