The Most Trusted Polkadot Wallets
Polkadot is a cryptocurrency platform designed to form a decentralized internet of the future. It is used to create smart contracts and exchange data between blocks. The project is managed by the owners of DOT coins (platform tokens). To store them, you need to use a Polkadot wallet.
What is a decentralized network, and how does it work? Read more here.
Below is a selection of the best cryptocurrency wallets for storing Polkadot coins.
Types of Polkadot wallets
When selecting storage for coins, it is necessary to take into account what type it belongs to. All wallets are divided into “cold” and “hot.” The most secure is “cold” storage – they do not require a network connection, which means that they are maximally protected from hacking. To use “hot” storage, an internet connection is required, so this option is less reliable – such wallets are potentially susceptible to hacker attacks.
Pay attention to the most secure no-KYC exchange platform and crypto wallet.
There is another classification of cryptocurrency repositories. So, all wallets can be divided into the following types:
- Hardware devices – these are the most secure. They are physical devices connected to the USB port of a computer for making transactions.
- Online – these work in a browser and do not require downloading software, but do not provide the same level of security.
- Desktop – these are programs installed on a PC.
- Mobile – these are applications installed on your phone.
- Paper – these have no functionality for conducting transactions; they are intended only for generating a wallet address.
How to choose a Polkadot wallet
Choosing a repository for placing coins is a responsible step, on which the safety of savings directly depends. To ensure the maximum level of security, it is worth purchasing hardware storage made in the form of a USB device. Such a wallet is optimal for people who plan to keep large amounts for a long time.
If you plan to conduct cryptocurrency transactions frequently, pay attention to online wallets, access to which is provided by exchanges. Such repositories have all the functionality necessary for trading. It is not recommended to store large amounts in such wallets – crypto exchanges regularly become the target of hacker attacks, which can result in traders’ savings being stolen.
Desktop wallets are suitable for those who want to store coins safely but do not want to pay for a USB device. Desktop storage is less secure than hardware, but it surpasses online services. In addition, they have many useful functions, that allow you to send cryptocurrency and monitor exchange rates.
Mobile storage is recommended for those who often perform trading operations outside the home, where there is no access to a computer. By installing such storage on your smartphone, you can exchange coins and buy or sell coins at any time.
It is also worth mentioning paper wallets. They are suitable for those who do not plan to send coins at all. The fact is that such repositories do not have an interface for processing transactions – you only get an address to which you can accept coins. However, you can always use a special Internet service to send coins from a specific wallet.
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The best Polkadot wallets
Different types of wallets can be used to store DOT cryptocurrencies. It is necessary to choose the most suitable one, taking into account your needs.
Wallet type: Hardware.
Applications: Windows, macOS, Linux.
Supported cryptocurrencies: Polkadot, Ethereum, Bitcoin, Ripple, Monero, and other coins.
Price: From 80 USD.
Advantages: Guaranteed safety of coins.
Disadvantages: Initial setup can be difficult for a beginner.
This storage can be purchased on the manufacturer’s website. After connecting the wallet to your PC and setting all the necessary data, you get access to the storage functionality:
- Check your balance.
- Send coins.
- Accept coins from other people.
Find a smart comparison of Ledger with its main competitor here.
Wallet type: Online.
Applications: Works in the browser.
Supported cryptocurrencies: Polkadot, Litecoin, Dogecoin, Monero, Dash, and other popular coins.
Advantages: Easy to register on the crypto exchange; user-friendly interface.
Disadvantages: A user can potentially become a victim of hackers.
Binance is one of the most famous cryptocurrency exchanges. To get access to the repository, you need to create a profile here.
The crypto exchange contains all the functionality necessary for a trader, allows you to track exchange rate fluctuations in real-time mode, and conduct transactions with other coin holders.
To reduce the risk of coin theft, it is recommended to activate two-factor authentication. Authentication should be performed through the Binance application, and not by phone.
Read more about Binance here.
Wallet type: Mobile.
Applications: Android, iOS.
Supported cryptocurrencies: Polkadot, Finance Com, Bitcoin Cash, Ethereum, Bitcoin, and other tokens.
Advantages: User-friendly interface; trading functionality.
Disadvantages: A network connection is required, which reduces the level of security.
This repository must first be downloaded from the developer’s website and installed on your mobile device. After that, you will be able to store your coins, and exchange crypto assets at any time. The wallet developers claim that all data is stored on the devices of coin holders, which means that the wallet’s trust repository provides an acceptable level of security.
Applications: Windows, macOS, Linux, Android, iOS.
Supported cryptocurrencies: Polkadot, And Protocol, Icon, Cardano, Ripple, and other currencies.
Advantages: available for both computers and phones; intuitive interface.
Disadvantages: not the best level of security.
Atomic Wallet can be used after installing the EXE file, which can be downloaded from the manufacturer’s website. The wallet contains the functionality of a trading platform, so here you can monitor market rates, and engage in staking.
Wallet type: paper.
Supported cryptocurrencies: Polkadot, Bitcoin, Ethereum, Dogecoin, Monero and other coins.
Advantages: high level of security; easy to use.
Disadvantages: To send coins, you need to use third-party services.
To use this storage, you need to generate a wallet address on the Wallet Generator website. After that, you need to make a printout of the address in order to always have access to it. You can accept coins from other people to the generated address.
How to protect your assets
Owners of financial savings need to monitor the safety of their funds, but this is especially important for cryptocurrency owners. Regularly there is news about people who have become victims of scammers. To avoid such a situation, remember the security rules when using a Polkadot wallet.
The second rule is relevant for those who keep currency in a wallet on the exchange – keep an eye on what is written in the address bar of the browser. Phishing is one of the most common fraudulent practices – a person supposedly switches to a crypto exchange, enters his data and as a result, they end up in the hands of intruders.
Read more about phishing attacks here.
Thirdly, do not store a large amount in online storage. If you prefer to use exclusively online services, distribute all available coins to the vaults of different exchanges. In this case, if some crypto exchange is attacked by hackers, you will not lose all your coins.
Summing up, we can say that the Ledger hardware wallet is the best option available – it provides the maximum level of security for a reasonable fee. Paper storage are also quite reliable, but it does not have an interface for conducting cryptocurrency transactions.
Online wallets of exchanges are optimal for traders who regularly buy and sell coins. In any case, if you have used any of the Polkadot repositories, leave your feedback about it on our website. The information you provide will help other people find a suitable wallet.
The best ways to protect your data on the internet are here.