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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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Contents [show]

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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.

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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.

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Electrum Litecoin wallet is a desktop software wallet compatible with:

Linux
Windows
Mac OS

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Lightweight client
Open source
Desktop wallet

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Litecoin (LTC)

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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.

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

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

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

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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.

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

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To receive payments on Electrum Litecoin wallet:

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You’ll see here your crypto wallet address.

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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.

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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

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Electrum 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.

Update – As of 2025, the only cryptocurrencies eToro users in the United States will be able to trade on the platform will be Bitcoin, Bitcoin Cash and Ethereum.

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.

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

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

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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.

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

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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.

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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.

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

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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.