In 2009, after the launch of the most popular and expensive cryptocurrency known as Bitcoin, many traders showed their interest in this market. With every passing year, more and more traders invested their capital in cryptocurrencies with the hope of getting some profits out of it. Some did get pretty huge profits, while others were not so smart and made wrong decisions, but the impact of such popularity among traders of crypto paved the ways for the introduction of many more potent cryptocurrencies. These currencies are not so popular as Bitcoin, but that doesn’t mean that they are not worth investing in. In fact, according to some reports, these cryptocurrencies have even more potential than Bitcoin.
Litecoin is an example, it is a relatively new cryptocurrency that was started in 2011, and ever since then, it has been on the rise. Many traders have shown their interest in Litecoin and made it one of the top 5 cryptocurrencies in the world. So as a trader, why wouldn’t you want to invest in an asset which has so much potential and security? Crypto trading is completely based on an online trading environment. Everything from brokers, trades and even the withdrawal of the funds are handled online. So it is obvious that the internet plays a very important role in online trading. But in real life, there are physical wallets in which you can keep your assets and use them when needed, but for a new trader, this question arises how can we store digital assets like cryptocurrencies as they can’t be stored in our everyday wallet or banks. Just like virtual currencies, there are virtual wallets as well, which have the ability to keep your assets safe.
These wallets are either offered by crypto trading platforms like exchanges and brokers, or there are specific firms as well which are only offering crypto wallet services. In this article, we are going to discuss these firms. But before we get into the list, we are going to look into the types of crypto wallets available for traders.
Types Of Crypto Wallets
Every type of wallet offers some distinctive features, which makes them attractive and preferable for different traders. But it is in the hands of the customer to decide what is best for them and what is not. The same is the case with crypto wallets as well. To be specific, there are two types of crypto wallets. The first one is “hot/online wallet”, and the second is “cold/offline wallet”. In this section, we are going to discuss everything about these two types of wallets.
· Hot/online Wallet
This is the first type of wallets which are known as hot wallets or online wallets. As the name tells us, these wallets are connected to the internet and can be accessed only through the internet. Let me tell you more about it. These wallets are basically some sort of software which are designed to keep your crypto assets safe and secure. These types of wallets can be accessed through the platform provided by the developers through the internet.
As these wallets are connected to the internet, they can be accessed from anywhere, no matter where you are. All you have to do is reach out to the platform which has been already provided by the developer of that wallet and access your assets. These wallets are extremely fast and reliable to trade every day as they are really convenient to operate. No matter where a trader is located, all he has to do is just get an internet connection, and he can perform any type of transactions that he wants.
There are many traders who prefer this type of wallet over cold wallets because these are so reliable and convenient to be used for everyday transactions. So if you are a trader who is looking for convenience over anything else, then hot wallets are definitely the type you want to go with. But if you are someone who has any other priority, then continue reading about cold wallets.
· Cold/offline Wallet
This is the type of wallet, which is basically an offline device or hardware. If you have very basic knowledge about computers, then you would probably know that the hard drives in the computer which store all of your data are offline devices, which means they are not connected to the internet. Then there come external hard drives which work on the same principle and are capable of storing your data without any internet connection.
Cold wallets are the same as these external devices as well which can store your crypto assets. Unlike hot wallets, which are basically software-based wallets, cold wallets are hardware-based ones that allow traders to store their information in a piece of hardware. As we have discussed in the hot wallet part, that hot wallets are very easy to operate, and traders can operate them through the internet. What you should consider as well is that there is a very major drawback of hot wallets as well. Even though the firms which are providing hot wallet services are very conscious about the security and encryption of trader’s data and money but still hot wallets are connected to the internet, which means that they can be accessed by hackers.
While on the other hand, cold wallets are not connected to the internet, which makes it one of the safest ways to store crypto assets. You must be wondering why do people still prefer hot wallets over cold ones in some cases, let me tell you that, as we discussed earlier, hot wallets can be accessed from anywhere with the help of just an internet connection. But cold wallets are hardware devices that need to get carried along with you. If you don’t have your device with you, then you can’t trade, and in online trading, you never know when you have to invest or withdraw your amount. So hot wallets are often used for everyday transactions as they provide convenience, and cold wallets are used to store assets for long periods of time.
Now that we have discussed everything related to the wallets let us dive into the list of top 6 Litecoin wallets which you can use to store your LTC.
Top 6 Litecoin Wallets
· Guarda Wallet
If we talk about the best wallets for any cryptocurrency, then Guarda will surely be on the top of everyone’s priority. And why not, it is providing some of the best features which none of the competitors is providing at the moment which makes it an easy choice for many experienced and new traders as well.
The Guarda wallet is packed with tons of features that include support for over 40 blockchains and more than 10,000 tokens. Other than that, Guarda wallet is also offering an extremely easy to use interface for the traders who have just joined crypto trading and are still going through the learning phase. The best thing about this wallet service is that there is a built-in exchange feature that offers traders to exchange their currencies with cryptocurrencies.
Guarda has multiple platforms to cater to every trader’s needs. It is providing a web-based platform that can be accessed through any device without downloading any software, but for better optimization, there are windows, macOS, and Linux software as well for laptops and computers, as well as mobile phone applications for both iOS and Android users, surely this adds to the reliability and credibility of this service.
As a hot wallet, Guarda knows that security should not be compromised, and that is why this platform has taken all of the necessary steps which are required to give traders the ultimate satisfaction of mind while trading. The wallet is backed up with encryption technology, and users have full control of the private keys as well as assets. The platform is also providing a 24/7 customer support service to cater for any queries that you may have regarding the platform. If you face any error while performing transactions, the team is ready 24/7 to help you.
· Atomic Wallet
Atomic wallet is offering support to Litecoin and many other cryptocurrencies as well. This is a really professional and user-friendly platform where traders can securely store their assets and manage their transactions. As a professional wallet service, the control of everything has been given to the trader because you should be in charge of your money.
The Atomic wallet is offering multi-platforms where traders can trade. Windows, Linux, macOS, android as well as IOS, users can download software and trade from their preferred devices with total optimisation and ease. The wallet is not compromising on the security department as well. Along with all the features that are being listed, the factor of security is the most important one for any trader, and Atomic wallet is providing its customers with that. The traders have been given full control over funds, and all of the information is kept password protected, which can be unlocked by only traders.
The wallet is also allowing traders to buy or sell 60+ directly through its platform, the process of exchanging cryptocurrencies has been kept extremely simple and fast, and the wallet is going to charge a very small amount of fee, which is 2%. But in return, you are getting a 24/7 customer support service to cater for any queries or errors that you face.
· Ledger Nano S
The third one on the list is Ledger Nano S. This is no doubt one of the very famous crypto wallets which is offering Litecoin support as well. Until now, we have discussed hot/online wallets, but this is an offline wallet, so for all of those traders who are looking for a cold wallet, then Ledger Nano S is surely the one you want to go with.
This model of Ledger Nano is a USB-shaped device that has a built-in display as well, which is going to tell the user about the progression of the transactions that are being done at the moment. The display is based on OLED technology which improves the vision of the reader. Other than this, the wallet also supports more than 30 cryptocurrencies, including Litecoin. This makes Ledger Nano S one of the most versatile and compatible offline wallet services.
As an offline wallet, Ledger Nano S already has a benefit in the security department, but that is not it. The developers have added more security to the device by adding U2F (Universal Second Factor) authentication, which will upgrade the security of the already secured offline wallet. So it is nearly impossible for your data to get stolen when it is stored in Ledger Nano S. and if you ever lose your data, then there is always an option to backup your wallet, that way, you can keep your data safe and secure all the time.
The fourth on the list is Jaxx. It is recently becoming so popular among experienced and young traders that it had to be included in this list. The interface of this wallet is so well optimized that almost every experienced trader can recommend Jaxx to any of the new traders. There are some pretty fascinating features that are being offered by Jaxx. These features include multi-currency support for more than 13 types of cryptocurrencies. This means that traders can store multiple types of cryptocurrencies in this wallet service.
Jaxx is a cold storage wallet device, so that means that security is not an issue for this platform, but still, the firm has added to the security protocols and protected the device with a 12 digit password known as the private key. This password allows the owner to only operate the device and keep it safe from theft and unauthorised persons from accessing it.
· Litecoin Core
The fifth on the list is Litecoin Core. If you are interested in trading only Litecoin, then this is surely one of the best Litecoin wallets at the moment. As you can guess from the name, this wallet is a service from the actual company of the cryptocurrency, which means that it is the official Litecoin wallet developed by its parent company. Unlike other wallet services on this list which are usually third-party service providers, Litecoin Core is managed by the company itself. This wallet can be downloaded from the official web page of the Litecoin cryptocurrency.
As one of the best wallet services, Litecoin Core is offering some pretty distinctive features to its traders as well, like a very easy to use interface and private key option to keep your asset safe and secured. Another feature that is exclusive to this wallet is that it is free of cost, which means there is no cost to store your Litecoins if you choose this wallet, so definitely if you don’t want to give your money to third party wallets, then you can use Litecoin Core for free.
Even though it is the official wallet of Litecoin, still there are some cons of it as well, along with all of the pros that we discussed. These cons should be addressed because it’s your right to be aware of what you are getting with this wallet service. So, one of the biggest cons of this wallet is that traders can’t store any other cryptocurrency except Litecoin, which restrict traders from trying new opportunities. Another con of this wallet is that it is only available for desktops which means you can’t operate this wallet through your phone, which I think is pretty outdated as other competitors are providing multiple platforms to cater for every type of trader’s needs.
The last one on the list is Exodus. Being last on the list doesn’t mean that it is lacking any of the features or is not good as any of the upper mentioned wallet services. In fact, this service is another free-to-use service that is going to fascinate many traders who don’t want to pay developers any kind of fees.
This wallet is free-to-use but also supports other cryptocurrencies than Litecoin as well. It also offers many impressive features like the incredible design of its interface. Everything on the Exodus interface is so well optimized that traders love to spend their time on this platform. It is also kept extremely user-friendly so that it can cater to new as well as experienced traders.
There are two disadvantages of this wallet which should be addressed to you. The first is that it is only available for desktops, which means traders can’t operate this wallet through their phones. And the second con is that this wallet lacks two-factor authentication, which I think is a must to ensure the security of the wallet. But you should keep in mind that all of these features are provided to you without charging anything, so there should not be much to complain about.
Litecoin is gaining enough hype in the world of cryptocurrencies. If you have also made up your mind to invest in Litecoin and are looking for a wallet service that is worth taking your attention, then this article will surely help you in deciding what is best for you. But always remember that you have to be cautious of the scammers as there are many in the market.