We take an in-depth look at five of the best wallets for securely storing QTUM tokens.
Qtum is an open-source blockchain platform designed to allow developers to build applications and smart contracts. Its native currency, the QTUM token, has developed into one of the world’s top 25 cryptocurrencies by market cap at the time of writing (March 2018).
However, if you’re planning on buying QTUM, you’ll first need to find a suitable wallet where you can safely store your tokens. As well as official web, desktop and mobile wallets, there are also a few third-party wallets available that support QTUM tokens. Keep reading for more details on five of the best to help you choose one that suits your needs.
Top wallets for QTUM
What to look for in a QTUM wallet
When you’re comparing the pros and cons of different QTUM-compatible wallets, remember to look for the following important features:
- Compatibility. First and foremost, check the fine print to make sure that any wallet you’re considering actually supports QTUM tokens. If you want to store multiple currencies, does the wallet also support those other coins or tokens?
- User-friendliness. Storing, sending and receiving digital currencies can be an intimidating and confusing task, so finding a wallet with a simple and easy-to-understand interface is crucial.
- Security. The safety of your funds is paramount, so consider the security features each wallet offers. Is it offline or online? Can you set up secure passwords and PINs? Does it include features like two-factor authentication and multisignature functionality?
- Private keys. Retaining control of your private keys allows you to retain control of your QTUM tokens, so look for a wallet that lets you retain possession of your keys and doesn’t store them on any third-party servers.
- Back up. How easy or difficult is it to back up your wallet? What does the recovery process involve if you’re unable to access your funds?
- Development team. Is the wallet constantly being improved by a dedicated development team? Are they continually working on upgrades to help improve the wallet’s security and functionality?
- Customer support. If you experience any problems with your wallet, is there a customer support team available? How quickly do they respond to queries?
- User reviews. One way you can form a clearer picture of a wallet’s quality is to check out independent reviews. These will give you a better idea of the wallet’s practicality, security and strength of customer support.
Five Qtum (QTUM) wallets compared
Ledger Nano S (hardware wallet)
- Easy to use, supports multiple currencies, emphasis on security
- It costs money
If you want to store your QTUM offline in a hardware wallet, the Ledger Nano S is a popular choice. The main focus of this QTUM-compatible wallet is security, with your private keys stored in a secure element protected by a PIN.
There are also buttons and an OLED display you can use to manually verify transactions. Two-factor authentication is also supported.
The Nano S supports more than 20 currencies, including bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Dash (DASH) and Ripple (XRP). The Nano S connects to your computer via USB and is quick and easy to set up and use.
Of course, the main downside of any hardware wallet is the cost. At the time of writing (March 2018), the Nano S was selling for €79 (around INR6300) on the Ledger website.
Qtum Core (desktop and mobile wallet)
- Official wallet, accessible on multiple devices, security
- Other wallets are more beginner friendly, no iOS app
- Windows 64-bit, Windows 32-bit, Mac, Linux operating systems
- Android smartphones
Unfortunately, at the time of writing (8 March 2018), no app was available for iOS users.
The set-up process is very simple, and once everything is installed, it’s relatively straightforward to use. You can send, receive and store funds with a minimum of fuss, and the app also supports smart contracts.
However, you will need to wait for the wallet to sync with the Qtum blockchain, which can take a while, and if you’re new to the world of cryptocurrency, you might find some of the other wallets on this list slightly less intimidating.
Qtum Electrum (desktop wallet)
- Security, multisignature support
- Other options easier for beginners
The second desktop wallet option is Qtum Electrum, which can also be downloaded from the Qtum website. Available for Windows and Mac operating systems, this secure wallet is focused on speed and simplicity.
It includes multisignature support for increased security and can be integrated with a hardware wallet if you want to access cold storage.
You generate a 12-word seed during set-up, which can be used to recover your wallet, and the wallet is simple and straightforward for most users.
However, for those users new to cryptocurrency, other wallets may be a little easier to understand straight off the bat.
Storing QTUM in an exchange walletOnce you’ve purchased some QTUM tokens, you may be tempted to store them in your cryptocurrency exchange account. This is a simple and convenient solution if you’re thinking of trading your tokens soon, but it’s generally not recommended as a long-term storage option.
Exchanges are regular targets for hacking attacks, which puts the security of your funds at risk. Most exchange wallets also don’t allow you to control your private keys, so it’s generally a much safer option to transfer your tokens to a secure wallet of your choice.
Bitpie (mobile wallet)
- Multicurrency support, available on Android and iOS, built-in exchange, you control your private keys
- Not as private as some other options
Bitpie is a multicurrency mobile wallet that supports QTUM, bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and a range of other cryptos. With a focus on user friendliness, this wallet makes it easy to send and receive payments and manage your crypto assets.
Bitpie offers a built-in escrow function based on multisig technology, which allows you to buy and sell crypto on a peer-to-peer exchange. A hierarchical deterministic (HD) wallet, it can be backed up using a 12-word recovery seed. PIN protection is also included, and you retain control of your private keys.
However, Bitpie also features a built-in professional Know Your Customer (KYC)/anti-fraud system, which may not be an attractive feature to users who place a high priority on privacy.
Qtum Web Wallet (web wallet)
- Simple to use, convenient access to funds, designed for QTUM
- Security concerns with web wallets, not suitable for anyone who wants to hold multiple currencies
For fast and easy access to your QTUM tokens, it’s hard to go past the Qtum Web Wallet. This official wallet places a large emphasis on simplicity – you don’t need to be a tech or cryptocurrency expert to use it, and everything from set-up through to everyday use is handled with a minimum of fuss.
All the information you need is presented clearly and efficiently, though the user interface is fairly basic in design. New users should also be aware that web wallets come with greater security risks than desktop and offline wallets, so it’s important to exercise safety precautions at all times.
Tips for securely storing your QTUM
To ensure the security of your QTUM tokens, remember the following safety tips:
- Consider offline storage. Storing your private keys offline in a cold wallet is the best way to ensure the security of your funds. If you’ve got a large balance of tokens, you may wish to move the bulk of them into offline storage for extra peace of mind.
- Do your research. Don’t just choose the first wallet you come across; do some research about the security features it offers, whether the provider that offers it is reputable and whether it has ever had any security breaches.
- Watch out for scam wallets. Another trap to be wary of is the scam wallet. Online criminals will try to trap unsuspecting users by setting up fake web wallets or apps.
- Take advantage of all available security features. If your wallet offers optional security features, for example two-factor authentication, make sure to take advantage of them and increase your level of protection.
- Update your antivirus protection. Make sure that the antivirus and malware protection software on all your devices is up to date to safeguard against the latest threats.
- Think about your password. Instead of just lazily entering your usual favourite password, take the time to create a long password featuring a variety of different characters.
- Keep your private keys to yourself. You need your private keys to access your crypto tokens and coins, so make sure you store your keys securely and never share them with anyone else.
At the time of writing, the author holds IOTA and XLM.