Tezos is among the most popular options for crypto investments with a growing community of supporters. If you are building your crypto investment portfolio, Tezos might be among the blockchain networks you might have considered. To get started, you will need a crypto wallet to hold and manage your Tezos investment. We have put together this guide, introducing you to the best Tezos wallets and compares their features to help you select the crypto wallet that best suits your needs.
What is Tezos?
Tezos is a blockchain network for smart contracts and decentralized applications with a token called “tez”. Unlike other popular cryptocurrencies, Tezos is not mined. Instead, Tezos works based on a proof of stake mechanism where users are directly involved in the development process. Stakeholders can submit and vote on proposals for protocol changes.
Tezos blocks are signed and published through a process called baking. The Tezos community can directly take part in baking, they must participate in Proof-of-Stake, which requires a minimum of 8,000 XTZ.
What is a Tezos Wallet?
Tezos wallets are any type of cryptocurrency wallet that supports the Tezos platform, allowing you to store, send and receive Tez. Below we’ll take a look at the different Tezos wallet types and options to help you determine which wallet is the best for storing XTZ.
Tezos Wallet Types
A hardware wallet is a small portable device that stores cryptocurrency offline. Typically, these devices can be plugged into a desktop or phone to help you view and manage your assets. These wallets are not connected to the internet, making them safer as they are less exposed to possible security breaches.
Desktop wallets store your crypto in software that is installed directly on your computer, facilitating management of your investments. In terms of security, your XTZ will remain protected as long as your computer is malware free.
Mobile wallets store your crypto’s private keys on your mobile device and give you access to complete transactions on-the-go . However, with this wallet type security is reduced since phones are at frequent risk of being lost, stolen or damaged, and can be affected by viruses or hackers.
Web wallets run completely online and are accessed by a browser. These wallets are considered custodial since an external online service is storing and trading your assets on your behalf. These wallets are considered to be less secure and reduce your control over your investment, however, they are easy to use and accessible from anywhere with an internet connection.
Best Tezos Wallet
Ledger Nano X (Hardware Wallet)
If you are leaning towards a hardware wallet, the Ledger Nano X is one of the strongest contenders in the category. This wallet supports over a thousand different coins and tokens and allows you to install up to 100 apps. The wallet itself is small and portable and includes two navigation buttons as well as a conveniently sized screen.
The Ledger Nano X also integrates with the Ledger Live platform which allows you to exchange crypto assets with a user-friendly interface. For increased accessibility, you can easily connect to your computer via USB and to your Android or iOS using Bluetooth.
Trezor Model T (Hardware Wallet)
Trezor is another popular choice for those looking for a Tezos hardware wallet that supports Tezos as well as over a thousand other cryptocurrencies. Among its advantages, this wallet has convenient design features such as a color touchscreen, a MicroSD card slot, and links to a desktop application that allows you to easily keep track of your investments and complete transactions.
Not only will your Tezos and other crypto coins be kept safely offline, the Model T wallet also implements a personal PIN to access and confirm transactions, a personal passphrase and device recovery measures.
Atomic Wallet (Desktop and Mobile)
Atomic Wallet is a software wallet supporting Tezos and many other cryptocurrencies and is available both for desktop and mobile devices. Despite being software based, Atomic encrypts your private keys and transaction info directly on your device. None of your information is stored on its database, guaranteeing your privacy and asset security.
The Atomic wallet supports over 300 cryptocurrencies and allows you to purchase crypto directly from the wallet using your local currency with any debit or credit card. Additionally, its “Swaps” feature allows wallet users to directly exchange crypto with others.
Guarda Wallet (Desktop, Mobile and Web)
Guarda wallet is available as a desktop application for Mac, Windows and Linux Users. Additionally, Guarda is also accessible as a mobile app for iOS and Android and on the web. Among its advantages, Guarda allows you to keep, buy, stake and exchange crypto for over 50 different coins directly from your wallet.
Overview: The Best Tezos Wallet
The Tezos platform and its proof-of-stake development process has seen a lot of growth and received a lot of attention since its birth. As you become a part of the Tezos community, you’ll need a safe and easy-to-manage wallet to hold your Tez. There are many Tezos wallets available on the market, including hardware and software wallets. Above, we’ve explored some of the most popular wallets across different categories, but ultimately the best wallet will depend on your own expertise, priorities and requirements.