Litecoin Wallets 2023: The Best Picks

Litecoin, one of the original cryptocurrencies, has endured the test of time and evolved into trustworthy digital money in the current day. Cryptocurrency enthusiasts seeking to invest in LTC seek a secure wallet, user-friendly interface, and seamless capabilities for storing, transferring, and receiving cryptocurrencies.

Discover a list of prominent cryptocurrency wallets to assist you in determining which Litecoin wallet is ideal for you.

Best For Functionality: Atomic Wallet

Atomic Wallet was launched in 2017 as Atomic Swap by Konstantin Gladych, the CEO and co-founder of Changelly. It supports over 500 cryptocurrencies. The wallet is appropriate for novice and experienced cryptocurrency investors since it is a safe platform with better speed, privacy, and anonymity.

• Coins supported:  Bitcoin, Litecoin, Ethereum, Algorand, and Dogecoin
• Type of wallet: Non-custodial
• Price: Free

Pros & Cons

Pros

• Device Compatibility:  Atomic Wallet is compatible with various operating systems, including Windows, MacOS, Android, iOS, Debian, Ubuntu, and Fedora.
• Supports many cryptocurrency assets: Atomic Wallet may anonymously store, transfer, and trade over 500 crypto assets.
• Simple user interface: This wallet is simple, making it appropriate for novice and expert cryptocurrency investors.
• Encrypted private keys: Private keys are encrypted and saved on users’ devices to make Atomic Wallet safe.

Cons

• Limited crypto assets are available for purchase: The wallet restricts the number of bitcoins that can be purchased using bank cards. You can exclusively acquire Bitcoin, Ethereum, Litecoin, Ripple’s XRP, and Bitcoin Cash within the wallet.
• Not hardware-compatible: Atomic wallet, like other software wallets, is incompatible with hardware.

Best For Security: Guarda Wallet

Guarda Wallet is an exceptional cryptocurrency wallet that offers extensive asset support and empowers users to securely store, trade, acquire, generate income from, and utilize Bitcoin.

Guarda Wallet, launched in 2017 by Guardarian OÜ, is our top pick for cryptocurrency software wallets overall, as well as the most secure, making it a good solution for crypto traders wishing to preserve their investment against big economic disasters such as the collapse of famous crypto exchange FTX in November 2022.

• Coins supported:  Bitcoin, Litecoin, Dogecoin, Ethereum, and Cardano
• Type of wallet: Non-custodial
• Price: Free

Pros & Cons

Pros

• Supports 400,000+ crypto assets across 50+ blockchains: Guarda Wallet enables users to store a wide range of digital currencies and tokens on every major blockchain network.
• Allows users to buy, swap, borrow, and earn crypto: Guarda Wallet offers a variety of functions, including frictionless asset exchange, staking incentives, and the option to borrow cryptocurrency.
• Users can seamlessly spend crypto with the Guarda Visa Card: Guarda provides a prepaid Visa card that enables holders to spend crypto anywhere Visa is accepted.
• Top-tier security: Guarda Wallet is a non-custodial wallet, meaning you own all your funds. Guarda has also taken extreme steps to avoid security breaches that can end in monetary loss.
• Excellent customer support service: Guarda has a very responsive team, unlike most cryptocurrency wallet providers.

Cons

• Comparatively high in-app cryptocurrency purchase fee: Purchasing crypto assets directly within the Guarda Wallet using cards incurs a 5% purchase fee.

Best For Beginners: Exodus Wallet

Exodus, our top pick for novices, is an excellent choice. Its user-friendly features, strong security, and cross-platform compatibility make it a great wallet for folks just starting cryptocurrency. Furthermore, it provides instant chat services if consumers have questions or encounter problems.

• Coins supported:  Bitcoin, Litecoin, Ethereum, Tether USD, and Dogecoin
• Type of wallet: Non-custodial
• Price: Free

Pros & Cons

Pros

• Easy setup process: Exodus is simple to install on a PC or mobile device. Create one wallet, then use the 12-word seed phrase to import it across devices.
• Supports 291 cryptocurrencies: Exodus offers many cryptocurrency assets, including Bitcoin and Ethereum. Exodus’ Ethereum address can store custom ERC-20 tokens by sending them.
• Exceptional customer service: Exodus provides users with chat and emails assistance and a helpful website. Users may also message founders JP and Daniel directly through the wallet. However, responses may take some time.
• Regular update schedule: Software updates are frequent; users can expect an update after every two weeks. However, users must manually update their wallets on Exodus’s official website.
• Staking available: Exodus allows proof-of-stake blockchains, which enable users to stake crypto assets straight from the wallet. You must lock your cryptocurrency for a set amount to stake it.

Cons

• Lack of 2FA security protection: Exodus does not employ the standard two-factor authentication approach to add an extra layer of protection, instead relying on users entering a password. Catastrophic repercussions might occur if someone hacks a user’s password.
• No support for crypto-to-fiat conversion: Users cannot trade their crypto assets for fiat money directly within the wallet. Users must transfer their assets from Exodus Wallet to a cryptocurrency exchange to cash out.
• Not open source: Exodus is not an open-source project. This implies that no one outside the firm may see, edit, or share the software code for Exodus Wallet. As a result, the general public cannot assess its resilience.
• Lack of custom fee support for altcoins: Customization of network fees for Ethereum and altcoin is missing from the wallet. Currently, users can only customize Bitcoin and Ethereum network fees.

Best For Convenience: Coinomi

Coinomi is a multilingual hot wallet with excellent protection for using cash. The privacy-focused wallet is accessible in 25 languages, including German and Portuguese, and supports 125 blockchains. The Coinomi team said it would translate its software and services into more languages to reach a larger audience. It is one of the earliest multichain wallets available, allowing users to send, receive, and trade several cryptocurrencies for free.

• Coins supported:  Bitcoin, Litecoin, Ethereum, Dogecoin, and Tether
• Type of wallet: Non-custodial
• Price: Free

Pros & Cons

Pros

• Zero transaction fees: Coinomi users do not have to pay any transaction fees. However, the user must pay a network fee, which is standard for blockchain networks.
• Supports up to 25 languages:  The wallet offers a diverse selection of languages, including English, Chinese, French, Russian, and others, adding up to 25 choices.
• Hosts various blockchains: Coinomi now supports 125 blockchains and can handle 1000s coins.
• Multiple security options: The Coinomi wallet allows users to safeguard their assets via a login and username and password biometrics, a mix of both, or a BIP39 passphrase.

Cons

• Lacks two-factor authentication (2FA): Coinomi does not presently offer 2FA. However, it does have additional security solutions. The Coinomi team feels that with 2FA, an attacker with an unlocked phone may still access your cash, hence the exclusion.
• Not compatible with hardware wallets: Coinomi can come short for those who desire a combination of cold and hot wallets because it cannot connect to a cold/offline wallet.

Best For Mobile: Trust Wallet

Trust Wallet is a non-custodial software wallet that allows for one-stop purchasing. It enables users to safely transfer, receive, exchange, and hold digital assets like cryptocurrencies and non-fungible tokens (NFTs). The wallet works with several blockchain networks and is accessible on iOS, Android and as a desktop browser extension.

• Coins supported:  Bitcoin, Litecoin, Ethereum, Dogecoin, and Solana
• Type of wallet: Non-custodial
• Price: Free

Pros & Cons

Pros

• Supports 4.5 million digital assets: Trust Wallet is compatible with over 60 coins and custom tokens. The maximum number of custom tokens that can be produced is represented by 4.5. Users may also collect Ethereum and BNB-based NFTs with the wallet.
• Easy setup: Getting started with Trust Wallet for iOS and Android is simple. Begin by downloading the wallet from your favorite device’s app store. You can build a new wallet or import an existing one using the 12-word seed phrase.
• Non-custodial: Users have exclusive ownership of their private keys while using a non-custodial wallet like Trust Wallet, putting them in control of their digital assets.
• In-app decentralized exchange: The inbuilt decentralized exchange (DEX) of the wallet allows users to purchase and sell numerous digital assets within the app via two options: swap and exchange. However, the exchange option supports only the BNB and BEP-2 token standards.
• Available staking options: Trust Wallet allows users to stake 12 cryptocurrencies, including Binance Coin (BNB), TRON (TRX), Tezos (XTZ), Cosmos (ATOM), and VeChain (VET), because it supports several proof-of-stake blockchain networks.

Cons

• No cold storage: Though the wallet claims to be working on Ledger integration, it currently does not enable hardware wallets for offline cryptocurrency storage.
• Limited customer support: Trust Wallet does not provide direct customer service. However, it does allow consumers to contact the staff through email and has a frequently asked questions website.
• Private Android source code: You can find the open-source iOS version on GitHub.They cannot locate the Android source code.
• No iOS dApp browser: To comply with Apple Store requirements, Trust Wallet has to delete the dApp browser from its iOS application.

Final Decision

If you want to put money in Litecoin, you must first select the best Litecoin wallet for your needs as a cryptocurrency dealer or user.

If you intend to buy and hold Litecoin for an extended period, a wallet with a solid security basis, such as Guarda Wallet, is ideal. When you want to trade in and out of digital currency actively, you should choose a wallet with built-in exchange and low trading fees, such as Exodus Wallet.

Characteristics of an Outstanding Litecoin Wallet

A high-quality Litecoin wallet possesses robust security measures, an intuitive user interface, and the capability to facilitate Litecoin (LTC) purchases within the application. It should empower users to effortlessly send and receive Litecoin, regardless of their level of expertise.

Commonly Asked Inquiries

What Does Litecoin Represent?

Litecoin stands out as an exceptional digital currency, offering a remarkable experience to its users. It provides a secure platform for storing, transmitting, and receiving Litecoin coins, all while ensuring utmost anonymity.

How Can You Buy Litecoin?

Most major cryptocurrency exchanges and Litecoin wallets with built-in exchange capabilities allow users to purchase Litecoin.

How Is Litecoin Mined?

Scrypt, Litecoin’s proof-of-work (PoW) consensus mechanism, requires miners to deploy mining gear to solve hash functions to locate the next block and collect the 12.5 LTC block reward.

In contrast to Bitcoin, which currently requires specialized ASIC miners to mine financially, Litecoin miners can (still) mine the digital currency successfully using GPUs.

Is Litecoin Mining Bad For The Environment?

Litecoin mining, like any proof-of-work mining, necessitates the use of energy. The energy mix of Litecoin miners determines whether or not mining is harmful to the environment. No study distinguishes Litecoin miners from other cryptocurrency miners, making it difficult to determine how much Litecoin mining utilizes renewable versus non-renewable energy.

In contrast, according to a Bitcoin Mining Council report, Bitcoin mining uses 67.8% green energy, making it one of the more ecologically friendly sectors.

Approach

The availability of a good Litecoin wallet is a single of the more important elements to consider before dealing with and keeping Litecoin. We completed a full study of the top Litecoin software wallets to assist you in selecting the wallet that works best for you. When it comes to your digital possessions, the standing and security of the wallet are the most crucial factors to consider. We chose our top Litecoin wallets after reviewing 24 firms based on their security, reputation, features, fees, and customer service.