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7 of The Best Tezos Wallets [The Most Comprehensive List]

7 of The Best Tezos Wallets [The Most Comprehensive List]

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01/31/20 4:02 PM 2020-04-25 12:49:39
Luckily for you, we have put together the list for top 7 tezos wallets that anyone looking for securely storing their Tezos should definitely get. Ledger Nano X Ledger Nano X/T TezBox Walle

Luckily for you, we have put together the list for top 7 tezos wallets that anyone looking for securely storing their Tezos should definitely get.

  1. Ledger Nano X
  2. Ledger Nano X/T
  3. TezBox Wallet
  4. Atomic Wallet
  5. Magnum Wallet
  6. Tezos.Blue
  7. Gaurda

Tezos is an independent blockchain that is essentially a smart contract platform. Equipped with proof-of-stake consensus mechanism, Tezos shifts the power to steer its development to the community itself.

Through on-chain Blokchain governance, XTZ [the native currency of the Tezos blockchain] holders vote on proposals which when accepted are worked upon by the developers. So, the key here is holding onto XTZs. And now you need the right wallet to make sure your XTZs remain secure. Wouldn’t it be better if it was something that supports other cryptos as well?

Ledger Nano X

If you are looking for a hardware wallet, Ledger Nano has the best variety. Standing at the top is the Ledger Nano X. Designed with the latest state-of-the-art chip designed specifically to secure your crypto-funds. Its sleek design makes it extremely easy to carry. It sports an LED screen, 2 buttons and an Aluminum swivel cover. It comes with support for more than 20 coins and ERC-20 tokens along with space to store up to 100 decentralized applications. The chip is EAL5+ certified which gives a comfort of mind for the level of reliability and security for the product. The product runs on a propriety operating system called BOLOS designed by Ledger to maximize the security of dapps and cryptos stored on the hardware.

You can easily plug it in your laptop using a USB-C cable port or connect is using Bluetooth connectivity to your mobile phone as well. To top it off, it comes with a not so hefty price tag of around a $136. You can place the order from their website. The deliverable package contains a USB cable, a manual leaflet, recovery-passcode sheets and a keychain strap along with your hardware wallet device.

One amazing feature that comes with Ledger products is that with an application called Ledger Live, you can stake your tezos coins and earn rewards for your holdings. To sum it up:

Pros:

  • Portable and lightweight design.
  • Beginner friendly.
  • Easy to setup, it doesn’t require computer. PIN can be set with the device.
  • Passive income option with Tezos staking.

Cons:

  • Funds security is dependent on you. If you lose the recovery sheets, your funds can be stolen.
  • Not a very cheap option.
  • Software is not an open source.
  • Not suitable for short-term storage. Better suited for long-term hodl.

Trezor Wallet Model – T

A retro-looking hardware wallet, Trezor is a secure, lightweight and extremely portable device that anyone who wishes to secure their funds offline should be considering purchasing. The wallet multi-currency by design and supports a whopping 1000 different coins. It features a small bright-coloured LCD screen that allows you to set PIN code, verify transactions and receive a confirmation for your transactions. It survives extreme temperatures and sets

Once you are set up and have transferred your funds, you can access your own personal dashboard on the website. The website allows you to interact with the funds in your ledger, with the functionality to send, receive, buy or even exchange your funds for other cryptos. You can also track your transaction history with the website dashboard. You can additionally store and manage your passwords on cloud or with a micro-SD card that’s supported by your device.  Putting it together we have:

Pros:

  • Simple to use.
  • Small portable design.
  • Compatible with all OS
  • 1000+ different coins.
  • Your private key is always secure.
  • Supports XTZ compared to its earlier models which did not offer that functionality.

Cons:

  • Not as small compared to ledger products.
  • Prone to loss or theft resulting in loss of funds.
  • The price is quite steep. Over $150.

TezBox Wallet

The earliest functional GUI-based wallet for Tezos is the TezBox Wallet. It was developed very shortly after the ICO for Tezos was conducted making it an exclusive tezos product. It is very secure since it doesn’t store internally any of your private key information but in fact, uses your own device as a storage for your keys to access and retrieve information from. It is reliable given the number of audits it has undergone which vouches for its state-of-the-art security structure.

It is designed to be developer-friendly, hence if you are a developer and love experimenting with different cryptos, you can essentially use the TezBox and integrate it with your own decentralized applications. All of this is possible since it is free and open-source available easily on Github. You can download it from the repository as either a web-wallet or a desktop application for the wallet. It is also available as a browser extension for Chrome. Summarizing everything about TezBox we have:

Pros:

  • Made for XTZ.
  • Secure in the effect it doesn’t store or require your private keys.
  • The company underwent multiple audits which vouches for its security standards.
  • Free to use. Open source.

Cons:

  • Not for beginners.
  • Requires some familiarity with Github to and coding to use properly.

Atomic Wallet

Atomic wallet is a web-based wallet that stores your private key information locally on your device. You can access the wallet application through your phone or download it for your desktop. As one of its key advantages, it supports all available operating systems so no matter what OS you are using, there is a compatible application version available.

Among its features, it sports a very user-friendly UI that makes interactions very seamless. It is extremely secure and does not store your private information in their database, thereby making it a custody-free wallet. It supports more than 300 cryptocurrencies among which stand XTZ, BTC, ETH, XRP and many more.

The Atomic Wallet application allows in-app purchasing for available cryptocurrencies through your credit card. It mainly supports USD and EUR currencies, with support for more on the way. It is a multicurrency wallet allowing you to store multiple currencies all in the single atomic wallet.

Atomic Wallet comes with Atomic Swap – an exchange that lets you exchange your cryptocurrencies for other supported cryptos. It does so in a cross-chain fashion that avoids risk of third-party involvement. The wallet application is available for free download from its website. It also offers earning and affiliate programs by through letting users purchase and hold its native currency called AWC. So, atomic wallet pros and cons can be condensed down to the following:

Pros:

  • Constantly growing list of supported cryptos.
  • HD algorithms for secure storage.
  • Atomic Swaps for exchanging cryptos safely and within platform.

Cons:

  • It isn’t open source.
  • Support currently for only USD and EUR for making crypto purchases.
  • Costly in terms of commission fees through credit cards.

Magnum Wallet

Magnum is another non-custodial wallet that has support for multiple cryptocurrencies. It supports trezor and ledger devices with full integration. Currently, it supports more than 60 cryptocurrencies with 40 cryptos, around 10 stable-coins and more than 2000 ERC-20 tokens all in one place. The wallet currently offers an android application available on Google Play store.

The wallet application allows you to manage, send and receive crypto assets. You can instantly exchange your assets and tokens on the lowest available rates. Furthermore, an interesting aspect is it doesn’t store your private keys and functions solely on your public addresses. One key feature of Magnum wallet is its capability to claim airdrops. There are 100+ available airdrops to claim and earn free cryptos. Additionally, it gives you the option to multiply your funds through Delegated Proof of Stake giving users the option to stake their cryptos and earn rewards in exchange. Simply put, Magum wallet has the following pros and cons:

Pros:

  • Non-custodial wallet
  • Multi-currency support
  • 2000+ ERC token support and 60+ cryptos support
  • Mobile app available
  • Airdrops

Cons:

  • No application for iPhone.

Guarda Wallet

Guarda offers a multitude of options for wallets to choose from. You can choose to download a desktop wallet for Windows, access the web wallet, install a mobile application on your Android or Apple phone or simply install it on your browser as an extension.

Apart from supporting Tezos, it supports an exciting number of coins and tokens that are ERC-20 compliant. Guarda offers the functionality to exchange your cryptos with the in-app supported cryptos. You can also purchase it using your Visa or MasterCard enabled bank cards. The wallet is secure and audited and therefore offers reliable and seamless functionality that you can use without any risk of losing your precious funds. To put it simply:

Pros:

  • Support for multiple platforms – Desktop, web wallet, mobile application or even a browser extension.
  • Beginner friendly.
  • In-app exchange functionality.
  • In-app purchase option through Visa or Mastercard.

Cons:

  • Support for limited tokens.
  • No support for MacOS or Linux.

Tezos.Blue

Tezos.Blue is an open-source wallet application that you can download right away. Although currently with support for Android mobile phones and Windows OS, it has test-functionality available from Apple Store. It is a promising option as one of the best tezos wallet in the free category.

It promises extreme level of security due to native application structure that is protected by the operating system you are using. It adds a multi-layer of encryption on your private keys that are stored in memory and in storage. These layers make it extremely difficult to decrypt the keys for a hacker during an attempted attack. There is a real-time two-way network between of the application with the Tezos network allowing you to interact with the network in a secure and seamless manner. Putting it all together for Tezos Blue we have:

Pros:

  • Multi-layer encryption.
  • Open source and free to use.
  • Two-way network support for seamless interaction with the Tezos network.

Cons:

  • Not beginner friendly.
  • Requires basic developer background for optimal usage and installation.
  • No stable application for Apple products or MacOS.

Tezos Wallets Conclusion

The best tezos wallet in terms of the following categories are:

  • BEST HARDWARE WALLET FOR TEZOS: Ledger Nano X
  • BEST FREE OPEN-SOURCE WALLET: Tezos.Blue
  • BEST BEGINNER FRIENDLY WALLET: Atomic Wallet
  • BEST EXTRA INCOME WALLET: Magnum Wallet

Here is a tabular summary for all the tezos wallet discussed:

7 Best Tezos Wallets [The Most Comprehensive List]

Ameer Rosic
Ameer Rosic
#SerialEntrepreneur, Investor, #Digitalmarketing Adviser and Cofounder of @Blockgks a #blockchain innovation hub

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