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Elrond Wallet Choosing Guide

Elrond Wallet Choosing Guide

So you want to buy some Elrond? That’s a great idea. However, before you put a single dollar, euro, or yen into Elrond, it’s very important to understand the risks. Elrond could skyrocket in value but also plummet. Also, there are wallets out there that lack security, meaning your valuable investment might disappear forever. That’s why we created this Elrond wallet choosing guide to help you navigate the retail wallet market and find one best for you. 

Key talking points:

  • Learn what an EGLD wallet is and how they work
  • Understand the main features of an EGLD wallet
  • Learn about EGLD wallet security
  • Compare different types of EGLD wallets
  • Discover what EGLD wallets are best for you

What is an Elrond wallet?

An Elrond wallet is a wallet that lets you interact with the blockchain to make Elrond transactions. Not all wallets are created equal so there are a few key factors one should consider when researching wallets. For example, does the wallet you choose have a strong tech team? The developers are the ones in control of security, maintenance, and improvements. Take some time to research the brains behind the wallet before making a deposit. Furthermore, does your wallet have advanced security features like 2FA, 3FA, and does it run security audits? Is your wallet easy to use and fast? Does your wallet have good reviews? These are all good things to search on Google when trying to select a wallet. 

How does an Elrond wallet work?

Elrond wallets work just like any other crypto wallet. The wallet comes with a set of keys (a private key to access the wallet and a public key to share with the public). The public key helps other people send funds to you while the private key is what you need to access the funds in that wallet and interact with the blockchain. That’s the basics of an Elrond wallet but some come with more advanced features like savings accounts, crypto exchange, trading tools, and more. 

Main features you need in an Elrond Wallet

When researching your Elrond wallet, make sure it comes with the following features:

  • Security and privacy
  • Low or custom EGLD transaction fees
  • Two-factor authentication (2FA)
  • Fiat onramps and offramps
  • Low minimum deposit amount
  • The ability to lock and unlock withdrawals at will
  • Complete crypto exchange capabilities
  • Customer support
  • Multi-chain support
  • Multisig
  • Bonus features like savings accounts, trading tools, and loans. 

Do I need an Elrond Wallet to Buy or Trade EGLD?

Of course, you do! This is the digital currency we are talking about. You can’t give someone cash and then have that person give you a handful of EGLD tokens. Everything is digital and exists on the blockchain. The wallet is what allows you to interact with the blockchain so yes, you need a wallet to buy, trade, and store EGLD. 

Are all Elrond wallets secure?

We wish we could say all Elrond wallets are secure but that’s just not the case. Some are poorly made or some are created by fraudulent parties. Don’t take the wallet search lightly. If you spend hours researching what car to buy, then you should do the same picking a crypto wallet. For some people, cryptocurrency provides life-changing wealth and you don’t want to lose that all due to poor research. Hence, find a wallet that prioritizes security. 

Are all Elrond Wallets Free? How Much Does It Cost to Use an Elrond Wallet?

Every Elrond wallet should be free! At least that’s what we think at YouHodler. Signing up at YouHodler is 100% free. We think crypto should be for everyone and that’s why we will remove as many barriers as possible for the world to benefit from our financial services. Keep in mind though, every blockchain has a fee. That is decided by the blockchain and not by us. So factor in that blockchain fee when you are making trades and transactions. 

How to deposit and withdraw from Elrond Wallet

The EGLD wallets on YouHodler are extremely easy to use. Whether you want to deposit EGLD or withdraw EGLD, we have the instructions laid out for you. So just follow them step by step and there should be no problems. If there are, however, please contact our support team and we’ll walk you through the process. 

Types and differences of Elrond wallets - How to choose the right one for you?

Elrond wallets come in all sorts of lovely shapes and sizes. So finding the best one for you should be a relatively easy task. Here are a few different types you can explore. 

Desktop EGLD wallet

As its name suggests, a desktop EGLD wallet is one that’s installed on a desktop computer or a laptop. Users get complete control over the wallet just as they would with a mobile wallet, just in a desktop environment. The main difference is that some desktop wallets have more advanced functionality like the ability to operate a complete node or full crypto exchange integration. 

Mobile EGLD wallet

More or less, a mobile EGLD wallet performs the same functions as a desktop wallet but on a mobile device such as a smartphone. Mobile EGLD wallets are often more convenient due to their portable nature and the ability to scan QR codes for quick crypto transactions in stores or between peers. There are EGLD wallets for all types of operating systems like Android or iOS. 

Web EGLD wallet

Web EGLD wallets are wallets that exist on a website or online service that allow users to send and receive cryptocurrency in addition to storing it. These wallets can be accessed anytime, and anywhere as long as there is the internet. Some of the most popular crypto services in the world are web wallets such as Coinbase, Kraken, Binance, and YouHodler. Security is a concern for web wallets but that can be managed with due diligence to make sure the web wallet you choose has a good history of high-level security and insurance. It’s also wise to use web wallets in tandem with the more secure hardware wallets. 

The Best Elrond Wallets

There are numerous articles out there dissecting different crypto wallets, trying to decide what is the “best Elrond wallet.” To be honest, there is no “best EGLD wallet” for us as a collective whole. However, there is an Elrond wallet that is best for you and that depends on your wants and needs. At YouHodler, we tried our best to create a diverse, multi-faceted wallet that appeals to all sectors of the crypto industry. Is our wallet the best Elrond wallet? Give it a try and find out!

Best Elrond Wallet for Beginners

When asking what the best Elrond wallet for beginners is, it’s important to first dissect what a beginner demands from an Elrond wallet. Most importantly, is a user-friendly interface. Beginners who are new to crypto are taking in tons of information every day and they don’t need a complicated app on top of that to learn. Clean, simple interfaces are best for beginners with minimal navigation required. That’s why we designed YouHodler’s interface to appease beginner users with simple designs, clear buttons, and plenty of information databases to dig into. 

Best Elrond Wallet For Advanced Elrond Users & Investors

Advanced Elrond users and investors also appreciate clean simple interfaces on their Elrond wallet; however, they also want something flexible enough that meets their high demands. Advanced crypto traders want a wallet with low transaction fees, built-in crypto exchange capabilities, advanced security, staking features, and advanced financial services like loans and crypto trading. Advanced users are busy people and they can’t be bothered using multiple apps for different activities. That’s why we designed YouHodler to be the true one-stop-shop solution for advanced users with a wide array of FinTech services to fit their every need. 

Best Elrond Wallet for Mobile Users

We live in a mobile world and that’s only going to increase. Hence, mobile Elrond wallets are perhaps the most important wallets in development. There are thousands to choose from and the key is to find one with maximum efficiency and security. YouHodler’s mobile wallet has 2FA, 3FA, and the ability to lock your funds from withdrawal--requiring ID verification to unlock it. On top of that, the team runs regular security audits to ensure all wallets are secure from malicious actors.  People ``on the go” in a mobile economy, want to make sure their digital wallets are present, protected, and easy to use. Not all Elrond wallets match this quality but YouHodler tries its best to. 

Best Elrond Hardware Wallet

As mentioned earlier, it’s a smart idea to buy an Elrond hardware wallet to use in cooperation with your mobile or web wallets. Elrond hardware wallets are ideal for the long-term storage of crypto assets. Ideally, you want to keep some on a mobile or web wallet for payments, trading, and staking while keeping the rest safely in a secure hardware wallet. The Ledger series of hardware wallets are extremely popular and recommended by most advanced crypto users. Trezor is another brand worth mentioning. 

Best Elrond Wallet for software storage

Once again, this comes down to the idea of “not your keys, not your crypto.” The best Elrond wallet for long-term software storage are wallets where you fully own the private keys. It’s best to use this in combination with more diverse web wallets to enjoy the benefits of both worlds. 

Best Elrond Wallet For Security

The best Elrond wallets for security are the ones that prioritize security. Stay away from wallets that don’t have PIN options, 2FA, or basic security features. YouHodler has a PIN or thumbprint required to enter the app in addition to 2FA and 3FA upon request. We also run regular security audits to ensure our walls are strong and impenetrable. Lastly, we are backed by Ledger Vault and Fire Blocks for insurance and secure crypto transaction management solutions.

Best Elrond Wallet for Android Users

While the battle between iPhones and Android phones wages on, it’s nice to know that crypto doesn’t pick sides. Most--if not all--of the most popular Elrond wallets can be found on both Android and iOS operating systems. 

Click here to download YouHodler for Android. 

Best Elrond Wallet for iOS Users

We’re also at the Apple store too! Click here to download YouHodler for iOS and ready all about our Elrond wallet functionalities for your iPhone.

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