Trading with cryptocurrency has been around for over a decade, but as the global economy becomes more unstable, more and more traders are turning to digital currency. Like bitcoin, litecoin is a peer-to-peer cash transfer system that allows quick and secure global trade. Making the move to cryptocurrency trading can be overwhelming, so we’ve made a list of the pros and cons of some of the best litecoin wallet services for varying levels of trading.
If litecoin is new territory for you, Coinbase is an excellent place to start. It features a very user-friendly interface and offers ways for new users to earn crypto through their learning modules. It offers a variety of currency, and with over 30 million users worldwide, it is considered by trading pros to be one of the most trusted crypto exchange services available today.
Although Coinbase is highly-rated and praised among users, their fees land right in the middle of industry standards, so there are cheaper options out there. They also require a significant amount of identification to set up a trading account – but this just means that you can trust that you’re investing in a secure litecoin wallet.
If low a low transaction fee is at the top of your priority list, Binance might be the choice for you. They boast the lowest transaction fees of any major crypto exchange company and offer free deposits. The list of coins available through Binance include Bitcoin, Ethereum, Litecoin, and more. They also offer a mobile and desktop wallet, making it easier than ever to trade on the go.
While Binance boasts low transaction fees, its withdrawal fees are considerably higher than some of its competitors. The exchange has also been hacked for over $40 million in early 2019, but they quickly returned funds to traders and were transparent about the investigation and about current security measures.
Originally founded in China in 2013, Huobi offers one of the largest lists of tradable assets of any exchange on the market. They offer a large variety of crypto assets for trade on their platform and boast strong liquidity for customers. Their customer service is top-notch, and they’ve never lost funds due to hacking.
However, their U.S. operations network shut down in 2019, making it one of the strongest trading volumes in the Asian market, but unusable for U.S. traders.
One of the newer online wallets in the world of cryptocurrency, KuCoin has a lot to offer traders around the globe. In fact, 1 in 4 crypto holders worldwide trades with KuCoin. One of the most desirable features they have to offer is integration with Arwen, which allows their users to trade without depositing their funds to a third-party online wallet. And they are always looking for new ways to make their cryptocurrency wallet the best on the market.
But while they make trading a breeze, they are a crypto-only exchange, which means that they do not offer transfers or deposits to or from bank accounts.
As one of the original cryptocurrency exchanges, Kraken launched in 2013 and also boasts being one of the only platforms untouched by hackers. In an effort to stay secure, they offer a smaller variety of cryptocurrency tokens available for trade and offer users a 2-factor authentication for added peace of mind. Their high trading volumes make them popular among traders who have been in the game for a while, and the monthly fee a user pays depends on the amount traded per month.
Although Kraken offers deposits through bank accounts, it does not offer support for debit or credit cards. It is also not available for users currently residing in the state of New York.
Where do I go from here?
Picking the best litecoin wallet depends on the type of trading you plan to do, the currency you plan to use, and your location. Each crypto wallet has it’s pros and cons, but with the market growing faster than ever, there is an option out there for every trader.