One of the more intriguing, albeit slow-moving projects in the crypto industry is Cardano. Led by Charles Hoskinson, this digital asset continually ranks in the top-10 of market capitalization. Additionally, ADA is now a proof-of-stake coin, thanks to the project’s most recent update.
Known primarily as a smart contract platform, Cardano uses science-backed algorithms to secure its blockchain. The coin also touts the ability to scale infinitely, a problem that plagues many crypto projects. Personally, I like the project and the team behind it, so I have some Cardano of my own.
When it comes to storing my Cardano, I prefer Daedalus. However, there are plenty of wallet options available. Let’s take a closer look at some of the best Cardano wallets to hold your ADA cryptocurrency.
Best Hardware Wallets
A hardware wallet is exactly what it says it is. It’s a piece of hardware similar to a USB drive that stores your favorite cryptocurrencies. Here are a few of the more common hardware wallets you can use to keep your Cardano safe and secure. These types of wallets are also known as cold wallets since they’re rarely online.
Ledger Nano S
Ledger actually offers two physical wallets – the Ledger Nano X and the Ledger Nano S. The Nano S is the cheaper of the two, so you’re not going to have to spend a lot of money to get your hands on one. It doesn’t quite stack up to its younger brother in the features department, but it still provides a great way to keep your Cardano away from hackers. The wallet supports Linux, macOS, and Windows, so no matter what operating system you’re using, Ledger has you covered.
Fees, payment info, etc.
When you initiate a transaction using your Ledger Nano S, you can determine how much you pay in network fees. However, keep in mind that the less you pay in fees, the slower your transaction will process. So if you’re not in a hurry, you can choose low priority transactions, which means you won’t pay as much in network fees. If you are comfortable with advanced settings, you can set up a custom fee, so you know exactly how much you’ll be charged per transaction.
- Simple and easy to use
- Supports hundreds of coins
- Works with multiple operating systems
- Not as many features as Nano X
- Navigation can be challenging
- Not open-source
Trezor Model T
Another well-known physical wallet is the Trezor Model T. This cryptocurrency wallet is designed to keep your digital assets safely stored. Additionally, the wallet encrypts your coins, digital keys, and passwords. Trezor gives you complete control over your cryptocurrencies while acting as your own personal safety. With a convenient touchscreen and intuitive interface, you’ll have no problem approving and verifying all your transactions.
Fees, payment info, etc.
Similar to the Nano devices, you can choose what level your transactions are processed. Users have the option to select between low, economic, normal, and high. The level you choose directly impacts how quickly your transaction completes. The fees you’re charged are used for the network’s “miners.” None of the charges go to Trezor.
- Offers passphrase support
- Supports multisign
- Open-source software
- Intuitive color touchscreen
- Simple and easy to setup
- Address changes aren’t validated
- Only Electrum support multisig
Best Desktop Wallet
If you’re unfamiliar with desktop wallets, these are cryptocurrency wallets that reside on the desktop of your PC or Mac. They’re considered both hot and cold storage wallets since they’ll typically work both online and offline. Some desktop wallets are multicurrency wallets, supporting a wide range of digital assets, while others are official wallets of a specific coin. Daedalus, for example, is the official wallet of Cardano.
Daedalus is Cardano’s official desktop ADA wallet. This open-source wallet is designed to grow alongside the Cardano blockchain, implementing new features and functionalities as the project progresses. Available on Linux, macOS, and Windows, Daedalus supports all the major desktop operating systems. There are some minimum requirements for the wallet, so be sure to check them out before you install the app.
One of the newest features available in Cardano’s Daedalus wallet is staking. With this feature, investors in the project can use the Cardano network to their advantage. This is done by assigning your Cardano to a node that then earns additional ADA through the platform. The wallet also offers plenty of security features, so you know your Cardano is safe whether you’re staking your digital assets or just HODLing.
Fees, payment info, etc.
If you happen to have an old Daedalus wallet, which Cardano refers to as ‘Bryon,’ you’ll get charged a fee when you transfer your funds to the new ‘Shelley’ wallet. This is due to the fact that moving funds from one wallet to another requires a transaction, and every transaction on the Cardano network pays a fee. When you do this, you’re protecting the Cardano blockchain against hacks and attacks.
You’ll also get charged 2 ADA when you register to stake a new Cardano address in the new wallet. As a result, when you determine which pool you want to stake to, you’ll lose 2 ADA. However, the platform does return them to you if you undelegate the funds in your wallet.
- Official wallet of the Cardano project
- Free to download and use
- Stake your coins right in the wallet itself
- Supports multiple operating systems
- Only supports Cardano cryptocurrency
- Cannot exchange for other currencies
- Unable top purchase additional ADA within the wallet
- Takes time for the blockchain to synchronize
Atomic wallet is a multi-currency wallet that allows you to store well over 500 different digital assets. This includes cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and of course, Cardano. The benefit here is that you have a single place to store all your favorite coins. The wallet also supports the most common platforms, including Windows, macOS, Linux, iOS, and Android.
In addition to storing coins, Atomic wallet also offers an exchange. That means you can perform swaps right within the platform itself. It does this by integrating with Changelly and Shapeshift, which gives users access to trade nearly any coin available. Atomic wallet also lets users buy crypto within the wallet as well. So, if you want to buy some BTC, ETH, or ADA, you don’t have to leave the wallet to do so.
Fees, payment info, etc.
There are some fees you’ll encounter when using Atomic wallet. These are typically associated with performing a transaction on the platform. For example, when buying a digital currency, Atomic wallet requires a $10 minimum and takes 2% of the transaction amount. You’ll also encounter a processing fee from your debit or credit card company. This amount will vary depending on what your institution charges for crypto purchases.
However, Atomic does a great job of showing you exactly how much you’re going to pay in fees before you complete the transaction. Users are shown the amount of crypto they’ll receive, along with the rate of the fee prior to submitting the request.
- Over 500 different crypto assets supported
- Supports buying coins within the platform
- Option to trade digital currencies within the wallet
- Supports variety of operating systems
- Easy to use
- Some fees are high
- Minimum requirement when trading
- Does not support hardware wallet integration
Best Mobile Wallet
A mobile wallet is a wallet you can use on the go. Cardano’s Yoroi wallet is supported by the project and is available on Android and iOS, or as an online wallet in your browser of choice. Let’s take a look at the mobile wallet of the Cardano project.
Developed by IOHK and Emurgo, two of the companies associated with the Cardano project, Yoroi wallet is a light wallet that ADA holders can use to store their funds. The wallet launches quickly and allows users to start sending and receiving funds quickly and easily. The interface is simple and easy to use. Even the most novice users will find using the Yoroi wallet pleasant to use.
User’s private keys are stored locally and are encrypted by the use of wallet passwords. Cardano and Yoroi wallet never store private keys on its central servers. Additionally, the wallet offers support in four different languages. So no matter where you are or where you’re going, Yoroi offers the features and benefits you need to ensure that your ADA is safe and secure. Like Daedalus, users can stake their Cardano within the Yoroi wallet.
Fees, payment info, etc.
There’s no charge to use the Yoroi wallet, so the only fees you’ll encounter are fees charged when you perform transactions on the platform. So, if you’re moving your digital currency to or from the online wallet, you’ll encounter a charge.
- Multiple-language support
- Available on iOS, Android, and desktop browsers
- Supports staking Cardano currency
- Backed by IOHK and Emurgo
- Only supports Cardano
- Unable to exchange for other digital assets
- Cannot connect to a full-node
Cardano Wallet FAQ
There are plenty of questions associated with Cardano and the wallets that hold it. Here are a few of the more commonly asked questions about Cardano wallets.
How Does Daedalus Work?
Cardano’s Daedalus is a full node wallet. That means the wallet downloads a complete copy of Cardano’s blockchain. It then validates every transaction independently instead of relying on a 3rd-party. As a result, Daedalus users get maximum protection and security while using an entirely trustless platform.
How Do I Make a Cardano Paper Wallet?
A paper wallet is a physical piece of paper users can hold onto as a means of keeping track of their Cardano. These are great ways to have complete protection of your funds. Users don’t have to rely on anyone else to keep track of their cryptocurrency. But how do you make one?
With the transition from Byron to Shelley, Cardano has temporarily hidden the necessary steps for users to create a paper wallet. However, when this functionality becomes available again, users can create their own through the Cardano website, Daedalus, or Yoroi wallet.
Where Do I Get My Cardano Private Keys?
Your private keys for your Cardano are stored within the 12-word phrase you use to set up your wallet. That’s why it’s so critical that you keep track of this phrase. If you happen to get locked out of your wallet and need to access your funds, you need to use your passphrase for authentication.
As you can see, there are plenty of options available for storing your ADA. Personally, I prefer using Daedalus. The wallet offers all the features users will want, and it’s the official wallet of the Cardano project. The ecosystem is built so that it’s intuitive to all users yet provides the capabilities that advanced users will enjoy. While other wallets provide additional currency support and the option to trade your digital assets, Daedalus provides Cardano staking and support.
Additionally, users have the benefit of receiving the most recent features of the project. Even though wallets offer more features and operating systems, Daedalus is the choice for me. It’s reliable, secure, and offers the functionality I need. The entire blockchain is downloaded and stored locally, which means I’m not relying on a 3rd-party to validate transactions and secure the platform.