Earn Litecoin Online
One of the more popular ways to earn Litecoin online is through crypto lending and trading. Traders can leverage their existing crypto holdings to buy and trade Litecoin online. Crypto lending platforms offer loans with no credit checks as long as the borrower has cryptocurrency they can use as collateral to secure loans. Loans can then be used to trade crypto. Experienced traders who know the market can do well whether the price of Litecoin is up or down. The basic process is fairly simple:
- Register to a platform: Select a site to earn Litecoin and complete the registration process
- Identity verification: Users will have to verify their identity to comply with KYC requirements
- Deposit collateral: Deposit the required collateral to secure a loan
- Receive the loan and start trading: Once identity is verified and collateral is deposited the loan will be released immediately
Leveraging crypto assets to trade is a popular method to earn Bitcoin and other cryptocurrencies as well as LTC. There are many crypto lending platforms online. We have provided you with information on 3 of the top platforms to make selecting one easier.
BlockFi
Founded in 2017, BlockFi is a New Jersey based crypto lending platform that offers crypto based loans, interest earning accounts, and crypto trading for Litecoin and several other cryptocurrencies. The current interest rate for Litecoin accounts is 6.5% APY. There is no minimum deposit requirement to open an account and no monthly fees to deal with. Litecoin backed loans are also available. Interest rates on loans vary depending on the loan to value (LTV) ratio which at BlockFi can be as high as 50%. The minimum loan amount is $5000.
YouHodler
YouHodler is a Switzerland based crypto loan platform that opened its doors in 2019. The site offers interest earning accounts for 22 different cryptocurrencies including Litecoin. YouHodler LTC accounts interest rates are currently at 5.5% APY. The minimum deposit required to open an account is $100. There are no monthly fees on YouHodler interest earning accounts. The site also offers crypto backed loans in US dollars, Euros, GBP, Swiss Francs, BTC, and USDT. Loans may be secured using 18 different cryptocurrencies as collateral including Litecoin. The LTV ratio at YouHodler goes as high as 90%.
CoinLoan
CoinLoan was launched in 2016 and is a crypto lending platform based in Estonia. They offer interest earning accounts for 2 fiat currencies and 16 cryptocurrencies including Litecoin. Litecoin accounts can earn interest as high as 7.2% APY but this rate is only if the depositor has staked CLT, the CoinLoan Token. Without staking Litecoin accounts earn 5.2% APY. There are no monthly fees on CoinLoan accounts and the minimum deposit to open an account is €100. Crypto backed loans are another service offered by CoinLoan. Litecoin and several other cryptocurrencies are accepted as collateral.
How to Make Money with Litecoin
One of the best ways to make money with LTC is with an interest earning Litecoin account. These are available on many crypto lending platforms like the ones discussed above. Investors may deposit their idle Litecoin to an account and earn interest on their deposit. The advantages are depositors receive a regular income, they still benefit from increases in the LTC value, and deposits on crypto lending platforms are secured by collateral from borrowers on the site.