I think you will agree with me when I say:
We have seen enough of Ethereum killers, but Ethereum still survives to date.
But will that be the case after five years also?
Well, I don’t have the crystal ball to tell that, but having said that, I don’t mean that we will not have Ethereum by then.
What I mean is we will see some more so-called Ethereum killers by then, and few of them would have even taken over Ethereum. (probably)
But let’s pause:
Because one such Ethereum killer exists in the cryptosphere right now, and it is called – Cardano (ADA). Therefore, it is on my list of cryptocurrencies that will survive in the next 5 years.
For those of you who don’t know Cardano, it is a blockchain 3.0 platform for hosting smart contracts and DApps that promises to be more scalable, governable, and interoperable than Ethereum.
Anyway, I don’t want to speak more about Cardano now because many of you already own it and have come here to know about some of the best Cardano wallets to store your ADA.
This was also expected because, for quite some time, the Cardano community has been yearning for a more convenient way of interacting with the Cardano blockchain.
Best Wallet For Cardano (ADA) Crypto In 2021
So let’s get to that business:
You bought your first Cardano; good! Not sure where to store your Cardano (ADA) coins safely & securely?
Check out this dedicated list of the best crypto wallet for ADA:
- Ledger Nano X– [best Cardano wallet for staking]
- Trezor Model T– [trustable hardware wallet for Cardano]
- Ledger Nano S– [Old but tried & tested wallet for ADA coins]
- AdaLite–[Oldest Web wallet for Cardano]
- Yoroi– [Best Cardano wallet for iOS mobile & Web browser]
- Exodus Wallet– [Best Cardano wallet for Android]
- Daedalus Wallet– [Best wallet to stake Cardano on Desktop ]
#1. Ledger Nano X
Want something reliable and long-term for your Cardano cryptocurrency?
It would be best to look at Ledger Nano X– the new hardware wallet launched by Ledger SAS company- a pioneer in manufacturing security solutions for digital assets like Cardano.
The good thing is, Cardano is supported by Ledger Nano X and 1000+ other currencies. Moreover, the device has a battery and Bluetooth to manage your ADA tokens directly on iOS/Android devices.
Moreover, Ledger Nano X is also one of the best Cardano wallets for stacking ADA coins and earning a lucrative yield on the coins you are already holding.
Lastly, the Ledger Nano X is a self-hosted wallet where you get the seed phrase to control your ADA and other cryptocurrencies.
#2. Trezor Model T
Trezor Model T is the new, improved model of the earlier Trezor hardware wallet, and the good news is it supports Cardano, including hundreds of other cryptocurrencies.
Trezor is also one of the pioneers in hardware wallets and has been developing wallet solutions for the last five years. It is a small device with a mini OLED screen on it from where you authorize the transactions on screen.
Trezor is a self-hosted HD wallet where you control your private keys with a 12-word seed or passphrase, which is of paramount importance to protect any crypto assets.
But a thing to note is, you need to use Trezor Model T with AdaLite or Yoroi wallets (native software wallets for Cardano) because that gives you the UI to interact with your ADA coins stored on Model T.
#3. Ledger Nano S
Ledger Nano S needs no introduction.
It is certainly the most famous Bitcoin and cryptocurrency wallet manufactured by Ledger HQ, which now supports Cardano (ADA).
If you are short on your budget to buy a cryptocurrency wallet, you should check out Ledger Nano S as it is fairly cheap as of now. And the best thing is that you pay less for the same grade of security.
Just like other wallets, Ledger Nano S allows you to take back-up of your seed, set a PIN, and set a passphrase, if you require. Apart from that, you can easily store 700+ cryptocurrencies and tokens on it and walk across national borders.
Moreover, now Ledger Nano S also support staking of ADA coins when you use the hardware with AdaLite or Yoroi wallets (native software wallets for Cardano), giving you the extra yield profit for holding Cardano tokens
#4. AdaLite Wallet
AdaLite, formerly known as CardanoLite, is a lightweight web wallet for storing your Cardano safely and securely.
AdaLite is developed by Vaccumlabs developers, who are fans and holders of Cardano understood the need of the hour to create a more user-friendly wallet for Cardano users.
To use AdaLite, you don’t need to do any registrations or installations. Instead, you can directly access the wallet at AdaLite.io URL.
When you make a new wallet using AdaLite, you generate a 12-word mnemonic phrase like the key to your Cardano wallet. Losing this key means you will lose all your funds, so keep it very safely.
Having said that, AdaLite is a self-hosted wallet, and no one, even AdaLite, doesn’t store your data or keeps any back-up of your funds.
Lastly, AdaLite is compatible with Trezor Model T and Daedalus wallet, so you have this option to explore as well.
Note: AdaLite doesn’t support Cardano Staking.
#5. Yoroi Wallet
Yoroi is a web light wallet and one of the best wallets for Cardano.
Light wallets don’t need to download or synchronize the blockchain like the Daedalus one. This means that you can send or verify the reception of transactions right away once you open the wallet.
Another simple way of understanding it would be: Yoroi is a light, hierarchical deterministic (HD) wallet for Ada (cryptocurrency) that runs as a Chrome extension.
This wallet is also the official wallet of Cardano as Emurgo develops it and engineered by IOHK, which is the Cardano project’s official representative.
When you set up the Yoroi wallet for the first time, you are given a 15-word recovery phrase. Keep this very secure as losing this would mean losing all your funds.
Plus, Yoroi is a self-hosted wallet meaning private keys are stored encrypted on the user’s machine only while using Yoroi. So you needn’t worry about security.
However, I would recommend you be aware of phishing attacks while using web wallets, so keep that in mind.
Note: This wallet doesn’t support Cardano staking in a standalone way, but you can stake ADA if you use Yoroi with any Ledger Hardware wallet. Yoroi is also available for Android and iOS.
6. Exodus Wallet
Exodus has been my go-to wallet for all the crypto needs that I ever had since my early days in cryptocurrencies.
It is a beautifully designed desktop and mobile wallet for any layman user to securely and safely store cryptocurrencies like Cardano.
Moreover, it is a non-custodial wallet where you get the 12-word seed and you remain in control of your crypto funds including ADA coins.
Exodus has recently also started supporting Cardano ADA tokens along with staking ADA coins for you to earn the extra yield for just holding Cardano cryptocurrency.
So if you are looking for a simple and free to use Cardano wallet for staking as well as holding your ADA coins, look no beyond Exodus wallet which is available on mobile as well as desktop.
#7. Daedalus Wallet
Daedalus is the official wallet for Cardano cryptocurrency.
It is a full node desktop client where you must download the whole blockchain and wait for synchronization.
With the Daedalus wallet, you can make several hierarchical deterministic (HD) wallets to store your ADA funds.
Apart from that, the Daedalus wallet is also a self-hosted wallet where you get the seed for backup and recovery. That’s why you remain in all control of your funds and can securely send/receive/manage Cardano using the Daedalus wallet.
Another good reason to use the Daedalus desktop wallet client is that the Cardano team develops it, and it also supports Cardano staking.
Lastly, you can make Cardano paper wallets using Daedalus, where the wallets can be exported to paper certificates, giving you the maximum security of placing funds in cold storage.
Daedalus- Desktop Cardano wallet supports the staking of Cardano. Also, their iOS and Android app are under development.
So How To Conclude On The Best ADA Wallet?
I know many of you might be thinking that there aren’t that many Cardano wallets to choose from but believe me, these are enough options for a blockchain that has been here for such a short time only.
If you were there a year ago, you would not have found even these options to store Cardano.
Also, I am sure that with the Cardano project’s time and maturity, you can expect as many wallets as you have now for Ethereum.
Another thing that bothers Cardano users is the lack of Cardano Android & iOS wallets which is a genuine concern, but that will be sorted as Daedalus is working on it.
There is also one mobile wallet for Cardano users (iOS and Android), i.e., Infinito wallet, but I am not sure about its quality yet, but if that changes, I will put it on my list.
Lastly, I urge you to take out your Cardano or other cryptocurrencies from the exchange, and if you want a Cardano hardware wallet right now, you can check out Trezor Model T.
So that’s all from my side in this round of best Cardano wallets, and I shall update this list from time to time as more Cardano wallets hit the market !!
Till that time, enjoy and share your knowledge of crypto with everyone around you 🙂