Litecoin Wallets Comparison and Reviews
Last updated: 1/27/19
Litecoin is one of the oldest cryptocurrencies around with a wide range of wallets supporting it. In the following post I will cover the best options available for storing and securing your litecoins.
In order to choose the right Litecoin wallet you will first need to decide how much convenience vs. security you’re looking for. According to this you should choose between a web wallets, a software wallet, a hardware wallet or a paper wallet.
Here’s a complete list of the best available wallets today:
For a more detailed review keep on reading, here’s what I’ll go over:
- Litecoin wallet types
- Best Litecoin wallets around by category
- Conclusion – before selecting a wallet
Like Bitcoins, Litecoins are stored inside a Litecoin wallet. If you want an in depth overview about cryptocurrency wallets and how they work make sure to watch this video:
If you prefer to read, I’ll give you a brief breakdown of what you need to know.
A Litecoin wallet is a program that helps you send and receive Litecoins. Imagine it’s like your email program (i.e. Gmail, Outlook, etc.) only for your Litecoins. There are several types of Litecoin wallets available.
Web wallets – This means the private key to your Litecoin wallet (i.e. your password) is stored by someone else for you. These type of wallets are the least secure since you don’t have any direct control over your coins. It’s best to avoid them, and if you have to use them, don’t keep a lot of money in them.
Desktop / mobile wallets – Also known as software wallets. In this case, your private key is stored on your desktop or mobile device. While a bit safer than web wallets, these are still considered to be hot wallets – meaning wallets that are connected to the internet and therefore are more prone to hacks and theft. They are usually recommended for small amounts of money.
Hardware wallets – A small piece of hardware that keeps you private key offline (aka cold storage). In order to send Litecoins from this type of wallets you connect it to your computer via a USB portal. Hardware wallets allow you to send and receive Litecoins with complete security, as all of the important stuff like signing transactions is done offline. These wallets are the most recommended, but they also come at a price (unlike previous wallets I’ve mentioned which are free).
Paper wallets – For maximum security you can use a paper wallet. This means you’ll write down your private key on a piece of paper and store it somewhere safe. There are of course several disadvantages to a paper wallet. First, the piece of paper can get lost, destroyed or stolen. Second, in order to send money from a paper wallet you’ll need a software wallet to import the funds to.
Ledger – Ledger supplies a variety of hardware wallets, with the most popular of them being the Nano S. Recently, Ledger’s Nano X was revealed as well as the ability to access the hardware wallet via a mobile app. Ledger allows you to store a wide variety of cryptocurrencies (not just Litecoin). The price of the wallets ranges between $59-$269.
TREZOR – Another well respected hardware wallet manufacturer, TREZOR offers two main models – The TREZOR One and the TREZOR Model T.
TREZOR wallets can also hold additional currencies other than Litecoin, however, they offer a somewhat smaller variety than Ledger’s. TREZOR wallets cost between $80 – $170.
Abra – Abra is a relatively new player on the market, giving users the ability to store Litecoins directly on their phone. Additionally, users can invest (without storing the actual coins) in 28 other cryptocurrencies. The wallet is available for both Android and iOS.
Jaxx – Also known as Jaxx Liberty, is a multi platform cryptocurrency wallet that supports Litecoin, Bitcoin and other altcoins as well. Jaxx works on Desktop and mobile (iOS and Android) and is very intuitive and easy to use. Jaxx also allows you to exchange between coins within the app. You can read our full review here.
Coinomi – An Altcoin wallet (over 500 coins and tokens supported) for mobile and desktop that also supports a desktop interface. Coinomi offers an in app exchange between coins. You can read our full Coinomi review here.
Edge – Formerly known as Airbitz, Edge is a simple and easy to use cryptocurrency wallet that supports Litecoin and over a dozen other cryptucurrencies. The app is available for Android and iOS and also features a built in exchange.
Exodus – A beautifully designed wallet for Blockchain assets that supports Litecoin, Bitcoin and over a 100 other crypto assets. Exodus features a built in exchange feature to switch between coins as well. Exodus is currently only available for desktop. You can Read our Exodus review here.
Litecoin-QT – A desktop wallet for Litecoin which acts as a full node for Litecoin. This desktop wallet is aimed at “hardcore” Litecoiners that want to verify transactions on their own without relying on 3rd parties. The wallet takes up a lot of space on your computer since it stores the complete Litecoin blockchain. The wallet’s interface is a bit outdated. I suggest using this wallet only if you’re technical enough to understand how it works.
Liteaddress.org – a simple service that will generate a Litecoin private key and address for you. You can then print the key and address and safely store Litecoins offline. This service is definitely worth a look if you are looking for a way to easily store Litecoins offline. Read this post to understand how to create a safe paper wallet.
Since Litecoin is a very popular cryptocurrency, there are many wallets options available depending on the amount of convenience and security you’re aiming at. Make sure to choose a wallet that is known and respected in the Litecoin community.
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