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Cardano is a blockchain platform designed to process transactions using a cryptocurrency called ADA. The platform is built on the Proof-of-Stake consensus mechanism. This protocol verifies transactions without high energy costs. ADA tokens are used to pay transaction fees in Cardano. Cardano, like its competitor Ethereum, has smart contract functionality. Developers around the world use them to create decentralised applications (dApps) and DeFi platforms.
In this article, we will tell you about the best Cardano storage wallets, understand the pros and cons of each of them and decide which is the best option for you at the end.
List of best cryptocurrency wallets for Cardano
1)Ledger Nano S Plus
One of the most budget-friendly hardware wallets is the Ledger Nano S Plus, which is the new generation of the Ledger Nano S wallet. It is a Ledger series cold storage wallet, which is a very secure solution for Cardano storage. Ledger Nano S Plus supports more than 5,500 tokens and different coins. Yes, there won't be chips like a large display or Bluetooth like the premium Ledger models. However, this device has all the same security features as the more expensive models.
Security
The Ledger Nano X uses the ST33 chip, while the Ledger Nano S -ST31. However, the two chips have received a hardware rating of EAL 5 + from ANSSI, the French agency for cybersecurity, and are considered equivalent to each other.
Advantages of
Highest level of security
Low price
Support for over 1100 cryptocurrencies and NFT
Compact and lightweight design
Great functionality
Disadvantages
No Bluetooth
No big display
Operation can be tricky for some users
Wallet type: Cold wallet, hardware wallet
Mobile App: Android
Price:79 USD
2)Trezor T.
One of the most trusted wallets is Trezor T. It was Trezor who made the first hardware wallet for Bitcoin. Trezor Model T has a touch screen and a keypad that makes it easy to enter and validate transactions. The Trezor wallet has the highest level of security as its competitor Ledger Nano X (the older brother of Ledger Nano S Plus).
Security
The device has two-factor authentication, which means that to log into your wallet you will need to enter a code that is sent to your mobile phone as well as your password. There is support for fingerprint authentication, which adds another layer of security and convenience to access your wallet. The Trezor Model T has built-in tamper protection that protects your device from unauthorised access and cryptocurrency theft. In the event of an attempted hack, the Trezor Model T will automatically block access to keys and data on your device. The device has upgradable software that allows you to receive security updates and new features to protect your cryptocurrency assets.
Benefits of
Secure password storage
Up-to-date software
Best security on the market
Disadvantages
Computer dependency
More expensive than Ledger Nano X and Ledger Nano S Plus
Wallet type: cold wallet, hardware wallet
Mobile App: Android
Price: 219 USD
3)Daedalus
Daedalus is one of the best known and safest wallets for Cardano. It is an open-source wallet designed specifically for Cardano holders (ADA). Many major holders use this wallet. As a full node wallet, it loads a full copy of the blockchain for each transaction, giving it an extra layer of security. The installation of Daedalus is not complicated, but there are some hardware requirements. The proposed hardware requirements are that users' desktops contain at least 16GB of RAM, 100 to 200GB of free disk space and 64-bit dual-core processors. In addition, it will take several hours to sync the blockchain after the wallet is first opened. The wallet is not available on mobile devices and can only be installed on a PC.
Security
The wallet is non-custodial, which means that you alone are responsible for keeping your data safe. That's why users should make sure they protect their account, password and recovery seed phrase. As a full node wallet, Daedalus uploads a full copy of the blockchain with every transaction. This extra step adds a layer of security for wallet holders.
Benefits of
High security
Support for all desktop platforms
Opportunity to earn with bets
Disadvantages
No mobile app
Users must download the full Cardana blockchain to operate
Supports only Cardano
Wallet Type: Program Wallet (Desktop)
Mobile App: None
Price: Free
4)Trust Wallet
Trust Wallet is a software wallet that supports several blockchain networks, including Cardano. It is available for iOS and Android and as a browser extension. Trust Wallet was developed by Binance, the world's largest cryptocurrency exchange. Trust Wallet supports a wide range of digital assets, but it lacks some of the features offered by other wallets.
Security
Trust Wallet is a non-custodial, open-source wallet that allows you to control your own assets by storing all your data on your device. However, there are some downsides to the wallet. For example, there's no two-factor authentication or multi-signature support. Regardless, the Trust Wallet is a very convenient and secure wallet when dealing with Binance
Advantages of
Massive number of assets
Integrates with Binance
Simple and clear interface
Good security measures
Disadvantages
No hardware wallet support
No 2FA security measures
Wallet type: Wallet software, web wallet, mobile wallet
Mobile App: Android and iOS.
Price: Free of charge
5)AdaLite
AdaLite is an ADA browser-based wallet developed by the Slovak technology company VacuumLabs. It is one of the most commonly used because it allows ADA to be fragmented into multiple betting pools in order to maximise rewards for bets. Users have to manually collect their rewards and pay a transaction fee. There is also a mobile app. The user has 3 options for working with the wallet:
With a mnemonic phrase(fastest)
With hardware wallet (the most secure)
With encrypted Keystore file
Security
Regarding security, AdaLite has never been compromised. However, this wallet was not developed by Cardano's creators and is not directly supported by IOHK(the company that developed the Cardano blockchain platform). Therefore, if you need a software wallet with the most security, you should choose the Daedalus wallet.
Advantages of
Hardware wallet support
The ability to put money in different pools for stacking
Disadvantages
Staking is not connected to IOHK
Not as reliable as hardware wallet
Wallet type: Wallet software
Mobile App: Android and iOS
Price: Free
6)Guarda
Guarda is a multi-currency wallet that is available on mobile devices, desktops and as a Chrome extension. It offers access to over 400,000 digital assets and over 50 blockchains, including Cardano, on both mobile and desktop devices. Guarda has integration with hardware wallets such as Ledger, which increases its security. The wallet has a quite user-friendly and straightforward interface, making it attractive to newcomers.
Security
Guarda has some features that add security, including support for multiple signatures for Bitcoin and Ethereum. Multi-signature requires multiple users to approve a transaction, which adds a hurdle for those trying to steal your assets. Your private keys are not stored on the server, reducing the likelihood of hacking.
Benefits of
Integration with Ledger
Simple and clear interface
Good security measures
Disadvantages
Closed source
Does not support all tokens
No 2FA security protection
Wallet type: Wallet software, web wallet, mobile wallet
Mobile application: Android and iOS.
Price: Free of charge
7)Atomic Wallet
Atomic Wallet is a hot wallet which is a combination of cryptocurrency wallet and trading tools. The main advantage of this wallet is that you can store your assets securely and still use the benefits of centralised exchanges. You can exchange fiat money and altcoins very quickly.
Security
The wallet encrypts your private keys on your device, giving you full access and control of your funds. However, the user must be vigilant during trading and not keep money in the wallet for a long period of time.
Benefits of
Support for over 500 coins
Simple and clear interface for beginners
Cardano sticking option
24x7 online customer support
Cross-platform
Disadvantages
No hardware wallet support
Not as reliable as hardware wallet
Wallet type: cold wallet, desktop wallet, mobile wallet
Mobile application: Android and iOS
Price: Free
To sum up
The best budget hardware wallet - Ledger Nano S Plus
The best purse with maximum security - Trezor T
The best software wallet - Daedalus
The best wallet for beginners - Guarda
The best wallet for Binance - Trust Wallet
The best wallet for steaming - AdaLite
Basic wallet types for Cardano
To help you decide which wallet is right for you, we've left a cheat sheet for you below.
Cold wallets: Cold wallets use digital keys created on a device that has no internet access. Cold storage wallets are physical devices on which cryptocurrencies are stored.
Hot wallets: These are wallets that use keys created or stored on a device with internet access. Hot wallets offer high functionality, but they are less secure than cold wallets. Compared to cold wallets, users do not have the option of recovering assets if they lose access to them.
Hardware wallets: Hardware wallets are a type of cold wallet. They are physical items (e.g. a USB drive). Ledger and Trezor are the most popular representatives of these wallets. They are considered the most secure wallets on the market.
Software wallets: These online cryptocurrency wallets or trading platforms do not require a download and can be accessed through an internet browser.
Mobile wallets: Mobile wallets are a type of web wallet. It is clear from the name that they are wallets for mobile phones. They are quite convenient as they use QR codes for transactions. They are suitable for day-to-day transactions, but are vulnerable to malware infection.
Conclusion
In this article, we've covered in detail the ways of storing Cardano on various cryptocurrency wallets, so let's summarise briefly. If you're looking for the safest wallet option, hardware wallets will undoubtedly come first here. Yes, they might be quite expensive for some, but trust me, they are worth it. On the other hand, if you are looking for a solution that will be multifunctional, then wallets like the Atomic wallet or Daedalus, which are the best in this regard, will suit you. In any case, don't keep all your assets in one place. It is better to have a bundle of hardware wallet and software wallet, thus reducing the risk of losing all your money.