7 Best Cardano Wallets for 2023 – Safest ADA Wallets Compared

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 2023. 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 2023.

  1. eToro – eToro is the overall best Cardano wallet for security, user-friendliness, and features. In addition to ADA, the eToro wallet supports more than 90 other cryptocurrencies – including Bitcoin, XRP, Dogecoin, Shiba Inu, and Solana. The eToro wallet is regulated by multiple bodies and keeps the majority of client digital assets in cold storage. Two-factor authentication is also supported. The eToro wallet also supports cryptocurrency trading, leveraged CFDs, and smart portfolios. eToro also allows users to stake ADA without any lock-up terms.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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%.
  7. 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 Foundation

Cardano wallets can also serve other tasks. For example, the eToro wallet allows users to buy and sell ADA tokens alongside 90 other cryptocurrencies. The eToro wallet also has an in-built staking tool, allowing users to earn passive rewards for keeping the Cardano network safe.

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.

For example, eToro shares up to 90% of ADA staking rewards it generates. Moreover, there is no lock-up period on the 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.
  • Then there’s eToro, which offers an in-built crypto exchange that supports Cardano and dozens of other markets.
  • 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. eToro – Overall Best Cardano Wallet for Investors  

We found that across most measurable metrics, eToro is the best Cardano wallet for 2023. eToro offers two different wallet types, both supporting ADA and dozens of other cryptocurrencies. The vast majority of Cardano investors will use the eToro web wallet.

Not only is the eToro web wallet regulated by multiple bodies (GFSC, FCA, FINRA, ASIC, CySEC), but it keeps the majority of client-owned ADA tokens in cold storage. A small percentage of ADA tokens are kept online for trading and liquidity purposes. The eToro web wallet is also protected by two-factor authentication. This sends a code to the user’s smartphone when logging in.

etoro wallet review

Without the code, access will be denied. While eToro is the best Cardano wallet for safety and regulation, it also comes packed with features. This includes the ability to stake ADA tokens without any lock-up periods. There is no requirement to opt-in either. Instead, eToro users simply need to hold ADA in their web wallet, and staking rewards will be generated on the 10th day.

eToro distributes 90% of the staking rewards and makes distributions every month. The web wallet also connects to the eToro exchange. Not only does this support 90+ cryptocurrencies, but also leveraged CFDs (not all countries are eligible). This is in addition to crypto smart portfolios, allowing investors to passively gain exposure to the markets.

etoro wallet review

Smart portfolios are maintained and rebalanced by eToro and come with no additional fees. The eToro web wallet also provides access to copy trading. This covers thousands of verified traders, and the minimum investment is just $200. Users simply need to select their preferred crypto trader, and all future positions will be copied.

The main drawback of the eToro web wallet is that it does not support transactions. Those looking to actively send and receive ADA tokens will be better suited for the eToro mobile wallet. This is an iOS and Android app that gives users a unique Cardano wallet address. This means users can make incoming and outgoing transactions at the click of a button.

eToro copy trading and smart portfolios

The eToro mobile app also comes with in-built token swaps. This supports over 500 crypto pairs, making it seamless to buy and sell cryptocurrencies. In terms of the private keys, both the eToro web and mobile wallets are custodial. This means eToro looks after the private keys on behalf of its users. As such, the eToro wallet is ideal for beginners that simply want to invest, store, and stake ADA.

Type of Wallet Supported Cryptos Fees Mobile App? Staking/Interest? Staking/Interest Rate
Web wallet and mobile app.

Custodial storage

Over 90 cryptocurrencies. In-build token swapping tool supports over 500 cryptocurrency pairs. No fees for storing ADA. 2% fee to move tokens from the eToro web wallet to the mobile app. 1% trading commission per slide. Yes Yes – Supports Cardano, Ethereum, and Tron. No lock-up period. Rewards are paid monthly. No need to opt-in and rewards are generated on the 10th day of holding. Up to 90% of the ADA staking rewards generated

Pros pros

  • Overall best Cardano wallet for investors
  • In-build ADA staking tool – earn up to 90% of the generated rewards
  • Buy and sell Cardano at competitive fees – directly from the eToro wallet
  • Regulated provider that supports fiat money payments
  • Great reputation – more than 30 million customers and launched in 2007
  • One of the most user-friendly ADA wallets in the market

Cons cons

  • Users need to hold ADA for 10 days before generating staking rewards
  • 2% fee to transfer ADA from the web wallet to the mobile app

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.

Trezor Model One review

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.

Type of Wallet Supported Cryptos Fees Mobile App? Staking/Interest? Staking/Interest Rate
Hardware wallet

Non-custodial storage

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 pros

  • One of the best wallets for Cardano investors that prioritize security
  • Retails for just $69
  • Never exposes the private keys to the internet
  • Outgoing transactions can only be confirmed on the device
  • Supports almost 1,3000 cryptocurrencies

Cons cons

  • The Model One does not support staking
  • Debit/credit card fees of up to 5.75%

3. Binance – One of the Most Convenient Web Wallets for Storing and Trading ADA      

Binance review Binance offers one of the most convenient Cardano wallets in the market. This is a web wallet that can be accessed by logging into the Binance account. The wallet connects to the Binance exchange and ‘Earn’ dashboard, allowing Cardano investors to grow their crypto holdings.

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%.

Binance wallet review

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.

Type of Wallet Supported Cryptos Fees Mobile App? Staking/Interest? Staking/Interest Rate
Mobile app

Custodial storage

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.

Offers ADA savings accounts and dual investments.

ADA savings accounts yield up to 3.9%

Pros pros

  • Best wallet for Cardano savings accounts
  • 120-day savings terms yield 3.9%
  • Connects to the Binance exchange – which supports low-cost trading
  • Withdrawal fees of just 0.8 ADA

Cons cons

  • Does not support ADA staking
  • Highly centralized
  • Mobile app comes with limited features

4. Trust Wallet – Hot Wallet Storage For Cardano and 70+ Other Networks      

Trust Wallet review 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.

Trust Wallet review

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.

Type of Wallet Supported Cryptos Fees Mobile App? Staking/Interest? Staking/Interest Rate
Browser extension and mobile app.

Non-custodial storage

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 pros

  • Supports Cardano and 70+ other network standards
  • In-app staking tool without any additional fees
  • Swap tokens instantly without leaving the app
  • Connects to dApps for decentralized trading and earning

Cons cons

  • No live chat support
  • Limited security features

5. Coinbase – Centralized Cardano Wallet With Excellent Security Controls 

Coinbase is a centralized Cardano wallet provider that doubles up as an exchange. While some Cardano investors will not feel comfortable using a centralized wallet – Coinbase comes with excellent security features. For example, Coinbase is a public company that has a regulated status.

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.

Coinbase wallet review

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%.

Type of Wallet Supported Cryptos Fees Mobile App? Staking/Interest? Staking/Interest Rate
Web wallet and mobile app

Custodial storage

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 pros

  • Regulated exchange that doubles up as a Cardano wallet
  • Internal and external security controls are robust
  • User-friendly dashboard is aimed at beginners
  • Two-factor authentication is mandatory

Cons cons

  • Charges 1.49% per slide to trade Cardano and other cryptocurrencies
  • Takes up to 35% of staking rewards
  • Fees are not transparent – it’s often cumbersome to find specific charges

6. Ledger Nano S Plus – Hardware Cardano Wallet With In-Built Staking Tool

The Ledger Nano S Plus is one of the best Cardano wallets for security and pricing. This hardware wallet retails for just $79, which is $10 more expensive than the Trezor Model One. That said, unlike the Model One, the Ledger Nano S Plus supports an 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.

Ledger Nano S Plus

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.

Type of Wallet Supported Cryptos Fees Mobile App? Staking/Interest? Staking/Interest Rate
Hardware wallet

Non-custodial storage

Over 5,000 cryptocurrencies across multiple blockchains, including Cardano, Bitcoin, Ethereum, Polkadot, and Binance Smart Chain $79 to buy the device.

3% staking fee via AdaLite

Yes Yes, provided by AdaLite Determined by Cardano network conditions

Pros pros

  • Solid security and one of the best ADA wallets for safety
  • Available to buy directly from the manufacturer at $79
  • In-built ADA staking tool that charges just 3%
  • Supports more than 5,000 cryptocurrencies

Cons cons

  • Not suitable for buying or selling cryptocurrencies – as fees are very high
  • Only suitable for long-term ADA investors

7. Exodus – Multi-Device Cardano Wallet Suitable for Diversified Portfolios 

Exodus wallet Exodus is a free crypto wallet that supports plenty of blockchains, including Cardano, Bitcoin, Ethereum, and XRP. We like that Exodus has developed its wallet for most device types. This includes desktop software on the Windows, Mac, and Linux operating systems.

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 wallet review

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.

Type of Wallet Supported Cryptos Fees Mobile App? Staking/Interest? Staking/Interest Rate
Browser extension, desktop, and mobile wallet

Non-custodial storage

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

No fees to stake ADA

Yes Yes, supports Cardano and other staking coins 3.5%

Pros pros

  • Free Cardano wallet for desktops, mobiles, and browsers
  • Stake Cardano without paying any fees
  • Connects to the Web 3.0 economy
  • Non-custodial storage – users control their private keys

Cons cons

  • Basic security features
  • Debit/credit card fees of up to 5.45%

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
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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 Trust Wallet and Exodus come with limited security features. This includes a password/PIN/fingerprint ID – but not much else.

Custodial wallets like eToro and Coinbase are a lot more secure. This is because they support mandatory two-factor authentication, internal security teams, and cold storage. Both of these Cardano wallet providers are regulated too.

However, just remember that choosing a custodial wallet to store Cardano means no ownership of the private keys.

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.

eToro supported coins

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.

In contrast, there are regulated custodians like eToro, which hold licenses with FINRA, FCA, CySEC, ASIC, and GFSC. This makes eToro a great choice for storing ADA tokens in a regulated ecosystem.

That said, 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 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.

  • eToro offers ADA staking rewards automatically, once the tokens have been held for 10 days. There is no lock-up period, and eToro shares up to 90% of the generated rewards.
  • While the Binance wallet doesn’t offer ADA staking, it does support savings accounts. Currently, 120-day terms pay 3.9%.

Cardano trading eToro

Additionally, the best Cardano wallets allow users to trade cryptocurrencies. eToro is the best option here, as its regulated exchange offers low fees on 90+ cryptocurrency markets.

Fees

Cardano investors should also consider fees when choosing a suitable wallet.

  • Software wallets are free, including 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.

eToro, however, processes fiat payments directly. This means investors can deposit funds with a debit/credit card and e-wallet from 0%.

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.

etoro wallet review

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 eToro, 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

Ready to get started with the best Cardano wallet for 2023, eToro?

The setup process is simple and takes just five minutes. Read on for guidance on how to get the eToro wallet.

Step 1: Open an eToro Account

The first step requires users to register an eToro account.

Click on the ‘Sign Up’ button from the eToro homepage and choose a username and password.

Type in an email address, before reading and accepting the terms and conditions.

etoro sign up form

On the next page, eToro will collect some additional information – such as a name, nationality, and home address.

Finally, to verify the account, eToro will ask for a government-issued ID, such as a driver’s license or passport.

Step 2: Download eToro Wallet App

The next step is to download the eToro wallet app.

This can be downloaded directly from the eToro website.

etoro crypto wallet app

Choose from iOS or Android and complete the download. Then, open the app and log in with the chosen username and password.

Step 3: Buy or Deposit USDT

The final step is to add some ADA tokens to the eToro wallet.

Buy Cardano on eToro

The specific steps depend on whether the user currently holds ADA tokens.

  • Those with ADA tokens can transfer them to the eToro wallet. Click on ‘Crypto’ and select ‘Cardano’. To create a Cardano wallet address, click on ‘Receive’. Then transfer the ADA tokens.
  • Looking to buy ADA? eToro allows users to buy ADA directly from its wallet. The minimum purchase is $10, and debit/credit card and e-wallet payments cost just 0.5%. Those depositing in US dollars will not be charged any fees.

Once the wallet has been funded with ADA, the tokens are safe. eToro is a custodian, so it looks after the private keys on behalf of its users.

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 eToro as the best Cardano wallet for 2023. This custodial wallet is backed by a regulated exchange, alongside cold storage and two-factor authentication.

The eToro wallet supports ADA staking and 24/7 trading of over 90+ cryptocurrencies. We also found that eToro is one of the best Cardano wallets for beginners.

Its user-friendly interface can be accessed online or via an Android/iOS app. The eToro wallet also supports fiat payments, with fees costing between 0-0.5%, depending on the currency.

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

What is the safest Cardano wallet?

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Kane Pepi

Kane Pepi is an accomplished financial and cryptocurrency writer who has an extensive portfolio of over 2,000 articles, guides, and market insights. With his expertise in specialized subjects such as asset valuation and analysis, portfolio management, and financial crime prevention, Kane has built a reputation for providing clear explanations of complex financial topics. He holds a Bachelor's Degree in Finance and a Master's Degree in Financial Crime, and is currently pursuing his Doctorate degree, which focuses on investigating the complexities of money laundering in the cryptocurrency and blockchain technology sectors. Kane's wealth of knowledge and experience in the field make…