Olymp Trade offers multiple cryptocurrencies including Bitcoin, Ethereum and Litecoin is one such popular cryptocurrency that is available on the Olymp trade platform. you can easily use this asset on both Fixed time trade and Forex. In this article, I will cover everything about Litecoin and how you can buy Litecoin on the Olymp Trade platform.
What is a Litecoin?
Litecoin or LTC is a decentralized peer-to-peer cryptocurrency and is an open-source project released under MIT/ X11 licence. This coin was created in 2011 by Charlie Lee, a former Google engineer. this coin was inspired by Bitcoin with the goal to make a much faster payment system and then Bitcoin. Since its inception, Litecoin has gained huge popularity and is currently among the top ten cryptocurrencies by market capitalisation.
Litecoin is one of the most popular cryptocurrencies that uses a decentralized ledger system called blockchain to record transactions. like any other cryptocurrency, it is not backed by any Financial institution or any government.
The main reason behind its popularity, I believe is its unique features than other cryptocurrencies like Bitcoin. The Litecoin processes the transaction faster and with lower fees than Bitcoin this is because the Litecoin coin uses a hashing algorithm. plus Litecoin has a total supply limit of 84 million which is 4 times higher than Bitcoin’s total supply of 21 million.
How to Buy Litecoin on Olymp Trade?
Buying and selling Litecoin on Olymp trade is very easy. Just follow the steps below.
Step 1: Create an Olymp trade account
The first and foremost step is to open an Olymp trade account. click this link and you will land on the home page. click on the register button and enter your email details and password and click register now.
Step 2: Fund your account
Once you have created an Olymp trade account you will need to fund it. Olymp Trade offers numerous payment methods. you can also use cryptocurrencies like Bitcoin & more to fund your account and trade using the same.
Step 3: Choose Litecoin as an asset
Once you have funded your account and click on the asset button and search and select the Litecoin asset from the menu.
Step 4: Select your trading type
There are two ways of buying Litecoin on the Olymp trade. i.e Fixed time trade and Forex trading.
Fixed-time trade is one of the modes of trading where you buy or sell assets for a fixed period of time. After the expiration time the broker will check your trade if your trade is correct you earn invested amount plus the rate of return.
Talking about Forex trading, It is one of the modes of trading where u can apply a multiplier of up to * 10 so if you open an up trade and the price goes up according to your prediction you can earn a ten-time profit. You can also place a stop loss and take profit to safeguard your trades and earn better from the platform.
Conclusion
Buying and selling cryptocurrencies from the Olymp trade platform is very simple and easy. however, before buying Litecoin on Olymp trade you must properly understand the basics of trading and select the best indicator that will help you analyse the market like a pro. You should also focus on a money management strategy and not invest more than 10% of your account balance on a single trade. I will highly suggest you practice buying and selling Litecoin on the Olymp trade demo account first and once you have practised properly you can shift to the Olymp trade real account and make real bucks.
I wish you the very best of luck 😉