Litecoin Wallet Reviews 2020

Litecoin has established itself as one of the 10 largest cryptocurrencies by market cap since Charlie Lee launched it in 2011. It forms an important part of many crypto investment portfolios, but you need a safe, reliable wallet to store your LTC. You have a wide variety of different wallets to choose from, so this guide will help you find the best Litecoin wallet for your specific needs.

You will also learn how to set up a Litecoin wallet, what makes a great Litecoin wallet and the pros and cons of investing in LTC.

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The different Litecoin wallet options fall into four broad categories: software wallets, hardware wallets, web wallets and paper wallets.

Web wallets

The most convenient option is a web wallet. You can sign up quickly and often anonymously, and then log in from any device. Many of these browser-based wallets come with slick user interfaces and make life easy for beginners, but you are always at risk of hacking and phishing when you opt for a web-based wallet, so they are arguably the least sure option for anyone holding Litecoin. This is why they are often referred to as hot wallets.

Paper wallets

A paper wallet is simply a piece of paper with your private and public keys printed on it. You will be perfectly safe from hackers, but you could lose the piece of paper, or it could be damaged or stolen. This is probably the least convenient option.

Software wallets

Software wallets can either sit on your desktop or mobile. They are extremely convenient, great if you are making regular transactions and often come with plenty of helpful features. However, they are also connected to the internet, so hacking remains a threat.

Hardware wallets

The final option is a hardware wallet. It allows you to benefit from cold storage, meaning your LTC is protected from hackers. The best hardware wallets are a lot more durable than a paper wallet, but they are also lightweight and come with a screen that allows you to check transactions. They are also compatible with mobile wallets, so you can enjoy cold storage and the convenience of a mobile wallet for making regular transactions.

The main downside is the cost of buying one. You also have to wait for it to arrive in the post, and the Litecoin wallet sign up process takes longer, but it is generally worth it for the added security it provides.

Who Should Make Use of This Comparison?

This comparison is designed to help everyone from veteran Litecoin investors to newcomers find the best wallet for Litecoin storage. You can use it to compare the features on offer at the leading LTC wallets and arrive at your perfect match.

LTC is the world’s first open-sourced P2P altcoin and it has a wide range of uses, so it is popular among crypto enthusiasts, investors, miners and traders. A Litecoin wallet helps you keep your holdings secure and facilitates swift transactions, so it is important to settle upon the right Litecoin wallet.

Litecoin investors are highly likely to hold a wide range of different cryptocurrencies in a broader portfolio. This comparison should prove useful to anyone holding Bitcoin and various altcoins, because these wallets allow you to store Litecoin alongside many more cryptocurrencies.

You do not have to check out Ethereum wallet reviews, Ripple wallet reviews, Tether wallet reviews, Bitcoin Cash wallet reviews and so on, as these wallets all accept those coins, just like the leading Bitcoin wallets. There is no such thing as the perfect Litecoin wallet, so you should use this comparison to figure out the most important features to you before making your decision.

Editor’s Recommendation

You cannot go wrong with a Ledger Nano X if you are keen to buy a hardware wallet for storing Litecoin. Litecoin wallet owners have long trusted Ledger, as it offers rock-solid security, and the Nano X also allows you to access the hardware wallet via a dedicated mobile app. It can store a huge variety of coins, including Litecoin, it is extremely durable, and there is a strong, active development community and a helpful customer service department at Ledger. If you want to invest in the best hardware wallet for Litecoin, look no further.

There are many software wallets for you to choose from. Exodus, Edge, Coinomi, Jaxx and Abra all support LTC among many more coins, and they all have plenty of impressive features. However, it is well worth checking out the Litecoin Core, as this is the official desktop wallet for Litecoin. If you sit at your desk for most of the day, it is a great option. It downloads the entire Litecoin blockchain onto your desktop, which can take up a significant chunk of space, but if you are really serious about Litecoin then it is a great option.

Litecoin creator Charlie Lee also developed a mobile wallet called LoafWallet. This open source wallet is compatible with iOS and Android devices, and makes it quick and easy for you to send and receive LTC. The simple, aesthetically pleasing interface is great, and it was specifically designed for storing Litecoin. LiteVault is a specific web wallet for Litecoin, and it allows you to retain control of your private keys, but it does not allow you to store other cryptocurrencies. Freewallet is a popular web-based wallet that supports Litecoin, along with Bitcoin, Ethereum and other key coins found on crypto exchanges.

This is How Our Experts Test Litecoin Wallets

Our team of experts will sign up for an account at all the different web-based wallets that support Litecoin. They test the speed, ease and effectiveness of the registration process, and then deposit LTC into the wallet. They make and receive payments and test the speed with which these transactions are processed. Our reviewers will assess the strength of the user experience, how well key information is displayed and how easy it is to navigate the wallet.

They will also interact with the customer service department, asking everything from basic questions like “how to create Litecoin wallet address” and “what is Litecoin wallet address” to advanced questions. They will assess the speed with which responses arrive, the service hours, and how helpful, polite and knowledgeable the representatives are. The experts will also conduct extensive research into the company, checking for any security breaches, the reputation of the Litecoin wallet provider and how active the development team is.

They follow a similar approach with hardware and software wallets. They buy hardware wallets, comparing how expensive they are, how long it takes for them to arrive and how easy to set up they are. Our reviewers will assess the ease of the download, installation and registration process for software and hardware wallets. Ultimately they are looking for secure wallets with active development communities, great customer service, versatility, compatibility and a great user experience. The reviewers will always monitor the market and review new wallets that are released.

Finding the Best Litecoin Wallet for You

It is always worth investing in a hardware Litecoin wallet from a leading provider like Ledger or Trezor if you plan to store a substantial amount of LTC. The best hardware wallets are compatible with mobile wallets, giving you the perfect blend of security and convenience.

If you are new to the whole world of Litecoin investing, a web wallet or a mobile should be fine, but make sure you opt for a provider without any security breaches in its history and an active development team. A paper wallet is a good option if you are giving someone a gift, but otherwise, it is not recommended for anyone searching for the best Litecoin wallet.

How to Identify the Best Litecoin Wallets

There are several crucial elements that you should demand when looking for the best Litecoin wallet of the bunch:

Security

Sophisticated hackers and phishing scammers are constantly trying to steal crypto holdings, so security should always be your chief concern when choosing a Litecoin wallet. Look out for a wallet provider that has no security breaches on its record, and that clearly takes security seriously, with features such as two-factor authentication and watertight encryption.

Community

You should opt for a Litecoin wallet produced by a reputable, trustworthy company. The development community behind the Litecoin wallet should be active, ensuring that you benefit from constant upgrades designed to exploit technological developments, counter the latest security threats and bolster the user experience. Customer service is another important factor, as you should ideally be able to speak to a human representative on a 24/7 basis in case you have a problem with a payment or need help with basic questions like “how to register Litecoin wallet” and “how to get Litecoin wallet address”.

Backup

It can be a nightmare if you lose your Litecoin wallet or it is compromised in some way. It is therefore imperative that you select an LTC wallet with strong backup and restore features, allowing you to recover your wallet and your LTC holdings with as little delay and fuss as possible.

Compatibility

The best Litecoin wallet for your requirements must be compatible with the devices you use on a regular basis. The latest Litecoin wallets are broadly compatible with the vast majority of devices and operating systems, but older models might not be.

User-Friendliness

The overall user experience should be another important factor for anyone trying to find the best wallet for Litecoin. Litecoin newcomers will certainly benefit from a clean, uncluttered interface, simple navigation and helpful educational and analytical tools, but seasoned crypto investors should also be able to enjoy an excellent user experience.

The world of crypto investing is complicated enough, so your Litecoin wallet should not cause you any additional stress. Many of the latest wallets come with rich, exciting features, so make sure you use our comparison to find the best Litecoin wallet on the market.

How to Create a Litecoin Wallet

If you order a hardware wallet, you can download the accompanying software, choose a PIN and a recovery phrase – which acts as the sole backup of your private key – and then install applications on your hardware device. Add an account to manage your Litecoin and start using it. You can download a mobile wallet from the app store or the provider. Click on “Create New Wallet”, set and re-enter a PIN, take a note of your private key and recovery phrase and synch your wallet.

The process is similar for a desktop wallet. You must first download and install the software. Set a strong password, add Litecoin to your wallet and use the receiving wallet address to receive LTC. If you have only just figured out what is Litecoin wallet and you are new to the whole crypto world, you can simply visit a site like Freewallet, enter an email address and password and accept the terms of use. Then enter a four-digit PIN, confirm it and you will have a wallet. Click “Add wallets” and Litecoin will be one of the first options to choose from.

Why Choose Litecoin?

Litecoin is open-sourced, has low transaction fees and offers speedy transactions. It has been subject to fewer hacks than most cryptocurrencies, and there is enhanced security within Litecoin. It also has low transaction fees, and it has a far higher upper limit of coins than Bitcoin.

On the downside, Lee hurt its credibility when he sold his LTC holdings, but it remains popular among many factions of the crypto movement, so many people search for the best Litecoin wallet. BCH, BSV, EOS, XRP and BNB are also popular altcoins among anyone looking for cryptocurrency to invest in, and you can read Bitcoin SV wallet reviews, Binance Coin wallet reviews and EOS wallet reviews, but Litecoin’s popularity shows no signs of waning

Conclusion

You have dozens of options to choose from when trying to identify the best Litecoin wallet, so it is important to conduct thorough research and make an informed decision. This guide can help you settle upon your ideal Litecoin wallet by comparing features offered by the leading providers.

Ultimately, the best option is a hardware wallet and an accompanying mobile wallet, as this offers the perfect blend of security and convenience. The investment required is modest when you consider how important it is to keep your Litecoin holdings safe and secure.

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