Best Waves Wallets: Top 5 Safest WAVES Storage Options
The Waves platform has been around for a couple of years and was one of the first Decentralised Exchanges. A DEX that could also be used to issue other cryptocurrencies.
Launched in 2016, Waves completed a relatively successful ICO which saw them issue their Proof of Stake (PoS) WAVES currency. This powers the Waves platform and has been through a number of ups and downs. However, renewed interest has seen a surge of WAVES activity.
So, with all this renewed interest in Waves, users will need a safe place to store their crypto.
In this article, I will give you the top 5 WAVES wallets on the market. I will also give you some of the top tips when it comes to storing your WAVES securely.
Top 5 WAVES Wallets
Given that WAVES is a native cryptocurrency that was not forked from another chain or issued on another network, the wallet support is more limited than your typical Bitcoin fork or ERC20 token. Nevertheless, there are still a number of wallets to choose from including hardware, mobile and desktop.
I also have to define what I use as a criteria for the "best" wallet. This includes factors such as the safety, developer support, usability, price and of course, community feedback. While there may be wallets that support WAVES, you have to make sure that it has support amoung the community.
With that out of the way, let's jump right into the top 5 WAVES storage options (in order of priority)
Ledger Nano X (Hardware Wallet)
The Ledger Nano X is the upgraded version of the famous Nano S, and was first presented by Ledger in January 2019 in Las Vegas at the annual Consumer Electronics Show. While it is quite similar to the predecessor Nano S, retaining the USB-like design, it does have several upgrades to its security features.
One of those new features is the inclusion of a CC EAL5+ certified secure chip, which keeps all of your sensitive data safe from prying eyes. The device also comes with built-in Bluetooth, which gives users the ability to manage their cryptocurrencies over wireless connections.
This is a great feature for those who are rarely near a desktop computer and prefer to manage their crypto assets while on the go. The wallet is designed to connect to the Bluetooth of a mobile device, and the contents can then be controlled using the downloadable Ledger Live mobile application.
In order to provide users with even greater security, Ledger developed its own operating system it calls BOLOS. This non-open source OS is highly secure and is stored on the above-mentioned secure chip.
The software that runs the Ledger Nano X wallet is compatible with 64-bit operating systems (Windows, Linux, OSX), as well as with mobile operating systems (Android 7+ and iOS 9+).
Warning ⚠️: You should always make sure that you are buying your hardware wallet from the official store. There have been a number of cases of third party sellers who compromise the wallet.
The Nano X offers support for a huge number of cryptocurrencies, over 1,100 at last count. However the device only allows up to 100 cryptocurrency apps to be installed, so you are a bit limited in the number of cryptocurrencies you’ll be able to store on the Ledger Nano X. If you only need to store WAVES though, or even a few dozen other cryptocurrencies as well, this device will work great for you.
The Ledger Nano X does come with a price tag of $119, but for the security it offers the price is well worth it.
Waves Wallet (Mobile)
The mobile Waves wallet comes in both Android and iOS versions, and which one you choose will depend on what type of mobile device you use. If you’re an Android user you’ll find that the Waves Wallet for Android is an easy to use application that gives you convenient access to WAVES and any other Waves tokens.
Sending and receiving is a simple task with this mobile wallet, and it connects to public Waves nodes to complete all transactions. For added convenience the wallet will display all pending and confirmed transactions, even without logging into the wallet.
The wallet makes it easy to receive funds by providing both an app link and a QR code that can be shared. You will also be happy to know that the app also supports the creation of multiple wallets on a single device.
As you probably already know, the registration process will create the wallet seed, which is a critical piece of information for restoring your wallet if needed. Be sure to write it down and keep it in a safe place.
The iOS version of the Waves wallet is also free to use, and like the Android version it connects to public Waves nodes to complete transactions. Also similar to the Android version, users can view all pending and completed transactions without logging into the wallet.
Making payments and receiving funds is made easy with the iOS Waves wallet. QR codes are easily generated, or you can send an app link to request a payment. The wallet even connects to the Waves Exchange so you are able to easily trade tokens in addition to sending, receiving and storing them.
The iOS version of the Waves wallet protects the wallet seed with Touch ID, and you can take advantage of backup seed functionality as well. Many users have said this is the most functional Waves wallet available, but you do need an iOS device to use it.
Exodus Wallet (Desktop)
The Exodus wallet is as much a piece of art as a functional cryptocurrency wallet. Ok, that may be going a bit far, but the wallet has been recognized as one of the most aesthetically pleasing and well designed wallets available. And it has support for WAVES, along with over 100 other cryptocurrencies.
The Exodus was developed by JP Richardson and Daniel Castagnoli back in 2016, and has been popular with users for its design and usability since day 1. The two created the wallet as a way to return control of assets to users through the blockchain, and the wallet has been supported by crypto figureheads such as Roger Ver and Erik Voorhees.
The Exodus is unique because not only is it a wallet, it is also a portfolio tracker and an exchange that allows users to seamlessly switch between any of the supported cryptocurrencies in just a few clicks.
Launched as a desktop application it has since been ported to mobile as well (Android and iOS), and there’s also a Trezor app that lets users store their cryptocurrencies on the Trezor and manage them with the Exodus. The desktop version works with Windows, Linux, and OSX operating systems.
It was interesting to see the Exodus team actually write an article back in May 2018 entitled “Top 10 Reasons to not use Exodus”, which was the team’s way of remaining completely transparent by revealing the shortcomings of the wallet.
Open Source ❓: One of the major shortcomings of the Exodus wallet is that it is not open source. This means that external developers cannot vet the code and make sure that it is robust and secure.
It has also been criticized as not suitable for professional traders and power crypto users, and its lack of support for exchanging crypto into fiat. Added to that is the lack of support for 2FA, and a fee of 1-3% for transactions.
In the past the wallet was also criticized for its lack of a mobile version and integration with hardware wallets, but both those have since been rectified.
If you are planning on storing WAVES and other assets supported by the Exodus then it’s a very good choice.
The Guarda wallet is available for pretty much every major operating system, and there’s also a web version of the wallet, and a Chrome extension to offer storage right from a browser based interface.
All of the different storage options are non-custodial, which gives users complete control over their private keys and their assets. And the wallets are multi-currency too, so besides WAVES it’s possible to store thousands of other cryptocurrencies.
Warning ⚠️: Although Guarda does offer a web wallet, I would avoid using it. These are highly prone to phishing and they are perhaps the least safe alternative for storing crypto, WAVES or otherwise.
The Guarda Wallet has support for roughly four dozen different blockchains, and it allows storage for all the major token protocols. That means users can store any ERC-20 (ETH and ETC), ERC-721, BEP-2, TRC10, TRC20, WAVES, OMNI, and EOS based tokens. And with built-in exchange and purchase functions it is a complete solution.
The wallet has an easy to understand and easy to use interface, making token management simple and understandable for all levels of cryptocurrency users. Beginners will appreciate the simplicity of the wallet, but even experienced users find Guarda useful thanks to its advanced features.
Guarda has a number of useful features that users appreciate including their 24/7 customer support, which has been rated with the fastest response time in the wallet industry.
It’s also useful that all the versions of the wallet sync, so you can access your assets on your desktop at home, and on your mobile while on the go. Additional features include a built-in ERC-20 token generator, and integration with the Ledger Nano S for added security.
Unfortunately, like the other third party wallets above, the Guarda wallet is not open source. This means that you cannot independently verify the robustness of the code. Whether this is something that you are comfortable with depends on how much you trust their word.
There you have it, the top 5 best WAVES wallets that you currently have on the market.
If you are looking for the best security to for the long term and for a large stash of Waves, then you can't really beat a hardware wallet. The Ledger Nano may be cost you something up front but if you are storing a considerable amount of crypto in it then it only makes financial sense.
Of course, you could also use the Waves mobile wallet if you are going to be on the go and you need to access your crypto. If you would prefer to use a device that supports a number of other cryptocurrencies then you could also opt for a third party wallet like the Exodus wallet.
Whatever Waves wallet you do decide to use, be sure to practice crypto security 101. Always back up your seed words and keep them in a safe place that only you can access. If you are using a desktop wallet then don't download suspicious files and attachments.
Lastly, you should also be aware of the risks that come from physical threats to extract your crypto. No wallet with all amounts of security can protect you from the $5 wrench attack.😉
Best Places to buy WAVES
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.