What is an external wallet?

Answer: A wallet that is not managed by LiteBit

You can easily store cryptocurrency at one place at LiteBit. However, you can store cryptocurrency at an external wallet. This external wallet can be a third party wallet or in your own wallet.

A third party wallet

This is when you store cryptocurrency at an external website. You do not need to download software to use this wallet. When you click at the blue button 'Wallets' at the buy page, you see wallets you can use. Click here to go to the buy page.  

Own wallet

An own wallet can be a desktop wallet or a cold wallet.

To use a desktop wallet you need to install software. The wallet also needs to update regularly. This is necessary to keep the wallet up-to-date with its blockchain.

For more information about cold wallets, click here.