What’s the best wallet for storing Litecoin? Compare 8 LTC wallets in this comprehensive guide.
Litecoin is an open-source, peer-to-peer digital currency designed to offer lower transaction fees and faster processing times than bitcoin (BTC). Since its launch in 2011, Litecoin has grown to become one of the most well-known cryptocurrencies in the world, firmly cementing its position in the top 10 cryptos in terms of market capitalisation.
If you’re thinking of buying any Litecoin, you’ll need to find a secure wallet in which to store your funds. However, with several wallets available, you’ll need to thoroughly research your options before choosing one that’s right for your needs.
Keep reading to take a closer look at eight of the best Litecoin wallets.
Top wallets for Litecoin
What to look for in a Litecoin wallet
Whether you’re looking to store Litecoin, bitcoin or any other cryptocurrency, there are several important features you should look for in a wallet. These include:
- User-friendly interface. Cryptocurrency wallets can be complicated and confusing, especially for new users, so make sure you choose a wallet designed with a simple and straightforward user interface.
- Currency support. Don’t assume that every available cryptocurrency wallet will support Litecoin. Check the fine print to make sure that the wallet you’ve chosen can store Litecoin and, if you’re looking to store other coins and tokens, verify that they’re supported as well.
- Security. Make sure that any wallet you choose has security features in place to protect your funds, such as secure PINs, two-factor authentication, encryption and the ability to generate multiple addresses.
- Backup facility. Check to confirm whether the wallet has a backup facility so you can easily restore your wallet if something goes wrong.
- Support. If you ever have a problem with your wallet, is it quick and easy to access customer support? Look at the contact methods available and do some research to find out about the experiences other users have had with customer support.
- Development. Try to find a wallet that’s backed by a development team that’s committed to improving and upgrading the wallet, such as adding extra security features or integrating support for more currencies.
Ledger Nano S (hardware wallet)
- Security, stores multiple cryptocurrencies, ease of use
The key focus of the Nano S is security. Built around a secure element and based on dual-chip architecture, it allows you to set up a PIN and also supports two-factor authentication. Your private keys are locked in the device and never given to a third party, while there’s also a built-in OLED screen to provide for the quick and easy manual verification of transactions.
The setup process is simple and straightforward and the Nano S supports a wide range of digital currencies. As well as Litecoin, you can also use it to manage bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Dash (DASH), Ripple (XRP) NEO (NEO) and many more.
However, because it’s a hardware wallet it does come at a price. At the time of writing (23/02/2018), it was listed for €79 plus tax on the Ledger website.
TREZOR (hardware wallet)
Security, stores a range of cryptocurrencies, simple setup process
Though it’s most commonly associated with bitcoin, TREZOR can also be used to hold Litecoin, Ethereum, Bitcoin Cash, Bitcoin Gold (BTG) and an extensive range of other coins and tokens.
Just like the Nano S, it’s a USB with a heavy focus on the security of your funds. The device is protected by a PIN code of your choosing and each time you enter the wrong pin, the wait time until you can try again increases by a power of two. It also supports two-factor authentication, features a randomly generated 24-word recovery code, and includes a display to let you quickly confirm transaction details.
Compatible with Windows, Mac and Linux operating systems, as well as Android devices, the TREZOR is simple to set up and use. Even if you’re new to cryptocurrency, all you have to do is follow the straightforward instructions to get started.
However, cost may be an issue for some users. At the time of writing (23/02/18), a new TREZOR would set you back €89 from the manufacturer’s website.
Litecoin Core (desktop wallet)
Accessible on multiple operating systems, free, official Litecoin wallet
Not suitable if you want to store multiple cryptocurrencies
The biggest strength of this wallet is that it’s been specifically designed for the sole purpose of storing your Litecoin holdings. While there may be other wallets with slightly easier-to-understand interfaces out there, the Litecoin Core does what it sets out to do very well. The setup process is simple and the wallet allows for similarly straightforward management of your LTC holdings.
However, as a full node, Litecoin Core downloads the entire Litecoin blockchain onto your computer, which not only takes a while but also uses a lot of storage. And if you want to store any coins or tokens other than Litecoin, you’ll need to look elsewhere for a multi-currency wallet.
Storing Litecoin in an exchange walletYou may wish to store some of your Litecoin in the wallet attached to your account on a cryptocurrency exchange. If you’re planning on using those LTC in a trade, keeping them on an exchange ensures fast and convenient access whenever you need.
However, make sure you’re aware that you don’t actually own this online wallet, it belongs to the exchange. You’re also exposed to the risk of hacking by third parties or even theft from within the exchange if trading on an unreputable site.
With this in mind, it’s recommended that anyone looking for a long-term storage option moves their crypto holdings to a private wallet.
Exodus (desktop wallet)
User interface, stores multiple cryptocurrencies, in-built ShapeShift exchange
New-ish company, no two-factor authentication
There are plenty of other practical features worth mentioning, such as fast exchanges between coins thanks to ShapeShift integration, as well as tutorials and videos to guide beginners through wallet setup and use. Exodus also supports more than 25 cryptocurrencies, including Litecoin, Bitcoin, Bitcoin Cash, Ethereum, Dash and more.
However, there are a couple of key points to keep in mind before choosing Exodus. The first is that there’s currently no support for two-factor authentication, which is a very handy security feature many other wallets offer.
The second is simply the fact that Exodus hasn’t been around as long as some other wallet providers – although it already has plenty of positive reviews, building a reputation for reliability takes time.
Jaxx (desktop and mobile wallet)
Supports multiple cryptocurrencies, great user interface, can be used on multiple devices, ShapeShift functionality
Security issues with all hot wallets
Available on both desktop and mobile, Jaxx is compatible with:
- Windows, OS X and Linux operating systems
- iOS and Android smartphones and tablets
- Google Chrome browser extension
It also supports a long list of market-leading cryptocurrencies including Litecoin, bitcoin, Ethereum, Dash, Zcash (ZEC) and many more. ShapeShift integration means you can quickly exchange between those currencies right within your wallet.
However, as with any other type of hot wallet, you’ll need to be aware of the security risks that come with being connected to the Internet. For example, in June 2017, a “vulnerability” in Jaxx reportedly led to the theft of US$400,000 in cryptocurrency holdings.
Electrum-LTC (desktop wallet)
Lightweight, secure, fast to setup and get started
Litecoin only, not as user-friendly as other options
Electrum-LTC is a lighter version of the Litecoin Core wallet reviewed higher up on this page. An SPV (Simpler Payment Verification) wallet, Electrum-LTC is designed to be faster and more lightweight than its bigger brother because it doesn’t require you to sync to the network.
The setup process is quick and straightforward, and the software is available for Windows, Linux and OS X operating systems. A deterministic wallet, it also allows you to create a 12-word security passphrase to provide increased protection for your LTC, plus the added functionality of being able to “freeze” an address.
On the flipside, the fact that you can only use it to store LTC will make it a no-go for some cryptocurrency holders. There are also some options in this list with better user interfaces to consider.
LiteVault (web wallet)
Fast signup process, easy to use, convenient
Can’t store other cryptocurrencies, not as secure as other wallets
LiteVault’s source code is publicly available, and all user wallets are encrypted before they reach the provider’s servers. This allows you to retain control of your private keys.
However, web-based services always put you at a greater risk of hacking and phishing attacks, and if you want to store any other coins alongside your Litecoin you’ll need to look elsewhere.
LoafWallet (mobile wallet)
Developed by Litecoin creator, simple and lightweight, available for iOS and Android
Can’t store other cryptocurrencies
Originally only available for iOS devices, LoafWallet is now also compatible with the Android operating system. An open-source, hierarchical deterministic (HD) wallet, LoafWallet is actually based on bitcoin’s popular BreadWallet.
It’s designed to be quick and easy to send and receive funds through the wallet app, while you can also restore your LTC holdings if something goes wrong by using a 12-word backup seed key.
However, just like desktop software wallets, mobile wallets don’t offer the same level of security as offline storage. And if you want to store any other coins or tokens alongside your Litecoin, this wallet won’t be for you.
Tips for securely storing your Litecoin
Remember the following tips to help ensure the safe and secure storage of your Litecoin:
- Consider offline storage. Offline (or cold) wallets are generally considered to offer the safest way to store cryptocurrencies. If you’re holding a large amount of funds and you don’t plan on trading them any time soon, 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, such as creating a secure PIN and setting up two-factor authentication.
- Backup. Backup your wallet regularly to ensure that your backup reflects your most recent transactions, making sure that you can still access your Litecoin if an unexpected problem occurs.
- Password protection. Choose a strong password and make sure you never give it, or your private key, to anyone else.
- Protect your computer. Make sure your PC is protected by the latest antivirus and anti-malware software to minimise the risk of hacking.