Litecoin (LTC) is a cryptocurrency that only exists on the blockchain. Litecoin investors need to use digital wallets, to store and manage the Litcoin they own. Litecoin wallets can be hardware or software. While hardware wallets are the most secure crypto storage, they are usually more expensive, and not ideal for short-term storage. On the other hand, software wallets are either highly affordable or free of cost. In this article, we will explore some of the best free Litecoin wallets that can be set up easily. So, without further adieu, let’s begin.
Factors to Consider When Choosing a Litecoin Wallet
Although the digital wallets out there seem like the same, each wallet has its own differences with each other. Before choosing a wallet you should consider the following:
1. Security
Security is obviously the most important thing to consider when choosing a Litecoin wallet. According to security, wallets can be divided into two, custodial and non-custodial. Custodial wallets let you control your private keys (the keys for managing your cryptocurrency stored in the blockchain). Whereas, a non-custodial wallet manages and stores your private keys for you. Non-custodial wallets are more convenient and user-friendly, while custodial wallets are more secure.
2. Customer Ratings
Customer ratings are another important thing you should consider before choosing a cryptocurrency wallet. Ideally, you should go for the wallets with the highest customer ratings. Also, do not forget to go through the reviews and know what the customers are actually saying about the wallets.
3. Ease of Use
Go for a Litecoin wallet that offers an easy-to-use user interface. You should be able to receive and send Litecoin on your wallet easily, without having to go through complex learning curves. Most wallets make the user interface intuitive and beginner-friendly.
4. Supported Platform
You can use crypto wallets on any of the devices you own including desktops and smartphones. Determine what device you’d like to use your wallet on, and choose a wallet that is supported on the platform. Most of the modern wallets come in multiple forms including iOS, and Android applications, web extensions, and native PC software.
5. Restore Options
The wallets that support backing up and restorations are ideal for managing cryptocurrencies. It ensures that you will not lose access to your Litecoin, even if you lost the device, or accidentally deleted the wallet.
Top Free Litecoin Wallets
Below are some of the top-rated free Litecoin wallets available on the market. The list is not complied in any particular order:
1. Litewallet
Lite wallet is the official smartphone wallet from the Litecoin Foundation Limited, solely designed for managing Litecoin. The interface is pretty simple and easy to understand. You can not only send, receive, and store Litecoin, but you can also purchase it using the Litewallet app. It is available on both the App Store and Google Play.
Key features:
- Easy interface
- Buy Litecoin directly from the wallet
- Backup and recovery options powered by recovery phrase
- 100% self custody
2. Trust Wallet
Trust wallet is a self-custodial wallet that sports cryptocurrencies from multiple blockchains including Litecoin, Bitcoin, Ethereum, Solana, etc. You can also use a trusted wallet on thousands of dApps (decentralized applications) across blockchains. So, if you enjoy dabbling with multiple digital assets including cryptocurrencies, and NFTs, and if you are planning to participate in the DeFi (decentralized finance), GameFi, and the metaverse, Trust wallet can be your companion. It is available as a mobile app and as a browser extension.
While Trust Wallet is a free, secure, and self-custodial wallet, some users have remarked that the user interface for some of the App’s features is complicated. The complaints extend that the gas fees are high on the Trust wallet.
Key features:
- Multi-blockchain support
- Supports Web3 dApps
- Highly rated and reviewed wallet
- Send, receive, and buy multiple assets
- Self-custodial wallet
3. Coin Wallet
Coin Wallet is another self-custodial, multi-currency wallet available for free. The globally available wallet is trusted by over 24 million users across the world. You can use the wallet for storing, managing, and trading cryptocurrencies such as Litecoin (LTC), Bitcoin (BTC), Bitcoin Cash (BCH), and many others including DeFi tokens.
Coin Wallet is available on mobile phones and Windows PCs, from the respective application stores. While Coin Wallet has a huge user base, some people have complained that the transaction fee is high for some features.
Key features:
- Supports thousands of coins and tokens
- Uses multi-layer AES-256 encryption to ensure safety
- Available on multiple platforms including Android, iOS, web browsers, and Windows computers
- 24M+ Wallets created across the globe
4. Cake Wallet
Cake Wallet is another free digital wallet you can use for storing, managing, and buying multiple cryptocurrencies including Litecoin. The app is open-source, which means that anyone can audit the codes. It is a non-custodial wallet, easy to use, and manage due to its simple and intuitive interface.
The wallet is available on multiple platforms including Android, iOS, Windows, Linux, and MacOS. A minute portion of the users have complained about the uncertainty in some features of the app and the high transaction fees.
Key features:
- Non-custodial and open-source
- Easy-to-use interface
- Create multiple wallets
- Multiple privacy and recovery options
- High customer rating across platforms
- Multi-platform application
5. Exodus: Crypto Bitcoin Wallet
Exodus is a Bitcoin Wallet, an application that helps you store, buy, and send multiple blockchain assets including cryptocurrencies and tokens. Exodus is another non-custodial wallet that gives you complete control of the private keys. The wallet boasts 24/7 customer support, and industry-leading security features.
Exodus is available as a Chrome extension and mobile application for Android and iOS. It has a 4.6-star rating on the Play Store. However, there have been some recent complaints about hacking and bloatware.
Key features:
- Multi-chain wallet
- Easy crypto transfer
- Buy crypto with fiat
- Sync your wallet across devices
- DeFi and Web3 integration
Conclusion: Best Free Litecoin Wallet
We have some of the most-rated free cryptocurrency wallets that support Litecoin above. The list is created by considering the customer rating, and reviews of the wallet. While these wallets are free to download, they may charge fees for some features such as buying cryptocurrencies, swapping, and transferring. Since these wallets are non-custodial, make sure that you are noting down and storing the recovery phrases and seed phrases in a secure location safely.
