Your guide to the best wallets for safely holding Cardano Ada (ADA) tokens.
Cardano is a smart contract platform that runs the Ada cryptocurrency (ADA), which can be used to send and receive digital funds. Launched in 2015, Cardano is one of the 10 largest cryptocurrencies in the world in terms of market capitalization at the time of writing.
Read on for details of some of the only Cardano-compatible wallets in the market as of October 2018, and some tips on how to make sure you keep your ADA safe.
Best Cardano (ADA) wallets
What to look for in a Cardano wallet
Whether you’re looking to store ADA or any other cryptocurrency, there are a few key features you should look for to determine which are the best Cardano wallets. These include:
- Supported currencies. Make sure any wallet you choose actually supports the cryptocurrency you want to store. There are only a few options available if you’re looking for a Cardano wallet.
- Support. If you ever experience a problem with a transaction or with the functionality of your wallet, can you quickly and easily obtain customer support? Does the support team have a good reputation for providing prompt assistance?
- Ongoing development. Some wallets are released and then effectively abandoned with nothing in the way of upgrades or continued development. Look for a wallet backed by a strong development team that’s always looking to make improvements.
- Easy-to-understand user interface. Make sure any wallet you choose offers a simple user interface that’s easy to understand and interact with from the get-go.
- High level of security. Does the wallet allow you to retain control of your private keys? Does it offer 2-factor authentication? Is there a backup facility? Consider the included security features to determine whether the wallet will provide safe storage of your crypto holdings.
Daedalus Wallet (desktop wallet)
- Official Cardano wallet, security features, backed by development team
- No app (yet), no support for other cryptocurrencies (yet), user complaints
Daedalus is the name of the official cryptocurrency wallet for ADA. An open-source software download for Windows and macOS, Daedalus provides ADA storage and a host of other features for crypto enthusiasts.
Daedalus runs the Cardano protocol and participates directly in the network. As a hierarchical deterministic wallet (HD), it allows you to manage any number of wallets and organise your funds however you like.
The set-up process is relatively straightforward, and it’s easy to send and receive ADA as well as view your transaction history. When you use Daedalus, you retain control of your keys, which are protected by advanced cryptography. You can also attach spending passwords and seeds to all of your accounts for an extra layer of security.
The development team behind the wallet also claims that future releases will allow third-party developers to develop their own applications for increased functionality, such as the ability to set up recurring payments or exchange one cryptocurrency for another.
However, this wallet does have a few downsides that are worth mentioning. For one thing, no apps for iOS and Android have been developed yet. You can check the Cardano roadmap for details of when this is likely to occur.
Yoroi Wallet (web wallet)
- Quick and easy management of ADA, HD wallet, developed by Emurgo
- Always a risk of bugs and minor issues with new wallets, iOS and Android apps still to come
Yoroi is a web light wallet for Cardano. Developed by Emurgo, one of the three organizations behind the Cardano project, the Yoroi Wallet was released in October 2018. As a result, early adopters will need to be wary of the teething issues that commonly affect new wallet releases.
This Chrome extension offers a simple, fast and secure way to manage your ADA holdings. Because it’s a light wallet, you don’t need to download the entire blockchain to your computer, so you can start sending and receiving transactions straight away.
Yoroi is a free, open-source wallet that stores your private key on your computer. This key is encrypted with your wallet password and the team behind Yoroi says private keys are never shared with its servers or third-party providers.
Finally, Yoroi iOS and Android apps are also expected to be launched before the end of 2018.
Infinito Wallet (mobile wallet)
- Convenience and ease of use, stores a wide range of cryptocurrencies
- ADA support is a new addition so be wary of any bugs that may need to be fixed
Infinito Wallet is a free universal mobile wallet for Android and iOS devices. It allows you to send, receive and store a wide range of currencies, including BTC, ETH, Bitcoin Cash (BCH), EOS, ERC20 tokens and NEO NEP-5 tokens. As of September 2018, you can now use Infinito to hold ADA.
Like any mobile app, Infinito makes it easy and convenient to access your cryptocurrency. The user interface is simple to wrap your head around, and the wallet also offers Touch ID support for added security. Infinito stores your private keys on your device, and your passphrase and private keys are fully encrypted.
Other features include a multilingual interface (support for 12 languages is due to be added by the end of Q3 2018) and the ability to send transaction memos.
However, it’s worth pointing out that Infinito Wallet has only recently added support for ADA, so there may be some minor bugs that need ironing out in the early days. Check reviews from other users to see if they’ve encountered any problems.
Storing Cardano in an exchange wallet
When you acquire Cardano on an exchange, one option you have at your disposal is to store those ADA in the hot wallet linked to your exchange account. If you’re preparing to place a trade and want quick access to your holdings, this is quite a convenient option.
However, exchange wallets actually belong to the exchange, not to you, so your funds can’t be guaranteed. This also means you’re exposed to the risk of hacking by third parties or even theft from within the exchange.
With this in mind, if you’re looking for somewhere to safely store ADA for any length of time, it’s generally recommended that you transfer your holdings away from the exchange and into a secure wallet.
Tips for securely storing your Cardano
Keep the following tips in mind to help ensure the safe and hassle-free storage of your Cardano holdings:
- Go offline. Remember, offline storage eliminates the threat of hacking, making it safer than any wallet that connects to the Internet. If you’re holding a large crypto balance, the safest place to store it is in a hardware wallet.
- Make use of security features. Does your wallet support two-factor authentication, recommend setting up a secure PIN or anything else for extra security? Make sure you take advantage of every possible option to protect your cryptocurrencies.
- Backup. Make sure you regularly back up your wallet so that it’s up to date and you can access your crypto holdings in case something goes wrong.
- Use common sense. Remember to always use standard security practices when storing your Cardano. For example, use strong passwords, never give passwords or private keys to anyone else, install antivirus and anti-malware software and only use wallets from trusted providers.
- Watch out for scam wallets. There have been reports in recent months of scam Cardano wallets popping up online. Make sure you only use a wallet from a trusted and reputable provider.