7 Most Popular Tezos Wallets in 2021

7 Most Popular Tezos Wallets in 2021

Tezos
February 17, 2021 by Leo Webb
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Read about the most popular wallets for the Tezos Blockchain: main advantages and disadvantages, unique features, usage cases.
tezos wallet

Tezos is a platform for smart contracts that was developed to make easy transitions quickly and at a reduced cost. It’s an independent blockchain that was created by Kathleen and Arthur Breitman who managed to raise $232 million in an initial coin offering. The idea of this platform was to give token holders an opportunity to make decisions regarding the improvement of the codebase and upgrading.

Tezos’ voting system implies that a general consensus is determined by votes of token holders and developers who improve the protocol if necessary. Voters receive rewards. Generally, Tezos has a lot in common with Ethereum but it also has a number of unique features. For example, the community consensus protocol enables holders to make decisions without interfering with the functioning of the network.

Tezos is based on the Proof-of-Stake algorithm where token holders get rewarded for participating in the network. Tezos is easy to use and secure thanks to an easy formal verification system. It also has its own smart contract language: Michelson. This programming language is quite simple so it can be easily used by the stakeholders.

Programmers who make Tezos more secure and develop new features can take advantage of the network’s incentive-based bounty program. Stakeholders are actively involved in the development of Tezos because of the community consensus system, and the Tezos blockchain is constantly improved.

As you can see, there’s no surprise that many people want to buy Tezos coins. If you’re one of them, here is a list of the seven best crypto wallets that support XTZ.

1. Thanos Wallet

Thanos wallet is an extension for Chrome created for using the Tezos ecosystem. You can use this wallet to keep your Tezos coins, and you can also connect Tezos DApps. Thanos supports all types of XTZ tokens. You can keep both FA1.2 and FA 2 tokens, including XTZ, wXTZ, USDtz, tzBTC, STKR, ETHtz, etc.

The main advantages of Thanos Wallet are that all the necessary information is stored on your computer, along with an opportunity to connect DApps, including Tezos DeFi, and an opportunity to delegate tokens to bakers in the app. Thanos also supports multiple accounts. It’s an open-source wallet so everyone can access the code on the Github repository.

Given that this is a browser extension, there are no backends on Thanos’ side, and this wallet connects to the blockchain without any mediators so this wallet is safe to use. Besides, it was audited by Least Authority, which didn’t detect any problems.

Perhaps, the only disadvantage of Thanos Wallet is that it only comes in the form of a web extension so there is no mobile app right now. However, the Thanos Wallet team plans to create a mobile app in the future.

2. Magma Wallet

This is another good wallet for Tezos. The main advantages of this app are that it has a beautiful interface and it’s very easy to use. You can buy your Tezos tokens on exchanges, or you can also use built-in MoonPay. MoonPay, however, is only available for customers from outside the U.S.

In addition, Magma natively integrates with Dexter, a decentralized exchange created by the same team of developers. This app enables you to secure your wallet with a password, face, and fingerprint authentication. You can also safely delegate your tokens to bakers because all the bakers available in this wallet are updated according to the Baking Bad list.

The main disadvantage of Magma is that it only supports FA1.2 tokens. Besides, some users report problems with creating a new wallet. Once you’ve started creating a wallet, the app may not allow you to get back to the main screen. Fortunately, Magma has an active support team.

3. Galleon (Cryptonomic)

This is a deployment of Tezori, an open-source Tezos framework. Security is one of the key advantages of this wallet because it enables you to store your keys on your computer instead of the cloud and create backups. The interface is pretty straightforward and easy to use.

This wallet supports Ledger hardware wallets and works on Windows, Mac, and Linux. The Cryptonomic website has tons of useful information, tools, and tutorials. In addition, Galleon supports multiple languages.

Just like many other wallets, Galleon also has its limitations. For example, you cannot forge smart contracts locally. Therefore, when you try to interact with a smart contract, the operation will be forged on your behalf by the Tezos Node you’re connected to.

4. AirGap

AirGap is the first mobile alternative to a hardware wallet. This is an open-source solution that combines two wallets: AirGap Vault and AirGap Wallet. AirGap Vault enables you to sign transactions offline with no need to stay connected to any network. After this, you can broadcast your transactions with AirGap Wallet.

AirGap features an event detection function that monitors network activity and screenshots, making sure that none of your data is copied. Besides, private keys have an enhanced entropy. A built-in random generator generates safe seed, and AirGap also adds audio, video, touch, and accelerator data to the entropy seed. In addition, AirGap features a built-in exchange for instant swaps.

Although AirGap offers great security, it’s more difficult to use than other wallets because of the combination of the two different apps. To achieve the highest security, it makes sense to use two separate smartphones for Vault and Wallet, because the whole hardware wallet imitation concept is based on keeping AirGap Vault offline.

5. TrustWallet

This wallet only works on smartphones. It enables you to store, receive, and send various digital assets, including Tezos tokens. The main selling points of this solution are simplicity, security, and an easy setup process. Your private keys are stored locally on your device, and you can also create a backup for quick recovery.

One of the best things about TrustWallet is that it features a built-in exchange. This decentralized exchange was created in collaboration with Kyber Network. In addition, you can search for DApps right from the built-in browser in the app.

The biggest drawback of TrustWallet is its support. While many other solutions from our list have active communities that can help you handle any problems, TrustWallet certainly lacks support. If you’re experiencing any issues with your wallet, you should submit a request and wait for a reply. Some users note that they need to wait for too long and that the company’s Facebook page is also inactive.

6. Guarda

Guarda offers not one wallet but four wallets: for mobile, for desktop, a web wallet, and a shielded wallet. The shielded wallet was created in collaboration with the Zcash Foundation, and it provides additional transaction security to the platform. You can store your tokens, exchange them from your mobile device, and send private transactions.

Guarda’s main selling point is its security. On the website, the company notes that it doesn’t store users’ data and private keys. However, this practice is quite common among crypto wallets because users don’t want to share their personal data with third parties.

Many users emphasize that Guarda is very reliable and safe to use, but it also has a major drawback: the speed of transactions can be very slow. The built-in exchange is great in terms of fees, but you also won’t be able to exchange tokens quickly.

7. Exodus

This is one of the most popular wallets for Tezos, and it’s also the oldest Tezos wallet in the market: it was created back in 2016. Exodus features not only a multi-coin wallet but also an integrated ShapeShift exchange and a portfolio tracker, where you can monitor 30 fiat currencies. 

Just like many other solutions from this niche, Exodus doesn’t store your private keys. They are stored on your computer, and you also don’t need to provide any personal data to create an account. Available both for desktop and mobile, Exodus also provides many useful guides and information about all the supported assets, which makes it a nice option for beginners.

As for the drawbacks, Exodus doesn’t enable you to download the entire blockchain to your computer, and it should constantly be in sync with the blockchain. Otherwise, your balance may refresh very slowly. Besides, this wallet isn’t fully open-source so if you’re looking for transparency, you may choose another app.

Wrapping Up

If you need a reliable wallet for your Tezos coins, you will find some great options on our list. All these solutions have their advantages and disadvantages but all of them are also very popular. You may choose different solutions depending on your personal priorities. No matter what wallet you choose, make sure to check out the fees and contacts of the support service before making transactions.

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