Find the best Litecoin wallets that have what you need for features, security and convenience in our up-to-date list of the best LTC wallets on the market.
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What is a Litecoin wallet?
If you're planning to buy Litecoin, one of the key steps is finding a wallet where you can safely store your LTC. There are a variety of wallets that support Litecoin, so the challenge is going through them all to find one that's right for your needs.
Litecoin wallets can be either hardware or software. The safest wallets to use are hardware wallets, as they store LTC offline. Software wallets can be desktop applications, browser extensions or mobile apps. Software wallet technology is still safe when used correctly, but not as safe as hardware wallets.
What to look for in a Litecoin wallet?
Make sure you look for the following key features when comparing Litecoin wallets:
Simple interface: Some wallets can be difficult to understand and navigate through, especially for someone new to the world of cryptocurrency. This could lead to lost funds, mistaken transfers and a lack of security. Look for a wallet that's user-friendly and simple to understand.
Support and development: Check out the development team behind the wallet – is the wallet constantly being updated and improved to make it more functional and to provide increased security? It's also a good idea to investigate what sort of support a wallet provider offers in case of a data breach or malfunction.
Security and back-up features: Just as with a physical wallet, security is paramount for your digital asset wallet. Research your wallet's reputation for security and any security features it has – for example, 2-factor authentication, as well as how easy it is to make a back-up.
Private key control: Does the wallet allow you to control your private key, or is this left with a third party? When you control the private key, you control your Litecoin. When storing crypto on an exchange, it holds your private keys.
New address: Look for a wallet that is hierarchical deterministic (HD), which means that it always uses a new address for transactions. This increases financial privacy.
Anonymity: If remaining anonymous is important to you, it's essential to check what sort of registration information you'll need to provide to use a wallet.
What is a recovery phrase?
When you initialize a Litecoin wallet, it will typically ask you to write down a recovery phrase. This list of 12, 18 or 24 words (typically 12 or 24) can be used to recover funds should the wallet itself be lost or broken. Unlike with a physical wallet, if someone loses or breaks a Litecoin wallet, it doesn't mean that the funds are lost. LTC can be recovered by downloading a new Litecoin wallet and importing the recovery phrase.
Recovery phrases go by many names. Depending on the wallet you're using, the recovery phrase may sometimes be called:
12-word phrase
24-word phrase
Seed phrase
Back-up phrase
Recovery phrase
Secret phrase
While wallets store keys, the recovery phrase is not a key. Rather, it's a random set of words that is used to obtain the keys.
What is a private key?
A private key is what proves ownership of a Litecoin balance. Private keys unlock Litecoin located at that particular address and they are usually stored in your Litecoin wallet and are encrypted by a password that is set by you. Keep in mind that the private key is derived from the recovery phrase, meaning that if anyone gains access to a recovery phrase, they can use it to derive private keys and steal the Litecoin that the private keys unlock.
What types of Litecoin wallets exist?
There are 3 main types of crypto wallets: hardware, software and exchange wallets. They can be further categorized as non-custodial or custodial.
With a non-custodial wallet, you're in possession of the private key and are ultimately responsible for the safekeeping of funds within the wallet.
In contrast, a custodial wallet doesn't give you access to the private key. Custodial wallets are usually provided by financial services such as exchanges. With custodial wallets, if the provider is hacked or otherwise compromised, any funds kept with them are at risk of being stolen by attackers.
Air gapped – Device itself is never connected to the Internet
Cold storage – Wallet is not connected to the Internet which removes 1 attack vector
Hot storage – Wallet is connected to the Internet and thus vulnerable to attack
Litecoin-specific wallets
Litewallet
Litewallet is made by the Litecoin Association and LTC creator Charlie Lee, and is available for both Android and iOS. It's a non-custodial Litecoin-only wallet. There are a variety of other wallets that support Litecoin, such as TrustWallet or Coinbase wallet, but they are not dedicated Litecoin wallets.
How to withdraw Litecoin from an exchange into a wallet
There are 3 simple steps to withdrawing your Litecoin from an exchange into a wallet:
Download/set up the Litecoin wallet of choice, whether hardware or software.
Grab your public/receiving address from the Litecoin wallet. Double check it when pasting onto the exchange withdrawal page.
Send the Litecoin withdrawal transaction via the exchange using the address you copied in step 2. Check the progress on the Litecoin block explorer.
How to deposit Litecoin onto an exchange from a wallet
There are 2 simple steps to depositing Litecoin onto an exchange from a wallet:
Go to the exchange and find your Litecoin deposit address. Copy it. Double check it when pasting into the wallet recipient address field.
Send LTC from the wallet using the address. Check the progress on the Litecoin block explorer.
The best Litecoin software wallets are the ones that are the easiest to use and come with the most options to secure Litecoin. All software wallets should give the user an option to lock the wallet with a custom password. Having the option to implement some sort of 2-factor authentication (Google Authenticator or Email) is a bonus. Finally, a software wallet is typically secured with a traditional email and password combination. These sorts of wallets are ideal for someone who is not used to remembering passwords, and for securely storing passphrases.
Security
Desktop
Wallet is password protected + computer password
Mobile
PIN/Password + Pin/Face/Fingerprint to access mobile device
Remember the following tips when storing Litecoin to help ensure the security of your crypto holdings:
Enable 2FA. If the wallet you choose supports 2-factor authentication, make sure you enable this feature to provide higher security for your Litecoin.
Back it up. Copy down the back-up phrase for your wallet and store it in a safe place. This protects you if you lose or break your wallet. It is not recommended to store your back-up phrase online – if the place where you keep your device is hacked, your funds may also be lost.
Double-check everything. Make sure emails received from your wallet provider are actually from the provider and not a scammer posing as the company or provider. When writing down your phrase, print legibly, and use a pen so that the words do not fade with time.
Consider offline storage. Hardware wallets are generally considered to be the safest storage option. You may wish to consider storing all your Litecoin offline, or potentially keeping a small amount in a web or desktop wallet and the bulk of your holdings offline.
Use a strong password. Don't be lazy when creating a password. A strong password includes letters, numbers and symbols, and is at least 16 characters long.
Not an all-in-one wallet. It is recommended to keep your Litecoin in more than 1 wallet. You will likely need to have some Litecoin in a browser wallet for trading, some in a software wallet for short-term spending, and some in cold storage hardware for long-term savings. By keeping your funds in different wallets, you decrease the risk of losing everything if a storage method is compromised.
Frequently Asked Questions
Do you need a wallet for Litecoin?
Yes, a Litecoin wallet is needed to store LTC.
Where do you store Litecoin?
You can store Litecoin in a hardware, software or exchange wallet.
Are litecoin wallets safe?
Yes, Litecoin wallets are safe as long as you keep the recovery phrase somewhere safe, remember your password, and don't give anyone your private keys.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
James Hendy is a writer for Finder. After developing a keen interest in traditional financial investing, James transitioned across to the cryptocurrency markets in 2018. Writing for cryptocurrency exchanges, he has documented some of the key blockchain technological advancements. James has a Masters of Science from the University of Leeds and when he isn't writing, you will either find him down at the beach, reading (coffee in hand) or at the nearest live music event.
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