One of the first blockchains built on Cosmos is the Cosmos Hub and it’s native token is the ATOM. It is not used as a store of value, or as an exchange medium, but is instead used for staking on the Cosmos network.
Given the primary use of ATOM is for staking it is critically important to find the best and most secure wallet for storing ATOM tokens.
In this post, I will give you the 6 best ATOM wallets on the market. I will also give you some top tips when it comes to safely storing your ATOM.
Cosmos was built on the Tendermint core and as such, it is a completely native blockchain. Unlike many of the other projects that have raised an ICO, ATOM was not issued on the Ethereum blockchain. This means that may have less wallet support ERC20 tokens.
Nevertheless, there are currently a few options for users to store their ATOM crypto. My criteria is mostly based on the security, developer support and user friendliness of the chosen wallet.
Now, this may not be an all-inclusive list as there may be other wallets that you have found that claim to support ATOM. If you are going to be using these wallets, make sure that it has broad community support before sending your coins there.
With that being said, let’s jump in.
When it comes to security of wallets, nothing can really beat the effectiveness of a hardware wallet. The Ledger Nano is perhaps the most well known hardware wallet currently on the market. It supports over 1,000 coins and tokens with an expanding roadmap.
The benefit of using a hardware wallet is that your private keys are always kept on the device in a cold storage environment. When you need to sign the transaction you will do so on the device and it will never be exposed to an online environment.
The Ledger device will connect to your PC through a USB cable where you can manage your coins. Although there is a Ledger Live app that you can use to manage all of your other coins, this cannot be used to manage the ATOM on the wallet. This is done by installing the Lunie wallet which we cover below.
If you were ever to lose your Ledger Nano device, you can also recover it through the use of the seed words that you setup when you were first configuring the device. It is therefore important to make sure that you keep these in a safe place and do keep backups.
There are currently two different Ledger devices that you can buy. The entry level is the Ledger Nano S which should be sufficient for you to store your ATOM. This currently costs $41 which makes it one of the most affordable hardware wallets currently on the market.
However, the Ledger Nano X could also be considered. This can support many more apps at the same time which means that you don’t have to always install and uninstall coin apps when using them. It also has support for additional coins and is bluetooth enabled. It does, however, come with a price tag of $119.
As mentioned, you will have to use either the Lunie Wallet or the Cosmostation in order to manage your coins on your PC. If you would like instructions on how to do this, this handy guide should cover everything.
The Lunie wallet was the official open source wallet developed by the Cosmos team. Since then Lunie has been spun off as a separate company that continues development on the wallet. Given that it was first developed by the Cosmos team, it is perhaps best suited to access the full benefits of the network.
The Lunie wallet can be used for storage and for the staking of ATOM tokens. It has been designed to be extremely user-friendly, and even new cryptocurrency users will be able to easily manage their ATOM tokens in the Lunie wallet. Users can also participate in Cosmos governance through the Lunie wallet.
This non-custodial wallet keeps private keys and seed phrases secure. It is available as a web wallet, a browser extension, and most recently has been released for Android and iOS mobile devices.
One of the best use cases for the Lunie wallet is that you can stake your ATOM. Given that the Cosmos Hub is a Proof-of-Stake blockchain, you can earn staking returns and in the process help ensure the security of the network.
Lunie is also working on making their wallet compatible for all staking coins, which is something exciting to look forward to in the future. If you want to be kept updated with the progress of the wallet on the staking front then you can follow their official blog.
Trust is a well-known mobile wallet, with versions available for both iOS and Android users. In addition to its support for the ATOM token, it is also popular as the official wallet of the Binance ecosystem. With the Trust Wallet, your private keys and seeds never leave your device.
The Trust Wallet does allow staking of ATOM tokens, and you can purchase ATOM directly from within the Trust Wallet, which is extremely convenient. Users also appreciate the compatibility with the Binance DEX which gives access to easy trading. Furthermore, the Trust Wallet has a Web3 browser built-in, allowing for interaction with decentralized applications from within the wallet app.
The Trust Wallet is available on both iOS and Android devices. I wanted to get a sense of the feedback that the wallet has been getting from those who installed the app. Hence, I dove into the iTunes store and Google play store feedback.
As you can see, users have been quite complimentary of the wallet with generally positive feedback. Something else that is encouraging is that whenever users have had a complaint, the Trust Wallet team have been quick to respond to their concerns.
Another really important advantage of the Trust Wallet is like the Lunie wallet, it is fully open source. This means that the code is available for all to see and fully audit which adds to the security of the wallet. You can view the Trust Wallet source code here.
The Cosmostation wallet is available for iOS and Android mobile devices, and as a decentralized web wallet which can be used with the Ledger Nano S. It is also fully open source which means that the code is open to public review.
Besides being a verified validator on the Cosmos Hub, the wallet also works as a universal staking wallet, with support for a number of staking coins. Currently, it supports ATOM, IRISnet, Terra, and Tendermint-based blockchains.
By using the Cosmostation wallet you can stake ATOM tokens as well as a number of other tokens and begin earning rewards. Staking works through delegation to Cosmostation and is extremely secure.
By staking through Cosmostation you get an impenetrable structure to prevent various attacks on the validator node and 24/7 monitoring of malicious traffic coming in and out of the Cosmostation nodes.
As was mentioned, the Cosmostation also works with the Ledger Nano device. This means that you can keep your private keys on the Ledger while delegating to earn staking returns. Its also worth noting that Cosmostation is considering implementing a Hardware Security Module which will safeguard digital keys.
The Wetez wallet began as a Tezos (XTZ) staking wallet but has been upgraded to support a number of staking tokens, including ATOM. You can currently store and stake 14 different tokens, with support for 6 more currently in development.
Unlike many other universal staking wallets, the Wetez Wallet also allows other authorized validators to be listed in the wallet as an option for delegation. It also allows for participation in the governance of the Cosmos network.
The Wetez wallet is available for both iOS and Android mobile devices. The wallet provides added security with a double sign protection through its key management system. They also promise 24/7 uptime commitment from their staking nodes as well as low latency with their high performing servers.
Unfortunately, it seems as if the Wetez Wallet is not open source. This means that you cannot independently verify the robustness of the code. This is particularly relevant given that you are delegating your ATOM in order for the nodes to vote.
Last, but certainly not least, we have the imToken wallet, which comes loaded with helpful features. In addition to its support for ATOM tokens, it also has support for Bitcoin, Ethereum and other tokens.
It is currently only available as a mobile wallet in both the iOS and Google Play store. The feedback in the iTunes store seems to be generally positive although it is slightly more varied in the Google Play Store.
The imToken wallet has built-in support for a decentralized exchange, so you can exchange tokens without ever leaving your wallet. This is unlike the other exchange functions that I have seen in third party wallets as you can make the swap through a smart contract.
This is a decentralised exchange called Tokenlon which has been built on the 0x protocol for Dexs. If one were to believe the trading data listed on the website, they completed over $16m in volume over the past month with a total of 9,000 transactions.
In addition to the Decentralised Exchange feature, you also have the dApp browser which allows you to interact with dApps on the App. For example, you can use the digital identity system which lets you log into any dApp for KYC purposes – no doubt a time saver.
For added security, the wallet allows for cold storage of tokens, or they also offer the imKey hardware device. With imToken you will be able to easily exchange and stake tokens, earning up to 20% annual returns on your staked assets.
And there you have it. My list of the top 6 best wallets to store your ATOM. As the adoption grows for the Cosmos Ecosystem so too will demand for ATOM wallets. Hence, this list is likely to expand over the coming months.
If you are looking for the most secure alternative then you can’t really beat the benefits of a hardware wallet like a Ledger Nano. You will also be able to stake your ATOM and take part in governance through the Lunie or Cosmopolitan wallets.
Of course, you can also just use these wallets out right at least to start with. Given that they have mobile apps you can also monitor your position and observe your staking returns while you are on the go. Alternatively, if you would like a wallet that has more coin support then you can use the Trust Wallet – it’s got the buy-in of Binance after all.
Whatever wallet you do end up choosing you should make sure that you follow wallet security 101. Always back up your seed words and be sure to store them in a secure location. Double check your browser address and avoid suspicious downloads.
And, last but not least, hodl in secret! When someone knows that you hold crypto you become a target.
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