Best Litecoin Wallet in 2023: Top 8 Options Reviewed
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Are you planning to invest in Litecoin in 2022? It is a great time to buy Litecoin, but you need to have a Litecoin wallet installed before you start putting your money in this cryptocurrency. Litecoin is holding its place in the top cryptos and has excellent potential. It is a decentralized currency that can be used for instant payments all around the globe. Litecoin has its own blockchain and was developed so as not to have the flaws of Bitcoin’s blockchain technology.
A Litecoin can be a software, service, or gadget that can save your public and private keys and transact with the blockchain. The public key also serves as the wallet address and can be seen as your Litecoin account number. The private key can be seen as the password of your Litecoin account. Learn more about the best Litecoin wallets in 2022.
Different Litecoin wallets offer different levels of security and other features. Here are the top 7 Litecoin wallets, along with their detailed reviews.
Cryptocurrencies are very volatile and overall a risky investment. 69% of investor accounts lose money when trading CFDs
While Capital.com is an exchange that offers access to several different kinds of assets, it’s widely known for being an exceptional platform for Litecoin CFD trading and storing.
Supporting an array of digital tokens, including all the most popular ones and perhaps some that you’re not as familiar with, most will find that this site has something for them. Bitcoin, Ethereum, DASH, Polkadot, Litecoin and much more are all available on Capital.com.
Aside from the different coins on offer, there’s a lot more that has helped to propel this award-winning platform to the top of the crypto market; especially when you consider that 20 tokens is actually rather limited when compared to the plethora of currencies out there. So, what is it that makes Capital.com a good choice? For many individuals, it’s the:
Overall simplicity of the platform and 24/7 customer support
Free trading accounts that are available to all users
Automated trading features and exceptional artificial intelligence
477 crypto trading pairs and decent range of currencies
Lack of hidden fees and commissions
Let’s not forget that it’s also in compliance with the FCA, ASIC, CySEC and other authorities to ensure that your investments are as safe as can be.
One of the most secure and trustworthy crypto trading platforms, eToro, has the Money Wallet, which 4 major financial institutions regulate. This is what makes the Money wallet from eToro extremely reliable. It has some fantastic features, and its user experience is very smooth. The mobile wallet is free to set up, and the users only have to pay for transactions and conversions. eToro wallet safely stores your Litecoin and other digital currencies and offers a built-in exchange. It is easy to convert and transfer your funds. The company allows its users to transfer cryptos between 2 wallets on the same network or outside the platform. eToro has a good reputation across the crypto trading industry.
Exchange between crypto pairs is possible
eToro operates completely in accordance with the FCA, Cy SEC, and ASIC rules
Exodus Litecoin wallet is designed perfectly for new crypto investors. Users can access it via their desktop or as a mobile application. The user’s interface on the software wallet is extremely easy to navigate. More than 100 different cryptocurrencies, including Litecoin, can be stored and traded with this wallet. Users get live price data with constant tracking. The Exodus wallet also offers the ability to swap cryptos directly from the trading platform. It has an interactive user interface and has a tremendous ease of use. However, there is no compromise on the security aspect. The mobile app has only 3 categories: portfolio, wallet, and exchange, while the desktop app has more categories.
Pair the Exodus desktop wallet with a Trezor wallet for more security.
One-click recovery system to restore a wallet with a 12-word recovery password
Exodus wallet is available on Linux, Mac, and Windows
It can be hacked more efficiently, and users can lose funds with malware on the desktop
Binance backs the Trust wallet, which it bought in 2018 from the founder. It is a desktop wallet and allows users to store more than 160 cryptocurrencies, including all the popular ones like Litecoin. The wallet also acts as an exchange platform separate from the Binance Trading platform. Users can use Trust wallet to swap and trade different crypto assets easily. Moreover, the wallet supports credit card and bank account transactions as well. Another crucial point with the Binance Trust wallet is that it has strong security systems, and any unauthorized logins or hackings are not easily possible. It is entirely free to download and easy to use.
No need to verify an account, which makes it more privacy-oriented
The mobile app is compatible with Android and iOS
It is perfect for people who want to create a diversified portfolio.
It does not have a desktop app yet, though it is in the works
5. Ledger Nano S
Probably the most popular crypto-cold wallet, the Ledger Nano S provides high security with its secure chip and a proprietary operating system. Your private keys are created in its secure chip, which keeps them offline from the internet. The Ledger Nano S wallet also has a screen that allows you to verify and confirm your outgoing transactions. This is like an added layer of security. Users can store more than 1100 cryptocurrencies and tokens on this wallet. Of these, 23 are directly supported by the Ledger company, while third-party installations support the rest. Security is the top reason people choose this wallet as the company even betters the industry security standards.
It has tamper-resistant Common Criteria EAL 5+certified Secure Element chips
Affordable cold wallet with great features
The private keys are only on the device and safe
Storage space is limited and not enough for more than 6 to 7 crypto apps
When Bitcoin first became popular, it attracted people to other cryptocurrencies. At the same time, they were worried about security and safety. A Czech Republic-based company, SatoshiLabs, is behind the world’s first hardware wallet, the Trezor. It supports several cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. The wallet has a small OLED screen that displays a randomly generated nine-number pin and a 24-word recovery seed. This ensures complete safety for your funds in offline mode. It is a small, handy, and lightweight device. It is available in 3 colors: white, gray, and black. The Trezor wallet website has all the instructions for setting up apart from a lot of educational resources.
Top class security and good backup & recovery
Supports more than 1600 cryptocurrencies including Litecoin
Regular firmware updates keep it functioning well
Compared to other such wallets, it may seem expensive
If you don’t want to carry any weight, then you can switch to a lightweight Electrum desktop wallet. There is no need to download the entire blockchain with this wallet as the blockchain is kept on a remote server. The private keys are never sent to the remote servers, so the safety standards are quite high. Electrum Litecoin wallet has multi-layer security. The password encryption feature allows a user to keep the data safe.
Moreover, if by mistake you lose your wallet, you will be able to get your wallet back thanks to the novel crypto seed. The open-course code allows all users to enter and check the project’s code. Users can build another wallet or make some improvements.
Multi-signature option is excellent for companies that have a single Litecoin account
An option of different public addresses for each transaction
Suitable for both beginners and experienced users
It is highly secure but has a lengthy setup process
Jaxx wallet is a crypto wallet compatible with more than 80 different cryptocurrencies. It was created by Anthony Di Lorio, the Ethereum co-founder, in 2014. Jaxx wallet has a user-friendly interface which makes navigating very easy for users. Moreover, the wallet can be seamlessly used on various devices. Users do not need to register for or sign in to an account on the wallet. Jaxx wallet offers a cross-platform pairing service, and users can log into the wallet from any of their devices and then pair and sync them. This wallet can operate on Windows, Apple, Linux, Android, and iOS, enabled computers and mobile devices. Users get 3 transaction speed options depending on the transaction fees paid by the users.
Users can buy, sell, and store various cryptocurrencies
It is free to download and use on different devices
3rd party integration allows trade between different cryptos
There have been a few minor security breaches in the past
Important factors when selecting the right Litecoin wallet
Different Litecoin wallets have different features. Some wallets have security as their main focus, while some have an excellent user interface. If you are still deciding, then you should consider the following factors:
One of the most critical factors to look for in a wallet is its user interface. Different crypto wallets have different interfaces, and users always prefer a simple and easy-to-navigate interface.
Any wallet you choose should provide support for different digital currencies. Multi-currency support allows users to trade more freely and buy, sell, and invest in other cryptos.
Cryptocurrencies are not like physical currencies, and it is crucial that a crypto wallet has a backup and restore feature. This feature helps in restoring the lost transactions and enhances security.
Best cryptocurrency wallets offer full control to the users. Many wallets have the feature of private keys for additional security. The users can store these private keys in their personal, offline folders.
In this hyper-connected world with fast internet and technological advances, choosing a crypto wallet that offers 24/7 assistance is essential. Users want to be sure of help in case of any problems. Especially, beginners need a lot of assistance when they start.
Cryptocurrencies can be stored in wallets safely. There are several types of Litecoin wallets ranging from digital to physical wallets.
Full node Wallets
Safety and security are the most important considerations when choosing crypto to invest in. The nature of cryptocurrency is such that the responsibility of the security is of the investor. Your funds could be hacked and stolen if you keep them on an exchange without moving them to a wallet. The public and private keys are designed to help an investor control the entire process.
Some tips for storing your Litecoin securely
There are a few things that you can do to keep your holdings safe and trade Litecoin without any worries.
Offline, cold, or hardware wallets are considered the safest for storing cryptocurrencies. If you are holding many funds or cryptos and you don’t trade frequently, then the best thing is to move them to a cold wallet and keep them safe.
Different wallets have different security features, and users must put all the security features provided by a wallet into use. Most wallets have a secure PIN and 2-factor authentication.
Regular backing up is hugely beneficial. The regular backup can reflect the most recent transactions. Users can still access their Litecoin even if there is any unexpected problem.
Choose a strong password and also change your password every couple of months. Never share your password and private key details with anyone. Even if you write them down on paper, never leave the paper around for anyone to read.
If you have a desktop wallet, ensure that your PC is fully protected. Deploy the latest antivirus and anti-malware software for strong protection. This can lower the risk of hacking.
Conclusion: what is the best Litecoin wallet?
Investing in cryptocurrency is risky, and you can make it riskier by not choosing the right wallet. By having a crypto wallet, you can enhance the security and safety of your investment. There are many wallets in the market, including hot wallets, paper wallets, web wallets hardware wallets and it may get confusing if you don’t know what you want. Several of these wallets support Litecoin among other cryptocurrencies.
However, you must first consider your requirements carefully and then look at each wallet’s features and options. We have shared the top 7 wallets here, and you can select one of these to match your requirements. All these wallets have several valuable features and an excellent user interface. Apart from security, two things that matter most to the users are the user interface and ease of transaction. Once you choose the right Litecoin wallet, you must also use it correctly. Learn as much as you can about the wallet and then use it to your advantage.
Can you store all your cryptocurrencies in the same wallet?
Some crypto wallets support various cryptocurrencies, and users can store all their currencies in the same wallet. However, certain wallets are created for one specific cryptocurrency.
Can you convert Litecoin to FIAT currency on any wallet?
It requires much regulatory oversight for any crypto wallet to accept FIAT, and because of this reason, there are not too many wallets offering this option. Specific wallets allow users to buy Litecoin with a FIAT currency such as US dollars.
How many Litecoin tokens will be created?
Just like Bitcoin, there is a fixed upper limit for Litecoin creation. Only 84 million Litecoin units will be created.