Best Litecoin Wallet 2021: The ultimate comparison
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Anyone who wants to buy Litecoin will also have to deal with the question of the best Litecoin wallet, because no cryptocurrency can do without a corresponding wallet. As with its big brother Bitcoin, LTC also offers a wide range of storage options, including a Litecoin online wallet, various hardware wallets such as the Ledger Nano S or Trezor, or even the classic paper wallet.
In this detailed Litecoin wallet test, we show which different options are available, which LTC wallet is the best for each type of investor, which fees there are to consider, how you can best create a Litecoin wallet and what advantages and disadvantages the different options offer.
What is a Litecoin Wallet?
A Litecoin wallet is a digital wallet that you need if you want to buy, store and sell Litecoins. There are various options, from Litecoin online wallets to various hardware wallets and special LTC wallets for smartphones or desktop versions. In this Litecoin wallet test, we will show you which wallet is best suited for you.
Litecoin, with the abbreviation LTC, is a cryptocurrency that emerged from Bitcoin in 2011 and is also functionally very similar to Bitcoin. It is based on the same technology, but allows faster transactions with lower fees, which is why Litecoin is better suited as a daily means of payment than Bitcoin.
The price of Litecoin is currently around 200 USD (as of February 2021), but has fluctuated strongly in recent years, similar to other cryptocurrencies. The all-time high of 355 USD from 2017 is still above the current prices. In Bitcoin terms, Litecoin is even 90% below its all-time high from 2013, when it was briefly worth 0.04 BTC. Today, the price is around 0.004 BTC.
However, this Litecoin price is also clearly related to the strength of Bitcoin and not necessarily to the weakness of Litecoin. The LTC Coin continues to be one of the interesting and promising cryptocurrencies, which is why it may be worthwhile to buy Litecoin and set up a Litecoin wallet in this context. With a market capitalisation of around 13 billion US dollars, Litecoin is in the top 10 of the largest cryptocurrencies worldwide.
Setting up the Litecoin Wallet: this is how it works!
Using eToro as an example, we show in the following instructions how to create a Litecoin wallet. At eToro, a Litecoin wallet is also available in German, so setting it up is child's play and no problem even for beginners.
Register with eToro
In the first step, an account can be created directly at eToro under this link, which then enables the use of a Litecoin online wallet. Registration is very simple with your full name, email and password.
If you prefer to use eToro's mobile app on iOS or Android instead of the desktop version, you can simply download it from the Google Play Store or App Store after registering via the link above.
Top up your account
Once you have registered with eToro, you can fund your account using a variety of payment methods, including credit card, instant bank transfer or PayPal. This money can later be used to buy Litecoin.
Create a Litecoin wallet
If you would like to create your Litecoin wallet, you can do so easily in your own eToro account. Simply follow the on-screen instructions. It is best to make a note of the recovery key you receive several times and in the same way, as this can be used to restore your own LTC wallet in an emergency. If you want to buy Litecoins, you can now proceed to the last step.
Buy Litecoin
Once you have successfully funded your account and created a Litecoin wallet, you can start buying Litecoin. All you have to do is filter for Litecoin in the search bar, which will directly open the dialogue box for buying Litecoin. Please note that no leverage is set or that it is set to "x1". If you want to transfer the Litecoins to your own LTC wallet, the best way to do this is via the eToro app.
Litecoin: What are the arguments in favour of the cryptocurrency? What speaks against it?
If you choose the Electrum LTC Wallet or the Litewallet, you can only hold Litecoin there, as these are very specialised LTC wallets. All other options presented here, including eToro, the Trezor One or Coinbase, allow the storage of several cryptocurrencies. Depending on the Litecoin wallet, these vary from 15 to more than 100 coins.
Litecoin advantages and disadvantages
If you now want to buy Litecoins, you should first get an overview of the advantages and disadvantages, both with regard to the cryptocurrency itself and the LTC wallet. The following advantages and disadvantages emerge when taking a closer look at the cryptocurrency Litecoin.
Pros
Cons
The best Litecoin Wallets
In our detailed Litecoin wallet test, we examined various wallets. The acquisition costs, fees, convenience, security, support and user-friendliness are particularly decisive for a good test result. Our Litecoin wallet experiences and those of other users also play a role.
In the following, we therefore provide an overview of the different options. Which wallets are particularly suitable for Litecoin if you want to create a Litecoin wallet.
eToro Wallet for Litecoin
Although there are some crypto exchanges that offer lower fees and/or spreads, these are far from being able to compete with eToro's regulatory security, range of functions and user interface. Customer support by telephone, as offered by eToro, is also very rare on other platforms. In addition, eToro's Litecoin fees are low compared to other brokers with a similar range of functions, which we will discuss further in this Litecoin wallet test.
eToro is available both as an online version and as a mobile wallet for Litecoin (Android/iOS). The eToro LTC wallet also supports more than 15 other cryptocurrencies. The eToro Litecoin Wallet is also available in German.
Ledger Nano S Wallet for Litecoin
In the field of hardware wallets, the Ledger Nano S is one of the most popular options for storing your Litecoins securely in a wallet. However, with a hardware wallet you always have to consider the purchase costs.
The Ledger Nano S and Litecoin are compatible with each other. However, Litecoins cannot be bought via the linked crypto exchange Ledger Live. The LTC coins must therefore be bought from a broker such as eToro. Litecoins can then be transferred to and stored on the Ledger Nano S (thanks to the private Litecoin address), which makes handling a bit awkward.
Exodus Desktop Wallet for Litecoin
The Exodus Wallet is one of the most popular desktop wallets, i.e. you store your coins on software installed on your own PC and thus also have access to your private keys. This theoretically increases security compared to online wallets, but with such wallets you also have to take care of your security yourself, which many users can do much worse (or only with considerable investment) than professional companies.
If you still want to choose Exodus as your LTC wallet, you will find one of the best desktop wallets with a very good design and easy usability. Moreover, around 100 cryptocurrencies can also be purchased via the connected integration with ShapeShift. Buying Litecoin is also possible. However, the high spreads at Exodus should be noted, which we list in more detail below in the Litecoin wallet fees section.
Trezor Wallet for Litecoin
Trezor is another hardware wallet suitable for Litecoin. The purchase price is higher than that of the Nano Ledger S, but it is somewhat easier to use. The Trezor One, a good model for beginners, offers compatibility with hundreds of cryptocurrencies, including Litecoin, so it also qualifies as a very secure LTC wallet.
Electrum LTC Wallet for Litecoin
Unlike other cryptocurrencies, there are also special wallets for LTC that serve exclusively as a Litecoin wallet, such as the Electrum LTC Wallet, which evolved from the popular Electrum Bitcoin Wallet. The security aspects are particularly interesting, because this special Litecoin wallet does not store the private keys online and also uses the "Simplified Payment Verification" for secure verification of the transactions. This LTC wallet also supports the option of storing the coins offline, so it can be used as a particularly secure cold wallet.
However, due to the limited range of functions, the Electrum LTC Desktop Wallet for Litecoin is only suitable for long-term storage of the coins. No other cryptocurrencies are supported, and buying and selling is also not possible. This must be done via other crypto exchanges.
Litewallet Mobile Wallet for Litecoin
If you are looking for a similarly specialised Litecoin wallet for smartphones, Litewallet is another option that exclusively stores LTC. The Litewallet uses various security techniques such as AES encryption, sandboxing and various signatures to protect the Litecoins against theft. Nevertheless, it remains a hot wallet, which is usually always connected to the internet.
The special highlight of this Litecoin Wallet (Android/iOS Mobile Wallet), however, is the credit card function, because die-hard Litecoins fans can order a Litewallet credit card directly via the app, so that you can pay directly with Litecoin.
The LTC wallet "Litewallet" is therefore an exciting Litecoin wallet alternative, but is not recommended for beginners due to its limited range of functions. It should also be noted that the Litecoin Wallet experiences of other Litewallet users are somewhat mixed - in the Google Play Store, the app only receives a score of 3.2 out of 5, while in the App Store it receives a score of 4.7 out of 5.
Online exchanges
If you want to buy Litecoin, you can do so on numerous crypto exchanges. Coinbase and Binance are particularly well-known in German-speaking countries, and both also offer a corresponding Litecoin online wallet. With absolutely competitive fees, such online exchanges are a good Litecoin wallet alternative. However, you should always pay attention to platform security in the form of licences and regulations in order not to end up with a dubious provider.
Litecoin Mobile Wallet (Android/iOS)
If you don't want to miss your Litecoins on the go, you can download a Litecoin Mobile Wallet. In addition to the Litewallet already presented above, we recommend the mobile wallets of regulated providers, such as the one from our test winner eToro, for a higher range of functions and extensive security.
Litecoin Wallet Functions & Features
Depending on the type of Litecoin wallet, there are different functions and features that should be considered. In our detailed Litecoin wallet test, we show what you should pay particular attention to.
1. Compatibility
All options mentioned here in the Litecoin Wallet Test are compatible with Litecoin. Especially the LTC wallets configured as exchanges such as eToro or Binance, but also the hardware (Trezor One) or desktop wallets (Exodus) are also compatible with other cryptocurrencies, so that trading is usually easy.
Nevertheless, it is advisable to check the FAQs or the description to see whether it is compatible with Litecoin before starting to create a Litecoin wallet.
2. User-friendliness
In terms of user-friendliness, online wallets are often superior to LTC wallets of other types, which is mainly due to the professional approach, the often very appealing design and the high number of users. Providers like eToro or Binance make it very easy for users to open a Litecoin wallet. In addition, there is the time saving, because the coins do not first have to be transferred from one platform to the next in order to trade with Litecoin.
While with PC and mobile wallets for Litecoin the time required increases by at least one step, hardware wallets such as the Ledger Nano S first have to be ordered and paid for before they are ready for use. Reading one or the other tutorial or instruction manual is also necessary, especially if you are using a hardware wallet for the first time. The biggest effort is required to use a Litecoin paper wallet.
3. Security
Litecoin wallet security must always be a top priority, and there are two aspects to security: the security of the platform and the security of the device used.
- Generally, hardware wallets and paper wallets are considered the most secure way to store Litecoins. Since these types of LTC wallets are not connected to the internet, hacker attacks or online theft are almost impossible. Nevertheless, there is a risk in the incorrect use and loss of the recovery seed combined with the physical loss of the wallet.
- With Litecoin online wallets, there is little need to worry about security techniques as providers often have professional security mechanisms in place. However, it is important to minimise platform risk, which is why you should only use reputable providers such as eToro or Coinbase. Nevertheless, it is important to remember that the private keys remain completely with the platforms.
- PC wallets and mobile wallets are the most vulnerable to attacks, as the user has to take care of the security measures himself. A Litecoin desktop wallet or a mobile wallet like Litewallet are only as secure as the respective device.
4. Customer support
Especially for Litecoin beginners, it is advisable to attach great importance to the customer support factor. Online wallet providers have more detailed options here. Our Litecoin wallet test winner eToro, for example, offers live chat and telephone support in addition to the usual contact form.
Litecoin desktop wallets, mobile wallets or hardware wallets often only have a contact form available, where a response can often take a few days. Alternatively, the community can help in some cases.
Litecoin paper wallets do not offer any customer support at all because they are self-initiated.
Litecoin Wallet Fees
Of course, the best Litecoin wallet is of no use if it is far too expensive or the Litecoin fees exceed any trading profits. Therefore, in this part of the Litecoin wallet test we want to discuss which is the most recommendable LTC wallet in terms of fees.
A distinction must be made here between the acquisition costs, the deposit costs and the trading costs. While acquisition costs are only incurred with the hardware wallet and, if applicable, with the Litecoin paper wallet, costs in the form of trading fees or spreads must be taken into account at all times when buying Litecoin, and these can vary greatly in some cases.
Storing the coins is free of charge in all LTC wallets. The following is an overview of the Litecoin fees in the most important Litecoin wallets:
Provider | Wallet Type | One-off costs (registration etc.) | Fees (trading fees or spreads) |
|---|---|---|---|
eToro | Litecoin Online Wallet (Browser Wallet) | 0 EUR | 0% fees + 1.9% spread |
Ledger Nano S | Litecoin Hardware Wallet | Approx. 70 EUR | Spread + fees depending on the exchange used + network fee 0.01 LTC |
Exodus | Litecoin Desktop & Mobile Wallet | 0 EUR | 3-8% Spread |
Electrum LTC | Litecoin Desktop Wallet | 0 EUR | Spread + Fees depending on exchange used + Network Fee 0.01 LTC |
Litewallet LTC | Litecoin Mobile Wallet for Android and iOS | 0 EUR | 3-7% Spread |
Coinbase | Litecoin Online Wallet (Browser Wallet) | 0 EUR | 1-3 EUR fees (with credit card 1.5%) + 0.5% Spread |
As can be seen in the overview of Litecoin fees, eToro and Coinbase offer the lowest fees by far. The Litecoin wallet price comparison also shows that the spreads are extremely high, especially for desktop and mobile wallets that have a link to a crypto exchange. With Exodus, for example, you have to pay between 3 and 4% per transaction - so if you exchange once into Litecoin and finally back again, you immediately lose around 6-7% of the value, just because of the Litecoin fees.
This is another reason why we recommend our test winner eToro, as the spread is only applied once for buying and selling and the fee model is generally very attractive.
What is the best Litecoin Wallet for which type of investor?
As can be seen in this Litecoin wallet test, there are various options if you want to buy Litecoin and store them later:
Which coins can be stored in the Litecoin Wallet?
If you choose the Electrum LTC Wallet or the Litewallet, you can only hold Litecoin there, as these are very specialised LTC wallets. All other options presented here, including eToro, the Trezor One or Coinbase, allow the storage of several cryptocurrencies. Depending on the Litecoin wallet, these vary between 15 and more than 100 coins.
Litecoin Wallet advantages and disadvantages
Anyone who wants to buy Litecoin cannot do without a Litecoin wallet. Therefore, the question of pros and cons hardly arises, because an online wallet is in principle mandatory, regardless of whether it is a Litecoin online wallet or a Ledger Nano S for Litecoin. Let's therefore take a look at the Litecoin wallet pros and cons of our test winner eToro:
Advantages
Disadvantages
Conclusion of our Litecoin Wallet experience
Litecoin itself faces an exciting future, especially if cryptocurrencies become more widespread as a means of payment in the coming years. Then this coin with its fast transactions and cheap network fees could have a decisive advantage over Bitcoin. In this case, everyone will probably ask themselves which is the best Litecoin wallet - this test has provided the answer.
Anyone who wants to buy Litecoin and then asks themselves the question of the best Litecoin wallet to store it in has a wide range of options. If you want to be in possession of your private keys, the Ledger Nano S, a popular hardware wallet, is recommended for Litecoin. The Litecoin Paper Wallet, on the other hand, is less recommended due to its inconvenient creation.
Top Litecoin Wallet 2021: eToro
eToro emerged from our Litecoin Wallet Test as a comprehensive and feature-rich option. Our Litecoin Wallet experiences with eToro are consistently positive and the numerous advantages speak for themselves.
Key Features:
overall
FAQ
Depending on the provider, the Litecoin Wallet can simply be downloaded from the homepage or the App Store. However, a Litecoin wallet download is not necessary if you choose an LTC online wallet, hardware wallet or Litecoin paper wallet.
LTC wallets are used to safely store Litecoins and are a kind of online wallet. Some Litecoin wallets also allow you to buy and sell Litecoins.
Litecoin wallets are secure as long as you choose a hardware wallet, paper wallet or online wallet from a reputable and professional provider. The security of desktop wallets and mobile wallets depends on the device used and may therefore have security gaps.
