Litecoin is one of the world’s best cryptocurrencies, will hundreds of thousands of holders around the globe. All of these people use Litecoin wallets to store their crypto, and if you become a Litecoin holder, you too will need a Litecoin wallet. With so many cryptocurrency wallets to choose from, we’ve done the hard work for you. We’ll talk a close look at 5 of the best Litecoin wallets. Any one will serve you well, but you’ll probably pick a favorite. Let’s get started so you can buy Litecoin ASAP!
Best Litecoin Wallets
The cryptocurrency industry is flooded with digital wallets. Every cryptocurrency out there must use a digital wallet in order to be usable to its owner. With the proper wallet, you’ll be able to send, spend, and receive Litecoin and/or other currencies. Some wallets support tons of cryptocurrencies, while others specialize in a single currency. We’ll give you a range of possibilities for Litecoin, starting with our favorite Litecoin wallet for 2018.
Wallet 1: the Ledger Nano S
Arguably the best cryptocurrency wallet in the game is the Ledger Nano S. The Ledger is unusual among crypto wallets, in that it is a physical device. But herein lies its brilliance. A software wallet has to “live” somewhere. If it’s on your computer or phone, your wallet is likely always connected to the internet. This is a problem, because there are countless scams and phishing schemes that are designed to steal Litecoin from these wallets. Even though most of them aren’t successful, there’s still a chance. Or at least there was until the Ledger Nano S came along.
The Ledger Nano S contains the software necessary to store your coins. Plug it into a USB cable attached to your device and it powers up. You can use the Ledger to “sign” transactions and purchases, without ever revealing your keys to the outside world. The Ledger Nano S also stores a wide (and growing) variety of digital currencies, making it one of the handiest tools of the trade. Make sure to order only from the Ledger company in France, as phony products have entered the market
✓ Super safe
✓ Can replace passwords for software and web wallets
✓ Lose it? Just buy a new one and input the code for coin recovery
✓ Supports a bunch of currencies
✓ Can be buggy and unintuitive for some functions
✓ Can only hold about 10 kinds of coins at a time, give or take
✓ Costs about $80
Wallet 2: Loafcoin Wallet
The Loafcoin wallet is a different sort of Litecoin wallet, and is meant to serve a different purpose. While the Ledger Nano S is primarily meant for long term storage and security, Loafcoin wallet is meant for daily use. Litecoin is a currency, after all. What happens when you want to spend it?
Loafcoin is made for iOS and Android devices. It’s meant for small balances that you might need to buy stuff in your day to day life. Because Loafcoin is a hot wallet on your phone, it’s inherently not as secure as the Ledger Nano S. But that’s because it has a totally different function. Think of Loafcoin like your real wallet that you keep in your pocket. Store only as much money in it as you need to get around, and keep the rest somewhere safe for long term storage.
✓ Great for daily spending
✓ Available for iOS and Android
✓ Not super secure
✓ Problems with latest update (no issue for brand new users)
✓ Only supports Litecoin
Wallet 3: Exodus Wallet
Exodus wallet splits the difference between the Ledger and Loafcoin. Like the Ledger, it supports a bunch of different kinds of coins (in Exodus’s case, hundreds!). Like Loafcoin, it’s an easily accessible coin meant for convenience. Where Exodus wallet differs from both is that it is neither hardware nor smartphone software. It lives on your computer, and it’s meant to be a pretty secure wallet where you can interact with all of your coins (including Litecoin) on a daily basis.
We like Exodus’s integration with crypto exchange Shapeshift, for trading one currency for another without leaving the wallet. We also like Exodus’s portfolio viewing feature, seen above. For Litecoin users, it’s an easy way to store your Litecoin for the short-to-medium term, while observing how your Litecoin integrates into your larger portfolio.
✓ Multi-currency wallet
✓ In-wallet trades
✓ Good aesthetics
✓ Not as secure as Ledger Nano S
✓ No mobile version
Wallet 4: Jaxx Wallet
Jaxx wallet is another multi-currency wallet, with in-wallet trading support (like Exodus), that’s free to download and use. Jaxx has been a direct competitor to Exodus wallet for years, and for most of that time we’ve preferred Exodus. But now that Jaxx has a mobile version that gives you access to your whole portfolio on the go, Jaxx will definitely have an edge in its competition with Exodus, at least for some users.
✓ Supports tons of cryptocurrencies
✓ Mobile and desktop versions
✓ In-wallet trading
✓ Desktop version’s design is a little clunky
✓ Not the most secure option out there
Wallet 5: Litecoin Paper Wallet
The concept of Paper crypto wallets tends to be confusing for new users, but it’s not really a hard concept to understand. When you buy Litecoin, you get codes that represent your ownership of that Litecoin. This is called your Private Key. This is usually stored on your digital wallet, without you having to worry about a thing. you also have a personal address, to which new Litecoin can be sent to add to your balance.
The thing is, digital wallets that are hooked up to the internet are always at least somewhat vulnerable to hackers. Fortunately, you can just print your Address and Private Key. On paper, there’s no way for a hacker to get them. You can even simply write down your key and address. This is a DIY Litecoin Paper Wallet. It doesn’t get much more secure than this.
✓ Super duper secure
✓ The perfect solution for long term storage
✓ You can lose it! And your coins!
✓ Inconvenient to re-access your coins on a digital platform. Not great for spending, for example.
How to Open a Litecoin wallet Step By Step
Different Litecoin wallets require different new account methods. Because the Ledger Nano S is our featured Litecoin wallet, and because its startup process is the most involved, we’ll show you a step by step tutorial below.
Order your Ledger Nano S from the Ledger company itself. It may take a few weeks to arrive, because they are frequently sold out. But the wait will be worth it. Your Ledger will arrive in a nice neat box like the one above. It’ll be sealed in plastic wrap. It’ll look and feel almost like an Apple product. Open that sucker up and hook it up to your computer.
In the install software, choose your product among the other possible Ledger product choices.
Configure your device by following along with the onscreen prompts.
Download the Ledger Nano Chrome extension.
Fire up the desktop software and scroll down till your see the Litecoin wallet. It’ll be one of the standard options on this page.
Update the firmware to the latest version available on the Ledger company’s site.
Open the Litecoin desktop wallet powered by Ledger. Use it just as you would any other cryptocurrency wallet.
Alternatives to Opening a Wallet
If you’re a little intimidated by the Litecoin wallet process, there is another way. Most Litecoin investors go the traditional ownership route when investing in Litecoin. They buy coins at one price and hope to sell them for a higher price some time later, all while using a software, paper, or hardware wallet to store their coins. Transferring coins can result in disaster if you mess up an address, forever sending your coins into the void.
By using eToro, however, you’ll be able to live without a wallet, because you’ll be able to invest in Litecoin without actually buying it. eToro uses a really cool business model based on CFDs, or Contracts For Difference. A CFD allows you to pay market price for any amount of Litecoin. But instead of having those coins sent to your Litecoin wallet, your money will simply be locked up through the eToro site, within the contract.
When the contract ends, the Litecoin price will determine the money you get back. If Litecoin is more expensive than it was when you bought it, you’ll make all your money back, plus profits, just like you would if you bought and sold the same amount of Litecoin on those same dates. The converse is true, so you’ve got to be careful when using CFDs. But in the hands of the skilled trader, CFDs are undoubtedly the easiest way to invest in Litecoin, and all without ever having to buy or download a wallet!
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What About Litecoin Wallet Scams? There are so many crypto wallet scams out there, that it’s impossible to even find them all. The best way to keep yourself safe is to make sure you’re downloading a well-regarded Litecoin Wallet, and that you’re downloading it from the official source. Tons of wallets are made to imitate legit wallets. Ask questions online, using Reddit or Bitcointalk or Facebook, if you have questions. If all else fails, just use the links in this article to access those wallets.
Will Litecoin Go Up in Value? No one can predict the future, but we have good reasons to believe that Litecoin will go up in value when the rest of the market decides it wants to recover. Litecoin is a useful coin. Payments made using Litecoin are fast and cheap, faster and cheaper than with Bitcoin in most cases. Coins with strong utility are the ones that are going to rise, and Litecoin is one of the best among them.
What if I Lose My Ledger Nano S Litecoin Wallet? When you get your Ledger Nano S, you’ll have to write down a pass phrase to get it working. If you lose your Nano, all you have to do is buy another one, input this code, and all of your apps and coins will reappear on the new device.
What if the Computer I Have My Litecoin Wallet on Breaks? Any Litecoin wallet you use should have a private key or restoration code (or something like that) that you can use to regeneration your wallet anywhere in the world. Keep this code safe, because if someone else stole it, they could recreate your wallet on their device and steal your coins.
Can I Have More Than One Litecoin Wallet? You sure can, but you’ll have to split your balance between all of your wallets. Some people have multiple wallets for multiple purposes. For instance, they might have a Loafwallet for daily spending and a paper wallet for long term storage. You do you, just make sure you are able to keep up with everything.
Why Does the World Need Litecoin if it Already Has Bitcoin? Bitcoin has had times when it’s really expensive and slow, and Litecoin jumped in to pick up the slack during those times. Litecoin has its own perks, including larger blocks and a longer history with SegWit that make it the obvious choice for some. Some traders recommend investing in both.
How Can I Buy Litecoin With Paypal? There aren’t many good methods to buy Litecoin with Paypal, but fortunately we covered them in our recent “How to Buy Litecoin With Paypal” guide. If you find other people offering to sell your Litecoin for Paypal, be suspicious, and only complete the purchase when you’re sure they’re legit. If you happen to get scammed, contact Paypal quickly, and they’ll probably reverse the charge.