Find out the best options to store your Cardano assets
Being a part of the Cardano community means that you get to navigate dapps in one of the fastest and cheapest blockchains. But to be a part of this ecosystem and store ADA and other Cardano cryptocurrencies, you must have a compatible wallet. But where to start? Get to know the best wallets for Cardano in this complete article.
Table of Contents
- Cardano wallets: why you need them
- The best browser wallets for Cardano
- The best local wallet for Cardano
- The best hardware wallet for Cardano
- What is the best Cardano wallet?
- How to create a wallet for Cardano?
- Keep learning about Cardano with DappRadar
Cardano wallets: why you need them
Before we present you with the best wallets for Cardano, you must understand why you need one in the first place.
As explained in the video below, cryptocurrency wallets serve as a safe place where you hold your tokens – much like a real-world wallet to store money.
However, different blockchains have their own cryptocurrencies that work on distinct decentralized applications (dapps). Therefore, whenever you wish to interact with the Cardano ecosystem and use ADA, Cardano’s native token, you’ll need a wallet that interacts with Cardano.
Whether you want to buy Cardano NFTs, lend or borrow ADA, or do any activity that involves crypto in the Cardano blockchain, you’ll have to have a wallet address in Cardano.
But how to choose one? Keep reading and discover the best wallets for Cardano.
The best browser wallets for Cardano
Browser wallets are the most popular type of wallets. They are software you connect to your internet browsers, like Chrome or Brave, to make transactions easily.
The wallet extensions interact with the Cardano blockchain and are usually non-custodial, meaning that you have complete control of your keys and funds. Let’s discover some of the best browser wallets for Cardano below:
Available for any Chrome-based browser, Nami Wallet allows you to “experience Cardano to the fullest.” It is a popular Cardano wallet often pointed out as a #1 choice.
By using Nami to store, send and receive multiple assets, you can also delegate ADA to stake pools. Nami keeps an engaged community on Twitter and has an official Youtube channel where you can find some useful tutorials.
Launched in 2021, Flint is another great option for a Cardano wallet. It has a user-friendly design that makes the whole DeFi and NFT experience smooth and pleasant.
It’s easy to use and available as a Chrome extension and on mobile devices using iOS or Android. While so far, Flint allows you to manage only Cardano assets, the company plans on expanding to support Solana, Ethereum, and others. Definitely a project worth checking out.
Another light wallet that made our list is GeroWallet. Accessing Cardano-powered dapps in your browser is easier with this wallet, built with user experience in mind.
By using GeroWallet, you can purchase ADA, as well as store and make direct transactions, stake, and also store Cardano NFTs.
Formerly known as CCVaultio, Eternl is a Cardano wallet available for the web as a browser extension for Chrome, Edge, Brave, and Opera.
The dapp allows you to send and receive ADA and other Cardano native tokens, delegate your ADA to 1 of over 3000 staking pools, and register for Catalyst voting.
Yoroi is another one of the best light wallets for Cardano assets, where you can store your ADA. It’s an open-source wallet; you can use it as an extension to your browser or download the mobile app.
It offers support in English, Japanese, Korean, and Chinese, and is widely recognized as one of the best options for Cardano wallets.
The best local wallet for Cardano
Unlike the previous wallets, the next one we present to you in this article is not a web-based browser wallet. However, it’s important to understand that it is also a software wallet – not hardware – that you install on your desktop.
Daedalus is a local wallet created for the ADA cryptocurrency and the Cardano ecosystem. You must download and install the software on your PC (Windows and Linux) or Apple Mac to use it.
It syncs the Cardano blockchain completely, therefore it’s a heavy application. By using Daedalus, you’ll have a full copy of the Cardano blockchain and will be able to validate every transaction in its history independently. This means that you then get extra security for your assets.
The open-source wallet is free to use and suitable for beginners and advanced investors as well.
The best hardware wallet for Cardano
Hardware wallets are often the most secure way to store your crypto. And Ledger is the leading cold storage wallet in the market for multiple chains. And you can also store your Cardano tokens on a Ledger.
This hardware wallet allows you to store ADA with security, only depending on yourself for that.
“Cold storage wallets are typically encrypted devices that store users’ Cardano assets offline, providing a layer of security against the evolving threats emerging from being connected to the Internet.”
Once your Ledger device is connected, you can start managing your Cardano assets with services such as AdaLite, Yoroi Wallet, and Daedalus.
- Read further: Store Your Crypto and NFTs Safely with Ledger
What is the best Cardano wallet?
As you now know, there are a few excellent choices when it comes to having your own wallet for the Cardano ecosystem. However, you alone can decide which is best for your specific needs.
Our tip is to try each Cardano wallet for yourself, do your own research, and conclude on your own. As with everything in the crypto and dapps world, choosing a Cardano wallet for yourself is a decision you should make on your own.
Can I keep ADA in my centralized exchange account?
Yes, you can. Many centralized exchanges such as Binance, FTX, and Coinbase, allow you to buy, sell, and trade ADA. However, storing your cryptocurrencies in any exchange – whether it’s centralized or decentralized – is not recommended.
“Not your keys, not your coins”
By trusting a third party to safeguard your assets, you are out of control of how secure your investments really are.
Especially in the world of blockchain technologies, you can more easily make financial decisions with freedom – and responsibility.
In case exchanges want to disappear with your money, or if they suffer a hack, for example, you can end up without your funds – because they weren’t technically yours, to begin with. If you don’t hold the keys to your tokens, they aren’t really yours.
By having control of your private keys in your wallet yourself, your Cardano cryptocurrencies are much safer.
How to create a wallet for Cardano?
Once you’ve chosen your ideal Cardano wallet, it’s time to create your own wallet address. Depending on your choice, the process will be a bit different, but nevertheless simple.
We’ve created an article to guide you through the process that you can check out if you need any help.
Remember to keep your seed phrase private and always put your safety first. Trust no one but yourself, and enjoy the freedom Cardano gives you.
Keep learning about Cardano with DappRadar
Anyone looking to find opportunities within Web3 and Cardano dapps should, first, invest in education. Knowledge is power, and you can never learn enough in such a fast-evolving world.
At DappRadar, you can not only learn everything about the Cardano blockchain with our educational content but also track the best projects with our Rankings.
Useful articles to learn more about Cardano
- What is Cardano: A Simple Explanation
- Comparison: Ethereum versus Cardano
- How to Create a Wallet for Cardano: The Beginners’ Guide
Track Cardano dapps now
Now you can track how your favorite Cardano dapps are doing using DappRadar’s amazing tools. Use Cardano Rankings to oversee a list of all Cardano applications and access their stats like users, volume, and transactions.
This means that at DappRadar, you can find out which are the most popular NFT collections, marketplaces, decentralized exchanges, and games on the Cardano blockchain.
Carry your Web3 journey with you
With the DappRadar mobile app, never miss out on Web3 again. See the performance of the most popular dapps, and keep an eye on the NFTs in your portfolio. Your DappRadar account syncs with our mobile app, giving you soon the option to receive alerts live as they happen.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your own research.