Similar to Ethereum, Cardano is a third-generation blockchain platform that is touted to be the successor to Bitcoin and Ethereum. Currently ranked on Coinmarketcap at the 7th spot, Cardano coin (ADA) has a bright future ahead. If you want to buy Cardano for investment purposes, a decent Cardano wallet is important for safely storing your Cardano coin. Our handpicked list of the best Cardano wallets offers you enhanced security layer and are fully safe. So, without further ado let’s get started.
What is a Cardano Wallet?
A Cardano wallet is a storage device through which users can interact with the Cardano blockchain as well as send, receive, store and stake the native Cardano (ADA) cryptocurrency. Some of the best Cardano wallets come with inbuilt exchanges where you can also buy or exchange ADA with no or minimal fees.
To safeguard your Cardano holdings and crypto coins in general against cyber attacks, phishing and whatnot, it is imperative to use a safe Cardano wallet. At the same time, leaving your ADA (₳) coin on altcoin exchanges is not feasible as it puts them in the danger of either being stolen or hacked. Not to mention, you will also miss out on reaping free ADA coin rewards through staking it.
How does a Cardano wallet work?
When you first set up your new Cardano wallet two types of keys are generated : public and the private key. Your Cardano wallet address is generated via the public key which can also be shared to receive Cardano (ADA) coin.
However, the private key is used for digitally signing the transactions when you are sending Cardano. These transactions are then added to the Cardano blockchain ledger. Because it is a private key, users are supposed to keep it secret. That was a lowdown on the functionality of a Cardano wallet. Lets dive right into our list of the top ADA wallets.
10 of the Best Cardano Wallets in 2021
Officially developed by Cardano engineers from IOHK, the Daedalus Wallet is a secure Cardano desktop wallet for storing your Cardano coins on computer. The Daedalus Wallet is compatible with 3 operating systems namely: macOS, Windows, and Linux. The Daedalus wallet is decentralized, cross-platform and authentic since it was developed by Cardano’s development team.
You can begin using the Daedalus Wallet by simply downloading it to your computer from the official site which we have linked to above. Since Cardano is still relatively new, The Daedalus Wallet is considered as one of the best Cardano wallets for storing ADA coin.
A multi-cryptocurrency wallet for both beginners and experienced crypto investors, Atomic Wallet can be used to store Bitcoin, Ethereum, Litecoin, and of course Cardano simultaneously. It offers support for over 300 coins and tokens in a unified and neat interface.
Atomic Wallet is compatible with a plethora of operating system such as Windows, masOS, Debian, Ubuntu, and Fedora. You can get started by simply downloading the wallet from the official site.
3) Yoroi Wallet
One of the best Cardano wallets that is developed by Cardano’s core team, the Yoroi Wallet was conceived by Emurgo, one of the three organizations that began the development of the Cardano project. Hence, you can rest assured about storing your precious Cardano coins in this extremely safe and secure wallet.
The Yoroi wallet is lightweight wallet compatible with Android/iOS platforms and can be used as a browser extension. However, the Yoroi Wallet is supported only on the Google Chrome browser.
A popular trading platform that rose to prominence with its fast Bitcoin trading credentials, Guarda can also be used as a Cardano wallet. What’s more, you can also buy and sell Cardano quickly on Guarda.
Because Guarda supports all the major operating systems spanning across desktop and mobile, and is a web-based wallet compatible with the Chrome browser, storing away Cardano on Guarda is deemed safe.
Infinito Wallet is a multi-crypto storage wallet that offers support for Cardano (ADA), Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE) and more. What’s more, the Infinito Wallet also supports all ETH ERC20, and NEO NEP-5 tokens.
It is available on both iOS and Android mobile operating systems and sports a sleek responsive user interface. All in all, Infinito Wallet is one of the best Cardano wallets that enables users to store Cardano on their mobile phone.
Formally known as a nifty web wallet for storing your ADA coins, AdaLite is a Cardano only wallet that bears a stark resemblance to MyEtherWallet which is an Ethereum wallet. Lightweight, simple and easy to use, AdaLite can also be used in conjunction with hardware wallets such as Ledger Nano X and Trezor Model T. More on them below.
A hardware wallet such as Ledger Nano X is considered one of the best Cardano wallets to keep your ADA holdings safe. Because computers and mobile devices are prone to malware and hacking attacks. Ledger Nano X is a robust device that offers abundant storage space and even supports more applications (wallets) to be installed. A decent 100 mAh battery ensures that the Ledger Nano X can be used for up to 8 hours.
All Cardano transactions like sending or staking are signed internally on a device using your private key which is never exposed. What’s more, you can send, receive, and stake Cardano by pairing the Ledger Nano X with Daedalus and Yoroi wallets via Bluetooth connectivity.
Compatible with both Daedalus and Yoroi wallets, Trezor Model T is a robust hardware wallet that can be used to protect your ADA holdings against theft and data damage. Sporting an easy-to-use touchscreen interface, Trezor Model T is a fully open-source wallet that offers smooth navigation on its coloured touchscreen. You can seamlessly send, receive, stake Cardano by pairing the Trezor Model T with Yoroi and Daedalus wallets.
Furthermore, it also boasts a Password manager that can generate and store complex encrypted passwords for enhanced security mechanism. All together, Trezor Model T is one of the best Cardano wallets if you are hardware wallet enthusiasts who want to keep their Cardano holdings safe and intact for the long term.
Quite a unique hardware wallet that doesn’t rely on the traditional USB cable or Bluetooth connectivity, Ellipal is an Air-gapped hardware wallet that is isolated physically, electronically, and electromagnetically from all other networks. It is a tamper resistant hardware wallet that can be paired with the Ellipal App on your mobile device via QR codes only! The Ellipal Titan boasts a 100% metal casing making it a robust wallet that is durable.
10) Exodus Wallet
Rounding off our list of the best Cardano wallets is Exodus which is available on Windows, Mac, and Linux for desktop users. The Exodus wallet is also compatible with Android and iOS mobiles. Interestingly, users can sync both the desktop and mobile variants of Exodus wallet to get instant access to their crypto holdings on the go.
What’s more, Exodus wallet offers an integrated exchange and supports over 100 top cryptocurrencies including Cardano (ADA).
Best Cardano Wallets: FAQs
Where can we keep ADA Coin (Cardano) safe?
If you are concerned about the safety of your Cardano holdings and prefer a wallet developed by the original developers of Cardano as opposed to third-party wallets, then the Daedalu Wallet is hands down the best Cardano wallet at your disposal. Relatively easy to use, this wallet is recommended for beginners.
If you are a professional crypto trader with some experience then storing ADA on exchange wallets is suitable since you do not run the risk of transferring money on Blockchain. Also, exchanges are very convenient for buying and selling and save a lot of time between transferring funds back and forth from wallet to exchange and vice versa.
What are Cardano Hot and Cold wallets?
A hot wallet is any wallet that can manage Cardano coin while you are connected to the internet. A hot wallet can be an exchange or a custodian wallet that have control over your keys, and cryptocurrency. However, if you don’t prefer a custodial wallet then a Cold wallet is the perfect choice for you.
Cold wallets or cold storage wallets are hardware wallets or physical devices that store your cryptocurrencies. Cold wallets such as Ledger Nano X or Trezor Model T can easily store and secure your private keys offline.
Which Cardano wallets can be used for Cardano staking?
Currently only two premier wallets can be used for Cardano staking: Daedalus and Yoroi. Furthermore, these wallets can also handle other Cardano related endeavours such as governance. They can also display the full list of Cardano pools you can delegate your ADA to and measure their performance.