13 Best Litecoin Wallets for 2022 – Paybis Analysis
As the world’s first altcoin, Litecoin has retained its popularity since its release in 2011. It’s the first Bitcoin fork which tried to solve some of the original cryptocurrency flaws like transaction speeds and costs.
In this article, we will talk about the best Litecoin wallets, how they work and how to use them effectively to store and spend Litecoin.
After going through this list, you should have a pretty good idea which Litecoin wallet you should choose.
First, let’s go through the basics of what a Litecoin wallet is:
What is a Litecoin wallet?
Cryptocurrencies like Litecoin cannot be stored like regular money. They are digital representations of value on the Blockchain and thus require digital special wallets to access and spend them.
So, let’s take a look at how the best Litecoin wallets function and how they can be used.
How does a Litecoin wallet work?
Cryptocurrency wallets use two unique keys that allow users to access and spend their coins. So, instead of storing the coins themselves, wallets are used to safeguard these important pieces of data.
Every wallet has a unique set of keys which consist of a sequence of alphanumeric characters:
- The Private Key – This key acts similarly to the pin code of your bank card (only it’s much longer and complex). You will need it when you sign transactions, access your wallet and spend your Litecoin. Keep the private key in a safe place as, losing it, would permanently restrict the access to your coins.
- The Public Address – In short, this is the address that locates your Litecoins on the Blockchain. It will help you receive Litecoin when people send you some.
When using cryptocurrencies, you become your own personal bank. One of their greatest features is their ability to send and receive crypto without going through a 3rd party.
Of course, this is currently not true for all wallets, since there is an active effort to “whitelist” cryptocurrency addresses.
Consequently, you should be aware of the features that make a good crypto wallet in order to choose the best option.
This brings us to our next point, the different types of cryptocurrency wallets:
How to choose the best Litecoin wallet?
Now that we covered the basics, let’s go through the different wallet categories and their unique features:
- Mobile wallets – these wallets are, in essence, applications for your mobile phone. You will need to download and install them on your smartphone. While mobile wallets are quite convenient and easy to use in your daily life, they do pose some risks. If your phone gets stolen or lost, you will need to go through a tedious process to restore your funds.
- Online wallets – in this case, wallets are usually accessed through internet-enabled devices like browsers or mobile phones. Being online at all times is simultaneously their biggest pro and con. It makes these wallets very easy to use from any device, but also the most vulnerable to cybercriminals.
- Desktop wallets – these wallets will usually require the installation of software on your PC. This way they can safeguard and encrypt your keys, to ensure that you are the only one that can access them. They offer a much higher level of security than their online counterparts.
- Hardware wallets – these devices have been built with maximum safety in mind. They provide the best level of security paired with excellent day-to-day usability.
- Paper wallets – paper wallets are free to use and pretty much immune to hacking. They are sheets of paper that contain your private and public keys, sometimes accompanied by their QR code for convenience.
Now that you have a better overview of the different categories, let’s check the best Litecoin wallets per category and explain what makes them great.
1. Best Mobile Litecoin Wallet – LoafWallet
Number of supported coins:30+
Mobile OS: Android and iOS
This list wouldn’t be complete without LoafWallet. It’s the first mobile-only Litecoin wallet that is developed by the creator of Litecoin, Charlie Lee.
LoafWallet is considered to be the official wallet of Litecoin, as it’s distributed by the Litecoin Foundation.
But is this the only reason that makes LoafWallet worth it? Certainly not!
Why should you consider LoafWallet for your LTC storage?
This wallet offers several advantages, both functional and cosmetic:
- Slick and simple interface – The app design is primarily focused on being a user-friendly way of sending and receiving Litecoin. It uses “simple payment verification” (SPV mode) which results in instant transfers.
- Exchange integration – LoafWallet incorporates the cryptocurrency exchange of Coinbase, allowing users to purchase Litecoin directly through the app.
- Keys stored locally – Your private and public keys are stored and encrypted on your mobile device. This is why you should keep the 12-word seed phrase safe. If you lose it, no one will be able to recover your wallet.
How to set up your LoafWallet?
Check out this short video on how you should proceed if you are signing up on LoafWallet for the first time:
2. Best Web Litecoin Wallet – Guarda
Number of supported coins:40+ (+all ERC20 tokens)
Access: Desktop, Mobile, Web
Mobile OS: Android and iOS
Guarda is a multi-currency, multi-platform wallet. Here, we will be focusing on the web version, as it is one of the best on the market for storing and using Litecoin.
It’s a non-custodial wallet, which means that the users have full control of their keys, and thus, full responsibility for their security. This is not hard or risky in any way since you can simply export your private keys at any time using the Guarda app.
Let’s check out what makes Guarda stand out from the crowd:
Why is Guarda one of the best Litecoin wallets?
Other than being extremely user-friendly here are some of the wallet’s best features:
- Multi-currency support – Guarda supports all major cryptocurrencies like Bitcoin, Litecoin, Ethereum plus a good number of the top 50 cryptos. Furthermore, it supports thousands of ERC-20 tokens from the Ethereum Blockchain.
- Cross-platform – You can use the same wallet on different devices – mobile, web, desktop or even use it as a Chrome extension.
- Non-custodial – You remain in control of your private keys, so no one can revoke access to your precious coins.
- Good support and user experience – Guarda scores highly on Trustpilot (4.5/5) and their team seems to be very responsive, even on negative reviews.
How to create a new Guarda Web wallet
Here’s a short video from the Guarda support team that explains the easy steps you need to take when creating your own Guarda web wallet:
3. Best Desktop Litecoin Wallet – Electrum-LTC
Number of supported coins:1
Mobile OS: N/A
Electrum is one of the most powerful and oldest desktop Litecoin wallets. Although it may not have the most modern interface, it certainly makes this up with good security and speed.
Electrum-LTC is a fork of the Bitcoin Electrum wallet, which enthusiasts consider as one of the best options on the market.
It’s available for Mac, Windows, and Linux, making it easy to use by pretty much anyone.
This video will help you if you are trying to recover your coins on a different system. Just remember to always write down your seed phrase when you create your wallet.
Here are a few reasons why Electrum should be considered as a top-notch Litecoin wallet.
Why should you choose Electrum-LTC as your Litecoin wallet
- Secure – Your unique secret phrase and private keys are never sent out to their servers. Instead, they stay safely encrypted on your computer using AES-256-CBC.
- Light and fast – you can use Electrum-LTC with a partial node download. This means that you don’t need to download the whole Blockchain and update it every time you make a transaction, allowing for fast transactions.
- Feature-rich – The wallet supports the Replace by Fee (RBF) feature, which allows you to rebroadcast a transaction with a higher fee if it doesn’t get confirmed. Additionally, you can label incoming transactions so you have an idea where your payments are coming from.
How to install your Electrum-LTC wallet
Before diving in the Electrum-LTC wallet itself, you should check out this helpful video that goes through its installation process:
4. Best Hardware Litecoin Wallet – Ledger Nano S
Number of supported coins: 1250+
Access: Ledger Nano S device
The Ledger company has sold more than a million units of hardware wallets since it launched in 2014.
With offices in San Francisco, USA and production in Vierzon, France, they are one of the most respected and credible companies in the hardware wallet space.
The Ledger Nano S is a compact USB device and it’s one of the most affordable hardware wallets around.
Let’s explore the best features the Nano S offers that set it apart from the competition.
Why you should consider purchasing a Ledger Nano S?
- Highest security standards – Ledger wallets use a custom operating system, (BOLOS) which protects the device from hackers. Furthermore, its hardware is specially designed to withstand malicious attacks and safeguard your crypto keys.
- Accessible and portable – the official Ledger Live app allows users to manage a great number of different cryptocurrencies as well as all ERC-20 tokens. Additionally, the device’s size makes it an inconspicuous daily companion for carrying around your crypto with you.
- Great price/quality ratio – for a mere $60, this hardware wallet provides unmatched security and convenience for your cryptocurrency storage.
Setting up your Ledger Nano-S for the first time
The following tutorial video goes through the process of setting up your Ledger wallet:
5. Best Paper Litecoin wallet – Walletgenerator
Number of supported coins:1
Paper wallets might be the best and cheapest way to store your Litecoin for a rainy day. They aren’t meant to be used on a daily basis, but since they are completely off the grid, they can’t become a target for cybercriminals.
These wallets are simple pieces of paper with your private and public keys printed on.
We singled out Walletgenerator as our top choice, as it offers a nice foldable layout and sleek Litecoin-themed design.
Here are some advantages that might make you consider using a paper wallet for your Litecoin storage:
Why should you consider using paper wallets?
- Secure from hackers – paper wallets are offline cold storage wallets. They have no connection with any digital or internet-enabled device, which makes them immune to hackers. As long as you protect them from the elements, you could store your Litecoin for decades without having to worry about them being compromised.
- Easy to set up – these wallets don’t require complicated apps or specific devices. Just follow the instructions, print them out and they are yours forever.
- The most affordable cold storage – unlike the hardware wallets, these are cheap to create, which often appeals to beginning crypto investors.
How to create your Litecoin Paper Wallet
Check out this video that guides you through the process of creating your own Litecoin paper wallet:
Other Great Litecoin Wallets
6. Litecoin Core – This is the original Litecoin wallet. It’s robust and secure but requires that you download the full Litecoin Blockchain. The inconvenience is that it demands a lot of storage space and setup time.
8. Trezor One – A close competitor to the Ledger Nano S, the Trezor One is a great hardware wallet that is simple to use, yet provides a high level of security.
9. Jaxx – a multi-platform wallet that allows the pairing of different devices to the same wallet.
10. Atomic Wallet – this non-custodial wallet allows the storage of more than 300 cryptocurrencies on its desktop and mobile versions. By integrating Atomic Swaps, users can exchange supported tokens instantly and free of charge.
11. Enjin Wallet – this mobile wallet is one of the best as it offers support for a large number of cryptocurrencies. What makes it unique is that can also store video game collectibles that are created on the Enjin Blockchain. It also integrates 3 different decentralized exchanges that are accessible through its interface.
12. LiteAddress – this is another paper wallet that functions on the same principle as WalletGenerator. It offers a simpler layout that might appeal more to some.
Wrapping it up
Now that we gave you our list of best Litecoin wallets, it’s time to hand out the verdict on our favorite option. Let’s take a look at all the entries per category:
- Mobile wallet – LoafWallet
- Web wallet – Guarda
- Desktop Wallet –Electrum-LTC
- Hardware Wallet – Ledger Nano S
- Paper wallet – WalletGenerator
To conclude, our recommendation goes to the Ledger Nano S. Even though it comes with an entry price of $60, it offers the best security and accessibility features throughout.
It might be the most popular, but other entries on our list remain viable.
If you are on a budget, the free-to-use Guarda Wallet will cover most of your needs. It has a cross-platform deployment, a good number of supported cryptocurrencies and decent security which should be a good starting point for new Litecoin adopters.
— Frequently Asked Questions —
Do you still have questions regarding Litecoin wallets and the way they work? We have compiled a short list with the most frequently asked questions and answers.
What is a Litecoin wallet address?
A Litecoin wallet address, also known as a public key, is where you receive your funds. It acts as a mailbox for crypto. You need to share with people so they know where to send you your Litecoin.
What is a Litecoin private key?
The private key is a code comprised of 64 characters ranging from 0-9 and A-F. It allows you to access and spend your Litecoin. Without it, you can’t sign transactions, so make sure you keep it safe.
What is a seed phrase?
Private keys themselves are almost never handled by the user. Instead, the user will typically be given a seed phrase that encodes the same information as private keys.
This is a sequence of 12 to 20 words that you need to write down in case you want to recover your wallet address.
What is the safest way to store Litecoin?
Hardware wallets are the most secure way of storing cryptocurrencies. If you are serious about your crypto adventure, you should start by purchasing one of these:
Otherwise, you could opt for a free paper wallet. Keep in mind that, although secure, they do not offer the convenience of hardware wallets for day-to-day usage.
What type of wallet should I use if I’m using Litecoin daily?
For daily transactions on the go, you might want to use a mobile wallet like LoafWallet. It will help you carry your Litecoin on your mobile device and allow you to spend it whenever you need it.
Just be careful not to store all of your coins on such a wallet, as they are the most vulnerable to malicious cyber attacks. For more security, pair it with a hardware wallet and transfer what you need for spending from time to time.
Why does my Litecoin wallet have more than one address?
Litecoin wallets are often just used to store keys of different crypto wallets. This means that you can access a large number of different Litecoin wallets through one app or device.
It is considered a good practice to spread your funds through multiple wallets to avoid big losses in case of a hack.