Currently the best way to buy Litecoins is to trade them for Bitcoins on an exchange market. This guide includes step-by-step instructions to buying Bitcoins using Canadian dollars and exchanging them for Litecoins.
Buying Bitcoins using Canadian Dollars
If you already have Bitcoins, skip to Step #6.
Unfortunately, it is difficult to buy Bitcoins using credit card or PayPal because it is risky for sellers. Instead, Bitcoins are commonly bought via bank transfer or through a local exchange. There are several services that allow you to purchase Bitcoins in Canada.
This guide will provide instructions on buying Bitcoins from VirtEx, a popular Canadian Bitcoin exchange.
1) Create an account on VirtEx.
2) You will have to deposit CAD to your VirtEx account before you can buy Bitcoins. Proceed to deposit funds and follow the instructions on how to deposit Canadian dollars. This video demonstrates the process of deposting funds in to your account. There are several methods that VirtEx supports to deposit funds, however, doing a Cash Payment at a bank teller is the recommended option since it has a quick processing time (4-8 hours).
3) Once you have opened a deposit request on VirtEx and deposited the funds, wait for them to process the deposit. You should receive an email once the deposit has been processed (check your spam folders!)
4) The amount you have deposited will appear as a Balance on VirtEx once it has been processed. To convert that amount from CAD to BTC, proceed to the Buy/Sell BTC link and enter the amount of BTC you want to buy in the “Buy BTC with CAD” box.
5) Hit “Confirm” once you have verified the amounts and the fees. Clicking “Confirm” will trade your CAD for BTC.
Transferring Bitcoins to BTC-e
6) Create an account or login with an existing one on BTC-e.
7) Proceed to the Funds section and choose the “Make a Deposit” option under BTC.
8) Copy your address carefully. This is where you will transfer your Bitcoins. Double, triple-check it!
Transferring to BTC-e from VirtEx
If you followed the VirtEx steps above, go to Withdraw Funds and enter the amount you wish to transfer to BTC-e and the address from Step 8 as the Bitcoin Address. Once you have confirmed the information, clicking “Withdraw BTC” will transfer your Bitcoins from VirtEx to BTC-e.
Transferring to BTC-e from existing Bitcoin Wallet
In your wallet, select the “Send Money” option and enter the amount you would like to transfer to the address from Step 8.
Converting Bitcoins to Litecoins
Once you have transferred the money to your BTC-e account, it can take 30-60 mins for the transaction to be processed.
9) Once the balance appears under your account, proceed to the Exchange page to trade your BTC for LTC.
10) Select the ” LTC/BTC ” tab and enter the amount of Litecoins you would like to buy under “Buy LTC”.
11) Hit “Calculate” to ensure that you have enough to cover the fees of the transaction. To place an exchange order, click “Buy LTC”.
Withdrawing Litecoins to your Litecoin Wallet
Once you have placed an exchange order on Step 12, it can take a few minutes for the order to go through. Once the exchange from BTC to LTC has successfully completed, your balances will update.
12) To withdraw money from BTC-e to your Litecoin Wallet, generate an address in your Litecoin Wallet client. This will be used to receive the coins and identify who is sending you the money.
13) Click the “Withdraw Money” button beside your LTC balance on BTC-e and enter the amount you wish to withdraw. Enter the address from Step 13 as the destination address.
14) Once you have verified the withdrawal details and clicked “Withdrawal”, the money will appear in your Litecoin Wallet.