Cardano, the inventive, third-gen Blockchain network, has been a front-runner for the ‘Altcoin of the Year’ title, only if there was one.
Cardano Wallets to Store Cardano Coin: Key Takeaways
- Cardano wallets are imperative if you plan on HODLing a lot of ADA
- Select ADA wallets allow exchanges, staking, and even pooling
- Transaction fees vary depending on the type of wallet and exchange it is connected to
- ADA wallet setup inadvertently generates a private and a public key
- Cardano wallets can be broadly segregated into Hot and Cold wallets
- Hot wallets can be sequenced as mobile, browser, desktop, and full node wallets
- Personally, Cold, Hardware wallets are the best options for storing ADA
But on a serious note, Cardano, with its ability to scale and provide fast smart contract support, is an ecosystem that isn’t a one-off. Instead, it is here to stay, both from a tech and an investment perspective.
And since Cardano is full of era-defining potential, its native crypto asset, i.e., ADA, has also been on the radar of crypto HODLers. And if you are one of those who plan on going long with ADA, you must do a lot better than storing your assets in crypto exchanges. For once, you need to look at crypto or, rather, Cardano wallets, and that is exactly what we are going to discuss in the subsequent sections.
But before you proceed, you must understand that getting a Cardano coin wallet or an ADA wallet isn’t only about storing crypto assets. Instead, if you have the right Cardano wallet in India or anywhere across the globe, you can even use it to send, receive, and stake ADA. Plus, there are certain wallets that even support Airdrops.
Fact Check: Crypto airdrops are like token giveaways meant to generate awareness or promote a blockchain.
Coming back to the discussion concerning Cardano wallets, these are essentially standard tools with set protocols deployed to interact better with the Cardano Blockchain. And keeping the online security threats in mind, it is imperative to opt for the most secure wallets for storing or, rather, HODLing ADA.
Cardano Wallet: Let’s Understand it Better
Imagine you have invested in some ADA and are planning to hold it for, say, eternity. In that case, you would want to keep it somewhere safe, right. Also, what if someone told you that you could use the stored ADA to generate some passive income as well. Even better.
And finally, you end up traveling somewhere, and one fine day, you head over to a grocery store, only to see that the shop owner even accepts payments in ADA. Whoa, can it get any cooler than this?
But to procure the benefits of safety, passive income, and seamless P2P transfers, you would require an ADA wallet.
Cardano Wallet: The Technicalities
Now that you are aware of diverse ADA wallet benefits, it’s time to understand the technicalities in play. Every Cardano wallet, once set up, generates a private and a public key. The public key is the one that can be shared to receive ADA, whereas the public key is the encrypted password-like entity that is used to gain entry into the wallet.
And it goes without saying that the private key shouldn’t be disclosed. Also, the wallet-generated private keys are used to validate transactions and add the same to the Cardano blockchain.
But that’s not where the wallet concepts end. Depending on the type of connectivity and private key access, wallets are further segregated into cold and hot wallets. Cold Cardano wallets are more like hardware wallets where the private keys are secure within the safe device chipset. However, hot wallets are more like custodian wallets or exchange-powered wallets, which are connected to the internet.
Types of Cardano Wallets: Detailed Analysis
Segregating wallets as hot and cold is fine, but you need to have a broader perspective if you want the list to make sense. Based on the platforms in play, Cardano wallets can be further classified into:
- Mobile wallets
- Cardano web wallets
- Desktop wallets
- Browser extension Cardano wallets
- Full node wallets
- Hardware wallets
Top 15 Cardano Wallets: Expert Recommendations
Before we start specifying wallets, it is important to understand the traits that make them feature on this list in the first place. Also, for a Cardano wallet, Android, iOS, online, or hardware to make it to this list, it is necessary to look at the following parameters, including:
- Round-the-Clock customer support
- Support for a wide range of crypto assets
- Support for staking
- Top-of-the-line security
- Compatible with a wide range of platforms
- Ongoing tech development
- Seamless user interface
If a wallet satisfies most or all of the requirements, it ends up making it to a list of top Cardano wallets. And in the subsequent discussion, we have given a lot of emphasis on the mentioned parameters and prepared the list accordingly.
So without wasting any more time, let’s dig right into the best Cardano wallets.
Wallet 1: Yoroi
If you are on the lookout for a user-friendly Cardano wallet, you simply cannot go wrong with Yoroi. And the best part about Yoroi is that it can also be tagged as the best Cardano app wallet or even a Cardano online wallet courtesy of its multifaceted nature and existence as an Android and iOS app and web-based support over Edge, Firefox, and even Chrome.
Plainly speaking, Yoroi is almost everywhere. And another good thing about this Ada wallet is that despite being an app and web-based wallet, it doesn’t download the entire copy of the concerned Blockchain but connects only to the trusted nodes.
Fees: 2.174 ADA
- Quick processing
- Multi-platform support
- Takes up less space, i.e., 20MB and less
- Can create advanced Cardano paper wallet
- Not the best in terms of the privacy
Wallet 2: Ledger Nano S
To be honest, nothing stores ADA better than hardware, cold wallet. And if you plan on keeping the assets cut off from the online threats, the Ledger Nano S is quite a reliable option to invest in. This wallet works seamlessly with several operating systems, including Mac, Windows, iOS, Linux, and even Android.
And with Nano S, you also have the flexibility of Bluetooth connectivity, provided you want to transact the stored ADA and require internet access.
Fees: The device comes at $59
- It supports an insane number of crypto assets
- It comes with a responsive mobile app
- Top-shelf security
- Easy to use
- It lets you store NFTs
- It lacks additional features and works only as a storage device.
Wallet 3: Trezor Model T
It is only appropriate to have yet another hardware wallet listed, courtesy of the exceptional feature sets, high-end security, and multi-platform compatibility. Despite sharing quite a few similarities with Ledger Nano, Trezor keeps the software and hardware specs open-source, unlike the former. This functionality allows developers and wallet experts to find and report issues and bugs.
Fees: The device comes at $221
- Dedicated touchscreen
- Faster crypto processing
- Beginner-friendly interface
- An added level of security in the form of physical confirmation
- Touch screen feels a tad cramped up
- Not compatible with iOS
Wallet 4: Daedalus
Arguably the oldest ADA wallets around, Daedalus is more of a desktop Cardano wallet in India that lets you make use of DeFi platforms for Cardano staking.
Fact Check: Crypto staking is about using the assets you own to contribute towards the Blockchain network and earn rewards and generate value in the process.
Coming back to Daedalus, it allows you to create unlimited wallet addresses, which might be good for security but can generate crypto dust if you aren’t careful enough. Plus, the installation is quick, and the resource offers access to a diverse range of Cardano-specific benefits.
Fees: 2 ADA for Registering a Stake address (Refundable)
- Compatible with Linux, Windows, and Mac
- Wallet usage is free
- HD wallet that lets you set multiple addresses, concurrently.
- Only meant for ADA
- It takes time to sync Blockchain
- Exchange functionality isn’t available
Wallet 5: Ellipal Titan
Here is another hardware wallet that features an innovative ‘Air Gapping’ technology. This means the Ellipal Titan cold wallet cannot be connected to the devices using Bluetooth or USB but generates a QR code that is compatible with the Ellipal smartphone app.
Fees: Devices costs $139
- Extra secure
- Offers support for staking, exchanging, and other functions
- Way too many features for a crypto novice
And these are our top 5 picks when it comes to storing Cardano. However, according to the list, we shall also enlist ten more wallets to help you choose better.
Wallet 6: Exodus
This multi-device/ multi-platform Cardano wallet lets you access Crypto assets from anywhere across the world. And while this discussion concerns ADA, it can be used to store other cryptocurrencies as well.
Fees: Not constant and depends on the task at hand
- User friendly
- It comes as a mobile app
- Intuitive UI
- Supports several cryptocurrencies
- High fee
- It doesn’t offer 2FA functionality.
Wallet 7: Atomic Wallet
If you are looking for a comprehensive, mobile-desktop wallet, Atomic Wallet is the one to consider. And the best thing about this is the BitTorrent tech, which ensures that passwords and even transaction data aren’t kept on the server but on the device.
Fees: 2% of Transaction Value or $10
- Supports staking
- Easy to use
- Not the best customer support
Wallet 8: Keepkey
Here is an affordable hardware wallet that specializes in keeping the assets malware and virus-proof. And it even supports a wide range of cryptocurrencies other than ADA.
Fees: Devices comes at $49
- Premium structure
- Multi-level security
- Cold storage support
- Requires 3rd party add-ons
- Less portable than other hardware wallets
Wallet 9: D’Cent
Not every hardware wallet promises top-tier aesthetics. However, with D’Cent, the design and aesthetic quality is hardly an issue.
Fees: The device comes at $119
- Biometric support
- Long-lasting battery
- It comes with a DApps explorer
- It doesn’t support staking, yet.
Wallet 10: AdaLite
AdaLite is one of the more secure web ADA wallets around. However, if you want a comprehensive privacy cover, we would recommend using it with any of the listed hardware, cold wallets.
Fees: Up to 3%
- Supports staking
- Can work alongside hardware wallets
- Overall security leaves a lot to be desired.
Wallet 11: SimpleHold
In comes a browser extension wallet, which adds to its speed, and robustness. Plus, SimpleHold is compatible with a wide range of browsers, including Firefox, Chrome, Opera, and even Brave.
- Supports ADA exchange
- The exchange fee is on the lower side
- It supports other tokens as well
- Not as secure as a cold wallet
Wallet 12: GameChanger
GameChanger is yet another web wallet in play that even allows you to work alongside NFTs when it comes to receiving drops and even minting the same.
- DApps collection is support
- Compatible with almost every device
- Supports multi-output transactions
- Overkill for standard ADA HODLers
Wallet 13: Nami Wallet
If SimpleHold looked good, you would simply adore yet another Browser-extension wallet in Nami, best known for its support for staking.
- Compatible with most browsers
- Allows you to send across multiple assets
- Staking support is available
- Not compatible with high-end Desktop wallets
Wallet 14: CCWallet
CCwallet is a standard, Cardano-inspired web wallet. And yes, you can connect with any hardware wallet to add to the capabilities of the same.
- Allows Cardano governance setup via voting
- Supports staking
- Works seamlessly with cold wallets
- It is not equipped with top-tier features.
Wallet 15: Sugi
Last but not least, we have Sugi, an NFC-powered hardware wallet that even supports ERC20 tokens for a change.
Fees: Devices comes at $69.20
- Quick authentication
- It can be used for in-store crypto transactions
- Top-of-the-line aesthetics
- Quite expensive
Wrap-Up: Best Cardano Wallet
While each wallet making it to the list is laden with features and capabilities, we would still recommend the Ledger Nano S as the go-to option for added security, extensive compatibility, and the ability to keep the ADA disconnected from exchanges or even the internet. And what makes sense is that you can easily connect a web, browser, or mobile wallet with Ledger’s cold wallet to maximize functionality.
Q1. Which wallet is best for Cardano?
A1. It isn’t advisable to single out one wallet for storing ADA. However, if you really want to choose, a hardware cold wallet is always the better option.
Q2. Which is the official Cardano wallet?
A2. While Daedalus comes across as the official Cardano wallet, you can freely use any other desktop, mobile, and hardware ADA wallet for the job.
Q3. How do I get a Cardano wallet?
A3. You can either purchase a hardware cold wallet for storing ADA or can keep it handy in any exchange-specific online hot wallet.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
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