Zcash is one of the favorite cryptocurrencies for privacy-centric users. It has been around long enough to gain a strong following and showcase its innovative cryptographic design. However, being a relatively new coin in comparison to major coins like Bitcoin and Ethereum, it has a comparatively low number of wallet options.
What are some of the features you should be looking for in a Zcash wallet? Which one is the best Zcash wallet and why? Which Zcash wallets are available to users in various countries? This article will provide the answers to these and many other questions and also guide you on how to open a Zcash wallet on different platforms.
What is a Zcash Wallet?
Zcash (ZEC), which launched in 2016, is among the world’s top 25 cryptocurrencies according to market capitalization as at the time of going to press.
Everyone who owns Zcash uses a digital Zcash wallet to keep track of it. Cryptocurrency wallets can be used to:
- Send Cryptocurrencies
- Receive Cryptocurrencies
- Trade Cryptocurrencies
- Spend Cryptocurrencies
- Withdraw Cryptocurrencies
Each Zcash and cryptocurrency uses blockchain technology to complete transactions. However, crypto wallets cannot:
- Send Zcash to any non-Zcash crypto address
- Share user information with 3rd parties (not recommended)
- Withdraw or access bank funds (only Bitcoin ATM)
It has a focus on anonymity and privacy, which makes use of zero knowledge cryptography (zk-SNARKS). Zcash users get access to two addresses, one of which is fully transparent, and another, fully private to facilitate public and anonymous transactions. In order to manage these addresses and transact using Zcash, a user requires a Zcash wallet.
Best Zcash Wallet Providers
Binance is one of the largest crypto exchanges globally, and the most used digital asset trading platform. One of their top highlights is the extensive range of assets that they support. Of all major exchange platforms, Binance could in fact be the one with the largest number of coin pairs listed.
The platform was launched in 2017 following a successful Initial Coin Offering (ICO). At the time of writing this article, it has 24-hour trading volumes of over $940,000. Its CEO Changpeng Zhao, better known as CZ in crypto circles has a long history in online trading systems.
In the section below, we’ll assist you to create your own account on Binance and how to use the supported Zcash exchange wallet.
Step 1 – Create Your Binance Account.
To register your account at Binance.com, enter your email address and password.
Binance will send a link to your email inbox. Click on it to access your new Binance account.
Though the account is now ready to use, you will need to give some more information so as to unlock full functionality. Doing so will allow you to start trading Zcash and using the Binance Zcash exchange wallet.
Note: You can’t buy Zcash with fiat money (like USD) on Binance.
Step 2 – Go to “Funds” > “Balances”
On this page, the platform organizes all of the wallets for your account.
Anytime you buy a cryptocurrency on the site, the order will reflect to the appropriate wallet on this list.
To simplify things, the wallets that have funds in them will be top on the list. To send your Zcash to the Zcash wallet, click “Deposit.” After that, you can start trading Zcash with all of the other digital assets on the site.
Coinbase is currently ranked as the world’s largest Bitcoin broker and supports an exchange, wallet as well as a developer API. It is based in San Francisco and has venture capital backing from reputable investors. Since its launch in 2012, it has expanded to operate in 32 countries.
Crypto users often flock to Coinbase to buy Zcash as it is among the few platforms that offer support for fiat purchases. You can use a bank transfer, debit or credit card to make a purchase on this site.
The process for creating your own Coinbase account is pretty straightforward. Here is what you need to do:
Step 1: Create Your Coinbase Account.
Visit Coinbase.com and create an “Individual” account.
For this you will need to enter your name in full, email address and then set a passwordyou’re your account.
You will receive an email from the service provider. Open it and click the link so as to access your new account.
Step 2: Find Your Zcash Wallet.
Click the “wallets” button to view your Zcash wallet (other wallets for all the coins supported by Coinbase will also appear here)
Click on the Zcash wallet to view your wallet address
Send your Zcash to this wallet address. Any Zcash coins that you buy on the platform will also reflect here before you move them to an offline wallet for more secure, long-term storage.
Launched in 2016, the Exodus wallet has generated a lot of interest. It is a multicurrency wallet with an appealing design and lots of features. Additionally, it has integrated exchange support making it possible to convert coins with ease.
It is a software wallet designed to store cryptocurrencies on your desktop. In addition to supporting Zcash, it can store about 100 other major and minor coins and the list keeps on growing. At the moment, it is compatible with Windows, Linux and OSX operating systems. The company is also working on a mobile wallet for iOS which is slated for release some time in 2019.
To download and set up this wallet, follow these steps:
Step 1: Download Exodus.
Go to Exodus.io and download the wallet on your PC then follow the prompts on the screen to install it.
Step 2: Open Your Exodus Zcash Wallet.
To view your Zcash wallet on Exodus, click the “wallet” button which appears on the left side of the screen.
Find the Zcash wallet and then click on it to view your Zcash wallet address, balance or any other information.
Guarda wallet has risen to popularity thanks to its all-encompassing approach to cryptocurrency support. The multi-currency, multi-platform wallet has a web-based, desktop and mobile app to suit its wide array of users. It is also accessible as a Chrome extension. In addition, it incorporates an exchange platform and offers support for more than 50 cryptocurrencies.
Unlike a majority of other wallets, Guarda does not store any user’s private keys, personal information or wallet data. The private key remains on your device and when you log out, it self-deletes for safety purposes.
To create your own Guarda wallet for Zcash, follow the steps outlined below:
Step 1: Create a Guarda Wallet
To get started, visit Guarda.co and create a web-based wallet on the site by clicking on “Create wallet” and following the instructions.
Remember to back up the wallet so that in case you ever lose access to your account, you can recreate the wallet using your backup.
Step 2: Access your Zcash wallet
Open your Zcash wallet, which will already be active on Guarda. Once you do, you can send, receive and transact using Zcash and even store it for future use.
Best Zcash Wallets in Your Country
For cryptocurrency users in the UK, there is a wide range of wallets. But we will focus our discussion on one of the oldest and most popular ones: Coinbase.
Back in the day, before cryptocurrencies gained mainstream attention, the platform only allowed for digital asset trading using CFDs. But with the inception of its crypto wallet, Zcash investors have more options at their disposal. They can now send, receive, store and even trade using Zcash.
Another highlight of this wallet is the fact that it is regulated by one of the top financial authorities in the UK, the FCA. It also falls under the oversight of European regulator MiFID.
Having been in existence longer than most other crypto platforms gives it an edge over the competition. Over the years, it has created a reputable name for reliable service and trustworthiness.
It is the best wallet for users in the UK and beyond and gets our full recommendation.
For users in Canada and the US, Coinbase was for a long time not available. But recently, it made its foray into the market and is now regulated by such authorities as FinCEN.
As a fully licensed mobile wallet app provider for Canada and the US, the platform offers both new and advanced users a wide range of services. For instance, it has trading services for newbies as well as experts.
In Australia and New Zealand, one of the most popular wallets is Jaxx, a mobile crypto wallet that is available for both Android and iOS. It supports a large number of digital assets and has a great user interface.
The platform supports Zcash. But it is not the most versatile or advanced platforms. Notably also, it has security weaknesses and at some point, it lost $400,000 worth of digital assets.
Thus, even though you can store your Zcash on Jaxx in Australia, it is not the most highly recommended platform. Using a regulated service provider like Coinbase offers more security. It also has higher functionality and versatility.
Differences Between Exchange, Hardware and Software Crypto Wallets
We have mentioned above the various types of wallets for Zcash. They include exchange wallets, hardware and software wallets. Let us briefly analyze their unique characteristics to help you differentiate them and choose the most appropriate for Zcash cryptocurrency.
Exchange Wallets
Crypto exchange platforms usually have wallets integrated so as to give users a place to hold or store different coins after purchase. However, they are not the best for long-term storage for your Zcash as they are online and therefore more vulnerable to attacks.
Here are our favorite Zcash exchange wallets:
- Binance Wallet
- Coinbase Wallet
Hardware Wallets
These are the safest wallets for Zcash and come in the form of physical devices that operate offline. You only need to connect them to a PC, mobile phone or the internet to load your funds and then disconnect them for secure funds storage.
There are a number of Zcash hardware wallet manufacturers in the market, offering different features and prices for their devices. The only point of caution is to buy them from licensed dealers to avoid counterfeit devices.
Here are some good examples of Zcash hardware wallets:
- Ledger Nano S
- Trezor
- KeepKey
Software Wallets
Using a software wallet for storing Zcash means that your funds are either on your computer or phone. Though such wallets are more secure than exchange wallets, they are still vulnerable due to their connection to the internet.
They are therefore not a suitable long-term storage solution but are the most convenient for storing your Zcash for day-to-day transactions.
Here are some good examples of Zcash software wallets:
- Guarda
- Coinomi
- Cryptonator
- Jaxx
Best Zcash Wallet on Mobile
Best Zcash Wallet Apple
There are numerous options of mobile wallets for Zcash that are compatible with iOS for use on Apple devices. One of the available options in this regard is Coinomi.
Not only is it free to use, but it has robust features. In terms of security, it incorporates a deterministic hierarchical algorithm which generates new wallet addresses for every transaction.
Another great choice is Coinbase which unlike almost all other wallets, is a regulated platform. It also offers a wide range of functions, exchange, trading and others for its users.
Best Zcash Wallet Android
Cryptonator wallet is among our top choices for Android users. It offers an instant crypto exchange feature and reasonable fees for transactions.
A highly versatile platform, Cryptonator is accessible on mobile as well as on PC and online.
Once again though, a regulated platform like Coinbase is our favourite recommendation, since its security is matchless.
There are hundreds of Zcash 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
From the above discussion of Zcash wallets, it is evident that you have a lot of options in the market. But it is important to exercise due caution when making your choice. When storing or transacting in Zcash (or any other cryptocurrency), security is one of the most important factors to consider.
To begin with, carry out a thorough research on the wallet service provider to avoid getting scammed. Be on the lookout for scam sites, whose URLs are slightly different from those of the authentic sites.
Second, find out what other users are saying about the wallet. Even the most secure wallet would pose an inconvenience if the support team is not helpful when you face a challenge.
Finally, after choosing your Zcash wallet, set a strong password and follow the recommended backup procedure. Remember to store your recovery phrase securely if it has one and never share this sensitive information with anyone.
FAQs
What is the difference between Zcash addresses that start with a T and those that start with a Z?
Those that start with a T are transparent addresses, publicly viewable while those starting with a Z are anonymous or shielded.
Does Zcash support multi-signature transactions?
Yes, but only on transparent addresses and not shielded addresses.
What is the difference between Zcash and Bitcoin?
Zcash is a fork of the Bitcoin blockchain which has built on the basic design on Bitcoin to include privacy features.
Are my funds safe during Zcash network upgrades?
Yes. But as a general practice, always make a backup of your wallet.
What happens to my funds if there is a bug in the network’s protocol?
In cases where the Zcash team discovers a bug in the software, an upgrade is swiftly implemented to keep your funds safe.
Who are the company’s investors?
Some of the well-known investors include Panterra Capital, Fenbushi Capital, London Trust Media, MapleVentures and many others.
