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Dogecoin is a coin with an interesting history of its own. No one ever imagined that the coin had any future, as it was originally created as a joke. However, now this coin already has its own active community and is supported by many famous people, such as Elon Musk, American rapper Lil Yachty and others.
Every cryptocurrency needs its own cryptocurrency wallet. So today we're going to talk about where you can store Dogecoin, what types of wallets there are, what they're used for and what you need to do to secure your assets. These digital wallets will help you manage Dogecoin coins or any other cryptocurrency with ease.
What is Dogecoin?
Dogecoin or DOGE is an open-source P2P cryptocurrency created by Jackson Palmer and Billy Marcus in 2013. The Dogecoin blockchain runs on the Proof-of-Work consensus mechanism, which means that mining is the key principle here to create new blocks in the network. Dogecoin, like most cryptocurrencies, is a decentralised cryptocurrency whose digital ledger is maintained by a decentralised network of nodes rather than a single party. Rather than issuing all the coins at once, Dogecoin is mined block by block, by so-called miners.
The best wallets for Dogecoin
1)ZenGo
ZenGo is a mobile cryptocurrency wallet without custodial, meaning the company doesn't need to know your passwords. This wallet is ideal for Dogecoin, especially for beginners, as it takes little time to set up. In addition, you can buy and sell supported cryptocurrencies directly in the app. ZenGo was developed by KZen Networks, an Israeli company that specialises in building blockchain products with a passionate focus on user interface (UI) and security.
Security
Instead of private keys, "threshold signatures" are used here. By using this technology, ZenGo has eliminated the need for a private key, making it more secure than traditional wallets. Unlike most wallets, ZenGo uses three-factor authentication. Here, it uses facial biometrics via Face ID as protection. A saved copy of your face is stored as an encrypted biometric card and used for further action.
Pros of
Simple interface
Very easy to set up
No passwords, no passphrases, no secret keys
One of the most secure mobile wallets
Cons
No Wallet Connect support
Full suite of features not available in all countries
Wallet type: Mobile Wallet
Mobile App: Android and iOS
Price: Free
2)Ledger
If we talk about security, the first company that comes to mind is Ledger. The company manufactures hardware wallets that are known around the world as a benchmark for reliability. They have budget versions such as Ledger Nano S Plus, as well as more expensive options such as Ledger Nano X.
Security
Ledger Nano X uses the ST33 chip, while Ledger Nano S -ST31. However, the two chips have received an EAL 5+ hardware rating from ANSSI, the French cybersecurity agency, and are considered equivalent to each other. The Ledger wallet keeps control of your cryptocurrency in your hands instead of entrusting it to a third party.
Pros of
Highest level of security
Support for over 1100 cryptocurrencies and NFTs
Compact and lightweight design
Great functionality
Cons
High price
Limited memory if you plan to store large amount of coins
No delivery in Russia and Belarus
Wallet type: hardware wallet, cold wallet
Mobile application: Android and iOS
Price: from 79 USD to 300 USD
3)Trezor T.
Trezor is a hardware wallet that is a direct competitor to Ledger, which is great for Dogecoin. The wallet has the ability to connect to a computer or smartphone. The most popular model is the Trezor T wallet. The device has a larger 1.54-inch touch screen compared to Ledger.
Security
In addition to the usual means of protection for hardware wallets in the form of two-factor authentication, the device can be further protected by a PIN code. The Trezor Model T has built-in tamper protection that protects your device from unauthorized access and cryptocurrency theft. In the event of an attempted hack, the Trezor Model T will automatically block access to the keys and data on your device.
Pros of
Simple interface
Support for over 1000 cryptocurrencies
Large touch screen
High security for your assets
Cons
Computer dependency
More expensive than Ledger Nano X and Ledger Nano S Plus
Wallet type: cold wallet, hardware wallet
Mobile App: Android
Price: $219
4) Binance
Binance is currently one of the best hot wallets for Dogecoin. Binance itself is the #1 exchange in the world, which can speak volumes about its reliability. The platform provides many features for managing your assets, including trading.
Security
All Binance deposits are held in escrow bank accounts and are insured up to $250,000 against bankruptcy by the Federal Deposit Insurance Corporation. Moreover, there are several other features designed to ensure that your funds are protected at all times. Address whitelisting and device restrictions have been added, as well as two-factor authentication.
Pros of
Wide range of trading possibilities
The most secure hot wallet
Good customer support
Fastest access to assets
Cons
The interface may seem cluttered to newcomers
No fiat deposits or withdrawals.
Wallet type: Hot wallet
Mobile App: Android and iOS.
Price: free
5)Coinbase
Coinbase wallet is a simple but very functional option for Dogecoin. You can move your funds from the custodial exchange into your own hands. Coinbase Wallet offers a mobile app and browser extension that supports thousands of cryptocurrencies and provides built-in access to decentralised betting or NFT apps. Coinbase Wallet is a hot wallet that can work with offline storage devices such as Ledger.
Security
The methods used to protect accounts include two-factor authentication using phone and email, biometric fingerprint security and, of course, passwords to protect accounts. For added security, users can connect to their hardware wallets.
Pros of
Great choice of cryptocurrencies
Accepts a small amount of fiat currencies
There is a built-in trade scheduler
Cons
Not available in RF or Belarus
Most content is in English only
Wallet type: Wallet software
Mobile application: Android and iOS.
Price: free of charge
6)Cex.io
Cex.io is a cryptocurrency exchange platform that allows you to buy and sell bitcoins and store them in your account. The platform provides various trading tools for both beginners and experienced traders in various crypto-assets. The main feature that sets this platform apart is the ability to fund your wallet with fiat money. If you need constant access to cryptocurrency and are constantly trading mostly in popular cryptocurrencies, then Cex.io is ideal for you.
Security
Digital assets in Cex.io are distributed between hot and cold wallets maintained by the exchange. Hot wallets are connected to the internet, while cold wallets are offline. For each digital currency, there are both hot and cold wallets with separate private keys.
Pros of
Simple and clear interface
Support for major cryptocurrencies
Support for fiat money
Cons
High fees
Slow technical support
Wallet type: Wallet software
Mobile App: Android and iOS.
Price: free
7) Gemini.
One of the best wallets to store Dogecoin. Gemini has over 20 cryptocurrencies, including its own currency called Gemini dollars (GUSD). It's a simple, elegant and secure way to build a crypto portfolio. It is best suited for beginners. It also offers discounts of up to 0% for volume traders.
Security
Digital assets are insured against losses that result from security breaches or hacking, fraudulent transfers or employee theft (although the company does not say what coverage it carries).
The company claims that the bulk of customer assets are kept in 'cold storage', away from online threats that could breach security. However, if you lose your assets due to unauthorised access to your personal account, through logging in with your passwords, Gemini will not cover this with its insurance.
Pros of
Suitable for everyone, regardless of knowledge
Supports over 40 cryptocurrencies and coins
Easy to use for beginners.
Cons
Not the lowest fees
Poor support
Wallet Type: Wallet software
Mobile App: Android and iOS
Price: free
8)Crypto.com
Crypto.com is a platform that has everything you need. Here you can buy, sell and exchange various cryptocurrencies, including Dogecoin. The wallet is integrated with WalletConnect, allowing users to connect to DeFi Swap and other dApps by scanning a QR code.
Security
Crypto.com Wallet uses a temporary one-time password (OTP) for two-factor authentication. This involves creating a temporary unique 6-digit one-time code that is only valid for 30 seconds.
Pros of
High security level
Wide range of cryptocurrencies
Support for betting with the ability to earn up to 8.5% per year
Cons
Slow support
High transaction fees for credit and debit cards
Wallet type: Wallet software
Mobile App: Android and iOS
Price: free
Top Totals:
Each wallet in the top has its own use and depending on your preferences, choose the one that suits your needs.
Best for security without custodial - ZenGo
Best cold wallet - Ledger
The best hardware wallet - Trezor T
Best wallet for trading cryptocurrencies - Cex.io
Best non-castodial wallet - Crypto.com
Best wallet with the most features for trading - Binance
Best wallets for beginners - Gemini, Coinbase, ZenGo
Main types of wallets for Dogecoin
So that you are not confused about the different types of wallets, we have described each one below.
Cold wallets: Cold wallets use digital keys created on a device that has no internet access. They are also known as hardware wallets. Cold 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 physical items (e.g. a USB drive). Ledger and Trezor are popular names in hardware wallets. They are considered the most highly secure cryptocurrency wallets.
Software wallets: These online cryptocurrency wallets or trading platforms do not require a download and can be accessed via an internet browser.
Withdrawal
In this article, we have reviewed the best wallets for Dogecoin. All of these wallets should be chosen with your needs and capabilities in mind. If you don't plan to actively trade coins and just need a reliable place to store them, then hardware wallets that can store your assets even without an active internet connection are your choice. Of course, the price of these is quite high and not everyone can afford one. However, if the amount of your assets is rather large, we recommend you to consider this purchase. For other wallets, we don't recommend storing all your coins in one place because, despite their security features, you can't be 100% sure that your savings are safe.