Litecoin can be kept in a “hot” software wallet connected to the internet on your computer or phone or a “cold” hardware wallet that can keep your information fully offline. Users can also turn to Litecoin-specific software developed by the cryptocurrency’s boosters.
Litecoin wallets
Litecoin-specific wallets are best for users interested primarily in Litecoin and who do not need to hold multiple cryptocurrencies in the same wallet. These programs can help Litecoin owners take advantage of the coin’s low fees and relatively fast transaction speeds.
Litecoin Core
Cost: Free to download.
Good for: Hard-core Litecoin users.
Litecoin Core is open-source software that essentially runs a copy of the entire Litecoin blockchain to your computer. This setup, called a “full node,” also helps secure the Litecoin network and keep it running smoothly. The software can be installed on a Windows, Linux, or macOS computer.
It’s not the most user-friendly method, however; it requires a lot of hard drive space — at least 25 GB — and isn’t compatible with any other cryptocurrencies. Litecoin Core also doesn’t offer two-factor authentication, which may be less secure than other wallets with more advanced security features.
Litewallet
Cost: Free to download.
Good for: Litecoin enthusiasts on the go.
Litewallet, formerly known as Loafwallet, is an app-based wallet developed by the Litecoin Foundation, the nonprofit organization that supports Litecoin. Litewallet, for iOS and Android, is free to download, so it’s a reasonably simple way to start storing Litecoin.
The wallet uses recovery or “seed” phrases as a backup. The mobile app earns 4.6 out of 5 stars on the iOS App Store and 3.9 out of 5 stars on Google Play.
Like Litecoin Core, Litewallet is only for Litecoin, so if you want to hold multiple cryptocurrencies in the same wallet, you’ll need a more universal hot wallet.
Hot wallets
A hot wallet keeps crypto on an internet-connected device. These are some options for users investing in multiple cryptocurrencies in addition to Litecoin — and maintaining those assets easily accessible for trading and staking.
Trust Wallet
Cost: Free to download.
Good for: Storing a wide variety of assets.
Trust Wallet is a hot storage method whose developers say it supports more than 4.5 million digital assets, including Litecoin. In addition, it enables purchases, exchanges and staking directly from the wallet.
The wallet can’t directly convert to cold storage, and the company doesn’t offer a browser extension, though users can connect to decentralized applications through Trust Wallet’s mobile app. The platform is fully open-source, and its mobile app earns 4.7 out of 5 stars on the App Store and 4.5 out of 5 stars on Google Play.
Exodus
Cost: Free to download.
Good for: Converting between hot and cold storage.
Exodus is another hot wallet that supports buying, trading and staking directly from its platform. Its tools include a mobile app, a desktop app and a browser extension, plus integration with the Trezor cold wallet to help users move their crypto from hot to cold storage.
Exodus supports about 150 different cryptocurrencies, including Litecoin, and the company has a library of crypto education content for users. The mobile app earns 4.6 out of 5 stars on the App Store and 4.5 out of 5 stars on Google Play.
Cold wallets
A hardware wallet provides higher-security storage by keeping your assets offline and can store thousands of cryptocurrencies.
Trezor
Cost: $72 for Model One, $255 for Model T.
Good for: Built-in Litecoin support.
Trezor’s wallets are small, handheld devices that connect to a phone or computer via USB-C. The standard version can store over 1,000 different cryptocurrencies and offers backup security protection through desktop or mobile. The advanced touchscreen version runs entirely on the device and can store more than 1,800 compatible coins.
Trezor only offers a desktop app but provides built-in services, including staking, crypto purchases and integrations with other software such as Exodus. In addition, customer support and data analysis tools are available for users online, including a dedicated Litecoin wiki page. Litecoin is already integrated with the Trezor wallet, so it doesn’t require additional downloads.
Ledger
Cost: $79 for Nano S Plus, $149 for Nano X.
Good for: Mobile integration.
Ledger’s flash drive-shaped device is one of the most well-known hardware wallets on the market. It’s available for purchase from Best Buy, Walmart, Amazon and the company website.
The device can store over 5,500 different cryptocurrencies, including Litecoin, and connect to software wallets, including Crypto.com DeFi Wallet and Guarda. Ledger has both mobile and desktop applications.
Ledger also has a library of educational resources for users, including a dedicated Litecoin support page. In addition, Litecoin investors need to download Bitcoin and Litecoin apps onto their Ledger devices to connect their funds to the wallet.
This post was originally published on Nerd Wallet
