Litecoin is a digital currency, similar to Bitcoin in that it is used as a payment system between peers. As such, it requires a digital wallet to enable users to retrieve, stock, send, distribute, obtain and keep tabs of their Litecoin currency.
The current best way to store your LTC coins is on the compatible hardware wallets such as Trezor and Ledger Nano S. These offer the best choice yet to storing the cryptocurrency. The article will give a deeper understanding on the various ways you can store your LTC coins safe and secure.
What to consider when choosing a Litecoin wallet?
Since they’re very many options to choose from, it is important that one should be aware of the following things before they select a particular Litecoin wallet.
Before choosing a Litecoin wallet, one has to ensure that it actually does support Litecoin, as well as any other cryptocurrency one may wish to trade in.
Different kinds of Litecoin wallets provide different levels of security and because security is the most important feature to look out for in a wallet, one ought to be very prudent when selecting one.
Another thing that one needs to consider before selecting a Litecoin wallet is the reputation of the wallet company. It is best to choose a wallet from a company whose dealings are transparent and which is deemed as being trustworthy by the crypto community. Some wallets have in the past turned out to be frauds and have resulted in the loss of virtual currencies worth millions of dollars.
3. Type of Wallet
Hardware wallets are perhaps the most preferred type of wallet since they provide an additional layer of security by allowing users to store their private keys offline. They are also easy to configure and can comfortably be customized to fit some unique Litecoin needs. Check the 5 best hardware wallet here >>
Online wallets are praised for being the easiest to use for the Litecoin crypto. They are very easy to set up as all you need is to visit their website or download a browser extension. However, they face a glaring insecurity problem. By virtue of being online, they are susceptible to hacking. Additionally, they are operated by a service provider and as such users do not have full control. Some online Litecoin wallets have the much coveted two step authentication feature that beefs up security enormously. Check the 5 best online wallets here >>
Software wallets are powered by an application that runs the entire system. These software and applications are downloadable on the internet. Software wallets for Litecoin are mainly compatible with Windows and Mac on computers and iOS and Android on mobile phones. They are very convenient as one can access their wallet from any location even on mobile devices like a smartphone. However, they face issues when it comes to storage especially in phones seeing as a phone has limited space.
These are offline wallets with much more advanced security features than other Litecoin wallets. As such, they are the main competitors of hardware wallets. Like other wallets, they allow for instant claim of Litecoin. The chances of hacking on these wallets have been reduced to the bare minimum and it is particular feature that makes them attractive for long-term Litecoin wallet users.
The 10 best Litecoin Wallets
|Litecoin Wallet||Wallet Review||Wallet Type||Security||Ease of Use||Price (USD)||Check Website|
|Ledger Nano S||Ledger Nano S Review||Hardware||high||easy||65||Check|
|Jaxx||Jaxx Review||Cross platform||high||easy||free||Check|
|Litecoin Core||Litecoin Core||Desktop||high||easy||free||Check|
As many as the wallets are, only a few provide the highest of quality when it comes to security. Below, we have selected the 10 best Litecoin-enabled wallets that will ensure your LTC coins are safe.
Best Litecoin wallets to keep your coins safe
Trezor hardware wallet is a small gadget resembling a car key with a small screen on top. The hardware wallet allows users to keep their LTC safe in a cold wallet.
Trezor has USB connectivity that allows it to connect even to computers that have been infected by malware. It is a darling to Litecoin users and to the cryptocurrency world in general.
How to store your Litecoin in Trezor
I. Log into the TREZOR.io website and connect the wallet to your computer. Enter your relevant PIN details on the PIN pad that appears on the wallet.
II. Select the Litecoin Wallet from the dropdown menu that appears on the top left side of the screen.
III. Click the Receive tab at the top of the screen.
IV. On the next page, there is the Litecoin M-address next to the QR code.
V. Convert this address to generate your public address. The public address starts with a ‘3’.
VI. Copy the M-address and paste it in the converter. A SegWit address with then be created. Insert the Segwit address as the recipient address on your Litecoin (sending) wallet.
VII. Click on the send button. The transfer of LTC to your Trezor wallet should be almost instant.
Read: Trezor Review >>
B. Ledger Nano S
Ledger Nano S is a hardware wallet, implying that private keys are stored offline and hence the security of your LTC is always at maximum levels. The sleek stainless steel device has a screen and two buttons. The two buttons are used to authenticate transactions: they have to be pressed simultaneously.
It requires one to have a PIN code and will also generates a 24 word recovery phrase that should be kept very safely. The recovery phrase comes in handy should you lose the device or should anything happen to your wallet.
How to buy Ledger Nano S
I. Access the Ledger Nano S website and click on the ‘Products’ tab.
II. Select Ledger Nano S.
III. Select the amount of Ledger Nano S wallets you wish to procure on the drop down menu.
IV. Proceed to Add to Cart and click Checkout once you finish shopping.
V. Fill in your shipment address details and payments details to finish the purchase. Payments may be made through credit card, PayPal or Bitcoins.
VI. Confirm your details.
NO refund is awarded to customers providing wrong addresses or lack of clearing the custom fees.
- The shipment should take 2-5 business days.
Read: Ledger Nano S Review >>
C. Litecoin Core (QT)
This is the official Litecoin wallet hence making its security rather unquestionable. It is free to use and can be downloaded from the official Litecoin website. Being a desktop wallet, private keys are stored offline, on the desktop or on the computer that the wallet was downloaded onto. However, this method carries its fair share of risk. If your computer is hacked onto, then the private key can be easily stolen and you may lose your coins.
One disadvantage of this wallet is that it requires you to download the whole blockchain the first time you use it. This is almost 6 gigabyte of data and takes a chunk of time to download, at times taking up entire days.
How to download the Litecoin Core wallet
- Download Litecoin QT client (official download here) for Windows and install it by clicking Next
- Launch the wallet. This will open a new window and the connection will starts automatically.
- Once the wallet is in sync with the blockchain, click on the ‘receive’ tab. This action creates a new Litecoin receiving address.
- If you wish to send coins to another wallet, all you need to do is click on the ‘send’ icon, enter the recipients address and amount, then click on the second icon.
- You will now be able to store, receive and send LTC from your wallet.
Exodus wallet is a free desktop wallet offering an all-in-one platform that offers security to your LTC coins. It is very easy to manage and exchange multiple currencies on the wallet too.
The wallet is very easy-to-use and interactive to its users. It also provides its users with a one-click recovery system to restore a wallet with a 12-word recovery phrase. This seed is important to restore your wallet in case of forgetting your password or your device is stolen.
Disadvantage: Currently lacks a two factor authentication making its security easier to breach than wallets with 2FA.
E. Jaxx wallet
Jaxx is a mobile and desktop wallet designed to offer the user with an easy-to-use and interactive platform. The wallet has Spaceshift feature allowing its users to manage and exchange multiple cryptocurrencies on the wallet. The wallet allows storing of various cryptocurrencies including Litecoin.
With Jaxx mobile wallet, you control your private keys and can export/import keys whenever required. The wallet has a 12-word passphrase to help recover your LTC even in the event of loss or damage to your device.
Jaxx mobile wallet is available on iOS but yet to be compatible with Android. The desktop version is available in Chrome/ Firefox extensions, and MAC/Linux desktop wallet versions.
Read: Jaxx Review >>
LoafWallet is one of the best mobile wallets to store your LTC. Charlie Lee, the creator of Litecoin is the founder of LoafWallet giving it immense credibility. The wallet provides top-notch security to its users. The platform is managed by the Litecoin Association, a group dedicated to the development of LTC.
- The wallet is an HD-wallet offering 12-word backup passphrase that allows you to restore your wallet and funds in case of theft or damage.
- LoafWallet offers its users a direct option to buy LTC from Coinbase and store them in the wallet.
Disadvantage: The wallet is only available in the iOS app store. The development team is working to build the Android wallet which is expected to be one of the best Android wallets in the market.
Liteaddress is a paper wallet and should be used only if you are comfortable with it. The cold storage wallet offers high security due to its offline nature. To obtain your paper wallet, go to the official Litecoin address and create your key set (private and public) then print them on paper in an offline setting.
Amongst all Litecoin cold storage wallets including hardware wallets, Liteaddress is the cheapest and one of the safest wallets.
Only use this wallet if you are conversant with the processes involved with storing your LTC in a paper wallet. The process is tricky and may cause loss of funds if not well kept.
Frequently asked questions (FAQ)
Any common mistakes to be careful of?
The immutable nature of hardware wallets pose a problem if the LTC is sent to a wrong address. You need to be careful of the address you send the tokens to before validating the transaction. Ensure you add extra security measures such as 2FA to your wallet before validating any payment or transaction.
How do I fund the Litecoin wallet?
You can send Litecoins from another wallet and store them in the Litecoin wallet. On the other hand, you can acquire Litecoins directly from an exchange like Coinbase and then store them in your wallet. Alternatively, one may exchange Bitcoins first on an exchange then use a program like Bitfinex to convert the Bitcoin into Litecoin which you can then store on your wallet. This transactions are highly dependent on your location. For instance, the direct purchase through an exchange may be possible in the United States but not elsewhere in the world.
How do I secure my Wallet?
For those who prefer to use online wallets, perhaps the best way to secure it is by encrypting your private keys. Companies like Corion have created a code package that encrypts the key data and protects it from insider hacking. The company provides a vast array of services including a wallet and an exchange, all of which use encryption for private keys.
Hardware wallets on the other hand provide users with a lot of security. However, one should ensure that they have safely stored their recovery seed offline. The method that’s considered safest is to write it down on a piece paper and store it in a secure place, like a safe.
What happens if the hardware wallet company goes out of business?
Should the hardware wallet company you’re using go out of business, one need not worry, provided they still have their recovery seed. Essentially, hardware wallets store private keys offline, so you need not feel threatened about the security of your wallet if the company goes out of business. Using the recovery seed, one can regenerate their wallet on a different program.
The ever evolving nature of technology and recent hacking events have shown that hackers are now targeting the crypto world, e.g. the Mt Gox heist. This indicates that choosing a wallet is a crucial decision and one ought to do maximum research before settling on a particular wallet.
Litecoin has been in the market for close to six years now and is doing rather well. As a Litecoin client, it is essential that you ensure the security of your coins is guaranteed. We recommend the use of hardware wallets given the perfect record they’ve set so far in terms of security of cryptocurrencies.