Wallets allow security by using encryption. Therefore you can view transactions and your account balance, but are required a password before spending Litecoins. Litecoin wallets are available on numerous platforms including web based. One can make a distinction between types of wallets.
- Hot wallets (software) are connected to the internet and/or use servers of third parties. Although one has full control over the wallet, these wallets are not recommended for storing large amounts of Litecoins.
- Cold wallets are a better option because the private keys are stored externally on paper. Still when creating these wallets there is a (very) small likelihood that the private key is shared to the outer-world.
- Hardware wallets are the solution for store large amounts of Litecoins and other cryptocurrencies like Bitcoin or Ethereum.
Note: Some wallets are specifically for Bitcoin. However the questions addressed are valid for Litecoin.
Hot wallet (software)
Windows, Mac OS and Linux
Litecoin Core is maintained by the Litecoin Core development team. This wallet is full node and serves the Litecoin p2p network. Litecoin Core when once installed, synchronizes with the network and joins it to relay transactions.
Electrum-LTC is available for Windows, Mac OS X and Linux. It is a simple but powerful Litecoin wallet. Compared to Litecoin Core the wallet requires no lengthy blockchain downloads and no syncing to the p2p network. A twelve-word security passphrase or seed is your backup.
LoafWallet is the first standalone Litecoin wallet built for iOS. LoafWallet makes a direct connection to the network. Free to download in the Apple App Store.
Jaxx IO offers a multi-wallet and supports many of the leading cryptocurrency platforms including Litecoin. The integration of ShapeShift is providing the exchange service for converting between blockchain tokens and coins. Jaxx IO is available for other platforms including Windows, Apple and Linux.
Coinomi is also a multi-wallet with native support for Bitcoin and most major altcoins. Coinomi also makes use of ShapeShift. Coinomi is also available for Apple iOS.
LiteVault is a web-based wallet, which functions inside the webbrowser. Full worldwide access to your Litecoins. LiteVault cannot access your Litecoins. The wallet is encrypted on their servers.
Hardware wallets store the private keys in the device and cannot be transferred out of the device. This makes them also immune to computer viruses. The use of hardware wallets is easy and interactively, compared to paper wallets which at some point must be imported in order to execute transactions. Next to the safety and easy of use, hardware wallets provide a platform for storing multiple cryptocurrencies like Bitcoin, Litecoin and Ethereum. Ledger provides best quality/price hardware wallets for multiple cryptocurrencies.