Best Litecoin Wallets in 2023

Joshua Sherrard-Bewhay

Last updated 16th Feb 2023

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One of the core principles of decentralized assets like cryptocurrency coins and tokens, and blockchain technology more widely, is ownership and giving the individual control over their assets, or a lack of control from a centralized authority. Wallets' popularity is dramatically increasing arguably because they follow this same trend. They allow you to be the sole owner of your digital assets, and even to protect them to a degree that cannot be achieved by any other asset class: through the means of private keys.

These digital wallets are more than just a digitized version of a wallet you would find in someone’s back pocket. They are storers of information and have an interesting array of potential and current use cases ranging from storing your crypto tokens to other sensitive information like passports. Specifically, a Litecoin wallet is a wallet that accepts LTC (the native token of the Litecoin Network); there are then a host of different Litecoin wallets to choose from that all function in slightly different ways. Discover which one is the best Litecoin wallet for you and learn how to store your LTC securely.

Your two main Litecoin wallet options are:

• Software wallets

• Hardware wallets

Software wallets are online whereas hardware wallets are physical devices (hardware devices) that store your assets. There are then many more ways you could classify cryptocurrency wallets; some are free, some will cost you money to use, some store your funds online (hot storage), and others offline (cold storage). All of the online wallet features have pros and cons so you need to make sure you choose the right Litecoin wallet for how you want to use it.

On this page we will cover everything you could need to understand about wallets, how to use them, the different types available to you, the pros and cons each has, and if they support Litecoin.

However, you can learn more about Litecoin by reading our guides on how to buy Litecoin or how to buy Litecoin with PayPal.

What Types Of Litecoin Wallets Are There?

A Litecoin wallet refers to a digital application, or piece of hardware, that allows users to store funds, confirm transactions and track the history of payments made with cryptocurrencies. A Litecoin wallet is a hub in which you can manage your crypto-based assets and, crucially, it is you that is in control and retains complete ownership of those assets.

You retain an extreme degree of control over these assets because of private keys. Private keys are a long string of numbers that essentially act as a password. You can think of them as a digital signature that confirms the identity, or address, of someone or something. Public keys are another long string of numbers but these are known by the users of a network. This is the address you would send funds to and then the private key is the signature for a user to unlock those funds.

But it's not only cryptocurrencies that these cryptocurrency wallets can send and receive; you can also send and receive any blockchain-based asset to and from these addresses, as long as you have the public and private keys and the Litecoin wallet supports them. For example, you could send an NFT to someone.

Some wallets even support DeFi features like staking and lending; more sophisticated cryptocurrency wallets will allow users to “stake” their coins to earn interest on their holdings, an incentive to use their product over other market competitors.

Hot Wallets - Best Wallet For Beginners

A hot wallet is defined as an online wallet; it stores your funds online and is always connected to the internet. You can perform all of the usual functions with this like sending, receiving, and storing cryptocurrency tokens and coins. Some cryptocurrency wallets can also hold several different cryptocurrencies at one time. For example, you may be able to hold Litecoin and Bitcoin in the same wallet.

Here are some examples of interfaces available with hot wallets:

• Desktop & Laptop (a desktop wallet example is Ledger Nano X)

• Web (browser extension eg Metamask)

• Mobile apps (e.g. Trust Wallet)

• Apps (e.g. Exodus)

• Native wallets provided by exchanges/brokerage platforms

Something important to keep in mind about hot wallets is whether they are custodial or non-custodial. Custodial wallets mean the third party that provides the wallet holds the private key, whereas non-custodial wallets give full ownership of the private key to the owner of the Litecoin wallet; the private key is essentially the digital signature that allows you to receive cryptocurrencies.

If a wallet is custodial it is worth keeping in mind that if an exchange is hacked then your private key could be exposed, thereby putting your wallet in a state of extreme vulnerability. Similarly, if you hold your private key, as is with a non-custodial wallet, then if you lose it you could be locked out of your Litecoin wallet.

Also, if you ever accidentally send funds to the wrong address then you will have lost them forever. That’s why many users prefer beginner platforms - which are usually hot wallets - that deal with the technical side of things and provide an easy interface for users.

Cold Wallets - Best Wallet For More Experienced Users

Cold wallets refer to wallets that are completely disconnected from the internet and are therefore protected from hacking. Usually, more experienced users will use these as they can be slightly more complicated to operate; if you make a mistake with these sorts of cryptocurrency wallets you could lose access to it forever.

Some of the names of these crypto wallets are:

• Paper wallet (a reference to storing your private key on a piece of paper. To create a paper wallet, you can just print out the private key. A paper wallet can not be cyber-attacked which makes it more secure)

• Hardware wallet (a physical device that stores your assets offline. Hardware wallets are an ideal choice if you need a secure wallet to store your Litecoins)

• Offline wallet

The critical difference between hot and cold wallets is their connection to the internet. As you can imagine your assets are slightly less liquid with an offline wallet as you will need to connect it up to an interface every time you want to buy Litecoin. Therefore, typically, you will see cold wallets storing larger amounts of money than hot wallets and also holding them for a longer amount of time.

You must always keep your private keys and seed phrases (a phrase that acts as your digital signature) safe at all times. If you lose these your assets can be in danger of being inaccessible.

Top Hot & Cold Litecoin Wallets in the US

Best Litecoin Wallets Overall

Here is our complete list of the best Litecoin wallets when counting all of their features. These hardware wallets have been selected either for their ease of use, safety or combined.

Here’s a more in-depth look at each of these wallets:

Coinbase Wallet

Coinbase is one of the biggest players in the cryptocurrency space and has an ethos that sees crypto as the future of finance. It offers a great service that's easy to use and extremely interoperable with most assets. Its crypto wallet is offered worldwide, has great coverage, and is used by over 35,000,000 people.

MetaMask

MetaMask is one of the most popularly used hot software wallets on today’s market. MetaMask can be used as a mobile or desktop wallet, and it's extremely easy to use, making it one of the most accessible crypto wallets out there.

Ledger Nano X

The Ledger Nano X is an improvement on the former S model that now offers Bluetooth integration. It offers a huge range of supported tokens and is one of the most modern Litecoin wallets on the market.

If you’re looking for a more extensive list of Litecoin wallet options then have a look at the section below for rankings by each type.

Best Litecoin Wallets By Type

Best software Litecoin wallets

Software wallets are the best Litecoin wallet option for beginners as they are easy to use, take a lot of the responsibility for private keys, and are free. These are the best online wallets on the market at the moment because of how beginner-friendly they are, how accessible they are and because they are free at the point of use; they have been ranked roughly on usability and accessibility.

Best hardware Litecoin wallets

Hardware wallets are undoubtedly the most secure wallet when choosing a crypto wallet. However, hardware wallets will be more complicated to set up and use, and usually, they will come at a cost. These wallets are some of the most modern, secure, and user-friendly options in the market. They are sorted in order of which provides the best service and not value for money.

Best mobile application Litecoin wallets

Most mobile wallets will usually be easy-to-use hot wallets; however, not all hot wallets offer this service. These are the easiest to use mobile wallets on the market that have the most interoperability with digital assets and platforms for trading crypto-based products. A mobile wallet is ranked in order of the complete package they offer to their users.

Top Free Litecoin Wallets

Here are the best free Litecoin wallets; they are ranked by which offers the best collective package, including usability, how beginner-friendly it is, the assets it supports, and how interoperable with the crypto space it is.

What To Consider When Choosing A Wallet?

Do Litecoin Wallets Support NFTs?

NFTs (non-fungible tokens) are cryptographic tokens that are stored on the blockchain and cannot be copied, forged, or replaced. They can either represent something completely digital or have some relationship to ownership of a physical asset, product, or service in the real world.

Some Litecoin wallets will support this class of asset and allow you to buy, sell and store NFTs in the same place as your LTC.

For example, the Coinbase Wallet - one of the most beginner-friendly wallets on the market - supports LTC and NFTs.

Is Staking Possible With A Liteocin Wallet?

Staking refers to putting your cryptocurrency assets into certain pools on a platform that rewards you for providing that network with liquidity. It is one of the more secure ways to earn a crypto income; it is slow to reward, and doesn't offer extreme annual percentage yield rates but is likely to always payout.

For example, the Atomic Wallet supports staking with Litecoin and offers up to 7% APY.

Can I Use The Same Wallet For Multiple Exchanges?

Yes. Some wallets allow you to connect them to multiple exchanges; it will just depend on what cryptocurrency wallet you are using and whether or not that specific wallet supports the exchange in question. Any wallet can send funds to any exchange as long as it is on a supported network. For example, sending Ethereum from a wallet to an Ethereum address on an exchange will always work.

Reminder: remember to always double-check the blockchain network you are dealing with before you send your assets.

Can I Trade On Decentralized Exchanges Using A Litecoin Wallet?

A decentralized exchange, or DEX, is an exciting concept that has evolved out of blockchain technology; it offers the same core features as its centralized counterpart (buying, selling, and trading cryptocurrency) but instead, there is no sense of ownership or control over the exchange.

A decentralized exchange utilizes smart contracts to ensure the security of trades; it is made up of distributed ledger protocols and applications that result in a trading platform with zero centralized ownership. As a result of this, users may not have to share any personal information with their interface and have the unique opportunity to trade completely invisibly. Equally, they will receive minimal to no financial protection and very little support to conduct their trades.

You will almost always need a cryptocurrency wallet to trade on a DEX; usually, this will be a browser extension wallet like MetaMask, Coinbase Wallet, or Trust Wallet.

For example, to connect your Litecoin wallet with popular DEX UniSwap you will need an account with a software wallet like MetaMask.

Can I Buy Litecoin Using A Wallet?

Some cryptocurrency wallets allow you to buy Litecoin directly from them. For example, the Exodus Litecoin wallet lets you exchange crypto directly. Also, Exodus offers customers a wide variety of cryptocurrency wallets they can open, as well as customer support and crypto trading through a connected exchange.

While this can be convenient it can often be much more costly to exchange assets directly with a cryptocurrency wallet than with an exchange - so be sure to check and compare the fees associated with the transaction.

Here are the steps you have to follow:

How Do You Cash Out And Spend Litecoin From A Wallet?

Cashing out your LTC is one of the most important parts of trading and must be done cautiously. Here we have detailed all of the general steps you need to take when cashing out funds from your Litecoin wallet with any exchange (this can vary depending on the exchange):

Top Tips For Litecoin Wallet Users

• Do not enter your seed phrase on a website as it could be a scam or phishing site.

• Double and triple check wallet addresses before making a transaction; incorrect addresses may lead to you losing your funds forever.

• Make a copy of your seed phrase or private key and keep it safe in case you forget your password; the best way to do this would be to write it down and put it in a safe place, or store it safely in a cold storage or any other hardware devices.

• Crypto customer service staff will never ask for your seed phrases; if someone does they are probably a scammer.

• Always check exchange fees when buying assets directly from a wallet.

• Be vigilant of the reputation a wallet has; wallets are usually popular if they provide a good and secure service.

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