The Complete Guide to Selecting Your Litecoin Wallet

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Last updated on September 10th, 2017 at 10:36 pm

Your Litecoin wallet will be perhaps the most important tool you have for securing and protecting your Litecoins and other digital currencies, so make sure you take some time to familiarize yourself with them!

What are Litecoin Wallets

Like Bitcoins, Litecoins can be stored in a digital wallet. This wallet will track the total value of your Litecoins and allow you to conduct various transactions. It might be easier to think of your ewallet as a sort of email system, except instead of sending and receiving messages, you can send and receive Litecoins and money. You can also track your history of exchanges and monitor your financial transactions.

Web wallets – You store your Litecoins on someone else’s sever.

Desktop / mobile wallets – You store your Litecoins on your device (e.g. your laptop).

Each type of wallet has it’s pros and cons. Web wallets are risker since someone can hack the companies servers and steal your coins, but on the other hand you can use them from anywhere in the world. Offline wallets are considered safer since someone will need physical access to your computer to steal them, but you will also be able to send Litecoins only from that specific device.

Some wallets are completely free, while other wallets charge fees for various transactions. Make sure you read any fine print when choosing a wallet and pay close attention to any fees, as they can add up very quickly. There are several Litecoin wallets currently available, so we will go over some of the most popular options. Unlike Bitcoin there aren’t many options for Litecoin wallets, so I tried choosing the top 3 for you to cosider.

Hardware wallets – These wallets are a small piece of hardware that connects to your computer via a USB portal. They allow you to send and receive Bitcoins with complete security as all of the “important stuff” is done offline on the hardware device. These types of wallets are the most recommended but they also come at a price.

If you want a deeper understanding of how wallets work please watch this video about Bitcoin wallets. Even though the topic is Bitcoin wallets, the same principles apply for all cryptocurrency wallets:

 

Top 5 Litecoin wallets available

TREZOR – TREZOR is a hardware wallet that can hold Litecoin as well as Bitcoin, Dash and other cryptocurrencies. It costs around $99 but is well worth the extra security you get by using such a wallet. Also, since it’s a multi currency wallet you can use one TREZOR wallet for many different coins.

Ledger Nano S – The Nano S is probably one of the best wallets around. It’s a hardware wallet that can store Litecoin, Dogecoin, Bitcoin, Dash and even Ethereum. It costs around $59 and has similar features to the TREZOR.

Litecoin-QT – This is a desktop wallet for Litecoin which I personally use. Very convenient but you need to remember that once you use this wallet it means that your computer now stores all of your Litecoins. Litecoin-QT is 100% free to use.

Jaxx – A cross platform Bitcoin and altcoin wallet. Jaxx works on Desktop and mobile and is very intuitive and easy to use. You can read our full review here.

Exodus – A beautifully designed wallet for Blockchain assets. Allows you to hold Bitcoin, Litecoin, Ethereum and other cryprtos. Read our review here.

Liteaddress.org is a simple service that will generate a Litecoin key and address for you. You can then print the key and address and safely store Litecoins offline. Due all of the thefts that have occurred with Bitcoins and online wallets, many people now prefer to store coins offline. This service is definitely worth a look if you are looking for a way to easily store Bitcoins offline. Read this post to understand how to create a 99.9% safe paper wallet.

Before selecting your Litecoin wallet

When selecting a wallet for any of your digital currencies, you need to make sure that you are very careful and go with a trusted and transparent company. There have been numerous Bitcoin scams that have resulted in people losing thousands, and even millions of dollars worth of Bitcoins. Occasionally, people try to save small amounts of money by selecting less transparent wallets with cheaper fees. Unfortunately, attempts to save pennies sometimes result in people losing huge sums of money.

Companies that are backed by Silicon Valley ventures, or are officially incorporated in the United States and other developed countries, for example, are probably more trust worthy than companies that don’t disclose their location, or are located in areas with poor enforcement measures.

Ofir Beigel

Owner at 99 Coins ltd.
Blogger and owner of 99Bitcoins. I've been dealing with Bitcoin since the beginning of 2013 and it taught me a lesson in finance that I couldn't get anywhere else on the planet. I'm not a techie, I don't understand "Hashes" and "Protocols", I designed this website with people like myself in mind. My expertise is online marketing and I've dedicated a large portion of 99Bitcoins to Bitcoin marketing.
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15 Comments on "The Complete Guide to Selecting Your Litecoin Wallet"

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Kevin davis
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Kevin davis

Hi,

I have a seagate personal cloud device, is it possible to set up a wallet on this, and then to log in from different devices or computers ?.. also how secure would this be compared to having the wallet on my PC

Steven Hay
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Steven Hay
Hey Kevin, Thanks for the interesting technical question! People have done this with the Synology Disk Station, which is comparable to your device. See: https://www.reddit.com/r/Bitcoin/comments/2zkg4l/bitcoin_node_on_synology/ I believe your first sticking point will be finding a compatible wallet. No such wallet is available as a download for your device at present, as far as I know. I’m not sure whether it’s possible to manually install software on your device. If not, then I doubt Seagate are going to make a Bitcoin wallet available for it any time soon, not only due to it being a very niche usage but also because… Read more »
Graham
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Graham

Hey Zsofia
Is it possible to have a Litecoin Core wallet on my Desktop and another Litecoin wallet ( Loafwallet ) on iOS IPhone that sync to show the same data , if you think its safe then how do I do this ?

Steven Hay
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Steven Hay
Hi Graham, Yes, this is possible. Loafwallet will sync from any Litecoin supernode (which is equivalent to a Bitcoin full node). In other words, Loafwallet should be able to sync from your up-to-date Litecoin Core wallet, so long as port 9333 is open. Much of the information from our guide on running a full Bitcoin node (https://99bitcoins.com/step-by-step-guide-firing-up-bitcoin-node/) applies to Litecoin as well. Without knowing your system and router, I can’t give any more specific recommendations but by following our guide and its links, you should be able to figure it out. To then connect your personal full node with Loafwallet,… Read more »
Christian Pidlaoan
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Christian Pidlaoan

I invest $170 worth of LTC at litecoin-storage.com and it seems i was scammed. Can anyone validate if this is a scam site?
Thanks

Tom
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Tom

Hi Zsofia,

I have aTrezor wallet which I am convinced 99.99999%, I have copied down the correct recovery seed for…

However, as I put in more funds I really want to check that I copied down everything absolutly correctly. Is there anyway you can view the recovery seed as you did on initial set up without messsing the Trezor or its contents up ?

Zsofia Elek
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Zsofia Elek

Hi Tom, you can ask the Trezor support team how you can verify your seed phrase.

Divine
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Divine

My name is Divine, These is fantastic and educational, if u dont mind i will love to join your forum for more enlightment on these and other question i will love to ask

Zsofia Elek
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Zsofia Elek

Hey Divine, welcome on board! Thanks for the kind words, keep on reading us.

Mike Lemmon
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Mike Lemmon

Hey Zsofia, what wallet would you advise for Monero?
I currently have a Jaxx wallet but I don’t think it supports Monero.
I’m using Kraken as an exchange, could I use the Monero address from Karken to mine into, then convert it to Bitcoin and send it to my Jaxx wallet?
Any suggestions you might have would be greatly appreciated.

Zsofia Elek
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Zsofia Elek

Hi Mike, we have an article about Monero, it also has a section about the wallet: https://99bitcoins.com/beginners-guide-to-monero/, you can use any address to mine Monero to as long as it is a valid Monero address on the blockchain.

Kaloyan
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Kaloyan

Can i keep my litecoin and bitcoin together in Trezor.

Etin
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Etin

Yes. Trezor can hold both.

Zsofia Elek
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Zsofia Elek

Hi Kaloyan, yes, you can keep multiple altcoins together in Trezor. You can read more here: https://doc.satoshilabs.com/trezor-user/advanced_features.html

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