If you hold Cardano cryptocurrency, you’ll want to store it in a secure wallet rather than leave it on an exchange, especially if you hold a lot of it. But from cold offline wallets to software wallets, to mobile app wallets, which is best to store your Cardano?
We compared several Cardano wallets to help you choose the best one to store your crypto safely.
Cardano is a blockchain platform that allows peer-to-peer transactions with its cryptocurrency, ADA. It’s one of the biggest cryptocurrencies, with a market cap of approximately $27.8 billion.
A Cardano wallet is a crypto wallet that is used to send, receive, and store the Cardano (ADA) cryptocurrency. Wallets for ADA are available on a variety of platforms, including software, hardware, online, and apps.
When looking for a crypto wallet, consider the following factors:
Find out if you should buy crypto directly or as an ETF?
There are plenty of crypto wallets available to house your digital assets. To help you narrow down your options, the following is a list of the best Cardano (ADA) wallets in Canada:
| ADA Wallet | ADA Wallet Type | Supported Currencies | Price |
| CoinSmart | Web-based and cold storage wallet | 16+ | Free |
| Daedalus | Desktop | ADA | Free |
| Wealthsimple Crypto | Web-based | 34+ | Free |
| Infinito Wallet | Mobile app | 2,000+ | Free |
| Yoroi | Web-based and mobile app | ADA | Free |
| Ledger Nano S | Hardware | 1,500+ | $89 |
| Ledger Nano X | Hardware | 1,800+ | $199 |
| Trezor Model T | Hardware | 1,600+ | ~ $263 |
| Binance TrustWallet | Software | 160K+ | Free |
| NDAX | Hot and cold storage wallets | 30+ | Free |
CoinSmart is a crypto trading platform that lets you trade and store digital currencies in cold storage. Their platform is easy to navigate and they offer numerous tools to help you trade such as real-time charting, limit orders, and stop loss. CoinSmart’s platform also supports 2-factor authentication to keep digital assets secure.
Daedalus is the official crypto wallet for ADA and is an open-source software platform for Windows and Mac. It currently only supports ADA, but it may soon support bitcoin (BTC) and Ether (ETH). Daedalus is perfect for those who wish to manage multiple wallets, as it’s a hierarchical deterministic wallet. You’ll also have full control over your keys and how you manage your funds.
Wealthsimple Crypto is a cryptocurrency platform that allows you to trade crypto along with stocks and ETFs. It comes with a free ADA wallet which is offered through Gemini Trust, which stores crypto offline (cold storage). This web-based ADA wallet also comes with over $200 million in insurance coverage.
Infinito Wallet is a free mobile wallet that allows you to send, receive and store several currencies and tokens, including ADA, BTC, BCH and ETH. It’s accessible on both Android and IOS devices. It stores your private keys on your mobile device, which are fully encrypted.
Yoroi is a web light wallet for ADA that comes in a Chrome extension on desktop and is available as a mobile app. It’s a free, open-source wallet that stores private keys on your computer with secure encryption.
The Ledger Nano S is a popular Cardano hardware or cold wallet that lets you store crypto in offline. It features a digital screen for easy navigation and supports 2-factor authentication. Like Ledger Nano X, you can use it to trade, buy, sell, and even borrow crypto from your wallet when you use it with the Ledger Live app.
Ledger Nano X is a hardware wallet that allows you to store your Cardano offline in cold storage. The wallet comes with a large screen, making it easy to use. When used with the Ledger Live app, you can buy, sell, and trade crypto straight from your wallet. This wallet also comes with Bluetooth capabilities and more memory than the Ledger Nano S.
The Trezor Model T wallet is a hardware wallet that includes several handy features, including a large touchscreen, a USB-C plug to connect to your mobile device, and robust processing. Trezor is a great way to protect your ADA cryptocurrencies from malware and hackers. Its advanced safety features allow you to safely store your Cardano, tokens, passwords and other private keys.
NDAX offers both hot and cold wallets for free. You can store over 30 cryptocurrencies including major ones like Cardano, Bitcoin, Dogecoin, and Ether. You can use their wallets to store, buy, sell or trade any of the supported cryptocurrencies. It supports 2-factor authentication and is partnered with Ledger Vault to secure crypto assets.
Binance Trust Wallet is a free software wallet used to store Cardano, as well as thousands of other digital assets and over 50 blockchains. This includes Cardano, Bitcoin, Bitcoin Cash, and Ethereum. Like the other wallets, you can use it to store, buy, sell, stake or trade your Cardano. You can also use it to collect NFTs.
Like cash, you want to make sure you store your crypto safely. If steps aren’t taken to guard your crypto, it may be vulnerable to hackers.
Keep the following safety precautions in place to avoid your crypto from being lost or stolen.
When it comes to storing your Cardano or other cryptocurrencies, you’ve got plenty of options. The one you choose will depend on how much Cardano you hold and your personal preferences.
Lisa has been working as a personal finance writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same.
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