EOS was designed to be a scalable and user-friendly platform for the development of decentralized applications. It’s a competitor with Ethereum in this space. The native coin of the EOS platform also goes by the ticker symbol EOS. It has rapidly grown to one of the top ten coins by market capitalization.
If you want to load up on some EOS you’ll definitely need a secure wallet, because you don’t want to simply leave your coins on an exchange (more on that later).
There are several EOS wallet options, from mobile to desktop to hardware or browser based. Each has its strengths and weaknesses, so let’s take a deeper look.
Secure EOS Wallet Features
To ensure the most secure wallet look for the following features in your EOS wallet choice:
- EOS Mainnet support: Any wallet you use should support the EOS mainnet coins. If possible you should also find one that will support any future airdrops from other projects to EOS holders.
- Solid security features: such as advanced encryption and 2-factor authentication should be a given. Also check for other security features that will keep your EOS coins as safe as possible from hackers.
- Control of your private keys: You never want to give up control of your private keys, so look for wallets that keep you in control of the private keys.
- Ongoing development: You should choose a wallet that has a dedicated development team and ongoing development. This will ensure the greatest functionality and ongoing security, as well as new features and improvements in the future.
- Customer support: If you have any issues with the wallet you’ll definitely be glad if you have a wallet with responsive and helpful customer support.
- Positive reviews: It’s always a good idea to look online and see what the community has to say about any wallet you’re considering.
By checking off on all these issues you’ll be able to narrow down the selection of suitable wallets for storing EOS, and that’s exactly what I’ve already done. Let’s have a look.
Best EOS Wallets
While previously EOS could be stored on any ERC-20 compatible wallet, this changed in June of 2018. On this date, EOS launched their mainnet and as such, a range of different EOS specific storage options have become available. Below are the top 5 EOS wallets that you could consider.
Ledger Nano S (Hardware Wallet)
The Ledger Nano S is one of the best selling hardware wallets, and if security is your top concern then choosing the Ledger for storing your EOS coins is a no-brainer. You simply can’t find better security for your coins than a hardware wallet, and the Ledger Nano S excels.
Ledger Nano S now With EOS Support. Source: trybe
Some key features of the Ledger Nano S include:
- Transactions are confirmed on display and require physical input to complete;
- Your data is secured with a PIN code;
- Accounts are encrypted and fully backed up;
- Anti-malware second factor checks;
- Support for multiple cryptocurrencies;
- Ease of set-up.
The downside to the Ledger is that it doesn’t come for free, but the $99 price tag is a small one if you have more than $1,000 in cryptocurrencies to store.
Infinito Wallet (Mobile Wallet)
Mobile wallets aren’t known as the most secure, in fact they are only as secure as your mobile device. If you feel like your mobile device is secure enough to store your crypto-assets then the Infinito wallet might be a good choice for you.
Infinito Mobile Wallet UI. Source: iStore
As long as your mobile device is secure, Infinito gives you solid security, including its Touch ID feature.
In addition, it gives you an intuitive user interface and support for 12 languages. Your private keys never leave your device and are fully encrypted for additional security.
The wallet has been received very well by the user community, with the iOS version receiving 4.8 out of 5 stars, while the Android version has 4.4 out of 5 stars. Definitely worth checking out if you want an easy and intuitive way to store EOS.
SimplEOS (Desktop Wallet)
Desktop wallets are considered more secure than mobile apps, but really are still no more secure than your PC. The SimplEOS was designed with one purpose and that’s to interact with the EOS ecosystem. You’ll find compatibility with all aspects of the EOS.io software and there are versions available for Windows, iOS and Linux.
Quick and easy to download and install, the SimplEOS makes it a breeze to send, receive and hold EOS coins. There’s support for EOS airdrops and a voting portal, plus it offers support for multiple accounts.
User Interface on SimplEOS with Voting Functionality. Source: Simpleos Website
The downside is that EOS coins are all you can store with SimplEOS. If you need to store other coins you’ll need another wallet.
Future upgrades include secure delayed transactions and mobile wallets for both Android and iOS.
Scatter (Desktop Wallet)
Browser based wallets are considered the least secure, since they often send your private key to the company servers. Scatter was a Chrome extension that avoided security issues by using a Single Sign On with asymmetric encryption. This allows you to sign transactions without ever exposing your private key. It has more recently been ported to a desktop version for Windowns, iOS and Linux, making it even more secure.
Everything is stored on your own device when you use Scatter. Any data that needs to be sent to the blockchain is transmitted as a hashed fingerprint, which is basically an encrypted jumble of characters.
Main Advantages of Scatter. Source: Scatter Website
Currently there is support for EOS and Ethereum, but more blockchains will be supported in the future. Tron was added recently, but currently only the Tron testnet is available. Scatter has plans to release a mobile version for iOS and Android.
EOS Paper Wallet
A paper wallet is a physical wallet that is considered quite secure since it’s obviously never connected to the internet, meaning there’s no way a hacker can steal the private keys stored on a paper wallet.
There are some downsides to using a paper wallet. It can be physically stolen, and it can be destroyed by fire and water, or simply by being torn apart.
If you choose to use a paper wallet it’s recommended you make several copies and store them each in different, secure locations.
Here’s a paper wallet generator for EOS on Github.
EOS Exchange Storage Risks
If you purchase EOS from an exchange you might be tempted to just leave it in the exchange wallet. If that’s a short-term solution because you’re planning on making a trade with the EOS this should be fine.
If you plan on keeping your EOS for the long-term then the exchange wallet isn’t a good idea for two reasons:
- Exchanges are regularly targeted by hackers;
- And they almost certainly won’t allow you to retain full control of your private keys.
Keeping your crypto-assets in an exchange wallet exposes them to unnecessary risks, and most crypto enthusiasts will tell you to move your cryptocurrencies from the exchange to a secure wallet as soon as possible.
Because EOS is a large and popular project there are plenty of wallet options to consider. I’ve covered just a few here, but others you could have a look at include the Trezor hardware wallet and the Jaxx Liberty wallet.
If you are going to be downloading and using one of the wallets above, make sure that you visit the official website of the wallet in question and you do not download it from any third party websites. Likewise, you will also want to test the wallet with a small amount of EOS to make sure that all works well.
Once you have the EOS wallet installed, make sure that you practice cryptocurrency security 101. This includes using strong and secure passwords as well as keeping your computer’s antivirus programs up to date.
And, whatever you do, keep your private keys and recovery seed safe!
Featured Image via Fotolia