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LiteVault wallet is a unique cryptocurrency wallet in more ways than one. It features an open source design and is the work of an anonymous developer known as Someguy123 in crypto circles. However, many online wallets are highly suspicious and unregulated, therefore we have decided to review the Litevault wallet to find out if this is a suitable option. After diving under the hood and looking at its features in depth, we have found that Litevault wallet is not the safest option for storing digital currency online and we would not recommend it. Read on to find out why we do not endorse this wallet, and how to find a safer option.
What is Litevault Wallet?
Before we go into the details of how to use the wallet, let’s first understand, what is LiteVault wallet?
LiteVault is an online wallet that offers crypto services for Litecoin. It features an open source design and is the work of an anonymous developer known as Someguy123 in crypto circles. He is based in the UK and is involved in other roles within the Litecoin community such as developing the Litecoin block explorer and administering resources (e.g. IRC and the LTC Wiki). In 2018, Zulu Republic acquired the wallet
The wallet stores users’ private keys on its servers in encrypted form using in-browser cryptography. In addition to storing Litecoin, integration with Changelly offers additional functionality on LiteVault. Users can buy LTC using credit cards and convert them to altcoins.
- Web browsers
What wallet type is Litevault?
- Open source
- Single currency
What cryptocurrencies does the Litevault wallet support?
What fees does Litevault wallet have?
There are no Litevault wallet fees apart from the usual network fees that go to miners for transaction confirmation.
How to open your Litevault Wallet account
Here are the instructions on how to open a LiteVault wallet
Step 1: Go to the official LiteVault website and click “Register”
Step 2: That will take you to the registration page.
You can enter your email address or skip that box, and then create a password for your account, confirm it and click “Create Account” (https://www.litevault.net/wallet/create)
Step 3: The system will then create a unique identifier which you will require to log in to your account. Keep it safe.
That is how to open a wallet on LiteVault.
How do I add cryptocurrencies to Litevault Wallet?
Next, we will learn how to add currency to LiteVault:
Step 1: Find your LiteVault wallet address by going to “Receive(Manage Addresses)
Step 2: Click on the address, copy and paste it in another wallet or exchange so as to transfer funds to your Litevault wallet.
We will not be looking at how to transfer Bitcoin to LiteVault wallet, how to transfer Ethereum to LiteVault wallet or how to transfer Ripple to LiteVault wallet. After all, it is a Litecoin-only wallet and you can use the above process to add LTC coins to it.
How to send payments on Litevault wallet?
Now, let us find out how to send payments on LiteVault wallet:
Step 1: On your wallet home page, click “Send” which is the second tab from the left side
Step 2: Choose your sending address on “From Address.” If you do not have multiple addresses, the system will pick the one you have by default
Step 3: Enter the recipient’s address and the amount you want to send then click “Send Coins”
How do I receive payments on Litevault wallet?
Here is how to receive payments on LiteVault:
Step 1: Log in to your wallet and click the “Receive(Manage Addresses) tab on your wallet. It is advisable to generate a new address for every transaction
Step 2: Copy and paste the address or share it directly onto a supported medium then wait for the funds to reflect in your wallet.
How safe is Litevault Wallet?
Consider the LiteVault safety features that the wallet uses to keep user funds secure:
🔒 Open Source Code
The wallet is built using open source code. It is therefore 3possible for anyone to view and audit the code. This helps in the early identification of potential threats or bugs that could compromise security. It also means that the team behind it has nothing to hide from the public.
🔒 Two-Factor Authentication
During account login, you can use 2FA, which is a double layer of authentication. The aim of this security feature is to reduce the possibility of unauthorized logins into your account.
🔒 In-Browser Cryptography
Like many web wallets, LiteVault stores its users’ private keys. However, unlike most others, it uses in-browser cryptography to encrypt them before they reach the servers. As such, the service provider does not view or have access to any user’s private key.
A look at the above features reveals that LiteVault is not the safest option out there. There is still plenty of room for improvement in terms of the wallet’s security. Notably too, the wallet is not regulated. Admittedly, not many platforms in the crypto space are regulated. But those that are, such as eToro offer a matchless level of security.
Litevault Wallet Pros and Cons
Let us take a look at LiteVault pros and cons:
Litevault Wallet vs. other wallets – how does it compare?
LiteVault is a crypto storage solution which by virtue of its integration with Changelly, supports currency conversions. It also allows users to buy crypto using their credit cards. Zebpay is a more functional platform, offering crypto storage, exchange and even trading. It is accessible both online and as an app on mobile devices and supports more coins than the former.
- Funds Storage
One of the biggest challenges with hot wallets like Zebpay and LiteVault is the fact that they are more vulnerable to attacks than offline options. To secure its users’ funds against potential loss, LiteVault encrypts private keys in-browser so as to ensure no one can access accounts. But Zebpay does extra, storing 98% of its users’ funds in cold storage. The cold storage facilities use air-gapping and HSM, and are located in different countries to minimize chances of loss.
GateHub supports a wider range of cryptocurrencies than LiteVault which only supports one. In addition to offering crypto storage facilities, it also supports trading. Additionally, it accepts fiat currency deposits through a variety of payment methods. LiteVault is limited in that it is only a storage platform and cannot accept fiat deposits.
GateHub is a user-friendly platform available both online and on mobile devices. It is compatible with iOS as well as Android. However, it has a lengthy setup procedure that requires users to undergo verification. LiteVault is easy to setup, as it only requires a password. However, it is not accessible as a mobile app, but is only available online. Though you can use it from a mobile device, you have to do so through a browser.
From the wallet comparison above, it is clear that each of these wallets has its strengths. But eToro is more outstanding than the rest. Security is one of the most important features in a wallet and eToro offers better safety features than the rest. Since it is a regulated platform, it operates under more stringent guidelines in comparison to the others and is thus more secure.
LiteVault wallet is purely web-based and is therefore not available for download. You can access it by going to the official LiteVault website and registering an account.
You can close the site and try logging back in at a later time. If the issue persists, raise a ticket with the customer support team.
Log in to your account and go to Security Settings>Change Password. You will need to enter the old password and the new one twice.
If you have lost your password, you may have lost access to your account permanently as the LiteVault team does not have access to it or any hash.
If you have forgotten your identifier, go to the Forgot Identifiers page on the site and send the support team your email address. Check your inbox or spam folder for the requested identifier.
To recover your 2FA, go to the Two Factor Recovery page on the site and enter your identifier and email address. You will also need to provide the countries you may have visited and the date of your last successful login.
Every time you log in to LiteVault, your browser transmits your identifier to the system’s server. The system responds by returning an encrypted version of the wallet. Your browser decrypts the wallet using your password and loads your private key LiteVault wallet.
The wallet’s backend was built using Node.JS while the front end used Bootstrap in restyled form so as to make it work well on all platforms, mobile, PC and tablets.