We compare 3 of the best wallets for storing, sending and receiving Verge (XVG).
Designed as a secure and anonymous cryptocurrency for everyday use, Verge (XVG) offers fast and private transactions. At the time of writing (01/03/2018), Verge was one of the world’s top 30 cryptocurrencies by market cap and one of a number of privacy-based coins competing for market share.
If you own or want to buy XVG, you’ll need to find a reputable wallet for the safe and secure storage of your coins. Read on for reviews of three of the best Verge wallets and some tips on how to choose the right wallet for your needs.
Compare Verge wallets
What to look for in a Verge wallet
If you’re hunting for a reputable wallet that will allow you to securely store your XVG, make sure you keep an eye out for the following features:
- XVG compatibility. There’s only a reasonably limited range of wallets that are compatible with Verge, so make sure any wallet you choose actually allows you to store these coins.
- Intuitive user interface. Ease of use is critical when managing your cryptocurrency, so look for a wallet that’s simple to operate and understand right from the first step of the setup process.
- Security and backup features. Which security measures are in place to protect your funds? Does the wallet use advanced encryption, two-factor authentication and a secure PIN? Also, check to see what you need to do to back up your data and what’s involved in the recovery process.
- Customer support. Next, check what sort of reputation the wallet provider has for customer support. If you ever experience any problems with the wallet, will you be able to get your questions answered promptly and helpfully?
- Ongoing development. Another key feature to consider is the development team behind the wallet. Rather than moving on to other projects once the wallet has been released, do they continue working on it to provide improvements and upgrades?
- Good reviews. Finally, take some time to read reviews from other users to find out how they found the wallet. Was it easy to use? Did they ever have any problems? Would they recommend it?
3 wallets to securely store Verge (XVG)
Verge Electrum Wallet (desktop wallet)
- Designed for everyday users, simple to set up and use, fast and lightweight, available on multiple platforms
- Can’t store multiple cryptocurrencies
Electrum is an open-source wallet for bitcoin. To create this XVG-compatible wallet, Verge forked the Electrum wallet codebase and made some adjustments so that it works with the Verge blockchain.
As a light wallet, the Verge Electrum Wallet offers a fast and lightweight way to store and manage your XVG holdings. It uses Simple Payment Verification (SPV) technology to verify transactions in approximately five seconds, which means you don’t have to download the entire Verge blockchain to use your wallet.
A seed phrase is used to generate your private keys, while Electrum uses two separate levels of encryption to protect your funds. This wallet is also designed with everyday users in mind, so it’s quick and easy to set up and start sending and receiving payments.
Available on Windows, Mac OS X and Linux operating systems, the Electrum Wallet can also run encrypted transactions through a chain of Tor relays to provide increased privacy. However, if you’re searching for a multi-currency wallet to store a variety of coins and tokens, you’ll need to look elsewhere.
Coinomi (mobile wallet)
- Storing multiple coins, easy to use, ShapeShift integration, allows you to retain your private keys
- Still waiting for an iOS app, no two-factor authentication
The Coinomi mobile wallet is a popular choice with holders of a wide range of crypto coins and tokens, due in large part to the fact that it supports more than 100 cryptocurrencies. As well as Verge, some of the key currencies you can hold in your Coinomi wallet include bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Dash (DASH) and Ether (ETH), which means it’s definitely worth considering if you need to store multiple digital currencies.
And with ShapeShift integration, it’s easy to quickly exchange one currency for another.
Coinomi’s user interface is another point in its favour, and even crypto newcomers should have no trouble learning how the wallet (and all its features) work. From a security point of view, your private keys are stored on your device and Coinomi’s servers anonymise transaction requests by concealing your IP address. It’s also a hierarchical deterministic (HD) wallet, which means your XVG are accessible and secured with a 12-word passphrase that only needs to be backed up once.
However, Coinomi doesn’t provide the option of two-factor authentication, and there’s currently no iOS app for iPhone and iPad users. However, an iOS app is in development and listed as coming soon.
Verge QT Wallet (desktop wallet)
- Security, designed with Verge storage in mind
- For Verge only, requires time and hard drive space to download the entire Verge blockchain
- The QT framework can take up a decent amount of computer memory and resources.
QT is a cross-platform application and UI framework that uses the C++ programming language. Available across a variety of operating systems, this wallet is another option worth considering if you’re looking for a Verge desktop client.
While it may not match the slick user interfaces of some other wallets, it’s still relatively simple and straightforward to use. Transactions are fast and it’s easy to take advantage of Verge’s privacy features when sending funds.
However, using the QT Wallet means you have to download the entire Verge blockchain to your computer, which not only takes time but also uses hard drive space. It’s also worth pointing out that anyone searching for a multi-currency wallet won’t find what they’re looking for here.
Storing Verge in an exchange walletOne other option you might like to consider is storing your XVG in a wallet on a cryptocurrency exchange. This is a particularly convenient option if you want to use your Verge in a trade, as it ensures that you can enjoy quick access to your funds.
However, storing cryptocurrencies in most exchange wallets means that your private keys are controlled by the exchange, which means you technically don’t have full ownership of your funds. Just as importantly, exchanges have been targeted by hackers on numerous occasions, so transferring your XVG into a private wallet is generally considered to be a more secure storage option.
Tips for securely storing your Verge (XVG)
To make sure your XVG and any other coins and tokens are always stored as securely as possible, remember a few simple tips:
- Keep your private keys private. Look for a wallet that allows you to retain control of your private keys rather than storing them on third-party servers, and remember to keep them somewhere safe and to never share them with anyone else.
- Use two-factor authentication. If your wallet gives you the option of setting up two-factor authentication, do it. This provides an extra layer of security against hacking attacks and is a simple way to protect your holdings.
- Secure your PC. Make sure your computer is protected with the latest antivirus and anti-malware software to safeguard against hacking.
- Create strong passwords. Don’t be lazy when creating passwords; create strong passwords that are at least 15 characters long and include upper and lower case letters, numbers and other options.
- Always back up your data. From critical hard drive malfunctions to house fires and even natural disasters, all manner of unexpected mishaps could potentially make it impossible to retrieve your data. With this in mind, make sure to back up your wallet on a regular basis.