The current–voltage characteristic of an LED is similar to other diodes, in that the current is dependent exponentially on the voltage (see Shockley diode equation). This means that a small change in voltage can cause a large change in current. If the applied voltage exceeds the LED's forward voltage drop by a small amount, the current rating may be exceeded by a large amount, potentially damaging or destroying the LED. The typical solution is to use constant-current power supplies to keep the current below the LED's maximum current rating. Since most common power sources (batteries, mains) are constant-voltage sources, most LED fixtures must include a power converter, at least a current-limiting resistor. However, the high resistance of three-volt coin cells combined with the high differential resistance of nitride-based LEDs makes it possible to power such an LED from such a coin cell without an external resistor.

How are LEDs similar to other diodes?