Litecoin

Written by Mike Druttman

Fact checked by Wikitoro Team

Updated Mar, 2024

Introduction

While Litecoin (LTC) might not have reached the widespread recognition of cryptocurrencies like Bitcoin, Ethereum, or Ripple, its recent market performance positions it as one of the fastest-growing blockchain assets in the cryptocurrency landscape. The exciting news for potential investors is the availability of Litecoin on the eToro online investment platform.

In this guide, I will delve into the specifics of investing in Litecoin through eToro. I'll share my personal insights, which could be valuable for anyone considering this intriguing investment opportunity. So, keep reading to learn more.

Why I Prefer Trading Litecoin on eToro

Having traded Litecoin on eToro on multiple occasions, I’ve identified several advantages that make the platform stand out. Here are a few key benefits:

• Simple and User-Friendly Interface: eToro offers an intuitive platform that's easy to navigate, even for beginners.
• Low Minimum Investment: You can start investing with as little as $10, making it accessible to a wide range of investors.
• Crypto Transfer to eToro Wallet: The ability to transfer cryptocurrencies to the eToro wallet adds an extra layer of convenience.
• Copy Trading Feature: eToro allows you to emulate the trades of experienced Litecoin investors, which is a significant advantage for new traders.
• Leveraged Trading: This feature enables you to open larger positions while committing a smaller amount of capital. However, it’s important to note that leverage limits vary depending on your country of residence. Also, using leverage means you’ll be trading crypto CFDs (Contract for Differences), not the actual cryptocurrency.

Exploring the Litecoin Asset Page on eToro

When you navigate to the Litecoin crypto asset page on eToro, you're immediately brought to the 'Overview' section. This default area is packed with various informative elements:

• Graph: This displays the performance of Litecoin, incorporating essential figures such as market cap, the range for the day, and the 52-week range. While this is a basic graph, you’ll find a more detailed version under a different tab.
• About: Here, you'll find a concise description of the Litecoin asset, providing a quick understanding of what it is.
• Latest News: Updated news related to Litecoin is featured here, sourced from CityFALCON, giving you insights into the latest developments and market trends.
• People Also Bought: This section reveals other popular investments among traders, offering insights into trending assets in the trading community.
• Copy Litecoin Investors: This feature showcases top-performing traders who have invested in Litecoin. By clicking the "Copy" button next to a trader’s name, you can effortlessly begin to mirror their trades in your portfolio through eToro’s copy trading feature.
• Discussions: Engage with the community in this section, where traders share posts and discussions about Litecoin. You can filter to see top discussions or all conversations, depending on your preference. Similar to social media platforms like Facebook and Twitter, you can interact by liking, commenting, or sharing posts.

These elements combine to provide a comprehensive view of Litecoin on eToro, helping you make informed investment decisions.

Essential Crypto Trading Tools on eToro

After extensively using eToro for trading Litecoin and various other assets, I've been particularly impressed by the integration of their trading tools directly into the user interface. This seamless integration means there’s no need to switch between different apps or screens. Here are some of the key tools I've utilized and found beneficial:

• Chart: This advanced live chart for Litecoin is a standout feature. It allows customization to display price movements in intervals ranging from 1 minute to 1 week, offering flexible and detailed market analysis.
• Analysis: Aptly named, this section provides technical analysis based on the consensus from market analysts. It includes a graph displaying aggregated buy, sell, and hold signals from commonly used technical indicators. This overview gives a quick snapshot of market sentiment. Additionally, the "Technical Indicators" subsection presents real-time previews of these signals. These are calculations derived from price and volume, widely used to gauge market trends. Another valuable feature is the "Latest Research" section, which I highly recommend. This section offers in-depth insights and is exclusively available to registered and verified eToro users with a funded account.

Each of these tools contributes to a comprehensive trading experience on eToro, helping users make informed decisions in the dynamic world of cryptocurrency trading.

How to Buy Litecoin on eToro

Purchasing Litecoin on eToro is a straightforward process:

1. Search for Litecoin: Locate the Litecoin asset on the platform.
2. Initiate a Trade: Click on the "Trade" button.
3. Set Investment Amount: Enter the amount you wish to invest.
4. Execute the Trade: Confirm your transaction to complete the purchase.

It’s important to note that through this method, you are buying actual Litecoin cryptocurrency, not a derivative or representation of the asset.

Trading Litecoin via CFDs on eToro

Engaging in CFD (Contract for Differences) trading has its unique appeal, particularly for speculative trading on the movements of the crypto market. Here’s why:

• Flexibility in Trading: CFDs allow you to profit from price fluctuations without owning the underlying asset.
• Potential for ROI: The return on investment with CFDs is contingent on the accuracy of your market predictions, not just on market growth. You can potentially gain whether the market goes up or down.
• Accessibility: Note that the availability of CFD trading may vary by country.

How to Trade Litecoin CFDs on eToro

The process for CFD trading involves a few additional steps:

1. Search for Litecoin: Locate the Litecoin asset on eToro.
2. Initiate a Trade: Click on "Trade."
3. Set Investment Amount: Enter the amount you wish to invest.
4. Configure Trading Parameters: Adjust settings like leverage, stop loss, and take profit according to your trading strategy.
5. Execute the Trade: Confirm your transaction to initiate the CFD trade.

Trading Litecoin via CFDs on eToro offers an alternative approach to traditional cryptocurrency trading, providing flexibility and opportunities to capitalize on market movements.

Leveraging CopyTrader for Litecoin Investments on eToro

One standout feature of eToro that I've found particularly impressive is the CopyTrader function. This tool enables me to mirror the trades of seasoned cryptocurrency investors, which is incredibly beneficial for less experienced traders.

To use this feature, I simply apply filters to narrow down the search for a suitable trader. After selecting a trader, I determine the amount I wish to invest in their Litecoin trades. With a click on the "Copy" button, I can automatically replicate their trading moves in real time.

Maximizing Litecoin Investment Opportunities on eToro

In conclusion, this guide covers essential aspects to consider when investing in Litecoin through eToro. It's important to remember that the insights and strategies discussed here apply to both the web-based platform and the mobile app. By keeping these tips in mind and applying them judiciously in your eToro crypto trading endeavors, you can enhance your experience and potentially increase your success on this versatile platform.

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.

Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.

Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply. Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.