LiteVault Wallet Review: Features and How-to-Use Guide

With LiteVault wallet you can access your LTCs from every machine connected to the internet. This web widget keeps all private keys on its servers and encrypts them before sending. The developed software is user-oriented and not complicated at all. The first thought of LiteVault creators was to store LTC. With time, they have adopted Changelly and some extra options occurred simultaneously. More on each detail further in the article.

01.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 an 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.

Transaction Fees

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.

Create an Address

Open the ‘receive’ tab from the main page. This menu offers an overview of all the addresses you have in your LiteVault. There you have a button to generate a new address in case of need or delete one. Just click on ‘Delete’.

Send and Receive Assets

Both of these actions are done on a regular basis. They are relatively simple to execute. When sending LTC, you require the receiver’s address plus you have to choose which one of yours to do that from. This will be an option from the ‘send’ tab. There you will have to enter the number of coins you want to send away. Receiving is as simple as that as well. Click on the ‘receive’ tab, choose which of your addresses to use and pick the way to accept the sent crypto – address or QR code. No matter on which one you decide, as long as the other party is noted.

Specific Functions

The development team works for improving the LiteVault in any aspect. As a result of these efforts, the interface is much cleaner and color tags were added for easier visual address identification. Another convenience is the QR code scanning. This wallet hides your private keys behind a button named ‘View Private Key’.

Possible Issues and How to Avoid Them

The issues with LiteVault are easily handled. For example, the correct transaction list is available if you enter your address in SoChain. In case the ‘send’ button doesn’t function properly or at all, the reason is encountering a multi-signature account. LiteVault has not developed that to work properly, but when this is the case, in order to send coins, you can import your address into an Electrum-LTC wallet. Bear in mind, that LiteVault cannot fit a fee of 0.003. Just add more coins into that address. In case this doesn’t solve the issue, try moving the assets to another address and try again.

LiteVault on Social Media

The project is being active on Twitter, where you can read all about their news, announcements, changes and so on. Stay tuned and informed about your LTC web wallet.