Cardano is one of the most popular and most profitable cryptocurrencies in the world, so it’s not surprising that there’s a huge amount of Cardano (ADA) wallets . How to find a suitable option? Our guide with detailed reviews will help you to select a solution to fit your needs.
Cardano (ADA) Crypto Explained
The Cardano project was established in 2015. The company behind Cardano is called Input-Output Hong Kong (IOHK), which is managed by Charles Hoskinson, co-founder of BitShares and Ethereum.
Cardano’s concept is to create a blockchain that can work much better than 1st and 2nd generation blockchains like Bitcoin and Ethereum. Charles Hoskinson believes that Cardano is the third generation blockchain, while Bitcoin and Ethereum are the first and second. Thus, instead of copying the code of other blockchains, IOHK created its new blockchain. Cardano can process more transactions and make them cheaper and faster.
Cardano’s blockchain allows users to create smart contracts – an agreement without the need for a third party, which means that after fulfilling predefined conditions, certain actions are triggered by the contract.
Like most other blockchains, Cardano is decentralized, which means that it is not controlled by anyone authority. Instead, the community validates transactions and smart contracts that do this using their computing power.
Cardano (ADA) advantages are the following:
- Ouroboros Security System ensures mathematical accuracy in Cardano functioning. Using this algorithm, you can significantly reduce energy costs when checking blocks. This means that the work is carried out very quickly and at the same time quality is not affected.
- Haskell, a special programming language, ensures better protection of assets and users’ sensitive data.
- Wide range of opportunities. In the Cardano network, you can not only conduct fast transactions and work with digital assets – any user can create and execute smart-contracts, which will protect his money transfers and other finance-related operations.
- Excellent translation speed. Cardano does not charge large commissions even when instant transactions are carried out.
- Complete anonymity of users.
- Hard fork system allows fixing network errors without backhitch.
6 Best Cardano (ADA) Wallets
This is one of few Cardano (ADA) wallets for secure storage of this crypto: it boasts all essential security features and is supported by a team of developers. This open-source software is available for Windows and macOS. Also, Daedalus is a hierarchical deterministic wallet (HD), which allows you to manage any number of addresses and distribute your funds as you wish.
The installation process is relatively simple, and you can easily send and receive ADAs, as well as view transaction history. With Daedalus, you retain control over your keys which are protected by the latest cryptography technologies.
For an extra level of security, you can also attach passwords for spending money and seed phrases to all your accounts. The wallet development team also claims that in future releases, third-party developers will have the opportunity to develop their own applications to increase functionality, for example, to set up recurring payments or exchange some cryptocurrencies for others.
Yet, there are several drawbacks that are worth mentioning.
- The wallet is currently unavailable for Linux operating systems and there is no expected release date for the Linux version yet.
- Applications for iOS and Android are also not available yet.
Another option for storing Cardano coins (ADA) is Binance cryptocurrency exchange. Why is it one of the most highly recommended Cardano (ADA) wallets?
Despite the fact that the Binance exchange was created only in 2017, it already has a huge number of customers. To begin with, Binance is all about innovations: it supports a large number of cryptocurrencies (BTC, ETH, DASH, XMR, XRP, EOS, IOTA, and others). Here, you can perform a huge number of transactions without problems because the platform boasts an enormous throughput capacity.
Binance has a convenient interface, minimal fees, and optional verification (if you work with small volumes of crypto). To top it off, there are multi-language customer support and trading instruments available for each client.
#3. Ledger Nano S
Ledger Nano S is the undisputed leader among all hardware wallets, which are considered to be the most secure in the cryptocurrency market. As a Cardano Wallet Ledger Nano S is better than the previous Nano X – it offers a wider functionality for less money.
Like other wallets, Ledger Nano S allows you to manage seed phrases, set a PIN code and, if necessary, a password. In addition, you can easily store more than 700 cryptocurrencies and tokens on it, including Cardano.
Note: Order Ledger wallets on the official website only! Third-party websites might be distributing fake gadgets.
AdaLite (formerly known as CardanoLite) is a Cardano secure Web storage wallet developed by Vaccumlabs. To use AdaLite, you do not need to register or go through the KYC procedure. When creating an ADA wallet, you get only a 12-word mnemonic phrase, after which you can start managing assets. AdaLite is also compatible with Trezor Model T and Daedalus. AdaLite is compatible with iOS and Android, too, so you can use this Cardano wallet on the go.
Yoroi is one of the official Cardano (ADA) wallets: that was developed by Input Block Hong Kong (IOHK). Unlike Daedalus Wallet, Yoroi does not require downloading the full blockchain and allows you to immediately carry out ADA transactions. There is also support for Chrome browser extension.
Currently, Yoroi is available for Android and iOS devices.
Infinito Wallet is a growing wallet for storing a large number of cryptocurrencies. The advantages of Infinito Wallet include:
- Ease of use and sleek, user-friendly design:
- A large list of supported coins;
- High speed of transactions;
- Multi-language interface.
The developers of the project did their best to make the product convenient and functional. The disadvantages of Infinito Wallet include the lack of 2-factor authentication. But most likely, this feature will be introduced soon. Even despite the lack of 2FA authentication, there are no recalls concerning hacking and theft of funds on Infinito Wallet.
Since Cardano is one of the Top-10 crypto assets, adding this currency to your crypto-portfolio makes sense. Now you know where to store this currency: all of our above-mentioned wallets are highly reliable and functional. To make the right choice, keep in mind what kind of storage is preferable in your case. If you need to store ADA for a long term, hardware and paper wallets would be the safest variant. On the opposite, desktop and online or mobile Cardano (ADA) wallets are more convenient for active trading and daily exchanges of ADA.