Earlier it was very easy to buy Litecoin in India using any prominent cryptocurrency exchange but Reserve Bank of India’s ban on cryptographic assets changed everything. Cryptocurrencies are very volatile therefore to safeguard people of India the authority has taken this decision.
After cryptocurrency ban in India, if you’re still willing to invest then there are some exchanges out there how are offering you to do so. In my last post, I have showed you how to buy Ripple and in this post I will guide you through how to buy Litecoin.
Litecoin is a prominent cryptocurrency followed by Bitcoin and Ethereum. Its market capitalization, according to Coinmarketcap, is around $5.6 billion USD dollars.
It could perform well in the future. In India limited cyrptocurrency exchanges offer Litecoin trading.
Recently, Zebpay had announced to provide Litecoin trading on its app and it did so but due to RBI ban exchange has stopped its operations in India.
Don’t fret, there is still an exchange that lets you buy Litecoin in India ,despite RBI ban. This exchange without violating RBI’s guidelines introduced peer-to-peer crypot trading. And by using its P2P platform you can buy Litecoin, Bitcoin, Ripple, Ethereum and the like coins.
After buying coins from this exchange, you will be free to transfer your Litecoin to other exchange or even to your Bitcoin hardware wallet. You can also keep your LTC on Koinex; if you’d like too.
Let’s see how can you invest in Litecoin in India.
You’ll need to complete following steps to buy LTC from Koinex:
- Create and verify Koinex account
- Add UPI ID and bank account details
- Buy Litecoin from Koinex
Steps to buy Litecoin in India through Koinex
Step 1: Create and verify Koinex account
To buy litecoin from Koinex, first you’ll need to create an account on it.
For that purpose, visit official website of Koinex or Sign up using this link and get free Litecoin worth Rs. 50 on your first purchase.
Upon reaching on the website homepage, click on Register.
Fill up sign-up form and then login to your account and upload your documents for verification.
Verification takes 3-4 days. Once verification is done, proceed to next step.
Step 2: Add UPI ID and bank account details
Once your account gets verified, next you will need to add your UPI ID and bank account details to it to buy Litecoin.
For that purpose, click on Balances tab then INR Wallet.
Enter you UPI ID (you can add Paytm, Google Pay, Phonepe, or BHIM UPI ID) in the asked field. Note: In username field, you can enter any username of your choice.
Then hit Proceed button.
After entering UPI details, click on New Bank Account button and enter your bank account details and hit Add button.
That’s it. Now you’re ready to buy Litecoin.
3. Buy Litecoin using Koinex Loop
From you Koinex dashboard, click on Loop.
There you will find Litecoin option. Select that option. Then you will see a list of sellers who are selling LTC.
From the list, choose one from whom you want to buy LTC.
Next wait for seller approval. Once seller approves your buying request, you will be able to see his account details.
Send amount to the seller’s bank account and then mention transaction ID in Koinex. You can also chat with the sellers.
Once seller receives the amount, your coins will be credited to your account.
That’s it. You’ve successfully bought Litecoin from Koinex. You can check your Litecoin balance by clicking on Balances tab then KOIN Wallet.
Disclaimer: This post is only for information purpose. Before buying ehtereum from this exchange, please verify its authenticity. Don’t take this post as an investment advise. We don’t hold any legal or financial responsibility, kindly buy and sell on your own risk.