Litecoin Trading App: A Review

4.9

Best broker

SUMMARY

4.5/5

Cryptocurrencies are taking the world by storm due to their versatile capabilities and rising value. Bitcoin is one of the most popular cryptocurrencies, but another popular option for trading is Litecoin. Litecoin was launched in 2011 as a spinoff of Bitcoin and has nearly identical properties to Bitcoin. However, a significant difference between Litecoin and Bitcoin is that Bitcoin has 21 million coins in circulation, whereas Litecoin has 84 million. The methods of mining BItcoin and Litecoin are also slightly different in that they use different algorithms, and those who mine for Litecoin require more sophisticated technology. At the time that this article is being written, one Litecoin is worth $132.81 USD, so it is an attractive option for those interested in cryptocurrency trades.
There are various trading platforms available for trading Litecoin, but in the past month, a mobile-based platform has launched with notable features. Since its launch at the end of December, the app has had over ten downloads and several five-star reviews.

While the number of downloads may appear unimpressive, we expect that number to gain traction as the app ages. Because of the novelty, we’ve decided to provide an initial review of the Litecoin Trading app to help you make an informed decision.

Fees

4.5/5
The app is free to download and use, which may make users skeptical of its legitimacy. Is the app legitimate? Possibly. As with all of these new mobile-based apps that we have been reviewing, it’s difficult to give solid advice on whether or not the app is legit. Thus far, there are four five-star reviews that claim the app is easy to use and beginner-friendly, but to feel more confident, we would prefer more user reviews. Based on the self-reported features and current reviews alone, the app does appear legit, but before saying whether the app is legit definitively, we will wait for further information.

Account Opening

4.5/5

This is a mobile-based platform, meaning that your access will be limited to mobile devices. If you are someone that prefers a desktop-based platform, then the Litecoin Trading app won’t suit your needs. To obtain the Litecoin Trading app platform, you’ll head over to wherever you download apps on your mobile device, search for the app, and click download. Once the app has been downloaded and you open it, you’ll be prompted to go through a series of registration procedures. The registration procedures will ask for some personal information and trading preferences. Once that is set, you’ll be instructed to deposit money into the app to make the trades.

If you’ve read any of our previous articles, you’ll know that we are fanatics for demo accounts within platforms. The description for the Litecoin Trading app does not detail a demo account option, so it is likely that this app does not include that as a feature. Essentially this means that when you start trading, you’ll be executing live trades. Jumping right into live trades can be daunting, especially for beginner traders, so we encourage you to review all of the tutorials and familiarize yourself with the platform before executing any live trades. Like Bitcoin, Litecoin is a volatile trading option, meaning that it is a riskier trading option, so trade wisely.

https://play.google.com/store/apps/details?id=com.ftrading.litecointrading.android.app
Litecoin is a cryptocurrency that is traded through the Litecoin Trading App

Deposit & Withdrawal

4.5/5
The app’s description does not give us details as to the minimum deposit amount required, but it does say that the deposit requirement is “low.” A feature within the app is the diversity in exchanges users can deposit currency such as Bittrex, BitStamp, FoxBitm Coinone, and more. Essentially, users are able to use other cryptocurrencies in addition to conventional monetary methods to execute their trades.

Trading & Platform

4.5/5

There are several features which make the Litecoin Trading App an attractive option for traders. The app is user-friendly, and thus it’s easy for users to get started with their trades. There are security measures in place for peace of mind. The app is suitable for novice traders and includes insights, strategies, and real-time news regarding potential value shifts and tutorials. The app allows users to either mine or trade data, which can diversify one’s ability to make monetary gains.
The description of the app states that the app contains Litecoin mining capabilities, which is great for users who want to trade and mine cryptocurrency! Despite the description of mining and trading capabilities, we don’t know to what extent the app supports mining. Experienced miners will know that mining is essentially like solving a puzzle, which helps to audit the decentralized currency. Typically mining requires a certain hardware to crack blockchains, but it is unclear how mining would work within the Litecoin Trading App. Our opinion is that the Litecoin Trading app mainly supports trading, and we can’t say too much about the mining features.
If you or someone you know has used this app, let us know how it has worked out for you. And as always, Happy trading, friends!

Leave a Reply

Your email address will not be published.