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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.
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.
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
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.
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.
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 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 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.
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 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
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:
Best Cardano Wallet on Mobile
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:
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.
More Cryptocurrency Wallets
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.
It is the first of its kind blockchain to undergo peer-review by academic researchers.
It was funded via token sale that ran all the way from September 2015 to January 2017.
ADA is the native token of the Cardano blockchain which allows users to transfer value on the network.
Daedalus is a wallet developed by one of the organizations behind Cardano.
They include IOHK, a top crypto research and development firm, and Emurgo, an investment company.