Tezos, the proof-of-stake blockchain network for the XTZ token, has quickly gained popularity in the world of Crypto. As of today, Tezos investors have several wallets to choose from that support sending, receiving and storing XTZ tokens, with Guarda being one of the most popular options.
If you are looking for a Tezos wallet to store and manage XTZ and are considering the Guarda wallet, keep reading. We’ll get started by introducing you to the Guarda company, walk you through the wallet’s main features and take a look at its strengths and weaknesses.
Guarda Wallet for Tezos
Guarda is a non-custodial software wallet for crypto storage that launched fairly recently, in 2017. Above all, Guarda aims to provide its users security and easy management for their crypto assets. At the start, Guarda offered separate single-currency wallets, but now is available as a mobile, desktop and web browser wallet that supports multiple currencies and over 50 blockchains. Among the supported assets, Guarda supports the Tezos blockchains and the XTZ token.
Guarda Wallet Features
- Safely hold multiple assets in a single wallet, with more than 400k tokens are supported.
- Store and manage your crypto on a password protected interface.
- Send and receive crypto. You can easily send XTZ to others with their Tezos address.
- Rely on 24/7 live support from the Guarda team-
- Purchase XTZ and other cryptos using a bank card right from the wallet.
- Earn rewards by staking, which is available for over 10+ coins, including Tezos.
- Exchange your Tezos tokens directly on the wallet, with several trading pairs available.
- Use a Guarda visa card to spend your crypto.
When you create a Guarda wallet, you’ll need to directly import your private keys. At this time, it is also recommended to create backup files for all imported private keys. In order to access your wallet, users must enter their personal password on the desktop, mobile or browser interface.
Guarda wallets are non-custodial, which means that the company doesn’t store your private keys or data on their servers, giving you full control over your assets. However, this also gives you a greater responsibility over your password and backup files, which you must keep safely in order to avoid losing your funds. In the given case you forgot or lost your password, backup files and any private keys you are externally storing can help you recover your wallet. However, if this fails, Guarda will be unable to recover your data, since none of it is stored by the company servers.
If you are looking for additional security for your XTZ tokens and other crypto, you can store your private keys using a Ledger hardware wallet and connect it to your Guarda hardware wallet.
Finally, in terms of security, it is also important to note that Guarda wallet is open-source. This is important because users have access to the wallet’s code and are able to scan it for any security issues.
When using the Guarda wallet to complete transactions, users only need to pay for the network’s transaction fees, with no additional fees charged by Guarda itself. Additionally, for trading users pay exchange fees that are set by Guarda’s exchange partners plus the network commission and for purchases with fiat partners charge can range from 2% of transaction and down.
Guarda Wallet Pros
Guarda offers many attractive features for crypto investors starting with the wallet’s wide accessibility, with desktop, mobile and browser wallets. Additionally, Guarda offers its users the possibility to hold and trade many different assets due to its extensive multi-currency support. Users will also benefit from the on-wallet swaps, trading and staking functionalities.
Another advantage of this wallet, especially for new users or anyone needing help setting up or using the wallet, is that Guarda’s support is available 24/7.
Guarda Wallet Cons
In terms of security, it is always great news that a wallet is non-custodial and open source, however there are definitely other wallets out there that offer stronger security features. Like other software wallets, Guarda wallets can be prone to malware and viruses. At the same time, the user has additional responsibilities over the security of their assets, such as safekeeping passwords and backup files. Using a Ledger wallet and connecting it to your Guarda wallet can help increase security.
Guarda: The Verdict
Guarda is a widely accessible, easy to use software wallet enabling users to conveniently purchase, send, receive, hold, trade, and stake their assets. As one of the most popular wallets supporting the Tezos network, it makes a great wallet for those looking to manage their XTZ tokens while also being able to store and trade multiple other currencies. To increase security, investors can consider using a Ledger Hardware wallet with Guarda.