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Best Litecoin wallets (LTC)
Find the best Litecoin wallets for beginners, desktop and mobile users and the security conscious.
Litecoin is an open-source, peer-to-peer digital currency. Building from the success of Bitcoin, it was designed to offer lower transaction fees and faster processing times. Since its launch in 2011, Litecoin has grown to become one of the most well-known cryptocurrencies in the world. Thanks to ongoing investment, it has firmly cemented itself as one of the largest cryptocurrencies by market capitalization.
If you're thinking of buying Litecoin (LTC) and investing in the Litecoin ecosystem, you'll need to find a secure wallet to store your digital assets. However, with hundreds of wallets available, it's good to thoroughly research all options before choosing one that's right for your needs.
Keep reading to take a closer look at the best Litecoin wallets currently available on the market.
Disclaimer: This information is not financial advice or an endorsement of cryptocurrency or any specific provider, service or offering. Cryptocurrencies are highly volatile and high risk. Do your own research and seek financial advice before buying. And make sure the provider you're interested in is available in your state.
What to look for in a Litecoin wallet
Not all cryptocurrency wallets are created equal, but luckily, there are a few key features to sort the good from the bad. When deciding upon your Litecoin wallet, here are some questions to ask and options to look out for.
Initially, the most important question to ask is whether the wallet supports Litecoin? The compatibility of cryptocurrency wallets varies considerably and not all will be compatible with Litecoin, so it is crucial to check. If a wallet is not compatible, move on to the next one. If you're looking to use the wallet for other cryptocurrencies, verify that they can be stored as well.
Once you have found some wallets that support Litecoin, you should then consider the user interface. Does it have a clean and user-friendly design? Some cryptocurrency wallets can be complicated, especially for new users. Make sure you choose a wallet designed with a simple and straightforward user interface. The simpler it is to use, the fewer mistakes you will make.
Crypto wallets are designed to be secure places for storing digital assets. As a result, most crypto wallets place security as a number one priority. Make sure that any wallet you choose has security features in place to protect your funds. These may include secure PINs, 2-factor authentication, encryption and the ability to generate multiple wallet addresses. Also, look for a back-up feature. Is there an option to easily restore a wallet if something goes wrong?
Finally, it is best practice to research the development team and company behind the wallet. To begin with, check out the wallet's customer support. Is it quick and easy to speak to a representative if you have a problem? Look at the contact methods available and do some research to find out about the experiences other users have had with customer support.
Then consider the development team. Is the team committed to improving and upgrading the wallet? When was the wallet last updated? Is there any evidence that they have added extra security features or integrated support for more cryptocurrencies?
By asking these questions and assessing these key features, it should greatly reduce the wallets applicable for safely storing Litecoin holdings.
Best Wallet for Beginners - ExodusExodus is a crypto wallet designed for beginners new to the cryptocurrency space. Accessed via either your desktop or as a mobile application, the wallet's user interface is extremely easy to navigate. The wallet is compatible with over 100 different cryptocurrencies, including LTC, which should provide most users with the flexibility to store a varied crypto portfolio.
Live price data is tracked constantly and thanks to a partnership with ShapeShift, Exodus is able to offer users the ability to swap cryptocurrencies directly from the platform. For additional security, you can pair the desktop Exodus wallet with a Trezor hardware wallet.
Pros and cons
- Beginner-friendly. The user interface is incredibly intuitive, which should limit the number of mistakes new investors make.
- Wide range of cryptocurrencies. Alongside LTC, the crypto wallet is capable of storing over 100 different cryptocurrencies.
- Cryptocurrency exchange. Thanks to a partnership with ShapeShift, users are able to swap and exchange cryptocurrencies directly within the application.
- Security. As a desktop application, the wallet frequently interacts with the Internet, which leaves it more susceptible to attack. Unlike competitors, the wallet does not implement 2-factor authentication.
- Not fully open-source. The code behind the wallet is not completely open-source, which means transparency is lacking in comparison to competitors.
- No fiat support. Users cannot exchange cryptocurrencies for fiat currency inside the platform. Although offering exchange capabilities, this type of transaction would need to take place outside of the wallet.
Best Desktop Wallet - Jaxx Liberty
Developed by the software company, Decentral, Jaxx Liberty offers crypto investors an excellent desktop application to store Litecoin. While originally launched as a crypto wallet, Jaxx has now attached several other features to the platform to enhance user experience. The Jaxx ecosystem includes a connection to the ShapeShift and Changelly crypto exchanges, a unique and tailored newsfeed and a market data tracker.
The wallet is free to use and supports over 90 different cryptocurrencies. There is very little KYC information required to open an account and a unique password is granted to all new users. The wallet is hierarchical deterministic, which means it is capable of randomly generating new public addresses each time a user wants to make a transfer. Hierarchical deterministic security helps prevent hacking attempts. A mobile version is available alongside the desktop software.
Pros and cons
- Beginner-friendly. The user interface of Jaxx is ideal for those starting out in the cryptocurrency industry. You can access all the features from one user-friendly dashboard.
- Compatibility. The Jaxx crypto wallet is compatible with every computer operating system, including Windows, OS and Linux.
- Ecosystem. The Jaxx ecosystem is one of the strongest among crypto wallets. The application provides an excellent platform for not only storing cryptocurrencies but following market news and completing exchanges.
- Price. The wallet is free to use and download. You only need to pay minimal fees when sending cryptocurrencies to and from the wallet.
- Software-based. All software-based wallets lack the security offered by a hardware wallet that you can completely disconnect from the Internet.
- Range of cryptocurrencies. While the range of cryptocurrencies is not small, the wallet is not compatible with many of the smaller market cap altcoins.
- Previous breach. The wallet was breached in 2017. During the attack, over $400,000 worth of cryptocurrencies were stolen.
Best Mobile Wallet - LiteWallet (formerly known as LoafWallet)LiteWallet is the official Litecoin cryptocurrency wallet developed by the Litecoin Foundation. It is an Android and iOS compatible mobile wallet designed specifically for LTC. Originally branded as LoafWallet, the iOS version was developed by Litecoin creator, Charlie Lee. An Android version was later released. The two have now combined under the same LiteWallet branding.
The user interface for LiteWallet is very beginner-friendly and is designed to be quick and easy to use. The wallet encrypts all transactions using AES hardware and provides a 12-word seed phrase for backups. A safety layer has also been implemented that includes app sandboxing and code signatures. The safety layer helps prevent malware and browser breaches. Unfortunately, unlike other third-party applications, LiteWallet is only compatible with Litecoin.
Pros and cons
- Official. LiteWallet is the official wallet of the Litecoin blockchain. As such, it has a significant following of Litecoin users and developers.
- Direction connection to Litecoin. Direct connection to the Litecoin blockchain means that fees are slightly lower than third-party wallets.
- Security. All transactions are encrypted and a 12-word seed phrase is provided for backup.
- Open-source. The code for the cryptocurrency wallet is visible online and, therefore, can easily be verified.
- Compatibility. The wallet can only hold Litecoin. If a user needs to store other cryptocurrencies, a separate wallet would be required.
- Security. As a mobile wallet, there is inherently more risk in comparison to a hardware wallet.
- Limited to Android and iOS. Unfortunately, there is no desktop version of LiteWallet available for users. The mobile application is also not compatible with Windows devices.
Best Wallet for Security - Trezor Model T
The Trezor Model T is a hardware cryptocurrency wallet that was developed for the secure storage of Bitcoin, but the wallet is now compatible with over 1,200 different cryptocurrencies, including LTC. Since it's a physical device, you must manually connect the Trezor Model T to a laptop or computer via USB. The device works in conjunction with the associated Trezor software, which is where you can manage your portfolio.
Due to its high security, the wallet can feel intimidating for new cryptocurrency users. However, it's a good option if you're looking to safeguard your crypto portfolio.
Pros and cons
- Security. The hardware nature of the device adds an extra layer of security between hackers and users' funds. The company that develops Trezor has never been hacked, and security functions are audited regularly.
- Wide range of cryptocurrencies. The Model T is compatible with over 1,200 different cryptocurrencies, making it one of the most compatible wallets available.
- Recovery. If the physical device is lost, a user can create a backup via their 12-word seed phrase.
- Partnerships. Thanks to ongoing partnerships, users can combine the security of the Model T with the user-friendliness of other software-based crypto wallets.
- Customer support. Support is on hand 24/7 to answer any issues experienced by customers.
- Intimidating for beginners. The interface and initial set-up are not the most user-friendly in comparison to software-based crypto wallets.
- Additional features. There are no additional features available via the crypto wallet or associated software.
- High price. The Trezor Model T is one of the most expensive crypto wallets on the market. Similar hardware wallets can be found for cheaper.
Best Overall Wallet - Ledger Nano S
The best overall wallet for storing LTC goes to the Ledger Nano S. The Ledger Nano S is a hardware wallet that offers a strong combination of security, user-friendliness and flexibility. This is packaged at a market-leading price. From small beginnings, the wallet has now grown to support the storage of over 1,000 different cryptocurrency assets. It has become one of the most popular hardware solutions for cryptocurrency investors.
Like the Trezor Model T, the device is connected to a laptop or computer via USB. When connected, digital assets can be sent or received. This is achieved through its clean software application, Ledger Live. The software is easy to use and keeps track of all live price data. As with all hardware wallets, the initial set-up is more difficult than using a desktop or mobile application. However, overall, the increased security is worth the extra effort.
Pros and cons
- Security. The use of a connectable physical device adds an extra layer of security between hackers and your funds. New software updates are also released frequently for Ledger Live.
- Wide range of cryptocurrencies. The Ledger Nano S is compatible with over 1,000 different cryptocurrencies and new cryptocurrencies are added most months.
- Recovery. You can recover the Ledger Nano S using the 12-word seed phrase that was provided upon set-up.
- User-interface. While the hardware device set-up can be intimidating, the associated Ledger Live software is easy to use for sending and receiving cryptocurrencies.
- Accountability You need to make sure that you don't lose the 12-word seed phrase to recover funds. If it is lost, you cannot retrieve your funds.
- High price. Like other hardware cryptocurrency wallets, the Ledger Nano S is not as cheap as software alternatives.
- Customer information breach. The company behind the wallet, Ledger, did suffer a breach of customer information. Although customer information was stolen, no funds were lost.
Tips for Securely Storing your Litecoin
Here are some top tips to help you keep your Litecoin holdings as safe and secure as possible:
- Consider offline storage. Offline (or cold) hardware wallets are generally considered the safest way to store cryptocurrencies. If you're holding a large amount of funds that you don't need to trade with frequently, moving them to a hardware wallet may be the best option.
- Secure your wallet. Be careful to make the most of all the security features provided by your wallet. This may include creating a secure PIN and setting up 2-factor authentication.
- Backup. Back up your wallet regularly to ensure that your backup reflects your most recent transactions. By backing up a crypto wallet, you can still access Litecoin if an unexpected problem occurs.
- Password protection. Choose a strong password and potentially consider swapping the password every few months. Make sure you never give the password or your private key details to anyone else.
- Protect your computer. Make sure your PC is protected with the latest antivirus and anti-malware software. This should help to minimize the risk of hacking.
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