Top 5 Litecoin Wallets with the Highest Security Level
Investing in Litecoin this year seems like a good plan. However, anyone planning to buy this cryptocurrency needs a secure wallet before making their transactions.
Due to Litecoin’s rapid growth, many investors have put their money into this open source peer-to-peer digital currency, but which is the safest wallet to store such funds?
This article lists the most recommended options for those looking for Litecoin wallets with the highest security level!
Hot Wallets vs. Cold Wallets: Which Are the Safest?
Before choosing an option, traders and investors should understand crypto wallets, their types, and how they work.
Among the essentials to learn, there are hot and cold wallets. These are their differences:
Hot Wallets
These are connected to the internet, are usually faster, and make trading and exchanging cryptocurrencies online easy. However, hot wallets can be more vulnerable, increasing the risks of attacks and funds theft.
This group includes web-based wallets, desktop wallets, and mobile wallets.
While hot wallets are easy to use, cryptocurrency investors and exchanges do not keep significant amounts of funds there.
Cold Wallets
Since they do not have to be connected to the internet, cold wallets are the favorite options for those looking for more secure alternatives to store large amounts of cryptocurrencies.
Most hardware wallets and traditional options such as paper wallets, physical Bitcoins, and offline secondary computers are cold wallets.
However, although they are more secure, cold wallets are also less convenient, as they involve a tedious process to turn on, connect to the internet, and transfer funds.
Also, unlike hot wallets, these are not free and are available for between $50 and $200 plus shipping in some cases.
Choosing the best option depends on each person’s needs. Most investors use a mix of hot and cold wallets to strike the balance between accessibility and security they need.
The 2 Safest Litecoin Hardware Wallets
There are a lot of cold wallets on the market today. However, the best hardware wallets for protection include:
Ledger Nano S
Ledger Nano S is a very popular choice among investors and crypto enthusiasts. It is a lightweight US handheld device that stores multiple cryptocurrencies, including Litecoin, Bitcoin, Ethereum, and more.
The French company Ledger developed this security-based hardware wallet. Therefore, it used a dual-chip architecture that allows users to set a PIN or even use two-step authentication. The device is compatible with Chrome, Mac, Windows, and Linux!
Trezor
Another of the most popular hardware wallets is the Trezor. Even though it is commonly associated with Bitcoin, this device stores other cryptocurrencies such as Litecoin, Ethereum, and Bitcoin Cash.
It is USB developed to guarantee security funds. Therefore, it is protected by a PIN code that users can modify at their choice.
In addition, Trezor supports two-factor authentication and displays a 24-word random recovery code for enhanced security.
This device is very popular thanks to its multiple security-focused features, but it is also easy to use.
Mobile Wallets That Support Litecoin
Those who are just starting out in the crypto world and are looking for more modest and convenient options can opt for mobile wallets. Here are some that Litecoin supports:
CryptoWallet
This all-in-one wallet allows users to store, trade, and make payments with various cryptocurrencies, such as Litecoin, Bitcoin, Ethereum, and Ripple.
CryptoWallet is a secure alternative as it is protected by BitGo and includes security features such as two-factor authentication and multi-sig.
Exodus
It’s a mobile and desktop wallet that has gained popularity for its versatility and user-friendly interface.
Besides being easy to use, Exodus allows users to open multiple crypto wallets. In addition, to guarantee greater security, it provides around-the-clock customer service and other security-based features.
Final Thoughts: What to Choose Based on the Crypto Strategy
Choosing the best Litecoin wallet depends on each person’s needs and strategy. However, most experts recommend people choose cold options if their investment is huge or hot alternatives if they are looking for convenience.
Other important factors that everyone should keep in mind when choosing a crypto wallet include security, reputation, portability, and currency support.
In other words, it is essential to consider the cryptocurrencies to trade –whether it is Litecoin, Bitcoin, or others – and the security features needed before choosing the right option.