Are you currently invested in Cardano and searching for the best ADA wallet? Choosing the right cryptocurrency wallet that fits your trading needs can be quite challenging. In this comprehensive guide, we will compare and analyze the top Cardano wallets available in 2023. Discover the leading ADA wallets regarding security features, supported networks, device compatibility, and more.
List of the Best Cardano Wallets for 2023
Here are the best wallets for ADA that you can find in the market today:
- eToro – eToro is considered the top-ranked Cardano wallet overall, particularly for beginners. It offers a user-friendly interface and is supported by a regulated brokerage firm. The eToro wallet facilitates the storage of ADA as well as 90 other cryptocurrencies, including popular ones like Bitcoin, XRP, Dogecoin, and Solana.
- Trust Wallet – Trust Wallet is an excellent choice for those seeking a non-custodial solution. It offers free wallets through its Android and iOS app, with the added convenience of a Chrome extension for web-based users.
- Trezor – Trezor, a hardware wallet, supports ADA and numerous other cryptocurrencies. The wallet ensures enhanced security by keeping the private keys offline, away from any internet exposure.
- Exodus – This non-custodial wallet offers the convenience of being downloadable as an app or desktop software. It includes in-built staking tools that allow ADA to yield 3.5%.
- Coinbase – Coinbase exchange facilitates convenient trading experiences. Additionally, users of Coinbase can also engage in ADA staking.
- Binance – Binance, the leading cryptocurrency exchange in terms of trading volume, provides users with a web wallet to store their Cardano.
- Ledger – Ledger offers another cold storage option for Cardano investors. This reputable hardware wallet provider offers three different devices, with prices ranging from $79 to $279.
- Daedalus – Daedalus, a full-node ADA wallet, offers direct connectivity to the Cardano blockchain. This option is designed specifically for developers seeking to operate Cardano notes directly on their desktop devices.
The Basics Of Cardano Wallets
Cardano wallets serve the purpose of securely storing ADA tokens, much like a bank account protects cash. Like a traditional bank account, these wallets enable users to send and receive funds. There are various types of Cardano wallets available, including both software and hardware options. The choice of a wallet depends on the specific requirements of the investor.
For instance, individuals who possess many ADA tokens may opt for a hardware wallet like Ledger or Nano. This ensures that their ADA tokens are stored offline in cold storage, providing an essential security measure.
Individuals seeking to actively utilize additional features like staking, trading, or savings accounts may find a software wallet more suitable. Available options encompass a mobile app, desktop software, or browser extension.
Investors in Cardano should carefully consider their preference for assuming responsibility in securing their ADA tokens. If they choose to have control over their private keys, a non-custodial wallet would be ideal. In contrast, custodial wallets relinquish the responsibility of protecting private keys to the provider.
Why Do You Need an ADA Wallet?
To store, send, and receive ADA tokens, individuals must have access to either a Cardano wallet or one of the top cryptocurrency wallets available on the market. Additionally, these options offer other essential features like token swaps and staking.
The primary purpose of a Cardano wallet is to securely store ADA tokens, as it protects against potential theft by malicious entities. Cardano wallets provide investors with the means to protect their ADA tokens from hackers. Various methods exist to enhance the security of a Cardano wallet, including cold storage, two-factor authentication, and implementing a strong password.
Investors can utilize Cardano wallets to transfer ADA tokens to different destinations. Transactions on the Cardano blockchain occur directly between wallets. To send Cardano to another wallet, users must provide the receiving address.
Similarly, users can utilize Cardano wallets to receive ADA tokens from any location. To initiate the transaction, the user must share their unique ADA wallet address with the sender. Cardano boasts impressive transaction speeds, processing transactions in just 20 seconds. This exceptional efficiency has established Cardano as one of the leading networks within the industry.
Some Cardano wallets offer the capability to trade ADA, although not all providers support this feature. The specifics of trading may differ depending on the wallet being used.
The eToro wallet operates alongside a regulated exchange, allowing users to buy, sell conveniently, and trade ADA tokens without having to switch platforms. Binance and Coinbase also offer this seamless experience.
Users can seamlessly connect to dApps through Trust Wallet, empowering them to effortlessly swap ADA tokens without the need for a centralized exchange.
Cardano operates using the proof-of-stake mechanism, which means that ADA tokens can be staked for passive income. The top Cardano wallets have an integrated staking tool, allowing investors to store and earn ADA tokens simultaneously securely. Otherwise, if the ADA tokens are not staked, they will remain idle and result in missed opportunities.
Best Cardano Wallets: Full Reviews
The best Cardano wallet depends on the goals of ADA investors.
To provide clarity, a thorough examination of the top Cardano wallets for 2023 will now be conducted. Each review will encompass details on features, fees, security, supported networks, and other significant metrics.
1. eToro – Overall Best Cardano Wallet
eToro is ranked as the top Cardano wallet for 2023. This custodial ADA wallet is supported by a regulated brokerage and holds licenses in multiple highly reputable locations, including the US (FINRA), Australia (ASIC), the UK (FCA), and Cyprus (CySEC). Notably, eToro boasts a user base of over 30 million clients and has been operational since its launch in 2007.
The eToro wallet is available as a mobile app or web interface. The latter option allows users to access ADA tokens effortlessly by logging into their eToro account. To ensure utmost security, eToro wallets employ two-factor authentication and cold storage technology. This combination of robust security measures, regulatory compliance, and user convenience makes eToro wallets the ideal choice.
The eToro wallet provides a convenient solution for users to store, send, receive, and trade Cardano all in one place. Notably, the wallet seamlessly connects to the eToro exchange, which supports numerous cryptocurrencies. This wide range includes popular options such as Cardano, Bitcoin, Shiba Inu, Aave, Ethereum, and Dogecoin. Convenience comes with competitive commissions of 1% per transaction and a minimum trade size of just $10.
The eToro wallet offers staking tools, which is a notable feature. Users can stake Cardano, Tron, and Ethereum 2.0 with the wallet. When investors stake ADA, they can receive up to 90% of their staking rewards without any lock-up period.
- Top 2023 Cardano wallet.
- Opt-in-free ADA staking.
- Regulated exchange, 90+ cryptocurrencies.
- Strong security: cold storage, 2FA.
- Passive ADA trading, copying others.
- User-friendly Cardano wallet.
- Mandatory KYC for wallet access.
- 2% fee for ADA transfer to eToro app.
2. Trust Wallet – Non-Custodial ADA Wallet Supporting Over 4.5 Million Digital Assets
Trust Wallet is recognized as one of the top ADA wallets for managing diverse portfolios. It offers support for ADA and encompasses more than 4.5 million other digital assets, including cryptocurrencies and NFTs on over 70 blockchains. These include popular options like Cardano, Ethereum, Binance Smart Chain, Bitcoin, and XRP, as well as esteemed meme coins such as Shiba Inu, Dogecoin, Pepe, and Tamadoge.
Trust Wallet is a non-custodial option, giving users complete control over their private keys. Moreover, managing these keys is made easier with a 12-word passphrase. The wallet’s credentials remain accessible only to the user who created it, ensuring 100% decentralization. Additionally, Trust Wallet offers the ability to stake ADA tokens effortlessly within its dedicated app. This process simply requires a deposit of 4 ADA.
Trust Wallet ensures that users can stake their entire ADA balance without locking the tokens, allowing for flexibility to unstake at any time. In addition, Trust Wallet offers support for staking other coins such as BNB, Tron, Algorand, and Cosmos. Furthermore, we discovered that Trust Wallet also provides in-app token swapping capabilities.
This functionality includes cross-chain capabilities, allowing users to exchange ADA for other cryptocurrencies on different networks. Trust Wallet does not impose any fees for staking or swapping ADA tokens. However, there are charges associated with purchasing cryptocurrencies using a debit/credit card through the wallet. These fees are applied by Simplex, the service provider, and range from 5% at a minimum of $10.
- Top non-custodial Cardano wallet.
- Available on iOS, Android, and Chrome.
- Feeless storage, staking, and swapping.
- Supports 4.5M cryptocurrencies, NFTs.
- Up to a 5% fee for card purchases.
- No Firefox/Edge browser extension.
- No desktop software is available.
3. Trezor – Hardware Wallet for Storing Cardano Offline
Security-conscious investors may find Trezor the optimal choice for safeguarding their Cardano investments. This prominent wallet provider offers two reliable hardware devices, both ensuring constant cold storage. By keeping ADA tokens offline, these wallets provide robust protection against potential online threats such as hacking attempts. One of the available options is the Trezor Model One, a fundamental device available at a price point of $69.
On the other hand, there is the Trezor Model T, available at a retail price of $219. Both models offer equally robust security features. For instance, both the Model One and T incorporate encryption to safeguard the user’s private keys within the device. Additionally, Cardano transfers necessitate authorization through a PIN code, which must be entered on the device.
In terms of ADA token staking, the Model T surpasses the Model One. The Model T offers the convenience of a touchscreen for smoother transaction processing and supports USB type-C connections. On the other hand, Model One is only compatible with type-A connections.
Nonetheless, both models of Trezor provide robust security features and cater to the needs of long-term investors. Additionally, individuals who purchase a device gain access to Trezor Suite, a mobile app and desktop software designed for transaction management and token swapping. However, it is essential to note that PIN entry on the device is required for any ADA movements to take place.
- Ideal for long-term Cardano investors.
- Secure offline ADA storage.
- Diversified portfolio support.
- Affordable, starting at $69.
- Limited staking on Model T, priced at $219.
- Transactions require on-device confirmation, which is not ideal for traders.
4. Exodus – Mobile and Desktop Wallets With Self-Custody Storage
Exodus stands out as an exceptional choice for individuals seeking secure self-custody storage of Cardano wallets. This top-tier platform ensures utmost privacy by providing users with their encrypted private keys, which remain securely stored on their own devices. Neither Exodus nor any third party can access the wallet, ensuring complete control and ownership. Moreover, Exodus extends its support to both smartphones (including iOS and Android) and desktop devices (such as Windows and Mac).
Exodus is a versatile wallet that offers support not only for Cardano but also for 260 other cryptocurrencies. In addition, it allows users to add their own custom tokens by supporting various network standards. What sets Exodus apart is its capability to store NFTs and provide access to the decentralized web. For instance, it enables easy connections with dApps like OpenSea, Yearn.finance, and SushiSwap.
Exodus stands out as an excellent ADA wallet choice for beginners. The wallet interface is designed with utmost user-friendliness, ensuring easy navigation through all functionalities. For example, by simply clicking on the ‘Staking’ button, users can stake their ADA within seconds. Currently, it offers a competitive Annual Percentage Yield (APY) of 3.5%. Notably, there are no lock-up terms involved, granting users the freedom to unstake their tokens at any given time.
- 3.5% passive ADA staking rewards.
- User-friendly investment dashboard.
- Feeless ADA storage and receipt.
- No GAS fee markups.
- Steep fiat-to-Cardano fees (up to 5.45%).
- Token swaps include built-in markups.
5. Coinbase – Custodial Cardano Wallet With Solid Security Tools
Coinbase serves as an excellent Cardano wallet for beginners who seek secure storage solutions. By depositing ADA tokens into the Coinbase wallet, users can benefit from robust security measures, including IP and device whitelisting, along with two-factor authentication. Additionally, users have the option to implement a time lock on withdrawals. This feature effectively freezes withdrawal requests for a period of 24-48 hours, offering users ample time to address any unauthorized transfers.
Coinbase, being highly committed to security measures, maintains a dedicated 24/7 security team and securely stores 98% of client assets in cold storage. Additionally, all users are required to undergo a KYC process. Besides its exceptional safety standards as a custodial wallet for ADA, Coinbase also offers unmatched convenience. It is available as both a mobile app and web wallet, seamlessly connected to the same account.
Additionally, the Coinbase wallet enables users to trade Cardano with just a simple click effortlessly. It offers this feature alongside more than 100 other cryptocurrencies. However, it is essential to note that users will incur a 1.49% fee for each buy-and-sell order. If the order’s value falls under $200, a flat fee will be applied instead. Another drawback worth mentioning is that fiat payments attract a charge of 3.99%.
- Ideal for Cardano beginners.
- Secure custodial storage.
- Stake 94 PoS coins.
- Web and mobile options.
- 3.99% fee on debit/credit card transactions.
- Up to 35% deducted from staking rewards.
- Only 2% return on ADA staking.
6. Binance – Store, Trade, and Earn Cardano Under One Roof
Binance serves as a popular choice among ADA investors. This exchange offers a web and mobile wallet, charging only 0.1% for cryptocurrency trades. Both wallets are custodial and seamlessly connect to the same account. The Binance wallet is integrated into its spot trading platform, providing users with the convenience of storing and trading Cardano in one place.
The Binance wallet, being custodial, offers a wide range of security features. These include cold storage, two-factor authentication (usually requiring both a smartphone and email confirmation link), and device whitelisting. It also provides an insurance fund known as ‘SAFU.’
Funded by exchange commissions, this mechanism exists to provide compensate users in case of a hack. However, the specific balance of SAFU is not publicly disclosed. Nevertheless, the Binance wallet presents numerous opportunities for earning interest on ADA investments. These options include savings accounts with APYs as high as 3.9%. To obtain maximum yield, it is necessary to lock ADA for a period of 120 days.
- Up to 3.9% interest on ADA transfers.
- Convenient storage and trading in one place.
- Web and mobile wallets are available.
- 350+ cryptocurrencies supported, including top altcoins.
- ADA staking tool unsupported.
- Binance hack in 2022.
7. Ledger – Keep Cardano in Cold Storage From Just $79
Ledger stands as one of the market’s most popular Cardano hardware wallets, making it an excellent choice for long-term investors. It operates as a non-custodial wallet, securely encrypting private keys within the device itself. During the setup process, Ledger conveniently displays a 24-word passphrase on its screen. This passphrase serves as a lifeline, enabling wallet recovery in case the PIN is forgotten or if the device goes missing.
The Ledger Nano S Plus, an entry-level model, is available for just $79. It supports over 5,000 cryptocurrencies, including Cardano and other top utility tokens. Additionally, users can easily add custom tokens on any supported network. As a trusted Cardano wallet for staking, Ledger seamlessly connects to AdaLite. The fee for staking ADA tokens with AdaLite is only 3%.
While staking ADA, the wallet remains offline at all times. Additionally, we recommend Ledger Live as an excellent option for managing investments on smartphones or desktop devices. It is compatible with iOS, Android, Windows, Linux, and Mac operating systems. Ledger Live supports token swaps and fiat payments; however, fees for these services are determined by third parties.
- Secure cold storage at $79.
- Private keys are never exposed to servers.
- Supports 5,000+ cryptocurrencies.
- AdaLite was staking at 3%.
- The Stax model costs $279, expensive.
- Lack of transparency on token swap fees.
8. Daedalus – Open-Sourced Cardano Wallet for Advanced Users
Daedalus stands out as an exceptional Cardano wallet tailored for advanced users. It functions as a full-node wallet, directly connecting to the Cardano network. Its capabilities require substantial device storage and regular updates due to its role in storing all Cardano transactions within its interface.
The benefit of using Daedalus is the increased efficiency it provides. Transactions can bypass third parties, resulting in streamlined processes. Additionally, Daedalus allows users to become delegators by staking ADA tokens directly, eliminating the need to pay fees to a third-party staking pool. However, it is important to note that despite its advantages, Daedalus may not be considered user-friendly.
Experienced blockchain users should exclusively consider this Cardano wallet. Daedalus, available on Windows, Mac, and Linux systems, is built on open-source software. As a result, the wallet ensures robust security measures and swift resolution of any vulnerabilities.
- Top ADA wallet for advanced users.
- Open-source, rapid bug fixing.
- Compatible with Windows, Mac, and Linux.
- ADA staking as complete validators.
- Not beginner-friendly
- It needs ample desktop storage
- No trading or token swaps
Best ADA Wallets: Our Ranking Criteria
Different investment goals require other Cardano wallets. But how do you choose the best one? We used the following criteria to rank the best wallets for ADA in 2023:
Custodianship: A combination of custodial and non-custodial wallets has been discussed. This provides Cardano investors with the opportunity to determine who will assume responsibility for securing their ADA tokens. Simply put, while non-custodial wallets grant users access to private keys, the same cannot be said for custodial wallets.
Fees: Most Cardano wallets are available for free, except for hardware devices. Notably, Trezor and Ledger charge $69 and $79, respectively. Additionally, fees associated with Cardano wallets encompass transactions, staking, and trading.
Wallet Type: When considering where to store their Cardano, investors should also weigh the choice of wallet. For those new to cryptocurrency, a mobile or web wallet often strikes a balance between security and convenience. However, seasoned investors may find a Cardano desktop wallet like Daedalus more suitable.
Supported Coins: Some investors in Cardano may also possess other cryptocurrencies. In this case, noteworthy wallet options for Cardano include eToro and Trust Wallet, which provide extensive support for multiple blockchain networks.
Security: Assessing the security of the Cardano wallet holds significant importance. Look for essential features such as cold storage, multi-sig permissions, wallet address whitelisting, and two-factor authentication.
How Do ADA Wallets Work? The Basics
Cardano users can effortlessly interact with the network using ADA wallets, which encompass essential features like storing, sending, and receiving ADA tokens. These wallets are conveniently offered in both software and hardware variations.
Software wallets are designed to be compatible with smartphones, desktops, and web browsers, whereas hardware wallets function as physical devices. Regardless of the type of device used, Cardano wallets provide users with a unique public address. This address is necessary for receiving ADA tokens from another individual.
When sending ADA, the user must have the receiver’s public address. Wallet-to-wallet transactions are generally straightforward, but users should exercise caution to avoid mistakes. This is crucial because sending ADA tokens to an incorrect address can lead to a loss of funds.
Cardano wallets offer an additional feature of including private keys. These keys grant access to the wallet from any device, allowing users to recover their funds in case they forget their password or lose their device. However, it is crucial to never store private keys online as this puts them at risk of being targeted by remote hackers.
Some Cardano wallets offer the convenient feature of staking ADA, which allows users to earn passive rewards. This typically ranges from 2-5% APY, depending on the chosen wallet provider. Additionally, popular Cardano wallets like eToro and Binance support trading functionality, enabling users to easily buy and sell Cardano without the need for token transfers to other platforms.
Different Types Of ADA Wallets
Investors have a wide range of ADA wallet options at their disposal, including mobile apps, hardware devices, browser extensions, and desktop software. To determine the most suitable Cardano wallet type for their specific goals, investors can continue reading.
Cardano Software Wallets
Cardano software wallets are commonly available free of charge, empowering users to execute a wide array of functions. These capabilities encompass effortless transfers, token swaps, and staking, all within the confines of the wallet interface.
Investors have a couple of options to securely manage their ADA tokens. One option is downloading a Cardano wallet app, such as eToro or Trust Wallet, which can be protected with a password/PIN. Alternatively, some investors may prefer using desktop software for better screen visibility and management. Additional software choices include web wallets and browser extensions.
Cardano Hardware Wallets
A hardware wallet is a good option for large-scale investors with many Cardano in their portfolios.
- The device encrypts keys, tokens offline, PIN for transfers
- Keys are encrypted on the device, tokens are never online, and transfers need a PIN
- Encryption on a device for keys, tokens stay offline, PIN to transfer tokens
The price of hardware wallets can significantly vary based on the provider and model. A highly recommended option is the Trezor Model One, priced at $69.
Cardano Paper Wallets
Cardano paper wallets offer ADA holders the convenience of offline token storage. Rather than storing private keys in a device, these keys are printed or written onto a physical sheet of paper.
- Platform, wallet and keys, ADA move, paper safe
- Platform, make a wallet and keys, ADA to the wallet, paper secure
- Platform, get a wallet and keys, ADA send, paper store
Cardano paper wallets offer robust security against hacking since the private keys are never exposed online. The primary concern lies in the physical vulnerability of the paper wallet itself or the possibility of falling into unauthorized hands. However, it’s important to note that Cardano paper wallets can be easily imported into designated software wallets by utilizing the associated private keys.
How Safe Are Cardano Wallets?
Cardano wallets are widely regarded as secure, although the level of security can vary across different types of wallets.
Custodial wallets, such as eToro and Binance, have a distinct characteristic: they don’t grant users access to their private keys. Consequently, this relieves the user of the responsibility to safeguard these keys against malicious hackers. Moreover, renowned custodial wallets like eToro and Binance enhance security by offering two-factor authentication.
Before accessing the wallet, users must verify their mobile number to ensure security. Additionally, eToro and Binance store most client-owned cryptocurrencies in cold storage for added protection. However, it is essential to note that if a custodial wallet provider experiences a security breach, there may be a risk to ADA tokens.
The security of a non-custodial wallet relies on the type of device being used. For instance, hardware wallets store all ADA tokens in cold storage, ensuring maximum protection. Furthermore, transactions can only be authorized through the device, requiring the user’s personal PIN for added security.
When it comes to security, non-custodial software wallets fall short. These wallets rely on a password or PIN for protection, leaving the private keys susceptible to hackers. It is crucial to consider these vulnerabilities when selecting the best Cardano wallet.