LiteVault is an easy-to-use web wallet for Litecoin. It allows users to store send and receive LTC with a web browser and without downloading the blockchain. LiteVault encrypts wallets before they reach their servers and allows 2-factor authentication through email addresses. This wallet is completely open-source.
Table of Contents
LiteVault Features & Fees
When you decide to use a particular coin, it is always a better idea to pick compatible wallets. This is the same case with Litecoin and one of its web tools – the LiteVault. It is easy to operate and has a good level of security. What is more, the wallet uses a SharedKey as authorized access between you and the server. As an extra safety measure, this key is reachable only via your password. The encryption of all your data is done with the AES algorithm in the browser. Every piece of information is hidden. However, with web and hot wallets, there is the possibility of malware attacks and phishing scams. In this LiteVault review, we will look closer at what this wallet offers and how safe it is.
Fast transaction processing: Litevault is extremely light. Unlike most other full-stack wallets and apps that require you to download the entire blockchain, Litevault is web-based. Private keys are stored online, and all the crypto transactions are hosted on the company servers. This not only saves your computer space but also guarantees faster execution of Litecoin transactions.
Highly intuitive: Litevault also has a highly decongested user interface that makes it easy to use for both expert and beginner traders.
Single currency wallet: Litevault web wallet is Litecoin-specific. This implies that it will only support the Litecoin digital currency.
Integrates with payment processors: Ideally, the single currency nature of the web wallet means that you can only deposit Litecoin into the wallet. Litevault has, nevertheless, partnered with several payment-processing companies like Changelly that facilitate fiat-to-Litecoin conversions.
Custodial web wallet: Unlike most crypto wallet apps that give you absolute control over your wallet, Litevault is custodial. Instead of storing your private keys in your computer or mobile device, LiteVault stores your private keys on the company servers.
Multiple wallets: There is no limit to the number of Litecoin wallets you can attach to your Litevault crypto wallet.
Pros & Cons
Pros
Litevault Еncryption
The wallet encrypts the data before being stored on the company’s servers
User-Friendly Interface
Send and receive is done in a matter of minutes
QR Codes & Two-Factor Authentication
LiteVault has additional security features boosting the security levels
Cons
No Multisignature
No additional transaction approval
Operating System Compatibility
LiteVault wallet doesn’t require any specific operating system to function as an LTC web wallet. This product offers an online service that uses in-browser cryptography. This way the software reduces the risk of the coin operator stealing your crypto assets.
Is LiteVault Wallet Safe?
The simplicity and level of safety of the LiteVault wallet caused a huge following since its first occurrence on the crypto market. What is more, there have been no information or complaints about any security breaches throughout the years. One of the reasons for that is the encrypted data passing through the tool and the browser you use it on. In addition to that, you are the only one able to decrypt it by using just the wallet’s passphrase. That is why it must be kept safe – without it, there is no way to restore the wallet and access to your funds.
Transaction Fee
The wallet itself is free to use. LTC transactions though are not very low. Litecoin network requires a fee to be paid for each data processing action. Nevertheless, when buying Litecoin from exchanges you will have to consider about 0.5-2% charges for their services.
How to Use LiteVault Wallet?
- LiteVault wallet is really simple and easy to use. Let’s begin with the procedure.
- Register an account with LiteVault by signing up
- Enter the details: full name, email-id, and other details
- Verify the account and again login
- After you create the new wallet, it is sent to the company’s server encrypted with your passphrase.
- You can also enable two-factor authentication for extra security. Make sure you back up your passphrase.
- If you want to keep yourself anonymous use the Tor hidden service.
Most Common Customer Complaints
Display of incorrect transaction list
Incompatibility with some new multi-signature addresses for sending Litecoin
Send button is inactive,
Cannot fit fee of 0.003
LiteVault may support the creation of SegWit addresses in the future if the demand for them exists. And at that time, LiteVault will be upgraded to be able to spend from those SegWit addresses
Segregated witness scales bitcoin network to handle greater transaction volumes is gaining traction in its once divided development community.
How to add/receive crypto into Litevault wallet
Step 1: Log in to your Litevault web wallet and on the dashboard, click on “Receive (manage address)”
Step 2: Copy the wallet address and send it to the parties sending you Litecoins.
Step 3: Wait for these Litecoins to reflect on your Litevault wallet.
How to send crypto from Litevault wallet
Step 1: Log in to your Litevault web wallet and on the user dashboard, click on the “Send” tab
Step 2: If you created multiple wallets, select the address from which you would like to send the crypto
Step 3: Enter the recipient’s wallet address and the number of Litecoins you would like to transfer
Step 4: Confirm that these details are okay and hit send.
Litevault wallet ease of use
The Litevault web wallet user dashboard is clean and easy to use. It is highly intuitive and only features the most important tabs, plus it recently introduced the colorism aspect where different color tags are used for easier in-wallet navigation.
Read More: What Is The Best Litecoin Wallet?