With more than 80 banks adopting Ripple platform, it is being considered as the most viable investment, thus making it one of the best cryptocurrencies to invest in 2018. Before you also make up your mind to start investing in Ripple, you will need a Ripple wallet. We have highlighted some excellent options to help you choose the best Ripple wallet to suit your needs.
What is Ripple Wallet
If you have chosen to buy Ripple from an exchange, rather than trading it from a brokerage firm, then at some point you will need a Ripple wallet. Unlike Bitcoin wallets, which are usually free to download, Ripple wallets require you to have 20 XRP in order to reserve your wallet address. This is why you should be ultra careful while choosing your wallet, otherwise you will end up wasting 20 XRP every time you download a new one.
Having said that, if you deposit or buy from the exchange, you are not charged anything. It is only when you are planning onto hold your XRP on the Ripple ledger, the charges apply. Now that you are ready to hold your XRP in the wallet, you should be aware about different types of Ripple wallets.
Types of Ripple Wallets – Which one suits you the most?
This XRP wallet sits online, but is not physical. It comes in the form of phone app or desktop version. This wallet also comes in the form of websites that are accessed through browsers or you even get them on cryptocurrency exchange websites.
- These are most straightforward and fast.
- These are quite cheap as compared to other options.
- They are not as secure as hardware XRP or paper wallets.
- They are reliant on internet connection.
- There are multiple options in the market to choose from.
Hardware XRP: This wallet is physical or can be purchased through stores or even online. The hardware XRP looks more or less like USB sticks that comes with a small screen and a few buttons that allow you to check funds and perform some basic functions.
- These are very secure options.
- They look amazing and are also fun to use.
- They are quite expensive.
- They can break eventually, so need to be replaced from time to time.
- There is a vast selection in the market to choose from.
Hot Wallet: Hot wallet is usually online and is mostly connected to the blockchain, which helps to receive and send funds faster. These wallets work more or less like an actual wallet where you store cash before leaving house.
- They can access XRP immediately.
- They are always connected to blockchain and much more convenient.
- They are less secure.
- These are very tempting to spend, but it is risky to store the XRP here.
Cold Wallet: This is a physical wallet which is left online when not in use, in order to keep the coins safe. Paper wallets can be described as cold wallets that are not connected to the internet. These options work more like a bank account.
- They are highly secure.
- They are not stored online and are mostly private.
- With cold wallets, it is easy to keep a track record of your amount.
- They are difficult to access and comparatively slower than hot wallets.
- With cold wallets, you cannot lose your private key.
If you are looking for exchange-based-wallets, you get hot wallets as the only option, as these are faster to access.
If you are willing to buy hardware wallets, then you can opt for Ledger Nano S, which is a compact, smart looking, hardware-based-cryptocurrency wallet. Otherwise, you can opt for some trustworthy Software wallets for holding your XRP.
Best Wallets for Ripple
Cryptonator: Wallet designed for security and convenience that comes with an instant exchange feature.
Rippex: Desktop based downloadable application that promises security, agility and credibility.
Toast Wallet: Secure, easy-to-use and wallet full of features that has a growing user base.
These are some of the quick, easy and safe options available in the market, which can best suit your needs, especially if you are a frequent buyer and seller.