Cardano (ADA) is a large-cap cryptocurrency that operates on its own blockchain. There are many cryptocurrency wallets that support ADA tokens, including both custodial and non-custodial options.
This guide compares the best Cardano wallets for 2024. We cover the most important metrics surrounding security, useability, supported features, customer service, pricing, and much more.
The Top Cardano Wallets Ranked
Listed below are the best Cardano wallets for 2024.
- Best Wallet – A top non-custodial wallet compatible with Ethereum, Polygon, and BSC Mainnet, with plans to include Bitcoin and other blockchains like Cardano. Features a built-in DEX, portfolio management, real-time market updates, a section on upcoming token airdrops, strong security measures, and comprehensive NFT support.
- Trezor Model One – Long-term Cardano investors might consider the Trezor Model One. This is a Cardano hardware wallet that retails for $69. The wallet’s private keys are encrypted within the device and are never connected to the internet. A PIN is required to transfer ADA tokens to another address – entered on the device itself. The Trezor Model One supports over 1,200 other cryptocurrencies, including some of the best altcoins.
- Trezor Model T – A high-security, user-friendly hardware wallet that Supports 8,000+ cryptos, including Cardano. It features a 1.54” LCD touchscreen and also has DeFi integration.
- Ledger Nano S Plus – Another hardware wallet to consider when storing Cardano is the Ledger Nano S Plus. This is the entry-level Ledger device that retails for just $79. This offers good value for the security features provided. What’s more, the Ledger Nano S Plus supports Cardano staking via AdaLite, which charges just 3%.
- BitBox02: A sleek, secure hardware wallet priced with an OLED screen, touch sliders, and USB-C connectivity. It supports over 1,500 cryptos and has the ATECC608A security chip.
- Ellipal Wallet: A highly secure, air-gapped hardware wallet launched that features a large 4-inch touchscreen and strong aluminum alloy build. It supports over 10,000 digital assets and integrates with a mobile app.
- SafePal Wallet: An affordable, secure hardware wallet developed by Binance Labs that offers EAL5+ security, an air-gapped signing mechanism, and supports 10,000+ assets.
- SecuX: Offers two models- the V20 with a large 2.8-inch touchscreen and the Shield BIO with biometric authentication. It supports over 1,000 cryptos and features military-grade security.
- CoolWallet Pro: A thin, card-sized hardware wallet with CC EAL 6+. It has biometric authentication, Bluetooth connectivity, and supports crypto staking.
- CoinSpot: An Australian crypto exchange established in 2013, offering strong security and low fees. Supports over 410 cryptocurrencies, including a crypto debit card and NFT marketplace.
- Binance – One of the best crypto exchanges in the market, Binance also offers a native web wallet. This can be accessed by logging into the Binance account. This option will suit active ADA traders, considering the wallet connects to the Binance exchange. Trading commissions start from just 0.1% per slide. Binance also supports ADA savings accounts.
- Trust Wallet – Often considered one of the best non-custodial wallets, Trust Wallet supports Cardano and 70 other blockchain standards. This Cardano wallet comes as a mobile app and Chrome extension. It has an in-built staking tool that finds the highest Cardano APYs. Trust Wallet also makes it seamless to connect to Web 3.0 applications.
- Coinbase – One of the largest cryptocurrency exchanges globally, Coinbase offers a safe web wallet to store ADA tokens. The wallet comes with plenty of security features, including device whitelisting, two-factor authentication, and withdrawal timelocks. Coinbase keeps 98% of the client-owned ADA tokens in cold storage.
- Exodus – This free non-custodial wallet can be accessed via web browsers, desktop software, and smartphones. It supports Cardano and dozens of other networks, making it ideal for diversified portfolios. Exodus also makes it simple to connect to dApps and swap tokens without leaving the wallet interface.
While the number of Cardano wallets continues to grow, the above list covers the most reputable providers. Read on to find out more about each Cardano wallet, including its core features, pros, and cons.
What is a Cardano Wallet? The Basics Explained
- Cardano wallets allow investors to store, send, and receive ADA tokens.
- Cardano wallets can be both custodial and non-custodial, which determines whether the user or a third party safeguards the private keys.
- Some Cardano wallets allow investors to stake their ADA tokens, yielding passive rewards for keeping the network safe.
Like all cryptocurrencies, Cardano is a digital asset that must be stored in a wallet. This ensures that the ADA tokens are kept safe, away from the hands of scammers and hackers. Moreover, Cardano wallets allow investors to send and receive ADA tokens.
When setting up a Cardano wallet, users will be given a public address. This will be unique to the wallet and allows users to receive funds. Sending funds to another person will require the receiver’s wallet address. Wallet-to-wallet transactions are executed by the Cardano blockchain, meaning no third-party interaction.
Cardano wallets can also serve other tasks. For example, the eToro wallet allows users to buy and sell ADA tokens alongside 90 other cryptocurrencies. Please be aware that US users on eToro can only trade Bitcoin, Ethereum, and Bitcoin Cash.
There are many different types of Cardano wallets to choose from. This includes mobile, desktop, and web wallets, as well as hardware devices. Investors will also need to choose from a custodial or non-custodial wallet.
Custodial ADA wallets give control of the private keys to an entity, like a regulated exchange. While non-custodial ADA wallets give investors full control of their private keys. We explain all Cardano wallet types further down in this guide, allowing ADA investors to make informed decisions.
Why You Need an ADA Wallet
There are many reasons why Cardano investors need a suitable ADA wallet.
This includes the following:
Send and Receive ADA
To engage with the Cardano blockchain, transactions are conducted on a wallet-to-wallet basis.
This means that investors need a Cardano wallet to send and receive ADA tokens. Average transaction times on the Cardano blockchain take just 20 seconds.
Secure Cardano Investments
The safest way to secure ADA investments is via a Cardano wallet. This ensures that the ADA tokens remain safe, away from the threat of a remote hack.
Wallet security will vary from one Cardano wallet to the next. Custodial wallets often offer two-factor authentication and cold storage. While non-custodial wallets are protected by passwords and backup passphrases.
Earn ADA Staking Rewards
Top Cardano wallets allow users to stake ADA tokens. This rewards users for keeping the Cardano network secure.
APYs will vary depending on the wallet and staking provider. Users should check the fundamentals before depositing any ADA tokens.
Other Cardano wallets, however, might have minimum staking terms in place.
Buy, Sell, and Trade Cardano
Many Cardano wallets now come with in-built trading tools.
- Exodus, for example, allows users to connect to the SundaeSwap exchange. This is a decentralized exchange supporting Cardano-based tokens.
- Binance is also ideal for storing and trading Cardano, with its wallet supporting hundreds of trading pairs.
Ultimately, the best Cardano wallets provide everything an investor needs – without needing to use external platforms. This includes everything from storing and staking ADA to trading.
Best Cardano Wallets Reviewed
Now we have covered the basics of how Cardano wallets work, let’s move on to our reviews.
Below, we compare the best Cardano wallets in the market, covering safety, supported device types, pricing, features, and more.
1. Best Wallet – Overall Best Cardano Wallet With High Security And Features Like Real-Time Market Insights And NFT Functions
Best Wallet is a feature-rich, non-custodial wallet that goes beyond traditional offerings, making it one of the top Cardano wallets.
With unique elements like DEX integration, multi-chain support, and real-time market insights, it aims to differentiate itself in the crowded crypto wallet market.
Best Wallet offers a consolidated dashboard to manage crypto assets from Ethereum, Polygon, and BSC Mainnet blockchains. Future updates aim to add support for Bitcoin and other major blockchains like Cardano.
This eliminates the need for users to toggle between multiple wallets, providing a simple solution for asset management.
The wallet features a built-in decentralized exchange designed for user convenience. You don’t need to go through registration hassles, and the DEX matches you with optimal liquidity pools for economic trades. The Best DEX improves the trading experience with real-time charts and analytics.
One of the standout features is the provision of real-time market insights. Users get timely updates on industry news, token sentiments, and pivotal project developments. Additionally, Best Wallet keeps you in the loop about promising tokens before they list on exchanges.
The BEST token airdrop is another unique feature, offering zero gas fees and additional airdrop access. General airdrops for tokens like Plasm AI and Axie Infinity are also available, rewarding early users.
Best Wallet prioritizes security by using advanced cryptographic tools, multi-factor authentication, and plans for biometric security, ensuring that your assets are well-protected.
Best Wallet also offers an in-app NFT gallery where NFT enthusiasts can efficiently manage, buy, and sell digital collectibles.
Upcoming Features
- Portfolio Management: An in-the-works feature to track real-time profits and losses and manage funds.
- Multi-Wallet Support: An upcoming feature enabling users to manage multiple wallets.
- NFT Functionalities: Future updates will offer features like staking benefits and a bridge between chains.
For the latest updates, follow Best Wallet on their social channels, the links to which can be found on its Linktree.
If bought via Best DEX – based on a specific liquidity pool.
Type of Wallet
Supported Cryptos
Fees
Mobile App?
Staking/Interest?
Staking Interest Rate/ Perks
Non-custodial mobile app
Ethereum, Polygon, BSC, and others.
Depends on the third-party service providers.
Yes
Yes
Zero gas fees, special voting rights relating to the Best Ecosystem, airdrops, and other perks.
Pros 
Cons 
Cryptoassets are a highly volatile unregulated investment product.
2. Trezor Model One – Safest Cardano Wallet That Retails for Just $69
Looking for the safest Cardano wallet in the market? The Trezor Model One is a great option. This is a hardware wallet that stores ADA tokens offline. The device is never connected to the internet, removing the threat of a remote hack. Moreover, only the user has access to their private keys, backed by a 12 or 24-word passphrase.
We also like that outgoing transfers can only be authorized on the device itself. First, the user will need to set up the transaction details on the Trezor Suite app, which is supported by iOS, Android, Windows, Linux, and Mac. Then, the user will connect the hardware device via a USB cable.
This will transmit the transaction to the Trezor Model One device. Finally, the user will be required to enter their PIN onto the device to confirm the transfer. While cumbersome, this is the best ADA wallet for security. That said, a major drawback of the Trezor Model One is that it does not support ADA staking. For this, users will need to buy the advanced Model T, which retails for $219.
Non-custodial storage
Type of Wallet
Supported Cryptos
Fees
Mobile App?
Staking/Interest?
Staking/Interest Rate
Hardware wallet
Nearly 1,300 cryptocurrencies, including Cardano, Bitcoin, Ethereum, and XRP
$69 to buy the device. GAS is charged at the real-time rate quoted by miners. Fiat purchases are processed via third parties at fees of up to 5.75%.
Yes
Not supported on the Model One. To stake ADA, users need to buy the Model T at $219.
N/A
Pros
Cons
3. Trezor Model T – Promising Cardano Wallet With High Security
Launched in 2018, the Trezor Model T is a hardware wallet known for its advanced security and user-friendly features.
It supports over 8,000 coins and tokens, including prominent ones like Cardano, Bitcoin, Ethereum, and Litecoin, and is integrated with DeFi applications.
In terms of design, the Model T has a 1.54” LCD touchscreen, which is a massive improvement from previous models.
This allows easier asset management, appealing to beginners and experienced crypto users. Although primarily designed for desktop use, it has a USB-C connection and is compatible with the Trezor Suite mobile app, adding to its versatility.
A key feature of the Model T is its support for crypto staking, enabling users to earn passive income by locking in their assets, a well-needed DeFi feature.
From a security standpoint, the wallet offers multiple protection layers, including customizable PINs, secure firmware updates, and the Shamir Backup system for recovery phrase safety.
Its open-source code and adherence to CE and RoHS standards further show its commitment to security and quality.
However, the Model T is priced at the higher market end ($219), which might be a constraint for some users.
Additionally, it lacks Bluetooth functionality and has limited mobile support, potentially limiting its appeal to users who prioritize flexibility and mobile use.
Non-custodial storage
Type of Wallet
Supported Cryptos
Fees
Mobile App?
Staking/Interest?
Staking/Interest Rate
Hardware wallet
Over 8,000 including Cardano, Bitcoin, Ethereum
Models ‘One’ and ‘T’ cost $69 and $219, respectively. Standard GAS fees are payable when making transfers.
Yes, Trezor Suite mobile app
Yes, but doesn’t support Tether
Varies
Pros
Cons
4. Ledger Nano S Plus – Hardware Cardano Wallet With In-Built Staking Tool
This service is provided by AdaLite, which takes just 3% of the ADA staking rewards. This is significantly more cost-effective than the 35% taken by Coinbase. What’s more, the Ledger Nano S Plus is one of the safest ADA wallets in the market. The wallet is always offline, and transactions do not require an internet connection.
When setting up the Ledger Nano S Plus wallet, users can select a PIN between 4 and 8 digits. This PIN will need to be entered to verify transactions. The Ledger Nano S Plus also provides users with their private keys, so it’s one of the best non-custodial options available.
Non-custodial storage 3% staking fee via AdaLite
Type of Wallet
Supported Cryptos
Fees
Mobile App?
Staking/Interest?
Staking/Interest Rate
Hardware wallet
Over 5,000 cryptocurrencies across multiple blockchains, including Cardano, Bitcoin, Ethereum, Polkadot, and Binance Smart Chain
$79 to buy the device.
Yes
Yes, provided by AdaLite
Determined by Cardano network conditions
Pros
Cons
5. BitBox02 – Highly Secure Wallet With A Modern Design And Multi-Crypto Support
BitBox02 is an emerging hardware wallet combining security, ease of use, and modern design. At approximately $115.83, it aims to balance affordability and high-end features, catering to users looking for a secure crypto storage solution.
Design-wise, the BitBox02 has an OLED screen and touch sliders, improving user interaction and the device’s visual appeal.
Its USB-C connector ensures easy connection with various devices, including newer computers and Android phones, ideal for mobile transactions.
In terms of security, the BitBox02 uses the ATECC608A chip, which protects against physical and brute-force attacks.
It supports Tor and full-node connections for privacy and offers multi-sig wallets and FIDO U2F for additional security layers.
The wallet is compatible with many cryptos, including Cardano, Bitcoin, Ethereum, Litecoin, and over 1500 ERC-20 tokens.
The BitBoxApp has a smooth setup process, which includes password creation and a unique microSD card backup, offering an intuitive alternative to traditional seed phrases.
The BitBox02 has a three-step security process. This includes accessing secrets from the secure chip and microcontroller, and the device password, which is not stored in the wallet. This multi-layered approach ensures a high level of security.
The wallet is an accessible option for those weighing costs against advanced features. It also features a 128×46 px OLED Display.
Type of Wallet
Supported Cryptos
Fees
Mobile App?
Staking/Interest?
Staking/Interest Rate
Hardware
Bitcoin, Ethereum, Litecoin, 1500+ ERC-20 tokens
Depends on third-party providers
Yes
Yes
Varies
Pros
Cons
6. Ellipal Wallet – Emerging Cardano Hardware Wallet With A Large Touchscreen And High Security
Launched in 2018, the Ellipal wallet is a promising hardware wallet known for its high-security features. Its key feature is an air-gapped system, which disconnects it from the internet and external devices like USB, Bluetooth, WiFi, NFC, and cellular connections, massively lowering the risk of online attacks.
The wallet’s design, especially in the Titan 2.0 model, offers durability with its solid aluminum alloy build, making it resistant to dust, water, and tampering.
It resembles a compact smartphone, featuring a large 4-inch touchscreen and a 5-megapixel camera integrated for QR code scanning. The Titan 2.0 model also includes a 4” full-lamination IPS display with responsive touch.
Ellipal supports over 10,000 digital assets across nearly 50 blockchains. It pairs with the Ellipal mobile app, available for Android and iOS, allowing quick transactions, crypto swaps, Web 3 integrations, and NFT dealings.
For security, the wallet uses 2FA authentication options like PIN, password, numeric passwords, gesture pins, and an auto-self-destruct mechanism that resets the wallet in case of tampering.
It is EAL5 certified with a secure element for fund protection and a fully metal-sealed construction against physical and supply chain attacks. Also, the firmware updates are performed offline using a microSD card, maintaining the air-gapped status.
Priced at $169, the Ellipal wallet aims to balance advanced security features, extensive crypto compatibility, and a user-friendly design.
Type of Wallet
Supported Cryptos
Fees
Mobile App?
Staking/Interest?
Staking/Interest Rate
Hardware
1000+ across nearly 50 blockchains
Depends on third-party providers
Yes
Yes
Varies
Pros
Cons
7. SafePal Wallet – Promising Cardano Hardware Wallet That’s Portable And Highly Secure
The SafePal wallet, developed by Binance Labs, is a hardware crypto wallet known for its affordability and strong security.
At approximately $50, it offers an economical option for managing various digital assets, including cryptos and NFTs, suitable for newcomers and experienced users.
The SafePal S1 is equipped with an EAL5+ secure element chip, offering top-tier protection for digital assets. It also features a self-destruct mechanism and two-factor authentication, boosting defenses against unauthorized access and hacking.
Additionally, operating entirely offline, the wallet’s 100% air-gapped signing mechanism considerably lowers the risk of cyber threats. It also uses a random number generator for private key creation, enhancing its security.
The wallet supports over 10,000 digital assets across over 100 blockchains, ensuring wide-ranging accessibility. It offers a user-friendly interface, a credit card-like size, and a 1.4” full-color screen.
The SafePal S1 integrates a decentralized exchange and allows direct Binance Spot trading within its app, simplifying crypto exchanges and trades.
It is also compatible with the SafePal app on various platforms but is limited to this app for integration, which may restrict users desiring broader wallet or exchange compatibility.
Despite its budget-friendly price, the SafePal S1 prioritizes practicality and security over an ‘aesthetic’ design. Its battery life may be limited, but its design focuses on ease of use and portability.
Type of Wallet
Supported Cryptos
Fees
Mobile App?
Staking/Interest?
Staking/Interest Rate
Hardware
1000+
Depends on third-party providers
Yes
Yes
Varies
Pros
Cons
8. SecuX – Highly Secure And User-Friendly Wallet With Two Flagship Models
SecuX is a promising wallet known for its security and user-friendly design. It offers two flagship models: the V20 and the Shield BIO, each designed to cater to user preferences while ensuring high-security standards.
SecuX V20 Features:
- Large Touchscreen: has a 2.8-inch color touchscreen, one of the largest in the market, for easy navigation and transaction management.
- Premium Build: Features a polished aluminum chassis, offering greater durability and a premium feel than traditional plastic wallets.
- High-Security Chip: Equipped with the Infineon SLE Solid Flash CC EAL5+ Secure Element chip, it ensures military-grade security, ideal for significant crypto holdings.
- Extensive Token Support: Compatible with Cardano, Bitcoin, Ethereum, Litecoin, and over 1,000 ERC20 tokens.
- Connectivity: Includes Bluetooth 5 and USB Type-C, ensuring compatibility with various operating systems.
SecuX Shield BIO Features:
- Biometric Authentication: The Shield BIO has biometric recognition, providing a strong security layer and resistance against unauthorized access.
- Compact Design: Resembling a credit card in size, the Shield BIO is highly portable, making it convenient for on-the-go use.
- Touch Configuration: Supports over 10,000 cryptos with an easy-to-use touch interface.
- Cross-Platform Compatibility: This can be managed via the SecuX mobile app, available for iOS and Android users.
- Military Grade Security: Uses a CC EAL5+ secure element chip for high security in storing digital assets.
The V20 and Shield BIO are priced at $149, balancing high-end security features and affordability.
The SecuX wallets do not charge additional trading fees, with costs depending on third-party services used alongside the wallet.
Type of Wallet
Supported Cryptos
Fees
Mobile App?
Staking/Interest?
Staking/Interest Rate
Hardware
1000+
Depends on third-party providers
Yes
Yes
Varies
Pros
Cons
9. CoolWallet – User-Friendly Wallet With A Military Grade Security Chip
The CoolWallet Pro is an emerging hardware wallet with high portability and security. The wallet mimics a credit card’s size, being extremely thin (0.8mm) and lightweight (6 grams), fitting into a standard wallet. It is built to be tamper-proof and waterproof, making it resilient and suitable for everyday use.
The core of the CoolWallet Pro’s security is the CC EAL 6+ military-grade security chip, offering high-level protection comparable to banking standards.
This safeguards digital assets against various cyber threats. Additionally, it improves security with biometric authentication and pairs smoothly with mobile devices via Bluetooth.
The wallet also has staking support for cryptos such as Tron, Cosmos, and Polkadot and plans to include Tezos, Cardano, and ETH2.0 tokens.
Integrated with a user-friendly mobile app for Android and iOS, it also allows convenient asset management and direct trading.
The CoolWallet Pro has a satisfactory battery life, lasting 2-3 weeks on a full charge. Priced at $149, it is on the higher end, yet its advanced security, staking capabilities, and user-friendliness make it worthwhile for users valuing these aspects.
Type of Wallet
Supported Cryptos
Fees
Mobile App?
Staking/Interest?
Staking/Interest Rate
Hardware
Major cryptos and ERC-20 tokens
Depends on third-party providers
Yes
Yes
Varies
Pros
Cons
10. CoinSpot – Promising Crypto Exchange With High Security And Low Fees
Founded in 2013, CoinSpot is a prominent Australian crypto exchange that caters to diverse users, from beginners to experienced traders and investors.
It prioritizes the security of user funds. It uses advanced encryption, two-factor authentication, and multi-signature transactions.
Compliant with Australia’s AML/CTF regulations, it has a strong reputation for reliability and no record of security breaches.
The interface of CoinSpot is designed for simplicity. It simplifies portfolio management and transaction processes to improve user accessibility and efficiency.
CoinSpot controls private keys, which might concern those preferring full custody over their funds. Also, limited multi-signature support and non-open source code could be potential security concerns.
Primarily serving the Australian market, its appeal may be limited globally due to its focus on AUD transactions.
The platform supports over 410 cryptos, including leading ones like Cardano, Bitcoin, Ethereum, and Tether. Additional features include a crypto debit card and an NFT marketplace.
CoinSpot offers competitive fees, with 0.1% for market orders in spot trading. Other transactions like instant buys, swaps, and recurring purchases have higher fees of 1%.
The platform provides free deposits, free AUD withdrawals, and low crypto withdrawal fees, making it cost-effective, particularly for Australian users.
Type of Wallet
Supported Cryptos
Fees
Mobile App?
Staking/Interest?
Staking/Interest Rate
Software/Hardware
410+
0.1% spot trading, 1% for instant buys/swaps
Yes
Yes
Varies
Pros
Cons
11. Binance – One of the Most Convenient Web Wallets for Storing and Trading ADA
Regarding the latter, Binance Earn supports ADA savings accounts with various lock-up terms. For example, 120-day terms yield an APY of 3.9%. While flexible terms yield 1.34%. Binance also offers ADA ‘dual investments’. These are similar to futures, allowing investors to add leverage to their ADA positions. Additionally, the Binance spot exchange supports over 350 cryptocurrencies. Buy and sell orders are charged just 0.1%.
When it comes to security, the Binance web wallet is custodial. Accounts are protected by two-factor authentication, plus IP address whitelisting. Binance also keeps the majority of client-owned ADA tokens in cold storage. What’s more, withdrawal fees on Binance amount to just 0.8 ADA. Based on current ADA/USD prices, this converts to just $0.21.
Custodial storage Offers ADA savings accounts and dual investments.
Type of Wallet
Supported Cryptos
Fees
Mobile App?
Staking/Interest?
Staking/Interest Rate
Mobile app
350 cryptocurrencies across multiple blockchain networks, including Cardano, Ethereum, Bitcoin, Solana, Arbitrum, Polygon, and BNB
0.1% commission per slide for trading. Outgoing transfers are charged a flat fee (currently 0.8 ADA).
Yes
Yes – but staking pools do not support Cardano.
ADA savings accounts yield up to 3.9%
Pros
Cons
12. Trust Wallet – Hot Wallet Storage For Cardano and 70+ Other Networks
Trust Wallet is one of the best hot wallets for storing Cardano. It comes as a mobile app for iOS and Android, alongside a Chrome browser extension. Although Trust Wallet is owned by Binance, it is 100% decentralized. As such, only the user has access to their private keys.
Trust Wallet stands out for the number of cryptocurrencies it supports. In addition to Cardano, this stands at over 4.5 million digital assets – including NFTs. Supported networks include Bitcoin, XRP, Solana, Litecoin, Ethereum, and Binance Smart Chain. Not only is Trust Wallet free to use, but it comes with plenty of features.
For example, our Trust Wallet review found that it supports in-app token swaps. This allows investors to buy or sell Cardano without leaving the wallet. Trust Wallet also supports in-app Cardano staking. What’s more, Trust Wallet connects to dApps, allowing users to trade and earn without using a centralized exchange.
Non-custodial storage
Type of Wallet
Supported Cryptos
Fees
Mobile App?
Staking/Interest?
Staking/Interest Rate
Browser extension and mobile app.
4.5 million tokens across 70 blockchain networks
No fees for storing and receiving crypto. GAS fees are charged as quoted by the blockchain. No fees for swapping tokens or staking.
Yes
Yes – supports Cardano and plenty of other staking coins
Variable rate, changes based on network conditions
Pros
Cons
13. Coinbase – Centralized Cardano Wallet With Excellent Security Controls
All users must verify their identity with a government-issued ID. What’s more, two-factor authentication is mandatory, and additional security checks are made when logging in from a new device or IP address. This is in addition to keeping 98% of client-owned ADA tokens in cold storage. If that wasn’t enough, Coinbase has a robust internal security team that operates around the clock.
Alongside Cardano, Coinbase supports over 100 other cryptocurrencies. Moreover, Coinbase allows users to stake ADA without leaving the wallet. Do note that APYs are low at 2%. Moreover, Coinbase stakes up to 35% of the ADA staking rewards generated. Another drawback is that while Coinbase supports trading, standard commissions amount to 1.49%. Buying Cardano and other cryptocurrencies with a debit/credit card will cost 3.99%.
Custodial storage
Type of Wallet
Supported Cryptos
Fees
Mobile App?
Staking/Interest?
Staking/Interest Rate
Web wallet and mobile app
Supports over 100 cryptocurrencies, including USDT, Bitcoin, Ethereum, and Litecoin
1.49% commission to buy and sell crypto. 3.99% when using a debit/credit card. Takes up to 35% of staking rewards.
Yes
Yes – supports Cardano and other staking coins
2%
Pros
Cons
14. Exodus – Multi-Device Cardano Wallet Suitable for Diversified Portfolios
It also supports iOS and Android apps, and a browser extension for Brave and Chrome. Exodus is a non-custodial wallet, so investors control their ADA tokens away from centralized bodies. Our Exodus wallet review found that private keys are displayed as a 12-word passphrase. This is encrypted when shown to users, ensuring that Exodus does not have access.
Exodus comes packed with additional features. It connects to dApps in the Web 3.0 economy and supports an in-app staking tool. The latter comes with a handy staking calculator that allows users to estimate their rewards. Currently, Cardano staking yields an APY of 3.5%. However, do note that Exodus comes with limited security features. Wallets are protected by a password and backup passphrase, and nothing else.
Non-custodial storage No fees to stake ADA
Type of Wallet
Supported Cryptos
Fees
Mobile App?
Staking/Interest?
Staking/Interest Rate
Browser extension, desktop, and mobile wallet
Over 260 cryptocurrencies across multiple network standards. Additional tokens can be added manually if the underlying network is supported.
Fees of up to 5.45% to buy Cardano with a debit/credit card
Yes
Yes, supports Cardano and other staking coins
3.5%
Pros
Cons
How we Ranked the Best ADA Wallets
- One of the main considerations to make when ranking the best Cardano wallets is security. Safety features will vary depending on whether a custodian or non-custodial ADA wallet is chosen.
- Priority is given to Cardano wallets offering in-built staking rewards with competitive APYs and fees. This allows Cardano investors to store and earn simultaneously.
- We also found that the best Cardano wallets support trading and other investment products – creating an all-in-one ecosystem for ADA holders
An increasing number of wallets support Cardano, each with its own pros and cons.
Below, we explain how we ranked the best Cardano wallets for this comparison guide.
Security
The most important aspect to consider is security. But as noted earlier, the level of security offered will vary depending on the custodianship of the Cardano wallet.
For example, non-custodial hot wallets like the Best Wallet, Trust Wallet and Exodus come with high security features. This includes a password/PIN/fingerprint ID and multi-factor authentication.
Additional Network Standards
The best Cardano wallets support a multitude of cryptocurrencies. This allows investors to store all of their investments in one place.
For example, Trust Wallet supports Cardano and 70 other blockchains. While Trezor supports more than 5,000 cryptocurrencies, including all ERC20 and BEP20 tokens.
We also like Cardano wallets that support custom tokens. This allows investors to add any token of their choosing – as long as the respective network is supported.
For example, Trust Wallet supports the Binance Smart Chain, so any BEP20 token can be added via the contract address.
Custodianship
The collapse of FTX shows that investors should be mindful when using custodial wallet providers. That said, FTX was an offshore exchange with its headquarters in the Bahamas.
Non-custodial wallets will appeal to those that want to control their private keys. While this invites added risk, nobody can touch the ADA tokens other than the wallet owner. Some of the best Cardano wallets offering non-custodial storage include the Best Wallet, Trezor Model One, Trust Wallet, and Exodus.
Additional Features and Tools
We give priority to Cardano wallets that offer additional features. For example, the best ADA wallets discussed today offer Cardano staking. While the Binance wallet doesn’t offer ADA staking, it does support savings accounts. Currently, 120-day terms pay 3.9%.
Additionally, the best Cardano wallets allow users to trade cryptocurrencies.
Fees
Cardano investors should also consider fees when choosing a suitable wallet.
- Software wallets are free, including Best Wallet, eToro, Binance and Trust Wallet
- While hardware wallets must be purchased. The entry-level models offered by Trezor and Ledger cost $69 and $79, respectively
Additionally, in-wallet fees may apply. This will always be the case when transferring ADA to another wallet. That said, the best Cardano wallets do not add a markup on GAS fees.
How Much Do Wallets Charge to Transfer Cardano?
- Cardano fees are variable and will depend on network conditions
- That said, most Cardano wallets do not charge fees on top of the quoted network rate
- Instead, the transaction fees paid by the user are sent straight to the network
Those looking to stake or trade ADA should also explore what fees the provider charges. Most Cardano wallets use third parties like Ramp or Simplex, meaning fiat payments are expensive.
How do Cardano Wallets Work?
The three primary functions of a Cardano wallet are:
- To securely store ADA tokens
- To send ADA tokens to another wallet
- To receive ADA tokens from another wallet
This is much the same as any other cryptocurrency wallet. Similarly, all Cardano wallets provide users with a public address.
This is similar to a bank account number, as public addresses allow users to receive ADA tokens.
Here’s an example of what a Cardano public address looks like:
Ae2tdPwUPEYwFx4dmJheyNPPYXtvHbJLeCaA96o6Y2iiUL18cAt7AizN2zG
To transfer ADA to this user, the sender would need to paste the public address into their wallet and confirm the transaction.
Cardano wallets also come with private keys. This protects the wallet from unauthorized access. However, anyone that has the private key can access the wallet, meaning it should be kept safe.
Most Cardano wallets convert private keys into simplified phrases. This is usually a string of 12 words.
Types of ADA Wallets
Below, we briefly explain the different types of ADA wallets in the market.
Software Wallet
Software wallets (also called hot wallets) are always online.
They make it convenient to store, send, and receive ADA tokens.
- Mobile: Mobile wallets can be accessed via an iOS/Android app. They are usually protected by a PIN.
- Desktop: Some Cardano wallets offer desktop software for Windows, Mac, and Linux. This wallet type is protected by a password.
- Browser Extension: Similar to an ADA desktop wallet, users can also manage their tokens via a browser extension. This option usually supports Chrome, and sometimes Firefox and Edge.
- Web Wallet: Web wallets are offered by exchanges like Best Wallet, Binance, and Coinbase. They make it seamless to store, trade, and earn Cardano under one roof.
Hardware Wallet
Hardware wallets store ADA tokens offline at all times. The private keys are encrypted within a physical device.
Outgoing transactions are only possible when the user confirms their PIN on the hardware wallet.
Paper Wallet
Paper wallets also remain offline at all times. Instead of using a device, the private keys are printed on a sheet of paper.
As paper wallets are never connected to the internet or any other devices, they offer a safe and free way to store ADA tokens.
Are ADA Wallets Safe? – How to Pick a Secure Cardano Wallet
When it comes to safety, this boils down to the chosen Cardano wallet type.
For example, the safest Cardano wallets come with cold storage. This includes Trezor Model One and Ledger Nano S Plus, both of which remain offline at all times. Moreover, transactions are verified by entering a PIN on the device.
However, this makes it time-consuming and cumbersome to confirm transfers. As such, hardware wallets are secure, but this comes at a cost of reduced convenience.
At the other end of the scale are hot wallets. Whether that’s via mobile app, desktop software, or browser extension – hot Cardano wallets make it simple to store, trade, and stake ADA tokens.
However, hot Cardano wallets are always connected to live servers, increasing the risk of a remote hack. With this in mind, Cardano investors will need to determine the level of security and convenience that they require.
How to Get & Use a Cardano Wallet
Once you’ve figured out how to buy Cardano it’s time to download and start using a Cardano wallet.
Ready to get started with the best Cardano wallet for 2024, Best Wallet?
The setup process is simple and takes just five minutes. Read on for guidance on how to get the Best Wallet.
Step 1 – Install The Best Wallet App
In the App Store for iOS or the Play Store for Android, search for “Best Wallet.” Tap “Download” to install the application for free on your device.
Step 2 – Create An Account
Launch the application after downloading it to start the registration process. There are two options available:
- Provide a valid email address.
- Choose the ‘Continue with Apple/Google’ function to quickly register when an email address is associated with the device.
Step 3 – Configure Security Features
The application will walk you through its security protocols following registration. There are two available layers:
- Two-factor authentication (2FA) is strongly advised, although not required. At each login, a six-digit code is sent to your device.
- A four-digit PIN is required for security purposes.
Additionally, fingerprint login is available for quicker access.
Step 4 – Explore The Best Wallet features
After your account is registered, you can explore the app for many useful tools, such as:
- Information about new and popular tokens in the market.
- Using third-party tools to buy crypto.
- A decentralized exchange that works with many coins.
Cryptoassets are a highly volatile unregulated investment product.
Conclusion
In summary, choosing the best Cardano wallet requires investors to consider their goals. Additionally, investors should explore what features are supported, such as ADA staking and trading.
We rank Best Wallet as the best Cardano wallet for 2024. It is a user-friendly wallet with multi-chain integration. It offers seamless access to a DEX, portfolio tracking tools, live market data, future token airdrops, high-level security, and extensive features for NFTs within the wallet.
Cryptoassets are a highly volatile unregulated investment product.
References
- https://www.coinbase.com/blog/a-behind-the-scenes-look-at-the-biggest-and-quietest-crypto-transfer-on
- https://coinmarketcap.com/rankings/exchanges/
- https://brokercheck.finra.org/firm/summary/298361
- https://developers.cardano.org/docs/integrate-cardano/listening-for-payments-wallet/#complete-the-payment
- https://blog.invity.io/schedule-of-fees/
- https://www.binance.com/en/fee/cryptoFee
- https://coinmarketcap.com/currencies/cardano/
- https://www.binance.com/en/blog/payment/transfer-crypto-between-binance-and-trust-wallet-easily-with-binance-pays-new-integration-2973443113749529888
- https://adalite.io/staking
- https://www.theguardian.com/technology/2022/nov/18/how-did-crypto-firm-ftx-collapse
FAQs
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