In this Litecoin trading review, we focus on the availability of tools and softwares for trading the crypto. We also review industry situation that LTC finds itself in terms of trading platforms, regions, and instruments. We conclude with general remarks regarding the Litecoin’s position when compared to other cryptocurrencies and what is Litecoin trading at. In addition, we have trading articles about many other cryptocurrencies such as IOTA trading and NEO trading.
Available Trading Tools
When it comes to tools available, Litecoin team did come up with several for you to use. Apart from the in-house development, there are several that were made by the market. These include APIs, bots, charts, and apps.
Global Coin Payments (GoUrl.io) works with many cryptos, Litecoin included. The major API tool, Lyecoin Payments PHP API offers downloadable scripts that would take records from the blockchain and platforms, make deductions from them and then invest funds according to how you programmed it. It is mostly oriented towards programmers and experienced traders.
Litecoin GitHub API is open source platform, where both back-end and front-end APIs are available for you to download. These are somewhat simpler than GoUrl’s but still would require close attention. They deliver data from the LTC blockchain and make transactions within or between platforms, as you set in your script. It heavily relies on bitcoin’s original API tools.
Haasbot is probably one of the most famous bots in the market, supporting various coins, Litecoin included. There are 14 bots for you to use overall, though the number available to you depend s on the plan you wish to purchase. Functions vary, from analysis-only to fully integrated bot that would do work for you. You should consider fully automated bot with caution since you need to tweak its settings according to the market trends.
Trading View supports Litecoin and many other cryptos. The sheer amount of indicators at your disposal as well as exchanges covered make this platform attractive for trading. You also have the liberty to change the display of the chart(s) according to your needs. Thus, many indicators, color schemes, and other settings are left at your disposal, as seen below.
TabTrader is a mobile app that you can download on your phone device through either Google Play or Apple Store. It is free to use and download while platform generates data in real time from several large exchanges. Litecoin is supported, providing you with several tools when trading and analyzing the LTC market. It also provides a trading view Litecoin page, where you can check out changes in value and volume.
Plus500 is a downloadable platform which allows you to participate in margin trading with Litecoin. It offers its services mostly for US, European, and Asian traders, though many countries within the mentioned range might not be supported. It uses an internet connection to reach several large exchanges and use their market trends to offer you one large marketplace.
CryptoTrader offers a unique online platform where you get the chance to trade across platforms like Bitfinex, Binance, and others. Apart from many cryptos, Litecoin, as one of the more popular coins, is also part of the service portfolio. The marketplace offers numerous bots that can connect you with several exchanges simultaneously.
Its aim is to maximize the market trends by transferring funds from one platform to another and engage in trading. You can check out various topics made by experienced traders and use them. Some are free, while other requires payment, as seen below.
We need to mention that Litecoin is present only in few platforms. These websites are trade centers as well as exchange service providers and are one of the biggest in the industry.
Coinbase/GDAX: If we are talking about the Litecoin trade, Coinbase, and its subsidiary GDAX should definitely find themselves mentioned. The margin trading (limited though) is available for traders from 32 countries. Coinbase offers simple exchange services while GDAX orients itself towards trading.
Bitfinex: It does not get bigger than Bitfinex when it comes to daily trade volume and value. The platform manages to pull out 105.000 LTCs on the daily basis with its two pairs, LTC/USD, and LTC/BTC. You do need a verified account in order to engage in margin trading, which has several functions for you to use. Read more about Bitfinex in our Bitfinex review.
You have Market, Limit and Stop-Limit, Trailing Stop and Fill or Kill tools, as well as leveraging at your disposal.
Kraken: The platform offers both simple exchange and margin trading for its clients. Apart from Ethereum and bitcoin, Litecoin also found its place in this marketplace. You have three pairs connected with silver bitcoin, them being LTC/EUR, LTC/USD, and LTC/BTC. The overall daily volume traded constitutes around 32.000 LTCs.
Unlike Bitfinex, users with the unverified account are able to trade up to a level of $2.500 on monthly basis. Check out our review if you want to get more details regarding Kraken through in our Kraken review.
As for the instruments available on Litecoin, you have futures contracts on BitMex though they are quoted in bitcoins. The pair used in this instance is LTC/BTC, with those believing that price will rise buy the contract. Selling LTC is plausible if traders believe LTC’s price will fall down, as the purchase is made on predetermined price on specified time in the future.
Swaps, on the other hand, are reachable in several other exchanges, them being Bitfinex, Binance, Poloniex, Bittrex, and others. LTC stands in the middle between coins like BTC, ETH, XRP, Cardano, IOTA, and NEO, in terms of instrument availability.
There are no regional restrictions specific for Litecoin, as cryptocurrency follows much the same line as other cryptos. Trading the coin in countries like the US, Canada and EU would land you within income tax jurisdiction. Regions like the UK would allow you to operate even without taxes. There are countries like India that put several legislations against the digital money, which affects Litecoin as well.
There is no difference between currencies, meaning that much the same rules apply for Litecoin as they do for bitcoin.
Can I Short Litecoin?
Currently, all four categories of shorting strategies are available for LTC traders. You can do futures & swap contracting with BitMex while other strategies, margin trading, binary options, and prediction markets are available on most platforms. Read more about Bitmex in our Bitmex review.
It puts Litecoin up ahead against less popular coins, like NEO, XRP, and Cardano. Yet, in terms of trading volume and strength, LTC is nowhere near as strong as Ethereum and bitcoin.
In this Litecoin trading review, we went over the industry in terms of available functions, tools, and instruments needed for LTC trading. The bottom line states that LTC is nowhere in the middle of our reviewed list of coins. It is far from bitcoin and Ethereum in terms of available APIs, bots, charts, and platforms but it is still larger than many other cryptocurrencies.
Litecoin is considered to be a smaller version of BTC, meaning it will always be heavily influenced d by its bigger counterpart.