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Electrum Litecoin Wallet Review 2020: Fees, Pros, Cons and Features

The Electrum Litecoin wallet is an open source, desktop-based wallet that was designed specifically for Litecoin (LTC).
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Author: Nica San Juan
Last Updated: 18 June 2020
Eelectrum is a good wallet but we do not recommend it. There are better ones out there. Keep reading to find out which ones.

Electrum Litecoin wallet is a lightweight Litecoin client with lots of similarities to its mother wallet, Electrum Bitcoin. It has the advantage of being early on the crypto scene. But does this make a difference in its features and functions?

In this comprehensive Electrum Litecoin wallet review, we explore the wallet’s features and figured out that it is not the safest choice. Thus, we would not recommend it.

To know what crypto wallet is safe and recommended, read on.

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    75% of retail investor accounts lose money when trading CFDs with this provider. Crypto assets are highly volatile unregulated investment products. No EU investor protection.

    Is the Electrum Litecoin Wallet Recommended?

    ❌ Even though Electrum Litecoin wallet offers a compelling range of features, we would not recommend it. Unlike the eToro wallet, it falls short in that it is not a regulated wallet and therefore not entirely safe.

    If you still have doubts as to what the best service for storing your cryptos is, you can compare the best best Bitcoin wallets here.

    What is Electrum Litecoin Wallet?

    What is Electrum Litecoin wallet? It is an open source, desktop-based wallet that was designed specifically for Litecoin (LTC). The code for Electrum was released in 2011 and though it was initially a Bitcoin-only wallet, developers have created other versions.

    Electrum Litecoin wallet is a lightweight Litecoin client and does not require a download of the entire chain.

    According to its website, it is a community-maintained port of the Bitcoin wallet, Electrum, to Litecoin. Its design is simple yet feature-filed, making it appropriate for all levels of users, beginners and more advanced.

    Electrum Litecoin Wallet Compatibility

    Electrum Litecoin wallet is a desktop software wallet compatible with:

    • Linux
    • Windows
    • Mac OS

    What wallet type is Electrum Litecoin?

    • Lightweight client
    • Open source
    • Desktop wallet

    What cryptocurrencies does the Electrum Litecoin wallet support?

    • Litecoin (LTC)

    What fees does Electrum Litecoin wallet have?

    There are no Electrum Litecoin wallet fees for setting up or using the software. However, users pay the usual network fees that go to miners for transaction confirmation.

    How to open your Electrum Litecoin Wallet account

    To get started, let us find out how to open Electrum Litecoin wallet:

    Step 1: Go to electrum-ltc.org and click “Downloads”

    Step 2: Click the “OS X executable” button to initiate download

    Step 3: Once the download of the .dmg file completes, run the software and follow the prompts to complete installation

    Step 4: You will get the question “How do you want to connect to a server?” Select “Auto-connect” and click “Next”

    Step 5: Give your wallet a name and choose where to save it then click “Next

    Step 6: On the next screen which asks the type of wallet you want to create, select “Standard wallet” and then click “Next”

    Step 7: On the keystore page, select “Create New Seed” and click “Next”

    Step 8: You will get a 12-word mnemonic phrase which you can use to regenerate your wallet if ever it fails

    Step 9: Retype your seed to confirm it and then click “Next”

    Step 10: Set a password for your wallet and make sure to tick the “Encrypt wallet file” box

    Step 11: Your wallet will now generate addresses and when it’s done, click “Next”

    Congratulations! That is how to open a wallet on Electrum Litecoin!

    How do I add cryptocurrencies to Electrum Litecoin Wallet?

    Next, let’s learn how to add currency to Electrum Litecoin wallet:

    Step 1: Click the “Receive” button on the top right side

    Step 2: Copy the receiving address, which is your Electrum Litecoin wallet address and paste it on an exchange or in another wallet to transfer funds.

    Use this process to transfer Litecoin to your wallet from any other source.

    Since it is a Litecoin-only wallet, we will not go into how to transfer Bitcoin to Electrum Litecoin wallet, how to transfer Ethereum to Electrum Litecoin wallet or how to transfer Ripple to Electrum Litecoin wallet.

    How to send payments on Electrum Litecoin wallet?

    Now that we have some funds, here is how to send payments on Electrum Litecoin wallet:

    Step 1: Click the “Send” button in the middle of your screen

    Step 2: Enter your recipient’s address in the “Pay to” tab, an optional description, the amount to pay and the fee, and then click “Send”

    How do I receive payments on Electrum Litecoin wallet?

    To receive payments on Electrum Litecoin wallet:

    Step 1: Click on the “Receive” button in your wallet

    You’ll see here your crypto wallet address.

    Step 2: Copy the receiving wallet address and send it to your counterparty then wait for the funds to reflect.

    How safe is Electrum Litecoin Wallet?

    Related image

    There are a number of great Electrum LItecoin safety features that seek t protect user funds. Consider the topmost:

    Optional Cold Storage

    You can use Electrum Litecoin to generate as well as maintain offline wallets for cold storage of your funds. Using this option, it is now possible to sign transactions from a system that remains offline. After that, you can broadcast the transaction from a PC that does not hold your private keys.

    Private Key Storage

    Your private key Electrum Litecoin wallet is stored not on the operators’ servers but on the user’s hard drive. Even if the servers were to be compromised therefore, users’ private keys would not be affected. It also means that every user has the responsibility to keep their own keys and wallets secure.

    Open Source Code

    Electrum Litecoin wallet is based on open source code. Users can therefore view and audit the code. They can even identify bugs and bring them to developers’ attention to enhance safety. This also goes to show that the team behind it has nothing to hide and is open to public scrutiny.

    Being open source also means that anyone can run the client and the resulting decentralized structure has no single point of failure.

    Two-Factor Authentication and Multi-Signature Options

    During setup, you have the option of incorporating these features for further security. 2FA requires a double layer of authentication before transaction processing. And if you have multiple users for an account, multi-sig measures will help make everyone accountable.

    From the above safety features, Electrum Litecoin wallet has placed significant efforts to ensure security for its users. However, they have omitted one important consideration, regulatory compliance.

    Very few crypto wallets and service providers are regulated. eToro is one such provider, mentioned earlier, who takes regulations seriously. In every jurisdiction where the platform operates, it is licensed by the relevant authorities.

    Electrum Litecoin Wallet Pros and Cons

    Pros:

    • Lightweight client does not require full LTC blockchain download
    • Suitable for both beginners and experienced users
    • Does not store users’ private keys
    • You can access funds on another wallet by exporting private keys
    • Open source wallet

    Cons:

    • Supports one currency
    • Lengthy setup procedure
    • Unregulated
    • As a desktop wallet, it is not conveniently accessible for use on the go
    • It does not support trading or exchange services
    • Not hierarchical deterministic

    Electrum Litecoin Wallet vs. other wallets – how does it compare?

    eToro Commits To Better Future Growth with Delta AcquisitionElectrum Litecoin wallet vs. eToro

    • Platform Support

    Electrum Litecoin is a desktop wallet and eToro is a mobile wallet. Considering that eToro has a trading platform that works on both mobile and desktop, we consider it to be a more complete software. On top of this, nowadays, people tend to use more phones than laptops, so perhaps a mobile wallet is a better choice anyway.

    • Coins Supported

    Electrum Litecoin only supports Litecoins  and eToro supports five cryptocurrencies, including Litecoins. We therefore think that eToro may be a better choice in case you decide to vary your trading portfolio and store cryptocurrencies other than Litecoins.

    Electrum Litecoin wallet vs. MSigna

    • Functionality

    Electrum Litecoin and MSigna have lots of similarities when it comes to functionality. They are both single-currency wallets available in the form of desktop software. But the former allows tech-savvy users to set up their own servers using the wallet.

    • Features

    Once again, the two have more similarities than differences in features. However, one of the aspects in which Electrum Litecoin has an upper hand is security. Its users can opt to switch to cold storage for greater safety.

    Electrum Litecoin wallet vs. Monero GUI

    • Ease of Use

    Monero GUI is considerably easier to use than Electrum Litecoin. Especially when it comes to setup, the former has a short and intuitive process.

    • Convenience

    Unlike Electrum LTC which is a lightweight client, Monero GUI is a full node wallet. This means that it has to download the entire blockchain at the onset and periodically sync it. It is not the most convenient feature as it takes up time, data and storage space and at times causes latency.

    Top-rated crypto platform for 2020

    OUR RATING

    eToro Commits To Better Future Growth with Delta Acquisition
    • 15+ coins supported
    • CySEC and FCA regulated
    • Buy, sell and trade crypto in 1 platform
    • Over 6 million users worldwide
    eToro Commits To Better Future Growth with Delta Acquisition
    75% of retail investor accounts lose money when trading CFDs with this provider. Crypto assets are highly volatile unregulated investment products. No EU investor protection.

    FAQs

    Where can I download Electrum Litecoin Wallet?

    Electrum Litecoin wallet is a desktop wallet whose software you can download from the official site, electrum-ltc.org.

    My Electrum Litecoin wallet froze; what should I do?

    You can restore the wallet using your 12-word mnemonic phrase.

    How do I restore my Electrum Litecoin wallet?

    To restore your wallet, open electrum-ltc.org and then click File>New/Restore. Follow the prompts and when you get to the Keystore page, click I already have a seed. Enter your seed and your wallet will be accessible.

    How do I reset my Electrum Litecoin password?

    To reset your Electrum Litecoin wallet password, simply click the lock icon on the main window, enter your new password and confirm it.

    How do I sweep my Litecoin address?

    You can sweep your wallet address whenever you want to retrieve your LTC coins. For this process, you need to have your private keys on hand. Click Wallet>Private Keys>Sweep, enter the private keys, enter the address you want to sweep to and then click Sweep.

    What is the purpose of the 12-word seed I wrote down during set up?

    The 12-word seed is essentially a means to recover your wallet in case you accidentally delete it or your computer is stolen or dies. Using this seed key, you can recover your private keys and recreate the wallet.

    Does Electrum Litecoin wallet require a download of the entire LTC blockchain?

    No. It makes use of a lightweight client, which synchronizes with the blockchain. The LTC blockchain in turn is maintained on a remote server.

    How does Electrum Litecoin wallet verify transaction information without users’ private keys?

    The wallet uses Simplified Payment Verification (SPV) to verify all the information it receives from the server. It therefore never needs to send users’ private keys or seed phrases to the servers.

    Remember, all trading carries risk. Past performance is no guarantee of future results.
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    Janica Sherine is an expert writer who specializes in financial technology and cryptocurrency. At her young age, she was already able to work with founders who graduated from Harvard, tech startups funded by Y-Combinator, CEOs of multi-million dollar blockchain companies, investment companies in London and many more.

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