What is a Tezos Wallet: Top 6 of the Best for Staking, NFTs and More
Key Questions Answered
- A Tezos wallet is a crypto wallet that can store the native cryptocurrency of the Tezos blockchain, XTZ.
- Users are rather spoiled for choice when it comes to the available XTZ wallets on the market, which can be broadly classified into software and hardware wallets.
- Some factors for consideration when selecting a Tezos wallet include ease of use, multi-asset versatility, deposit requirements and crypto exchange integration.
If you’re reading this article, you probably already know what a crypto wallet is and how it works. Unlike your physical wallet that can be used to store any type of local currency when you travel, crypto wallets are different.
Typically, Bitcoins can only be stored in Bitcoin wallets, ERC20 tokens can only be stored in Ethereum-compatible wallets, and so on.
However, there are currently several multi-asset wallets that can hold various types of crypto tokens.
This article focuses specifically on the XTZ crypto and which wallets are best suited for storing it, in terms of ease of use, security and functionality.
What is a Tezos Wallet?
A Tezos wallet stores the XTZ crypto, the native token of the Tezos blockchain. It enables one to hold, send and receive XTZ.
More advanced wallets come with crypto lending, savings accounts, staking as well as buying and selling (trading) functionalities.
Are XTZ Wallets Free To Use?
Most, if not all, Tezos wallets are free. The only cost to use is blockchain transaction fees, which is sometimes set by the wallet itself. Alternatively, some will let you have the option of paying higher fees to enjoy faster transaction time.
8 Considerations When Selecting Tezos Wallets (Or Any Crypto Wallet for That Matter)
- Security and privacy – avoid any wallets that do not provide PIN or 2FA measures, or those that have a track record of security breaches
- Backup/recovery features
- Ease of use
- Multi-asset versatility (can hold various cryptos)
- Low minimum deposit amount
- Integration with crypto exchanges
- Availability of customer support
A Non-Exhaustive List of Popular Tezos Wallets
1) Tezos Wallet for Overall Performance: AirGap
AirGap is a first-of-its-kind crypto wallets as it takes a two-device approach:
- The first device is a dedicated smartphone completely offline with an “air-gapped” network. This holds the private key.
- The second device is the everyday, connected device for carrying out daily transactions.
Apart from boasting top-notch security, this wallet is available for iOS, Android, and Web so that you can securely manage your Tezos holdings no matter what platform you use.
2) Tezos Wallet for Staking: Guarda
Generating passive income through crypto staking is a hot deal right now. To manage your staking investments, however, you need a trusted wallet with which you can access your assets whenever you need them.
Guarda is a popular Tezos staking solution, although this wallet also supports many other coins.
This wallet supports 400,000+ tokens and is very intuitive to use. XTZ staking is done in seconds, without unnecessary complications.
Also, with Guarda, you can get a prepaid Visa card to use your crypto funds for payments. The card is compatible with Apple Pay, while Guarda is available for macOS, iOS, Windows, Android, and even Linux.
3) Tezos Wallet for NFTs: Kukai
It’s hard to research the best Tezos wallet out there and not come across Kukai. In fact, Kukai is a non-custodial, browser-based crypto wallet that allows you to interact with DApps and NFTs in the Tezos ecosystem.
Even the wallet’s website impresses with its simplicity. There are only three options available:
- Import a wallet
- Create a new one
- Connect a Ledger
However, Kukai’s main distinguishing feature is that it offers offline transactions. This considerably elevates this Tezos wallet’s security level because sensitive information does not get leaked onto the internet.
You can also manage your Tezos NFT holdings exceptionally easily with Kukai.
4) Tezos Wallet for iOS: Trust Wallet
TrustWallet is one of the most popular crypto wallets, along with Metamask.
What sets TrustWallet apart from its competitor Metamask is that it’s only available on mobile devices. This can be both welcome and challenging for users, depending on their needs.
However, the fact is that TrustWallet is cementing its name as one of the most trusted crypto wallets for mobile devices, with its smooth user experience on both iOS and Android.
This crypto storage solution focuses on ease of use and security, such as storing your data on your device instead of a central server.
TrustWallet also offers DEX, so you can buy TEZ (and many other cryptos) directly through the wallet.
5) Tezos Wallet for Android: Temple
Temple is probably the most popular user choice for an XTZ wallet. Like Kukai, this solution was built for Tezos and is open source.
With Temple, you can do anything you want with your XTZs. You can simply store them, but you can also delegate them to other users, manage Tezos NFTs, and a bunch of other stuff.
Temple is available as a browser add-on that supports all popular browsers. Temple also recently released iOS and Android apps, which have received positive reviews.
This solution offers a single place to manage all your Tezos assets, as you can also import other Tezos wallets.
6) Hardware Tezos Wallet: Ledger
Finally, we come to hardware wallets. No surprises about our pick here, as the two most popular names in this category overall, are Ledger and Trezor; Trezor has an edge over Ledger as it is better integrated with the Tezos blockchain.
First of all, Ledger users can stake their XTZ coins through the Ledger Live app. This is an ideal solution for users looking for both the security of hardware wallets as well as the functionality of staking their tokens from one interface. Also, Ledger is compatible with two of the previously mentioned Tezos wallets—Kukai and Temple.
However, the main disadvantage of hardware wallets remains their cost. At the time of writing, the most affordable option is the Ledger Nano S Plus model, which goes for about $80 on the company’s website.
How To Decide Which Tezos Wallet Is Best For Me?
The wallets listed above offer a good mix of security and functionality, and are currently among the top choices for thousands of users, but if you’re still unsure what to choose, first think about how you will be interacting with your crypto.
For example, if you are going to be actively trading XTZ, you may want to store it on a software wallet for convenience.
If you hold a wide variety of crypto and you want to store all of it along with your XTZ on one device, you would want to check if it’s compatible with your other assets.
The bottomline when choosing a crypto wallet however, is the oft-spouted mantra, “not your keys, not your coins.” If you’re not holding the private keys to your coins, make sure that it is a trustworthy custodial wallet.
At the risk of becoming a nag, always be vigilant when entering your private key onto any DApp/wallet/platform.