Choosing a Stellar wallet that fits your needs is an important step for anyone deciding to invest in cryptocurrency. After purchasing Stellar on a cryptocurrency exchange platform, you will need to transfer them to a compatible wallet. This is the best way to secure them and take advantage of its functionality without going through a third-party site or service.
What is a Stellar wallet?
A Stellar wallet is a cryptocurrency wallet compatible with Stellar. Find out below what a wallet is and what the advantages are of using it.
Definition of a wallet: reminder
A wallet, or cryptocurrency wallet, is a support allowing the storage of the private key giving access to cryptocurrencies belonging to you on the blockchain.
The advantages of using a wallet
By using a wallet, you are the only one who has access to your cryptocurrencies.
You are both solely responsible for and the sole owner of your private key. It also protects you from potential hacking of your online trading platform, which could affect the cryptocurrencies in your account.
The different types of wallets
You can find many kinds of wallets to protect your crypto assets:
- The wallets online : These are wallets in the cloud, usually accounts associated with trading platforms. They are free, but offer a lower level of security because stored directly on the internet and therefore more easily accessible to hacking;
- The wallet apps : free, simple to use and rather reliable, they allow you to generate your private key locally on your computer or smartphone. However, they are potentially vulnerable certain malware because they are constantly connected to the Internet;
- The desktop wallets : these are software to install on computer. Like wallet applications, they require you to remain vigilant in the face of malware that could infect the computer;
- The hardware wallets : these are physical devices specifically designed for the purpose of generating and securing wallets for one or more cryptocurrencies. Available at affordable prices, they are the best option for anyone with a substantial amount of cryptocurrencies.
To note : As of this writing, possible new ways to protect its various cryptocurrencies, including Stellar, are beginning to surface.
The 3 best wallets for Stellar
Discover below the 3 best wallets to protect the private key giving access to your Stellar.
Ledger Nano S
The Ledger Nano S is a hardware wallet compatible with Stellar, developed by the French start-up Ledger. It is one of the cheapest hardware wallets on the market and one of the most renowned in the community.
The Ledger Nano S connects to your computer using a micro USB / USB cable and allows you send and receive transactions in a large number of cryptocurrencies, including Stellar. It comes with an easy-to-use official app, Ledger Live, which will allow you to manage your portfolio from your computer.
Solar Wallet is a wallet application available on Windows, Mac OS, Linux, but also iOS and Android.
Developed exclusively for the purpose of storing Stellar, Solar Wallet is a solution that is both simple and meets Open Source criteria (possibility of free redistribution, access to source code, etc.), designed with the aim of providing high level of security for inexperienced users. It is also capable of supporting more complex security options such as multi-sig, a system that requires two-factor authentication.
Atomic is a wallet application compatible with over 300 different cryptocurrencies, including Stellar. Available on most operating systems, it stands out for its sleek interface grouping all the cryptocurrencies in your possession.
Atomic Wallet is capable of performing Atomic Swaps, which are instant conversions from one cryptocurrency to another. You will also have the option of purchasing cryptocurrencies directly using a simple bank card.
What should you remember about choosing a wallet for Stellar?
There are many wallet options for Stellar. To choose a cryptocurrency wallet that meets your needs, you will need to take into account two major factors :
- the amount of Stellar in your possession
- how you plan to use it.
If you simply want to secure and keep a large amount of Stellar for several years to take advantage of long-term price movements, you will be satisfied with a high security solution such as a hardware wallet. Conversely, to store small sums that you want to be able to spend at any time, prefer a wallet application on your smartphone.
When choosing your wallet, you will be faced with many options. However, a good analysis of your needs and your daily use of cryptocurrencies will help you make the choice that suits you best, especially if you get started in cryptocurrencies.