How to Open a Cardano Wallet in 5 Minutes – Best Cardano Wallets 2019

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Cardano blockchain is the home of ADA and it’s a highly innovative platform which uses a scientific framework for funds transfer. It has been in existence long enough to draw a sizable following and has always maintained a position in the top 15 cryptocurrencies by market capitalization.

Recently, when it got listed on a popular exchange platform, prices spiked significantly, resulting in significant media coverage. If you are thinking of getting in on the action, or have been a long-term enthusiast, this guide is for you.

It analyses the popular wallets out there that offer storage, trading and exchange services for Cardano users. Read on to find out which one is best for you.

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 Quick Guide: Create a Cardano Wallet in 5 Minutes

  • Create an account with IQ Option
  • Select a payment option by clicking “Deposit”
  • Make your initial deposit ($250 recommended)
  • Once the payment processes, select “Overview”
  • Click the “Buy” button to launch an Open Trade
  • Log into your newly created account
  • Cardano will now appear in your “Portfolio”

Buy Cardano

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To make your choice of the best Cardano wallet a little easier, this guide undertakes a comparison of the popular Cardano wallets in the market. Using this information, you can select the most suitable one for your personal needs. If you want to learn more about how to buy Cardano and other cryptocurrencies, check out this guide.
What is a CardanoWallet?

What is a Cardano Wallet?

Just like Ethereum, Cardano (ADA) is a smart contract platform which uses a layered design to enhance security. The team behind it describes it as a third generation blockchain wince it was the first of its kind to be developed on the basis of scientific philosophy using peer-reviewed academic research.

Everyone who owns Cardano uses a digital Cardano wallet to keep track of it. Cryptocurrency wallets can be used to:

  • Send Cryptocurrencies
  • Receive Cryptocurrencies
  • Trade Cryptocurrencies
  • Spend Cryptocurrencies
  • Withdraw Cryptocurrencies

Each Cardano and cryptocurrency uses blockchain technology to complete transactions. However, crypto wallets cannot:

  • Send Cardano to any non-Cardano crypto address
  • Share user information with 3rd parties (not recommended)
  • Withdraw or access bank funds (only Bitcoin ATM)

Unlike most other blockchain platforms, this one was designed with the aim of finding the middle ground between regulation and user satisfaction. It thus strives to balance the decentralization and privacy principles that define blockchain and a need for regulation. The platform uses one of the most flexible programming languages, Haskell.

Another unique aspect about it is that it does not seek to overhaul the legacy financial industry. But rather, it aims to leverage blockchain to take banking to underbanked areas. Cardano has been in existence since 2015 and is based in Switzerland, operating under the Cardano Foundation. At the time of writing this guide, it was in the 10th position of cryptocurrencies ranked by market capitalization.

If you would like to invest in or use Cardano, one of the first steps would be to get a Cardano wallet. A Cardano wallet is one that has necessary frameworks in place to allow for the storage of and transactions in the cryptocurrency. There are numerous options available when it comes to Cardano wallets, each one with unique features. Let us assess some of the best ones.

Best Cardano Wallet Providers

IQ Option

Online trading platform IQ Option has been in existence since 2013 and operates under IQ Option Ltd. It is a regulated entity in the EU, licensed by Cyprus Securities and Exchange Commission (CySEC).

It supports a wide range of assets including cryptocurrencies like Cardano. To buy Cardano from the platform, follow these steps:

Step 1 – Select the Amount

Get started by selecting Cardano from the list of available assets. Next, enter the fiat amount that you want to spend. You will get to see the amount of Cardano that this will get you based on current rates in the market.

Step 2 – Account Registration

You need to create an account on the site by entering your email address and creating a unique password.

To simplify the process, you could simply log in using your Facebook or Google details. Once you sign up using either approach, the system will create a wallet for you, My Wallet.

In My Wallet, you can easily buy and sell Cardano and other cryptos. You can also deposit and withdraw funds with ease.

Registering an account will also allow you to start trading using a mobile, desktop or standalone app.

Step 3 – Buy Cardano

The next step after creating an account is to enter your credit card details so as to complete your purchase.

In case you already have an IQ Option account, simply go to My Wallet and select Cardano. Enter the amount you want to spend then complete the purchase by clicking on your wallet balance.

Visit IQ Option

Binance

Binance is not only one of the most popularly used crypto exchanges globally; it also has one of the highest trading volumes. At the time of press, it handles more than $940,000 dollars’ worth of digital assets every 24 hours.

Surprisingly, it has only been around since 2018 and within its short period of existence, it has experienced massive growth. The platform initially launched in China but due to regulatory challenges, later moved to Malta where it now operates.

Though it offers basic and advanced trading options, none of these are ideal for a complete beginner. To open your own Binance account, follow these steps:

 

Step 1 – Create Your Binance Account.

Head on over to Binance.com and register an account. You will only be required to enter your email address and password.

Binance will send you an email. Click the link in it to complete registration.

The link will take you to your new account and you will get a prompt to supply more information about yourself.

Doing so will allow you to access the full functionality of the site. Once you have done so, you can start trading Cardano and using the exchange wallet for storage.

Note: You can’t buy Cardano with fiat money (like USD) on Binance.

Step 2 – Go to “Funds” > “Balances”

On this page, you will be able to view all your account’s wallets. Anytime you make a purchase, your order will reflect in the relevant account.

At the top of the list are the wallets with coins in them. To transfer Cardano to your Binance exchange wallet, click on “Deposit” and once you do, you can start trading ADA pairs on the site.

Infinito Wallet

Infinito describes itself as the first universal crypto wallet as it supports one of the highest numbers of digital currencies. In addition to major coins, the wallet also supports ERC-20, ERC-223 and NEP-5 tokens and the list is always growing.

The company behind it is known as Infinity Blockchain Labs and is registered in the UK on the Isle of Man. Other features apart from the sheer number of assets it supports include touch ID, frequent address storage and multiple languages.

To get your own Infinito wallet, follow these steps:

Step 1: Download Infinito Wallet

Go to Infinitowallet.io and click “Download” then select the suitable file for your device.

After the download completes, install the file and then follow the prompts to open up the wallet.

Step 2: Go to the Cardano Wallet already within Infinito

Once you open your Infinito wallet, your Cardano wallet will be ready for use. You can start sending, receiving and storing your Cardano coins immediately.

Coinbase

Coinbase is one of the largest crypto exchange platforms globally, with a presence in 32 countries. It has been in existence since 2012 and like Coinbase, accepts credit card payments and bank transfers for crypto purchases.

However, it does not support as wide a variety of coins as Coinbase and others. It added support for Cardano in March this year. Though it is an exchange wallet like Binance, it claims to store 98% of funds in cold storage.

Here is how to create your own Coinbase account:

Step 1: Create Your Coinbase Account.

Go to Coinbase.com and click on “Individual” account

You will have to enter your full name, your email address and a new password for the account.

Next, head over to your email and click on the link in the Coinbase email

That will take you to your new Coinbase account.

Step 2: Find Your Cardano Wallet.

Once you open your account, click wallets to see your Cardano wallet (as well as all other wallets that Coinbase supports).

Click the wallet to open it to view your wallet address. You can now send Cardano to this wallet address. Additionally, any Cardano you buy on the platform will be stored in this address before you move it to cold storage.

Exodus Wallet

Exodus wallet is different from Coinbase and Binance wallets in that it is a software wallet for the desktop. It is a popular desktop wallet with a friendly user interface and lots of features.

Created in 2016 by co-founders JP Richardson and Daniel Castagnoli, the wallet has over time incorporated support for a wide range of assets. These include more than 100 digital currencies with portfolio balances that can be displayed in at least 30 fiat currencies.

Follow these steps to set up your Exodus wallet:

Step 1: Download Exodus.

Go to Exodus.io and download the desktop client for your Exodus wallet and then follow the prompts to install it.

Step 2: Open Your Exodus Cardano Wallet.

To view your Cardano wallet click “Wallet” and then click it to see your Cardano wallet address, balance, and other details.

Best Cardano Wallets in Your Country

UKCanada & USAustralia

For crypto enthusiasts in the UK, there are numerous wallet options available but our top choice is Coinbase.

One of the strongest points in its favour is the fact that it has been around even longer than the oldest digital currency, Bitcoin. This gives it an advantage in terms of experience.

But more importantly, it is one of the few crypto wallet service providers that are regulated. In the UK, it is regulated by the FCA as well as European body MiFID. As such, it adheres to stringent quality control measures, especially with regards to security.

In addition to allowing users to send, receive and store Cardano, it also offers trading and exchange services. Users can still trade using CFDs but they also have the option of trading cryptos.

These are some of the top reasons why the platform gets our full recommendations.

For a long time, Coinbase was not available to users in Canada and the US. But in the recent past, it has acquired full licensing to operate in these regions. It is regulated by US authority FinCEN among others.

As a mobile wallet, it is easily accessible and convenient for frequent users. The app has a wide range of features that make it suitable for all levels of trading, both for newbies and experts alike.

Its versatility and convenience and regulatory compliance which translates to security are among the reasons why it gets our recommendation for this market too.

In Australia and New Zealand, Binance is among the market leaders in terms of crypto wallet solutions. By virtue of the fact that it supports numerous cryptocurrencies, you can trade Cardano against a variety of other digital assets.

It has a solid reputation and has never once lost user funds to hackers. However, it is not advisable to store your funds long term on an exchange wallet. It is more vulnerable to attacks and is only appropriate for funds that are in use for trading.

If you transact in cryptocurrencies frequently, you are better off using a mobile wallet such as Coinbase.

Differences Between Exchange, Hardware and Software Crypto Wallets

Our guide has covered different types of wallets that you can choose from when looking for a Cardano storage solution. These different wallets each offer varying features that make them suitable for various users.

Depending on your transactional habits and personal preferences, you can find one that suits your needs. But before making your choice, let us help you understand the merits and demerits of each type of Cardano wallet:

Exchange Wallets

Exchange wallets allow holders of ADA to access storage facilities for the cryptocurrency they buy. Though some make the mistake of leaving their ADA on this type of wallet, it is risky.

They are built for short-term storage due to the high vulnerability to online attacks. For long-term storage, you are better off with another type of Cardano wallet.

Here are our favorite Cardano exchange wallets:

  • Binance Wallet
  • Coinbase Wallet

Hardware Wallets

Hardware wallets are physical gadgets that store ADA holders’ private keys. What makes them one of the safest options for long-term storage is that they are not connected to the internet.

They only require a connection to another device when transferring funds. Otherwise, they are almost always offline. Due to their small size, they are portable and easy to carry around.

However, they are not as convenient as mobile and exchange wallets for ADA when it comes to transacting on the go.

Here are some good examples of Cardano hardware wallets:

Software Wallets

Software wallets include mobile and desktop wallets. They require software installation and store your private keys on-device. Mobile wallets are among the most convenient for transacting on the go as they use a fully functional app on your phone.

Desktop wallets are a little safer but harder to access than the former since they require a PC. But they store the private keys on the hard drive.

Software wallets are not as great for frequent transactions as exchange wallets are.

Here are some good examples of Cardano software wallets:

Best Cardano Wallet on Mobile

AppleAndroidApple x Android

Best Cardano Wallet Apple

Lots of mobile wallets are available for iOS devices. One of the best recommendations is Infinito. We recommend it because of the wide array of asset support. It also has great security features including touch ID and contact management.

Coinbase is yet another great choice as it offers top-notch security features including its own proprietary framework. It is also compliant and versatile, offering much more than just asset storage.

Best Cardano Wallet Android

Our top recommendation for Android users is the Jaxx wallet. It supports a large number if cryptocurrencies and has an intuitive user interface.

Coinbase is also a highly versatile and reliable solution with better security features and more functions than Jaxx. It has also been around longer and made a great name for itself.

There are hundreds of Cardano wallets available on mobile devices. Most of them are not worth your consideration. Here are the things to consider when choosing Apple and Android crypto applications:

Apple

  • Only compatible with Apple apps
  • Many crypto apps are instantly banned by Apple due to T&C violations
  • Apps from anonymous publishers will not be accepted

Android

  • Android is application-agnostic
  • All apps appear in the Play Store, even the scams
  • Android apps can mine certain cryptocurrencies

As you can tell from the above comparative analysis of Cardano wallets, there are lots of choices for all types of users.

But at the end of the day, the choice you make boils down to priorities. Find out whether the platform you are considering supports the services that matter to you.

In addition to priorities, it is important to consider the support system of the wallet service provider you choose. To find out how well or poorly it performs in this regard, visit discussion forums like Reddit and Bitcoin Talk. On such platforms, you can find honest user reviews based on first-hand experiences.

And most importantly, consider the security measures the platform has in place. Take time to carry out research into its past security breaches if any.

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FAQs

Why was Cardano created?

It was created to change the general design of cryptocurrencies with a focus on a flexible design that takes into account both users’ needs and regulatory aspects.

What makes Cardano unique?

It is the first of its kind blockchain to undergo peer-review by academic researchers.

How was Cardano funded?

It was funded via token sale that ran all the way from September 2015 to January 2017.

What is ADA?

ADA is the native token of the Cardano blockchain which allows users to transfer value on the network.

What is Daedalus?

Daedalus is a wallet developed by one of the organizations behind Cardano.

What other organizations apart from Cardano foundation make up the Cardano team?

They include IOHK, a top crypto research and development firm, and Emurgo, an investment company.

 

Remember, all trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.

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