I think you will agree with me when I say:
We have seen enough of Ethereum killers, but Ethereum still survives till date.
But will that we 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 also 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.
Well anyways, 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 Cardano blockchain.
So let’s get to that business:
So you bought your first Cardano, Good! Well here are some of the Best Cardano Wallets to Store it safely:
Best Cardano Wallets To Try For Your ADA In 2020
Not Sure Where to store your Cardano (ADA) Coins Safely? Check out below the dedicated list of best wallets for Cardano:
|Best Cardano (ADA) Wallets||Wallet Name|
|Ledger Nano X [Recommended]|
|Ledger Nano S|
|Trezor Model T|
|Mobile (Android & iOS) Wallet App||Yoroi Wallet|
#1. Ledger Nano X [Recommended]
Want something reliable and long term for your Cardano cryptocurrency?
Well, you should once look at Ledger Nano X which 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 is having a battery and Bluetooth through which you can manage your ADA tokens directly on iOS/Android devices.
Lastly, the Ledger Nano X is a self-hosted wallet where you get the seed phrase to control your ADA as well as other cryptocurrencies.
#2. 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) too.
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. Check here in more detail about the coins supported by Ledger Nano S.
#3. Trezor Model T [Cardano’s Hardware Wallet]
Trezor Model T is the new improved model of 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 the field of 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 nowadays to protect any crypto assets.
But a thing to note is, you need to use Trezor Model T with AdaLite because that gives you the UI to interact with your ADA store on Model T. Note: Only firmware version >= 2.0.8 is supported for this feature.
#4. AdaLite Wallet [Web 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 which is like the key to your Cardano wallet. Losing this key means you will lose your all 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 kind of 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. Daedalus Wallet [Desktop Wallet]
Daedalus is the official wallet for Cardano cryptocurrency.
It is a full node desktop client where you are required to download the whole blockchain and wait for some time for synchronization.
With the Daedalus wallet, you can make a number of hierarchical deterministic (HD) wallets to store your ADA funds.
Apart from that 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 Daedalus desktop wallet client is that it is developed by the Cardano team and it also supports Cardano staking.
Lastly, you can make Cardano paper wallets as well using Daedalus where the wallets can be exported to paper certificates, giving you the maximum security of placing funds in cold storage.
Note: As of now, no other Cardano wallet supports the staking of Cardano. Also, their iOS and Android app are under development.
#6. Yoroi Wallet [Web & Mobile ADA Wallet-Chrome Extension]
Yoroi is a web light wallet for Cardano.
Light wallets don’t need to download or synchronize the blockchain like the Daedalus one. This means that once you open the wallet, you can send or verify the reception of transactions right away.
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 it is developed by Emurgo and engineered by IOHK, which are official representatives of the Cardano project.
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 to be aware of phishing attacks while using web wallets, so keep that in mind.
Note: This wallet doesn’t support Cardano staking. Yoroi is also available for Android and iOS
Which Is The Best ADA Wallets To Use?
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 many options to store Cardano.
Also, I am sure that with time and maturity of the Cardano project you can expect a lot more 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 too 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 in 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 then 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 🙂
- Best Cardano Wallets To Try For Your ADA In 2020