A beginner’s guide to buying and trading Litecoin in Canada.
The following guide is based on my experiences with buying, selling and trading Litecoin for Canadian dollars and other cryptocurrencies.
In This Guide
- How to Buy Litecoin With Canadian Dollars (CAD)
- How to Sell Litecoin for Canadian Dollars (CAD)
- Where to Buy and Trade Litecoin in Canada
How to Buy Litecoin With Canadian Dollars (CAD)
The simplest way to buy Litecoin (LTC) is to by it from someone else through a digital currency exchange. There are a number of exchanges available in Canada and which one you choose to use can depend on how much cryptocurrency you want to buy (how much Canadian dollars you want to spend), what method of payment you want to use and how much time you have to sign up, deposit CAD into your account and wait for your purchase to complete and the Litecoin to show up in your account.
Based on my experiences, these are the best options:
QuadrigaCX – If you want to buy and sell more than a few hundred dollars worth, pay via bank transfer/wire and/or don’t mind it taking a couple days between sign up and purchase.
Coinbase – If you only want to buy and hold a couple hundred dollars of Bitcoin, want to use a credit or debit card and/or want it done today.
1) QuadrigaCX – EFT, e-Transfer
More steps, longer to verify, but more deposit options, lower fees and higher limits
QuadrigaCX is the biggest and best cryptocurrency exchange that accepts Canadian dollars. I use them for all my purchases of the coins they support: Bitcoin, Ethereum, Litecoin and Bitcoin Cash. They have reasonable fees of 1.5% on new deposits and 0.5% on completed trades. They offer a wide variety of funding options and have high daily limits.
Here’s how to do it:
Step 1) Register for QuadrigaCX
To get started, visit QuadrigaCX to create an account and fill in your name, email address, date of birth and country of residence:
Step 2) Verify Your Account
The next step is to verify your account using one or both of Quadriga’s options: verifying your identity through Equifax and providing your personal ID, bank/utility statement and selfie with a written note.
Step 3) Deposit CAD to QuadrigaCX
On the Member Dashboard, click the FUND button in the “Available Canadian Dollars (CAD)” box:
Once you’re account has been verified, you can use any of the following payment options to deposit Canadian dollars into your account. I use the INTERAC Online option through RBC that has the lowest fee of 1.5% and it works great. Unfortunately, this option is not available to CIBC/Simplii bank accounts or debit cards that double as a Visa or Mastercard.
Step 4) Buy Litecoin
Now for the fun part.
On the Dashboard page, select the LTC/CAD trading pair in the drop down at the top right of the page.
In the center box, click the Buy Litecoin tab and enter the amount of Litecoin you would like to buy in CAD.
Click the Buy button.
You’re done! For more info, you can read my full review of QuadrigaCX.
2) Coinbase – Buy With a Credit or Debit Card
Fewer steps, faster to verify, but higher fees and lower limits
Coinbase is the first platform I signed up for when I first got started investing in cryptocurrencies. They are still the quickest and easy way to get started and buy Litecoin. Their verification process is automated and you can use your debit or credit card to make purchases that appear in your account immediately. You can then transfer the Litecoin to another exchange or send it someone.
Step 1) Register for Coinbase
To get started, visit Coinbase to create an account and fill in your name, email address and a strong password:
Step 2) Verify Your Account
You’ll be asked to upload a picture of a photo ID such as your driver’s license:
Step 3) Add a Debit or Credit Card
You will be prompted to enter your credit/debit card details:
Step 4) Buy Litecoin
On the Buy/Sell page, select Litecoin, your previously added payment method (or add another using the drop down), enter an amount of Litecoin you want to buy in CAD or LTC and click the Buy Instantly button.
How to Sell Litecoin for Canadian Dollars (CAD)
Selling Litecoin is just as straightforward as buying it. Here are the best options:
Sell on an Exchange: QuadrigaCX
In addition to buying Litecoin, you can also sell it on QuadrigaCX. They have high trade volumes (meaning you’ll get a good price in CAD for your Litecoin) and offer a variety of withdrawal options ranging from Interac e-transfer (2 business days for 2%+$5) to Electronic
Funds Transfer (EFT) (7 business days for no fee).
Here are all of the options available to withdraw Canadian dollars as well as their limits, timeframes and fees:
Pay for Goods & Services
You can also use your Litecoin to pay for goods and services. This has the same effect as selling your Litecoin since you are giving it up in return for something of value to you. There aren’t currently as many retailers that accept Litecoin as there are for Bitcoin, but you can find a list of them on Reddit here.
Where to Buy and Trade Litecoin in Canada
|Name||Description||Currencies||Deposit Methods & Frees||Trading Fees||Top Trading Pairs||Withdrawal Methods & Fees|
|Canada's largest digital currency exchange. Next day and free deposit and withdrawal options available.||BTC, LTC, ETH, BCH, BTG||CAD, USD free to 2.5%. Free for supported crypto.||0.2-0.5% on completed trades||Click Here||CAD, USD free to 2%. Free for supported crypto.|
|One of the most popular, trusted and secure cryptocurrency exchanges and wallet platforms.||BTC, LTC, ETH, BCH||CAD Debit/Credit 3.99%||Not Available||Not Available||Free crypto transfers to other exchanges/wallets only. Cannot withdraw CAD.|
|Largest Euro volume Bitcoin exchange founded in 2011.||BTC, BCH, DASH, EOS, GNO, ETH, ETC, ICN, LTC, MLN, REP, DOGE, XMR, XRP, ZEC||CAD, USD, EUR, GBP, JPY. Free CAD wire deposit. Free for crypto.||0.16% to 0.26% for less than $50,000 volume.||BTC/EUR, BTC/USD, ETH/EUR||CAD EFT $10 flat fee. 18 cryptos, fees vary|
|Crypto to crypto exchange based in the US founded in 2014. 14th largest by volume.||60+ cryptocurrencies including XRP, STR, XMR, ZEC, NEM, DOGE, LSK||Any of the 60+ supported digital currencies for free.||0.15% to 0.25% for less than 600 BTC volume.||BTC/USDT, XRP/BTC, ETC/BTC||Any of the 60+ supported digital currencies fees depend on coin (0.0001 for BTC)|
|Fastest growing crypto exchange in the world and second largest by volume.||100+ digital currencies including NEO, XRP, NANO, BNB||Any of the 100+ supported cryptocurrencies for free.||0.1% on completed trades.||Click Here||Any of the 100+ supported cryptocurrencies for free.|
|Canadian owned & operated based in Toronto. 72nd largest by volume.||BTC, ETH, LTC, BCH||2.5% for Interac online, e-transfer, bank draft, money order of CAD.||0.1% maker (providing liquidity) to 0.2% taker (removing liquidity).||BTC/CAD, ETH/BTC, LTC/BTC||1% for bank deposit, 0.5% for wire transfer (min. $10,000) of CAD.|
|Fast to list new cryptocurrencies. Founded in 2014 built and operated in the US. 10th largest by volume.||190+ digital currencies including OMG, BNT, POWR, ADA||Does not support CAD. Network transaction fee only (varies by coin)||0.25% on completed trades||ETC/BTC, BTC/USDT, ADA/BTC||Network transfer fee only (varies by coin).|
|Advanced trading features including margin trading. 5th largest by volume.||38 cryptocurrencies including IOTA, EOS, ZEC, TRX, ZRX, USDT||Does not support CAD. Fee varies by coin deposited (eg. 0.0027 ETH) Free for >$1000 USD worth.||0.1% maker (providing liquidity) to 0.2% taker (removing liquidity) for less than $500,000 per month.||BTC/USD, ETH/USD, XRP/USD||Does not support CAD. Fee varies by coin withdrawn (eg. 0.0008 BTC).|
|Robot that finds the best price on the largest exchanges including Bittrex and Poloniex founded in 2013.||USD, EUR & 90+ digital currencies including SALT, FUN, POT, STEEM, GAME||Does not accept deposits. Trades are between two wallet addresses directly.||0.5% on completed trades||N/A||Funds are not held on the platform.|
|Founded in 2017. 27th largest by volume.||100+ cryptos including REQ, NANO, DENT, FLIXX||Free to deposit any supported currency.||0.1% on completed trades||R/BTC, R/ETH, ETH/BTC||70+ supported digital currencies fees depend on coin (0.001 for BTC)|
|Peer to peer Bitcoin trading with 1 million users in 248 countries.||BTC||Cash, e-transfer, Moneygram, PayPal, Vanilla, etc.||Fees vary by user.||BTC with dozens of fiat currencies.||Cash, e-transfer, Gift Cards, Paypal, etc.|
|Top 10 exchange by volume founded in 2011.||BTC, ETH, XRP, BCH, LTC||USD, EUR 0.05% for international wire. (min. $7.5) Free for crypto.||0.25% for less than $20,000 trade volume per month||USD to BTC, XRP, ETH, LTC, BCH, EUR to BTC, LTC, XRP||USD, EUR 0.09% for international wire. (min. $15) Free for crypto.|
|Private & fast exchange - no account needed.||70+ digital currencies including DASH, FUN, MAID & BNT||45+ cryptocurrencies to trade between. No deposits/accounts.||~0.5% + network fees||45+ cryptocurrencies including BTC, ETH, LTC, EOS & XMR||45+ cryptocurrencies to trade between. No deposits/accounts.|
If you want to learn more about Litecoin, we recommend the following resources:
Disclaimer: Investing in cryptocurrency is always a risk and there is no guarantee of returns. Nothing on this page should be taken as financial advice of any kind.
Over to You
How do you buy Litecoin? What do you think of the digital currency? Is it worth investing in?