Blockchain is booming with decentralized governance, and Tezos stands out for its ability to manage various types of assets and decentralized applications. Launched in 2018, it quickly became one of the most popular altcoins in the market. Its unique and innovative features make it a particularly groundbreaking cryptocurrency.

The Tezos protocol utilizes a transaction validation method called proof of stake (PoS). Another strength is its ability to enable developers to build and deploy decentralized applications on its platform using its flexible and powerful programming language.

To store, send, receive, and secure their crypto assets, users must opt for a Tezos wallet. But how do you choose among dozens of available options? Here’s a comprehensive guide to choosing the best possible Tezos wallet, along with a tutorial on storing your XTZ tokens in a secure wallet.

What Is a Tezos Crypto Wallet ?

The Tezos wallet allows you to store your cryptocurrencies, specifically your XTZ tokens, securely. Tezos wallets generally support a multitude of different cryptocurrencies, including XTZ.

Your Tezos wallet not only secures your XTZ but also allows you to send and receive them securely, using a personal key.

There are two different types of Tezos wallets: 

  • Hot wallets: These are online wallets. They allow you to manage your XTZ directly from an application or computer. Hot Tezos wallets are easy to use, cost-effective, and convenient. However, they are less secure than cold wallets, as they are more susceptible to cyberattacks.
  • Cold wallets: These are physical wallets. They resemble a small box or USB key. Cold Tezos wallets allow you to store your XTZ offline and are highly secure. However, they are longer and more complicated to use than hot wallets. 

The best hot wallets for Tezos

Looking for a solution to store and secure your XTZ directly online? Here’s our selection of the best hot Tezos wallets.

Kukai wallet

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Thanks to its user-friendly interface and numerous features (transfers, purchases, staking, etc.), Kukai wallet is among the best Tezos wallets. The application is accessible on both desktop and mobile devices and offers efficient and secure storage of your tokens. 

Advantages :

  • Decentralized
  • Easy to use Compatible with both desktop and mobile 
  • Numerous features 

Disadvantages : 

  • Opaque security systems 
  • Relatively new wallet

Binance wallet

binancewallet

You’re probably already familiar with the platform Binance, which is undoubtedly the most well-known cryptocurrency exchange in the world. Good news: Binance also offers a digital Tezos wallet. Users can use it to store their XTZ funds, as well as receive, send, and even exchange them for other cryptocurrencies. 

Advantages : 

  • Excellent reputation 
  • Exchange capability 
  • Proven security over many years 
  • Compatible with both desktop and mobile

Disadvantages :

  • Usage fees 
  • Slightly more complex to get started

Binance

  • Wallet designed for DeFi
  • Renowned exchange wallet
  • Total control over your cryptocurrencies.

eToro wallet

Specializing in cryptocurrency exchanges and trading, the eToro platform offers Tezos holders the ability to store their XTZ while also being able to exchange them for other cryptocurrencies and copy the trading strategies of experienced traders.

Advantages : 

  • Excellent reputation 
  • Exchange capability 
  • Proven security over many years 
  • Compatible with both desktop and mobile

Disadvantages: 

  • Usage fees 
  • Slightly more complex to get started

eToro

  • Simplified Accessibility
  • Supports 120+ cryptocurrencies
  • Integration with eToro

The best cold wallets for Tezos

Are you looking for a Tezos wallet that prioritizes the security of your assets? A Tezos cold wallet is considered safer because it operates offline and, therefore, is protected against online attacks. Here is our selection of the best options for Tezos hardware wallet.

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Ledger Nano

A reliable and popular physical wallet, the Ledger Nano resembles a USB drive. It offers enhanced security thanks to its built-in cryptographic hardware and two-factor validation method. A must-have for securely storing your XTZ.

Advantages : 

  • Compact
  • Easy to use
  • Increased security
  • Excellent reputation

Disadvantages : 

  • High purchase price
  • Complex setup for beginners

Ledger

  • Portability and durability
  • Integration with applications and services

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Trezor Wallet

A must-have physical wallet for crypto enthusiasts, the Trezor wallet is compatible with over 1000 different cryptocurrencies, including Tezos. It functions much like the Ledger Nano and offers a two-factor validation method, making it one of the most secure XTZ wallets on the market.

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Advantages :

  • Compact
  • Easy to use
  • High level of security
  • Excellent reputation
  • Compatible with over 1000 cryptocurrencies

Disadvantages : 

  • High purchase price
  • Complex setup for beginners

Trezor

  • Enhanced Security
  • User-Friendly Interface
  • Wide Cryptocurrency Support

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CoolWallet

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Initially designed as a Bitcoin wallet, the CoolWallet has gradually expanded to include other cryptocurrencies, including Tezos. This physical wallet has the advantage of being ultra-innovative as it is the only one that can connect to a smartphone via Bluetooth. However, operations remain perfectly secure.

Advantages : 

  • Compact
  • Easy to use
  • High level of security
  • Bluetooth connection

Disadvantages : 

  • High purchase price
  • Bluetooth connection can be intermittent

Tezos wallet : How to Set Up Your Tezos Wallet

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Tutorial for a Tezos Cold Wallet

  • Purchase a physical wallet: Buy your physical wallet from the official website of Ledger, Trezor, or CoolWallet, or from an authorized reseller.
  • Configure your cold wallet: Connect your wallet to your computer using a USB cable and follow the on-screen instructions until you choose a PIN code. Safeguard your security phrase securely.
  • Deposit funds: Connect your cold wallet to your computer using your PIN. Visit a cryptocurrency exchange platform to purchase cryptocurrencies or transfer the tokens you already own to your wallet.
  • Send funds: You can also send funds by entering the recipient’s address and the transaction amount directly from your wallet screen.
  • Receive funds: Share your public address with the sender so that the funds can be credited to your wallet.

Tutorial for a Tezos hot wallet

  • Download the Tezos wallet app, which is compatible with your computer or smartphone.
  • Create a new account in your wallet by following the on-screen instructions. Make sure to keep the generated backup phrase secure.
  • Log in to your Tezos wallet: enter your username and password and access your funds within seconds.
  • Receive funds: send your Tezos address to a third party who wants to send you funds. Find your address by clicking on “Receive” in your wallet.
  • Send funds: click on “Send” in your wallet, and enter the recipient’s address and the number of tokens you want to send.
  • Regularly back up your wallet and store your backup phrase in a safe place.

Our Final Toughts and Tezos Wallet Review

Tezos wallets are both practical and reliable tools for securely storing and managing your XTZ funds. Whether you choose a hot wallet for easy and quick access or a cold wallet for increased security, consider your needs and habits to make an informed choice.

On our part, hot wallets seem to be a very good option if your priority is to save money and access your funds easily and quickly. However, if you start accumulating a lot of cryptocurrencies and want to keep your XTZ safe, then nothing beats a cold wallet!

Frequently Asked Questions about Tezos Wallets

How do I choose the best Tezos wallet for my needs?

Consider your priorities: If you value accessibility and convenience, a hot wallet may be suitable. However, if security is your top priority, opt for a cold wallet.

Are there any fees associated with using Tezos wallets?

While some wallets may charge usage fees, particularly hot wallets offered by exchange platforms, others may offer their services for free. Be sure to check the fee structure of your chosen wallet before proceeding.

How do I back up my Tezos wallet?

Most wallets will provide you with a backup phrase or recovery seed during the setup process. It is crucial to write down this phrase and store it in a safe and secure location. This backup phrase can be used to recover your wallet in case it is lost or damaged.

How often should I update my Tezos wallet?

It is advisable to regularly check for updates and security patches provided by the wallet provider. Updating your wallet ensures that you have the latest features and security enhancements, reducing the risk of vulnerabilities and potential breaches.

About the author

Lais Duarte

Lais Duarte is a Ph.D. candidate at The City University of New York and visiting researcher at the University of Lisbon. Lais currently works as an ESL teacher and writer. She is an expert in the intersection of migration, technology, deterritorialization, and alternative currencies.