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Altcoin Wallets: Tried and True, 2020 Version - #CryptoTrading

Where to store cryptocurrencies? Best ERC20 cold storage? See a list of altcoin wallets including multicoin wallets, web based wallets and hardware wallets.
Guide     · [basics]  · Author: @tradingfanbois

Lets start this article about altcoin wallets right off with the obligatory reminder.

For hodlers: It is not a good idea to keep untraded cryptocurrency on an exchange.

Exchanges hold larger amounts of crypto than personal wallets and therefore are more targeted by cyber criminals.

For traders: It is also not a good idea to send coins from one exchange to another.

Exchange transaction systems are a blackbox, especially with high-tech altcoins like Ethereum that support sending triggered by a smart contract.

An altcoin wallet will receive such transaction, but an exchange which has built in security mechanisms to avoid network spam might not. You can go spend months dealing with customer support to retrieve your funds, sure. But I guess you have better things to do.

And now, quick TLDR for those who don’t want to get paralyzed by too many options:

Your best bet in terms of altcoin storage

Everyone’s Favorite Altcoin Wallet: The Ledger Nano X

Ledger Nano X is particularly good for altcoin traders because it has larger memory capacity. That means a single device can house private keys of many more cryptocurrencies than Ledger Nano S.

Ledger wallets were the pioneers of supporting altcoins, and you will find most cryptos are supported unless they are really brand new.

  • Some of the supported cryptocurrencies: Bitcoin, Ethereum, IOTA, Ethereum Classic, Dogecoin, Litecoin, Zcash, Dash, Ripple, Stratis and all ERC20 compliant Ethereum tokens.

Since 2019, all Ledger wallets come with a secure app suite called Ledger Live.

The Nano X is often offered in discount bundles and recently Ledger also started experimenting with discount codes. We keep all such offers throughout the year on our Black Friday page.

Get Ledger Nano X   Check Year-Long BlackFriday Offers

Your most easy-to-use altcoin wallet

If you only need to store BTC, ETH and XLM, the best smartphone app for you in 2020 the blockchain.com wallet (formerly blockchain.info).

  • The smartphone app can be unlocked with PIN or fingerprint, if your device supports that.
  • Blockchain.com still provides the web interface, too. It has multiple levels of second and third factor authentication and options to only whitelist access from certain locations.

Be careful though: The blockchain.com wallet is the favorite target of imposter attacks. Always double check you are downloading the app from developer company Blockchain Luxembourg SARL.

If you need more altcoins or if you prefer a standalone app for phones and desktop with no website interface, go with Exodus.io.

  • Exodus has been adding easy support of popular ERC20 tokens as well as selected stablecoins.
  • If Exodus and Jaxx used to be competitors, Exodus won.

Now for the detailed stuff.

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Hardware Wallets for Altcoins Storage

If you are planning to hold an altcoin for more than one year, you should really get a hardware wallet. You will still need to keep it updated, but in your case you are still getting the best security even from basic setups.

The reason is that your chances of messing up something or getting hacked are minimal if you have the private key on any dedicated device simply thanks to the fact that you don’t use the device on a daily basis.

The easiest choice here is a commercial hardware wallet device, but you can absolutely have a phone app on a dedicated smartphone, or Electrum on a dedicated laptop.

Ledger Wallet for Altcoins

It seems unbelievable now but back in 2016 Ledger Wallet used to claim they would not support any altcoins. They started adding altcoin support to Nano S with the first altcoin bubble in 2017.

  • Nano S is not the best option though, because it has a limited memory capacity and can only hold one or two different crypto wallets.
  • A single Ledger Nano X is way better in this aspect.
  • You might still prefer Nano S if you want to split your holdings into multiple devices. There are bundles available.

Native Support: Bitcoin, Ethereum, Ethereum Classic, Dogecoin, Litecoin, Zcash, Dash, Ripple, Stratis.

Via 3rd party private key management: All Ethereum tokens of the ERC20 standard. All ETH tokens can be managed using Ledger Nano S and Ledger Blue with MyEtherWallet.

On Reddit:

Get Ledger Nano X   Current Bundle Offers

Trezor wallet for Altcoins

Trezor utilizes similar system as Ledger Wallet. There is a set of native apps, you are able to manage several cryptocurrency wallets from a web app after unlocking your access with your PIN.

Trezor is not as popular as ledger because it’s more expensive and less user-friendly.

  • TREZOR supports natively: BTC, ETH, DASH, LTC and ZCASH.
  • Via 3rd party private key management: Any ERC20 token via MyEtherWallet.

On Reddit:

 

Electrum Forks

While Electrum for Bitcoin (https://electrum.org/) is a safe option, you should be careful with Electrum for altcoins. The altcoin versions of Electrum were not developed by the same author as the original Electrum.

They are just forks - the Electrum code is open-sourced.

Some of them can be malicious or forked from an old version of Electrum that has a vulnerability:

You should only use an Electrum fork if you are able to check its codebase and confirm the code is not malicious.

These two Electrum forks have been quite popular:

Best Monero Wallet

MyMonero Lightweight Wallet

MyMonero

MyMonero has been long endorsed on the Monero’s official website (getmonero.com).

It has been around for years, originally only available as a web wallet. In 2020 you get the monero web wallet and a desktop/smartphone app.

The wallet is super simple. No sign up, just a private key generation. The key is not stored on the server, you are the only person who has it.

Best Multi-Coin Wallets

Exodus Multicoin Wallet

https://www.exodus.io/

Exodus was the first multicoin wallet to integrate an altcoin exchange right inside the app.

It’s currently your best option for a multicoin wallet: The amount of supported coins is the largest, the support is great, you get a status page in case your app gets sluggish and the app also integrates with TREZOR hardware wallets.

Exodus wallet is super user-friendly and great for the beginners:

  • You launch the wallet as any other app, no user sign up.
  • As there are over 100 altcoins supported, you need to enable wallet functionality for any coin you want to store.
  • Wallets are automatically generated for you. No seed handling etc.
  • To see your private keys (seed), you need to run backup. The Exodus backup option is only unlocked after you make a deposit though, as for an empty wallet you don’t need a backup.
  • At the same time, the only owner of your private keys is you.

Supported coins: BTC, ETH, ERC20 tokens, Tezos, EOS, XRP, TRX… = 110 cryptoassets in total

Jaxx Multicoin Wallet

https://www.jaxx.io/

Still one of the most popular multicoin wallets these days is Jaxx. It is available as browser extension, desktop app and mobile app - although the choice of supported coins differs.

Jaxx wallet is super user-friendly and great for the beginners:

  • You launch the wallet as any other app, no user sign up.
  • Wallets are automatically generated for you. No seed handling etc.
  • To see your private keys (seed), you need to run backup. You will find this option under settings on the right hand side.
  • At the same time, the only owner of your private keys is you.

Since Jaxx 1.2 you get Shapeshift integrated within the wallet.

Supported coins: BTC, ETH, ERC20 via MyEtherWallet, ETC, DASH, LTC, REP, RSK, ZEC… = 90 cryptoassets in total

Web Based Multi-Altcoin Wallets

Most web-based wallets, the private keys are stored by a third party. You should not consider these as a safe altcoin storage.

Opt for blockchain.com or one of the multicoin wallets above for a good ratio of convenience and security.

 

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