Cardano is one of the most significant crypto protocols, and its native token ADA remains hugely popular among investors. Let’s take a look at the top 5 Cardano wallets in 2022 and what they bring to the table. Before we begin, if you are interested in knowing more about Cardano, check out our What is Cardano? article.
Top 5 Best Cardano Wallets In 2022 – The List
Best Hardware Wallet For Cardano: Ledger Nano X
Ledger has, time and again, proven its mettle by creating the best hardware wallet in the market. Ledger’s S model supports over 1000 cryptos, including ADA. So, what makes Ledger wallets such an excellent investment?
Firstly, they have a brilliant interface and are super easy to use. The Ledger wallets have a familiar, USB-style design that requires you to plug them into your laptop/desktop and interact with the interface. Plus, you can always keep track of your balance without plugging in your Ledger Nano via the wallet’s screen.
The advantages of hardware wallets
Crypto wallets often fall under two categories – hot wallets and cold wallets.
- Hot wallets are continuously online, making them easy to use, but they can be susceptible to hacks.
- Cold wallets keep your coins offline. While they may not be easy to use for trading, they are highly secure.
Hardware wallets allow you to enjoy the best of both worlds. When it is not plugged in, your coins are safely stored offline. However, when you want to make some trades, you can simply plug your wallet in and do your thing.
Best Desktop Wallet For Cardano: Exodus
Up next, we have one of the most popular and secure mobile and desktop wallets out there – Exodus. Exodus Movement INC was founded in 2015 by JP Richardson and Daniel Castagnoli. Exodus is compatible since it’s available for Windows, Linux, Mac, Android, and iOS devices.
Exodus has the following features:
- A beginner-friendly UI, which is free to use.
- ShapeShift integration allows users to trade directly on the exchange from the wallet with extra speed and privacy.
- Directly stake specific cryptocurrencies (including ADA), and each APR (Annual Percentage Rate) ranges from 1.24% to 13.88%.
Exodus allows you to restore your wallet with these two methods:
- Every time you create the wallet, you get a 12-word passphrase, which you can use to restore your wallet in the future.
- You may also restore your wallet via an email sent to your linked account.
Best Trading Platform Wallet For Cardano: CoinSmart
Before we go any further, we highly recommend that you DON’T use a trading platform wallet to keep your coins in the long term. At the end of the day, not your keys, not your coins. However, there could be multiple reasons why you may want to use a trading platform wallet.
- You could be looking to sell off your ADA after the price reaches a particular level.
- You could be looking for a temporary place for your ADA in between wallets.
- You could be getting paid in ADA and want to change your tokens to something else before sending them to your wallet.
If you must use a trading platform wallet, then CoinSmart is the best way to go. Ideally, there are two things that you would want from the trading platform hosting your wallet:
- High security.
- High transparency.
Recently, CoinSmart got a green light from the Ontario Securities Commission (OSC) to act as a restricted dealer within the jurisdiction. A few days later, CoinSmart went public and became listed on the public markets. This means that CoinSmart is obligated by law to follow the best and most ethical business practices continually. So, if you were to use a trading platform wallet, you can trust CoinSmart’s.
Best Browser Wallet For Cardano: Yoroi
Yoroi is Cardano’s answer to MetaMask. It was designed by Yoroi and released in 2018. The wallet was designed by Emurgo – one of the foundational companies behind Cardano. The idea was to provide ADA holders with a web-based, light wallet for everyday transactions. Currently, wallet extensions are available for Chrome, Edge, and Firefox. The mobile app is also available for both Android and iOS users.
The UI is very clean and allows users a safe and fast environment to manage their holdings. Yoroi has been exhaustively tested and audited to check for potential vulnerabilities in its attack surface to maintain high safety standards. Plus, Yoroi is integrated with both Trezor and Ledger Nano wallets to provide smooth interoperability.
Ever since the Shelley upgrade, Yoroi now allows you to:
- Delegate and stake your ADA.
- Store your NFTs
Best Full Node Wallet For Cardano: Daedalus
Daedalus is a full node Cardano wallet developer by IOHK – the creators of Cardano. A full node wallet means that you need to download and continually update the full copy of the Cardano blockchain. The wallet is available on both Windows, Linux, and Mac. Therefore, if you wish to participate actively in Cardano’s consensus system as a slot leader, you must download the Daedalus wallet.
Daedalus allows you to maintain an unlimited number of wallets so you can freely experiment and test various features out. You may also use Daedalus to store NFTs and sort out the various Cardano stake pools via different criteria to extract important info.
Top 5 Best Cardano Wallets In 2022 – FAQ
Daedalus vs Yoroi – Which is better?
The two wallets most closely associated with Cardano are Daedalus and Yoroi because they were both made specifically for Cardano by Cardano-centric companies. However, they both have entirely different purposes.
|Purpose||Full Node Wallet||Light, browser wallet|
|Setup Time||Takes a long time since it requires blockchain syncing.||Very Fast|
|System Bandwidth Consumption||High||Minimal|
|Direct Ouroboros Participation||Yes||No|
Which is the best Cardano staking wallet?
Are you looking to participate in the consensus and governance process directly? If yes, then Daedalus is the way to go. Otherwise, if you are happy with delegation, then Yoroi should be good enough for you.
Which is the best CNFT wallet?
If you are just interested in Cardano NFTs and nothing else, then Yoroi is the best option for you.
Which is the best wallet for HODL?
If you are not interested in network governance and NFTs and want to hold ADA long-term, you are better off with a hardware wallet like Ledger Nano X.
Oh, by the way, this is a part of our series of blogs on Cardano. Up next, we have two more blogs on the following:
After these two, we will have a mega quiz on Cardano. Registered users who score 100% on the mega quiz will enter our lucky draw with $4,000 of total prizes, distributed like this:
- 20 users will get $50 of ADA credited to their account.
- 10 users will get $100 of ADA credited to their account.
- 4 users will get $250 of ADA credited to their account.
- 2 users will get $500 of ADA credited to their account.
Before you go, make sure you check out our Cardano guide.