We review five of the best wallets for storing and managing OmiseGO tokens.
OmiseGO is an e-wallet and smart-contract platform built on the Ethereum blockchain. OmiseGO and its native token (OMG) aim to become a leading high-value exchange and settlement platform.
If you’re thinking of buying OMG, you’ll need to decide where you’ll store your tokens. With a host of reputable wallets available, this choice is far from clear-cut.
Read on to find out how you can choose the right OmiseGO wallet for your needs.
At time of writing, the author holds IOTA and XLM.
Best wallets for OmiseGO
What to look for in an OmiseGO wallet
There are several key features that make up a good OmiseGO wallet, so keep an eye out for the following features when comparing your options:
- OMG compatibility. OMG is an ERC20 token on the Ethereum blockchain, so you’ll need to look for a wallet that’s compatible with these tokens. Check the fine print of any wallet to see if OMG is supported.
- Intuitive user interface. Cryptocurrency wallets can be complicated and confusing for newbies, so make sure any wallet you choose has an interface that’s simple to understand and navigate. If a wallet is designed with advanced users in mind, consider whether you have the know-how to use it safely.
- Security. What measures does the wallet have in place to protect your OMG tokens? For example, does it provide offline or online storage? Is it a hierarchical deterministic (HD) wallet? Can you enable two-factor authentication and/or a secure PIN to keep your funds safe?
- Private keys. Check to see whether you retain control of your wallet’s private keys or whether they’re stored on third-party servers. Your private keys allow you to access your crypto holdings, so make sure you’re able to store them securely.
- Ongoing development. Does the wallet have a strong track record of development? Is it constantly being improved and upgraded or has it been a while since any new development work was done?
- Customer support. Look into how you can access the wallet provider’s customer support service. Being able to call on a reliable support team for help can provide extra peace of mind.
- Good reviews. Seek out independent online reviews of any wallet you’re considering to find out its pros and cons. Would other users recommend this wallet to anyone looking to store OMG?
By considering these factors, you should be able to narrow the field down to a smaller selection of suitable options.
Five wallets for storing OmiseGO (OMG)
Ledger Nano S (hardware wallet)
- High-level security, easy to use, allows you to store multiple coins and tokens
- Cost, not as convenient as some other options
You’ll need to use an interface like MyEtherWallet (reviewed further down this page) to manage your OMG tokens. While this process might seem a little confusing at first, it’s easy to get the hang of it pretty quickly.
The Nano S also allows you to store a wide variety of other tokens, including bitcoin, Ethereum, Bitcoin Cash and Litecoin. However, it’s not free, and at the time of writing (March 2018), a new Nano S would set you back €79 (around INR6300) plus tax.
TREZOR (hardware wallet)
- Security is main priority, simple to set up and use, can store multiple cryptos
- Cost, not as convenient as some other wallets
Exodus (desktop wallet)
- Excellent user interface, simple to set up and use, stores multiple cryptos, beginner-friendly
- Some security concerns
Exodus is available for download to Windows, Mac and Linux platforms, and users get the peace of mind of being able to control their private keys. This wallet also supports multiple coins and tokens alongside OMG, including bitcoin, Bitcoin Cash, Ethereum, Litecoin and many more. In-built ShapeShift functionality is an added bonus and allows for fast exchanges between currencies.
Read more about the Exodus wallet in our full review
Storing OMG in an exchange walletAnother storage option is to keep your OMG in a cryptocurrency exchange wallet. This is easy and convenient, particularly if you’re planning on using those tokens in a trade in the near future.
However, it’s not recommended for long-term storage due to the security risks associated with these platforms. Not only are exchanges a common target for hackers, but these wallets also don’t usually allow you to retain control of your private keys.
With this in mind, moving your tokens into a private and secure wallet that allows you to control your private keys is generally seen as the safest option.
MyEtherWallet (web wallet)
- Security, can store a wide range of other tokens on the Ethereum blockchain
- Slightly confusing for someone new to crypto
You don’t need to provide any personal details to create a wallet with this service, which is a boon for those who prize anonymity, and MyEtherWallet also integrates with the Ledger Nano S and TREZOR hardware wallets.
Find out more in our full review of MyEtherWallet
Eidoo (mobile and desktop wallet)
- Convenient, accessible on multiple devices and platforms, supports ERC20 and ERC223 tokens, user-friendly
- Relatively new provider, no support for bitcoin yet
With HD-level security and a single back-up passphrase, Eidoo allows you to store your private keys on your device. The set-up process and user interface are both simple and straightforward, and Eidoo is currently available on Android and iOS devices. At the time of writing (March 2018), the desktop app for Windows, Mac and Linux operating systems was in the beta stage.
The full release of the desktop app will increase Eidoo’s functionality. The fact that this is still a relatively new app means it doesn’t have the same reputation for security and reliability that some other wallets have, but this may change with time.
Tips for securely storing your OMG
The following are some of the things you can do to help ensure the security of your OMG tokens:
- Do your research. Before choosing a wallet, make sure you’ve thoroughly researched its security and the features it offers. This will help you avoid scam wallets and store your tokens with a reputable wallet provider.
- Get offline. Cold storage is the safest way to hold your crypto tokens, so if you need to store a large balance, consider moving them into an offline wallet.
- Use all security features. Take advantage of all the security measures a wallet offers, be they two-factor authentication, multisig functionality or anything else. In addition, take the time to create a strong password with multiple different letters, numbers and other characters.
- Back up your wallet. Ensure that you back your wallet up so that if something goes wrong, you’ll always be able to recover your funds.
- Update your antivirus protection. Make sure you regularly update your antivirus software so that any device you use to access your wallet has the latest protection installed.
- Protect your private keys. You need your private keys to access your crypto coins and tokens, so make sure you securely store your keys and that you never share them with anyone else.