It looks like you are in search of reliable DAI wallets.
I must say your search should end here. At TheMoneyMongers, we believe in testing and reviewing good wallets for our users for various cryptocurrencies.
This time, it is the turn for DAI tokens.
For the unknown, DAI is USD pegged stablecoin. 1 DAI is equal to 1 USD, and the MakerDAO-a smart contract platform is responsible for keeping this peg intact.
DAI stablecoin is also one of the highest interest-paying tokens in the cryptosphere, and that’s all the more reason you should keep your DAI tokens safely.
Here is the list of popular DAI wallets:
Best Wallets For DAI
|Best DAI Wallets
DAI Hardware Wallets
|Ledger Nano X [Recommended]
|Ledger Nano S
DAI Android & iOS Wallet Apps
DAI Desktop Wallets
|DAI Web Wallets
#1. Ledger Nano X
DAI is a favorite stablecoin for many crypto-users, and that’s the reason they keep their DAI coins or tokens in secure hardware wallets like Ledger Nano X.
If you don’t know about, Ledger Nano X, let me introduce you !!
Nano X is the newly launched hardware wallet by Ledger SAS- a France-based start-up that has almost five years of experience in developing hardware devices for cryptocurrencies.
I have been using Ledger Nano X for some weeks now, and I am confident to say that it will capture a significant market share in the coming years simply because of its ease of use and features.
The device looks like a flash drive and allows you to connect wirelessly with iOS/Android devices. Also, it is a self-hosted wallet where you control your private keys of DIA. To know more, check this in-depth review of Nano X.
#2. Ledger Nano S
Ledger Nano S is the product of the same company- Ledger SAS from France and this wallet has been their flagship product for almost three years now.
More than a million users around the world use Ledger Nano S hardware device to store their cryptocurrencies, including DAI tokens. But it has fewer features than Ledger Nano X.
Ledger Nano S offers the same sense of security and ownership as Nano X but doesn’t have a Bluetooth feature, which I think is essential in this wireless world.
Plus, it is a battery-less device which makes it harder to be used with mobile devices. However, with an OTG, you can connect it to an Android device, but iOS users cannot use Ledger Nano S.
But still does the job of securing 1000+ cryptocurrencies including the precious DAI tokens, so make sure you are using atleast of these hardware wallets for the long-term safety of your DAI. To know more, have a look at this Nano S review.
Have been using MyEtherWallet- web wallet for Ether and other ERC20 tokens since 2016. I still have some Ether on it, but sadly, I don’t remember the password or the seed.
You don’t be like me.
If you decide to store your DAI-ERC20 tokens on MyEtherWallet, make sure to keep your password and seed safe. Losing this would mean losing everything you have on MEW.
By now, you must have understood that MEW is a self-hosted wallet. And the good thing is, it connects with Ledger Nano X devices to give you the best of both the hardware and the software world.
Coinomi remained my go-to crypto mobile wallet for almost a year.
Later on, I left it because I started trusting hardware wallets more but this not to take away anything from the Coinomi wallet.
The development team is based out of the UK and is a pioneer wallet in supporting forked currencies. As of now, Coinomi supports 100+ cryptocurrencies & ERC20 tokens including DAI tokens.
If you have a decent amount of DAI tokens and don’t want to spend right now on a hardware wallet, you can try Coinomi’s mobile wallets for iOS & Android devices.
Plus, it has inbuilt exchanges to help you swap DAI tokens into something else you want. And it gives them peace of mind as it is a non-custodial HD wallet- the only type we recommend on TheMoneyMongers.
Exodus is a desktop wallet that’s capable of supporting 100+ cryptocurrencies including DAI tokens in a non-custodial way.
I have been using this wallet since 2016 to store some of my Ether & Golem tokens. It has never disappointed me, and according to me, it has the best UI for desktop systems.
New to crypto Wallets? Know about Custodial vs non-Custodial Wallets
Their UI hasn’t compromised on the security front and provides you the seed/private keys of the wallet at the time of initial set-up. Make sure to keep a secure backup of the seed or private keys because losing this would mean losing all of your funds on Exodus.
Additionally, the wallet has an inbuilt app that allows you to exchange DAI tokens into other cryptocurrencies without going through centralized crypto exchanges.
Wallets For DAI Tokens
Many users treat DAI as ordinary USD and forget to keep it safe.
Of course, DAI is like USD but only in value. In its form, it is a digital token that represents the value of USD and should be treated as digital assets.
Lastly, I understand, stablecoins are generally kept on exchanges to escape the volatility of crypto and hedge against it but be sure to only keep that amount on an exchange that you are OKAY to lose.
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