Best Litecoin Wallets in 2018
Litecoin, the silver to Bitcoin’s gold, is one of the most established and long-standing cryptocurrencies in the industry. As a result, there are now a significant number of wallets to choose from. The only problem is: How do you know which one to use?
In our Best Litecoin Wallets guide, we are going to cover four of the very best Litecoin wallets. To make sure we cover all grounds, we will discuss a wallet for each device type: desktop, mobile, online and hardware. By the end of this article, you will have all the information you need to make an informed decision!
Before getting started, let’s quickly take a look at some of the key factors you should look out for when evaluating the best Litecoin wallets:
- Security: How much priority does the wallet put on security? Are there any notable security features like two-factor authentication?
- Private keys: Does the wallet allow you to store your private keys locally on your device? Does the wallet provider have access to them?
- Cost: Is the wallet free to download? Are there any additional costs to use the in-built features?
- User-friendliness: Is it suitable for beginners, or do you need to have a basic understanding of cryptocurrencies?
- Supported coins: Does the wallet allow you to send, receive and store cryptocurrencies other than Litecoin?
- Device compatibility: What device type is the wallet available on? Does it allow you to synchronize multiple devices to the same wallet?
- Convenience to transact: Is it reasonably straightforward to move Litecoin in and out of the wallet?
So now that you know the key factors to look out for when choosing a wallet, in the first part of our Best Litecoin Wallets guide we are going to discuss Jaxx!
Jaxx – Best Litecoin Wallet for Desktop
Jaxx is one of the most popular Litecoin wallets for desktop usage. Available across Windows, Linux and Mac, the wallet is free to download and there is no requirement to enter any personal information during the installation process. Moreover, Jaxx is also available on both Android and iPhone mobile devices, and as a Google Chrome browser extension. The great thing with Jaxx is that you can synchronize your wallet across all device types, which gives you excellent flexibility.
As a multi-currency wallet, Jaxx also supports a range of other cryptocurrencies, including Bitcoin, Ethereum, Dash, ZCash and others. For a full list of the cryptocurrencies that Jaxx supports, click here.
When it comes to security, there are mixed reviews on what Jaxx can offer. On the one hand, the wallet does not have any notable security features such as two-factor authentication (2FA) or multi-signature safeguards. However, you will be required to enter a PIN number every time you log in or attempt to transfer funds. Furthermore, when you first install the wallet, you will also be presented with a 12 word backup passphrase. This is required in the event that you have your device stolen or you forget your PIN.
What Jaxx lacks in security, it makes up for with a couple of other really cool features. Firstly, there is an in-built ShapeShift API, which allows you to exchange cryptocurrencies without leaving the wallet. There is also a QR code scanning feature that allows you to scan a wallet address, meaning you don’t need to paste it in manually.
Finally, the Jaxx wallet has an exceptionally clear interface, making it perfect for those with little experience in cryptocurrency.
Although we have selected the Jaxx wallet as the best desktop wallet for Litecoin, here is another notable wallet you might like to consider:
- Exodus: A multi-currency desktop wallet for Litecoin that offers users a clear and crisp way to view their portfolio.
So now that you know about Jaxx, in the next part of our Best Litecoin Wallets guide we are going to cover Edge!
Edge – Best Litecoin Wallet for Mobile
If you are looking for a mobile wallet that will allow you to send, receive and store Litecoin, then look no further than Edge. Available on both Android and iPhone mobile devices, the wallet is free to download. Created in February 2018, the wallet also supports a range of other leading cryptocurrencies, as well as ERC-20 tokens.
One of the main advantages of Edge is that the wallet is really simple to use. All account features are clearly labeled, making the user experience seamless.
When it comes to security, your private keys are held locally on your mobile device, meaning that the Edge team does not have access to them. Moreover, your username and password credentials are also kept away from the Edge servers. An excellent security feature that the wallet offers is 2FA, which means you will need to enter a code that is sent to your phone every time you perform certain account features.
The wallet also comes integrated with a Glidera API feature, which will allow you to buy and sell cryptocurrencies without leaving the wallet. Glidera are owned by highly established exchange Kraken, so purchases come with excellent security safeguards. The Edge team also made the decision to make the platform’s code open source, which allows experienced developers to keep an eye on any potential security flaws.
Unfortunately, Edge isn’t available as a desktop application, so if you want a wallet compatible across multiple devices, it might be worth considering Jaxx. Although we have selected the Edge wallet as the best mobile wallet for Litecoin, here are some other notable wallets you might like to consider:
- Loafwallet: A mobile wallet available on both Android and iPhone devices, created specifically for sending, receiving and storing Litecoin. Launched by the Litecoin Foundation.
- Coinomi: A simple, yet hugely popular multi-currency wallet that is free to download on both the Google Play and iTunes App stores.
So now that you know about the best Litecoin wallet for mobile, in the next part of our guide we are going to look at is Coinbase!
Coinbase – Best Online Litecoin Wallet
If you put convenience at the top of your list, then we would suggest taking a look at Coinbase. Although Coinbase is primarily an exchange broker, they also allow you to use the platform as an online wallet. Online wallets offer the least security possible, because if the platform gets hacked, then you stand a very good chance of losing your funds. However, Coinbase has strong security features in place that make it one of the safest wallets in the industry.
Firstly, you can set up 2FA, meaning you will need to enter a code that is sent to your mobile phone every time you want to log in. You can also install multi-signature safeguards, which require you to confirm a login attempt on two separate devices. For added security, you can also use the time-lock feature: This is where you must wait 48 hours for your withdrawal request to be processed — something that would be highly valuable in the event your account was comprised (as you would receive a withdrawal request email). On top of all of this, Coinbase keeps 98% of user funds in cold storage, which makes it virtually immutable to malpractice as the coins are held offline.
As an online wallet, Coinbase can also be accessed on all mobile device types (including Windows phones!), as you simply log in to your account via your web browser. A further advantage to using an online wallet like Coinbase is that it also allows you to easily purchase cryptocurrencies such as Litecoin, Bitcoin, Bitcoin Cash, Ethereum and Ethereum Classic. Moreover, not only can you use real-world fiat currency to buy Litecoin, but you can also withdraw funds back to your bank account!
Although the in-built wallet features offered by Coinbase stand out, the wallet is still centralized. This comes with added risks, because you are not in control of your private keys. Make sure you feel comfortable with this fact prior to depositing funds.
In addition to Coinbase, take a look at another notable online Litecoin wallet that might be of interest:
- Uphold: An online platform that allows you to buy, store, send and receive multiple cryptocurrencies, including Litecoin.
Ledger Nano S – Best Litecoin Hardware Wallet
At the opposite end of the Litecoin wallet spectrum, we are now going to discuss the Ledger Nano S. As a hardware device, the Ledger Nano S is by far the most secure wallet type. Your Litecoin holdings are stored within the device, meaning they have no direct connection to an online server.
To access the wallet, you need to plug it in to your desktop device and enter a pre-selected PIN number. In the event that the device was physically stolen from you, the bad guys would need this PIN number to steal your funds. Moreover, every time they entered an incorrect combination, a time-lock safeguard would increase in length. As a result, you would be able to restore your Litecoins remotely by using your backup pass phrase before hackers could get to them.
On the other hand, although the Ledger Nano S is by far the most secure wallet, it is also one of the least convenient. As we mentioned earlier, in order to send funds to another person you need to plug the wallet into a computer. This makes it a poor choice if you are someone that wants to send Litecoin on the go. However, the primary aim of the Ledger Nano S is to safely store large crypto holdings, so there is no reason why you can’t use a different wallet type for smaller amounts.
On top of supporting Litecoin, the Ledger Nano S is also compatible with over 700 different cryptocurrencies, including major coins like Bitcoin, Ethereum and EOS.
Unfortunately, unlike the vast majority of other wallet types, the Ledger Nano S comes at a cost, which at the time of writing amounts to around $100. However, this is a worthwhile investment if you are holding a large quantity of Litecoin.
If you are looking for an alternative hardware wallet that has the capacity to store Litecoin, take a look at the below:
- Trezor: A multi-currency hardware wallet that is in direct competition to Ledger Nano S. The Trezor will also set you back in the region of $100.
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