Cardano is a blockchain providing peer-to-peer transaction facilities using its internal crypto (ADA). After 2 years of development, when the project was finally launched in 2017, it was the largest cryptocurrency using a PoS blockchain (Proof of Stake Blockchain).
For the naive readers let me put some light on the PoS blockchain. Proof of Stake is a type of cryptocurrency agreement mechanism used for transaction processing and the creation of new blocks. It is different from the original method of creating a block which was PoW (Proof of Work).
PoS is different from PoW, as, in PoW, miners are required to solve puzzles based on cryptography and mine new blocks for the blockchain which in turn results in the circulation of new coins into the market. Whereas, PoS is a mechanism which requires a validator to validate a blockchain and add new blocks to it. PoS is considered to be less risky with reference to attacks on the blockchain.
Cardano is a famous blockchain platform promising robust security and offering sustainable development to dApps. With its different useful features like a multi-asset ledger and a smart contract which can be verified easily, it provides an easy platform for users and institutions across the world to run financial applications.
What are Cardano Wallets?
After purchasing ADA and tokens built on Cardano blockchain, you need to store them on wallets. Storing them safely is important, as if you store Cardano which you would not be able to access in future, it will bring you financial losses. In this post we will discuss some of the best Cardano wallets, where you can store ADA safely.
Types of Cardano Wallets
Custodial Cardano wallet
Custodial ADA wallets are those wallets where you do not have access to your private key. Your coins are held by third party providers like crypto exchanges, staking platforms, etc.
Non-Custodial Cardano wallet
Non Custodial ADA wallets are those wallets where only you have access to your private key. You are in control of your funds.
Compared between the above Cardano wallet types, non-custodial wallets are more safe.
Best Cardano Wallets: Top 6 ADA Wallets
There are a number of wallets which support Cardano, some of the best are mentioned below.
Binance: Best Custodial Cardano wallet
Type: Custodial Cardano wallet, Exchange wallet
Binance is one of the exchange wallets that I can recommend to store your ADA or any Cardano based coin. It is one of the leading names in the market and is also considered the best wallet to store ADA. However, it is a custodial wallet where you do not have access to your private key.
Binance wallet is available for free to all users across the globe and lets them trade with more than 150 different coins.
Features:
- It provides good 24/7 customer support and is also considered the safest.
- This is a type of hot Cardano wallet which is available across the platforms like Android and iOS.
- Depending on the users, it provides a respective interface to different users, which essentially means, it provides a naive user interface to a naive user and a more advanced user would see a different interface.
- Binance wallet for storing Cardano is highly secure and recommended by the major projects themselves.
Daedalus: Best Cardano Wallet for Desktop
Type: Non Custodial Cardano wallet, Desktop
Daedalus is a non custodial desktop wallet for Cardano, which is also a full node wallet, and allows validation only after downloading a full copy of the blockchain. It is quite the opposite of the SPV mechanism. It promises maximum security as it does not rely on any third-party server and facilitates truly trustless operations.
Daedalus is a free wallet.
Features:
- Daedalus wallet is available on all major operating systems, and is easily installed with a one-click setup.
- The Cardano node runs locally on the machine which allows a more secure and independent verification.
- Daedalus also supports the Cardano as it participates in the Ouroboros protocol. Ouroboros is a family of PoS protocols which is eventually the building block of Cardano.
- The backup and restoration process of the wallet is carried out by the mnemonics method in which a group of words, generally, 12 or more, is generated every time a wallet is created so that the wallet can be restored even if the password is lost.
Ledger Nano: Best Cardano Hardware wallet
Type: Hardware wallet
Ledger is a crypto hardware wallet supporting a multitude of cryptocurrencies. A hardware wallet is a Pendrive-like-looking device which has a LED display on it which helps to display validation of payment and a PIN which confirms the transaction. Ledger is the best hardware wallet to store ADA.
Ledger is a paid ADA wallet. Minimum cost: 59USD.
Features:
- Users can plug it into any device which is compatible with USB and access the data inside.
- Ledger allows the installation of more than 100 apps for different activities.
- Ledger comes with various different hardware wallets: Ledger Nano S Plus, Ledger Nano X and more.
- Although it is expensive as it costs a minimum of 59 USD for a Ledger Nano X, it is more secure and provides better control of your assets.
- In the trade-off for screen touch support, it offers Bluetooth connectivity which is further used for 2-factor authentication.
- It supports more than 5500 coins including BTC, ETH, DOGE, etc.
- Customer support is a knowledgeable team which is able to solve problems at the end of expert customers too.
- It supports the ERC20 blockchain and has CC EAL5+ certification as well.
Trezor
Type: Hardware wallet
Trezor is another hardware Cardano wallet, which is like a Ledger, but more expensive. Trezor is really popular among the developers, enthusiasts and merchants on the web3 platform. One can easily plug it into any mobile phone or computer device and access its features of it.
Trezor is a paid cardano hardware wallet. Minimum cost: 46.90USD.
Features:
- With the help of this device, the user can generate a pin code which helps the user to keep his assets safe and secure.
- Unlike Ledger Nano, it provides a coloured touchscreen feature which makes it easy to use.
- The device is compatible with almost every platform ranging from Android, macOS, Windows10+ and Linux.
- All the great features come at a price of 189 Euro which is almost equal to 195 USD, which makes it costlier than the Ledger wallet but of course, offers better features as well.
- This supports the ERC20 blockchain and is CE and RoHA-certified.
Coinbase Wallet
Type: Self custody software wallet
Apart from all the hardware wallets which for sure offer better security and easy operability, they require some initial investment. So the users who are new to the market want to store their money in free wallets at least at the beginner’s stage. Coinbase wallet is something ideal for this case.
Features:
- Users can trade with multiple cryptocurrencies and other assets including Cardano and also maintain their records in one place.
- This is supported by mobile apps available for android as well as iOS.
- Coinbase provides exclusive features like scheduling your trade with different flexible time periods.
- Due to its great features available for free, it is undoubtedly one of the biggest exchanges existing today.
- Although its relatively high transaction fees, it is popular in more than 100 countries across the globe and supports 500+ coins.
- It supports multiple blockchains including Arbitrum, Avalanche, polygon, BNB Binance Smart Chain, xDai, etc.
- It is also compatible with hardware wallets. But the compatibility is limited to Ledger and Trezor only.
- Security is one of the USPs of Coinbase. It is known for its very secure network.
Guarda Wallet
Type: Non-custodial multi-currency crypto wallet for all platforms
Guarda is a self-custody wallet that allows users to interact with over 60 blockchains, including Cardano, and manage more than 400,000 assets. Users can buy, sell, send, receive, hold, exchange, stake, and manage ADA with Guarda Cardano Wallet.
The wallet is non-custodial, which means that users are in charge of their backup files and private keys, ensuring funds are secure. With a user-friendly interface, newbies and seasoned users can operate Guarda conveniently.
Features:
- Staking ADA can yield up to 5% APY.
- Guarda is available for all platforms: desktop (Windows, macOS, Linux, Ubuntu), mobile (Android, macOS), web version, and Chrome extension.
- The hot wallet is compatible with Ledger Nano S to ensure maximum security.
- Exchanging Cardano and others on Guarda via partner services is easy, with competitive rates ranging from 2.5 to 5%.
- There is a range of other services, such as crypto loans (no terms, KYC, or selling crypto required), token generators (for ERC20 and HBAR), and free AML checks.
- Guarda also offers Prepaid Visa cards, which users can top up with ADA and other cryptocurrencies (available in select countries in Europe)
- 24/7 support is available for users in case of any questions or issues. Users can access support via a ticket creation or Telegram.
- Since security is highly prioritized, Guarda uses advanced features like backup files and multi-signatures.
- The development team is constantly adding new coins and tokens. Feel free to contact Guarda on Twitter if you have any suggestions.
Trust wallet
Type: Non custodial wallet
Trust wallet is an open-source wallet with a mobile interface acquired by Binance. It has around 5 million users and is considered one of the safest and most trustworthy options in the market.
Features
- It is Multi-chain wallet
- Provides support to over 68 blockchain networks
- There is no wallet fee charged
- Supports NFT Storage
- The built-in Web3 Browser can be used to purchase cryptocurrencies through the native decentralized exchange that operates on Kyber Network
- It allows the user to stake Tron (TRX), Tezos (XTZ), VeChain (VET), Callisto (CLO), Cosmos (ATOM), Kava (KAVA), IoTeX (IOTX), TomoChain (TOMO), Algorand (ALGO), Ethereum (ETH) and Cardano (ADA)
- The interface is very compatible with beginners
- KYC is not mandatory
Yoroi
Type: Light wallet
Yoroi is a lite software wallet built on Cardano. Not only is it extremely secure, but it also ensures fast speed transactions. It links to a full node hosted by Emurgo and allows instant set up.
Yoroi is a free Cardano software wallet available on Windows, macOS, Linux iOS, Android
Features:
- Private keys are well encrypted and not shared with thor party apps
- You don’t have to download the entire blockchain
- Suports hardware wallet
- You can easily stake crypto through delegation
- Is energy efficient and uses very few resources
- Great wallet backup and restoration mechanisms
- Supports English, Japanese, Simplified Chinese, Traditional Chinese, Korean, Russian, Spanish, Indonesian, French, German and Italian languages.
NuFi
Type: Non-custodial software wallet
NuFi is a great Cradano engineered self custody software wallet. It is a Web3 wallet that can be harnessed for staking, NFTs and DeFi. Apart from Cardano also supports blockchains like Solana and flow
NuFi is a free Cardano software wallet available as a browser extension
Features:
- Lets you maintain a multichain portfolio
- Provides easy interest through staking
- Good NFT management features
- You trade several cryptocurrencies across chains.
- Migration from an already existing wallet is flawless and smooth
- Can connect to many dApps
GeroWallet
Type: Software wallet
GeroWallet is a new age Web3 wallet. it doesn’t just allow users to swap and buy tokens, but it also has good staking features. It has a simple UI which makes it beneficial to both amateurs and seasoned users. It allows easy interaction between digital assets without the worry of compatibility of blockchains
GeroWallet is a free Cardano software wallet available as a browser extension
Features:
- Gives hardware wallet support for Trezr and Ledger wallets
- Staking through delegation is possible
- You can create up to 8 wallets
- Easily connects to dApps
- Efficient NFT support
- High quality security features
GameChanger wallet
Type: Self custody Software wallet
The GameChanger wallet is an open source software wallet made keeping students and beginners in mind as well as the target demographic. It has great didactic and intelligent feathers that make the user experience really good.
GameChanger wallet is a free Cardano web based wallet
Features:
- Allows you to mint and run NFTs
- You can easily Create and import 15-word passphrases
- Lets you do both single asset transactions as well as bulk payments to several addresses
- Efficiently create and connect dApps
- Wallet calculates minimum ADA values for you
Download the GameChanger wallet
Cardwallet
Type: Non custodial Software wallet
The Cardwallet is a self custody wallet and liquidity engine. It lets you store, buy and exchange crypto tokens easily. It is an Open-source wallet whose tokenomics are very community centric.
Cardwallet is a free Cardano wallet that can be used on a browser extension or as an app on Android and iOS phones.
Features:
- The interface is high tech and easy to use
- Supports 1200 tokens, including the Cardano based ones
- Very secure and safeguards your privacy
- The transaction fee is very low
- It is a multi-chain as well as decentralized
Atomic wallet
Type: Non custodial Software wallet
The Atomic wallet is a decentralized wallet that aids you in buying, exchanging and managing your crypto tokens. It has around 4,000,000 users globally. It lets you stake coins as well as manage your portfolio to ensure maximum growth and gains
Atomic wallet is a free Cardano wallet that can be used on Windows, macOS, Linux, iOS, and Android
Features:
- It supports over 500 crypto assets
- The customer service is impeccable
- Gives anonymity features such as verification or KYC aren’t required
- The user interface is simplistic and beginner friendly
Typhon wallet
Type: Non custodial Software wallet
The Typhon wallet is a really fast-speed wallet built on the Cardano blockchain, enabling dApp support. It allows you to use existing wallet seed phrases and hardware wallets
Typhon wallet is a free Cardano wallet that can be used as a browser extension
Features:
- You can stake ADA and also decide on your own pool
- NFT management is simple and secure
- Allows you to create multiple accounts
- Supports multi delegation
- Easy to track regards form staking and other activities
- Metadata and dApp features are seamlessly integrated
- Provides backing to 12, 15, 24 word seed phrases and is fully compatible with other Cardano wallets
Nami wallet
Type: Non custodial Software wallet
The Nami wallet is a self custody and decentralised wallet, that was made to interact with the Cardano blockchain. It is considered to be a Hierarchical Deterministic (HD) wallet which makes back up and restoration very easy.
Nami wallet is a free Cardano wallet that can be used as a browser extension
Features:
- The interface is very smooth and user friendly
- It has efficient intuitive features
- You can buy, sell, and trade assets easily
- Gives you all the control of your funds
- Can be seamlessly linked to External staking interfaces
- You are allowed to import one seed phrase using which you may create sub accounts
Flint wallet
Type: Non custodial Software wallet
The Flint wallet is a light user friendly wallet designed for DeFi, NFT and digital cryptocurrency.
Flint wallet is a free Cardano wallet that is available for Windows, Mac OS and Linux through multiple browsers. It is also available as an app for iOS and Android
Features:
- Allows you to connect to assets on Cardano with Solana, Ethereum, and Urbit
- Ensures easy and smooth interaction with dApps
- You can easily store and browse your NFT collection
- It is supported by Milkomeda
- You can enter your recovery phrase to import existing Cardano wallets
- The customer service is really prompt and helpful
AdaLite wallet
Type: Non custodial Software wallet
The AdaLite wallet is described on their website as an “open-source client-side interface for direct interaction with the Cardano blockchain”.
AdaLite wallet is a free Cardano wallet that is available for Windows, Mac OS and Linux through multiple browsers. It is also available as an app for iOS and Android
Features:
- It doesn’t store your mnemonic hence you must keep it safe because there is no way to reset it
- Allows you to access your funds through a hardware wallet like ledger or Trezor
- Proceeds a lot of security
- You can access funds from anywhere
- Lets you spread the ADA into multiple stake pools
- Proved the ability to transfer funds easily to another Cardano wallet using recovery phrase
Which Cardano wallet should you choose?
Mentioned above are some of the famous and reliable methods of storing Cardano, but they’re available more such wallets and platforms which are compatible to store Cardano. Some of them are Cex.io, Kraken, Gemini etc.
The user should choose the correct Cardano wallet as per his use case and the capital invested. For example, a user in his beginner’s phase where he is just exploring the market should go for a free Cardano wallet, not some paid hardware device. If you are a fan of decentralised Cardano wallet, best options would be Guarda or Trust wallet. Plus, they are absolutely free.
More Cardano articles:
- Cardano Price prediction 2023 t0 2030
- Cardano Stablecoin DJED to launch in January 2023
- Want to stake Cardano? Check the best sites
On the other hand, if an investor holds a lot of ADA and Cardano based coins and want to hold for a very long time, he should prioritize the security and authentication and hence should use a hardware Cardano wallet, where his coins would be stored offline.
