ZenGo Cryptocurrency App
- No deposit/withdrawal fees
- Two encrypted key shares
- Beginner friendly wallet
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Stablecoins are often seen as a safe haven for traders who want to avoid periods of market volatility. Despite the fact that there is some controversy over whether the issuers of USDT are solvent, there’s still strong demand for USDT on global crypto markets. While USDT is often kept on exchanges and used as a tool to trade in and out of cryptocurrency as desired, some holders may also want to store their coins securely away from an exchange. We’ve looked through 70+ wallets to find the best for you to store USDT.
Disclaimer: This information is not financial advice or an endorsement of cryptocurrency or any specific provider, service or offering. Cryptocurrencies are highly volatile and high risk. Do your own research and seek financial advice before buying. And make sure the provider you're interested in is available in your state.
We’ve sorted through more than 70 wallets to help you find the best one for your USDT needs. Compare wallets on supported crypto currencies, type and price using our comparison table — click Go to site when you’re ready to buy.
Besides making sure a wallet is compatible with the type of USDT you hold, remember to also look for the following key features:
USDT was originally created using the Omni Layer protocol (using the bitcoin blockchain), but has since launched an additional version as an ERC20 token (using the Ethereum blockchain), and another one as a TRC20 token (using the TRON blockchain).
This means that there are three different types of USDT, each with different storage methods.
Anyone who wishes to move their USDT to a wallet must first figure out which type of USDT they have as the three types are not compatible with each other. If you deposit the wrong type of USDT into the wrong wallet, you’ll lose your funds.
The good news is that checking which type of USDT you have is a relatively simple process.
There are several methods to check which type of USDT you have in your account.
The different types of Tether will require different wallets, so make sure you match your Tether type up to the appropriate wallet before buying.
Launched in 2015, MyEtherWallet (MEW) is perhaps the most well-known Ethereum wallet on the market. As the platform supports ERC20 tokens, you can use it to store your ERC20 USDT.
MEW is a web-browser wallet which also offers a Chrome extension for ease of use. Due to its highly regarded security and privacy, many hardware wallets, including TREZOR and Ledger products, have integrated MEW into their wallets. This added advantage makes MEW a popular choice among hardware wallet owners.
MEW also offers the option to create a paper wallet or to store your private keys offline in cold storage.
OmniWallet is the original wallet for storing USDT. As an online wallet, it has a lower security rating compared to a hardware wallet and other forms of cold storage. That said, it does offer full control of your private keys, which is an important safeguard for your USDT holdings.
The primary advantage of using the OmniWallet is market access. Because USDT trade on the Omni protocol is well established, buying and selling at critical times is easier than with the ERC20 tokens on the Ethereum blockchain.
A key benefit of this wallet is that any OmniWallet address allows you to store bitcoin as well as USDT. However, the main drawback is that OmniWallet’s user interface may not be ideal for beginners. The wallet’s navigation and set-up has drawn criticism from a number of users, with some pointing out that it’s not even immediately clear whether the wallet offers USDT support.
At the time of this writing (May 2018), this is still the case, meaning USDT holders can’t store their USDT in the official Tether wallet. Tether has indicated that the wallet won’t return until it’s finished software upgrades, but no time frames have been provided as to when that might be.
USDT is primarily a trader’s token and can function as a hedge against market volatility. If you plan to use USDT for this purpose, liquidity is a must. The option to buy and sell at critical moments is necessary for successful trades using USDT, so storing USDT on an exchange may be more efficient than other methods if quick access to your funds is important to you.
However, this does come at a price. Storing your USDT on an exchange carries the risk of losing all the USDT (and all the other digital assets) deposited in the exchange if the exchange is subject to a security breach. As a result, this storage method can be viewed as the least secure strategy, but the most effective if you need rapid access to your USDT to place a trade.
Keep the following tips in mind to help maximize the security of your USDT:
Disclosure: At the time of this writing, the author holds IOTA and XLM.
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