If you’re purchasing FTX Token for the first time, you’ll need to choose a wallet to store your coins in. There are a lot of different wallets out there, each with their own advantages and disadvantages. From browser-based wallets to cold storage solutions, this article will take a look at five of the best FTX Token wallets available and help you decide which cryptocurrency storage option is best for you.
What is a Cryptocurrency Wallet?
Just like the wallet in your pocket, a cryptocurrency wallet is a place where you can store your digital coins. Unlike a physical wallet though, a cryptocurrency wallet doesn’t actually store any physical money, but instead holds the private keys needed to access your coins on the blockchain.
Some people think of cryptocurrency wallets like a mobile bank account, but this isn’t quite accurate. When you open a bank account, the bank holds onto your money and keeps it safe. With a cryptocurrency wallet, you are the only one who has access to your coins. Additionally, while a bank account holds onto the actual currency you deposit, a cryptocurrency wallet only stores your private keys– the digital passcodes needed to access your coins.
Different FTX Token Wallets Available
FTX Token is an ERC-20 standard asset, built on the Ethereum blockchain, which means that most Ethereum-enabled wallets will be able to store FTX Token.
There’s a wide variety of different wallets that can store your FTT, each with their own set of advantages and disadvantages. The best wallet for you will depend on your needs and preferences. Some factors you may want to consider include:
- How easy is it to use the wallet?
- How secure is the wallet?
- What features does the wallet offer?
- Does the wallet support other cryptocurrencies?
Let’s take a look at five of the most popular types of wallets that can hold FTX Token:
1. Browser-based Wallets
Browser-based wallets are some of the most user-friendly wallets available. As the name suggests, these wallets are accessed through your web browser. All you need to do is create an account on a wallet provider’s website and you’ll be able to start storing, sending, and receiving FTX Token.
One of the biggest advantages of browser-based wallets is that they’re very easy to use. They also tend to be more affordable than other types of wallets since you don’t need to buy any additional hardware or software.
However, browser-based wallets are not as secure as some of the other options on this list. Because your private keys are stored online, they’re susceptible to hacking.
Here are two great options for storing FTX Token in a browser-based wallet:
MyEtherWallet: MyEtherWallet is a free, open-source wallet that’s compatible with ERC-20 tokens like FTX Token. It’s very easy to use and offers a variety of features, such as the ability to interact with dapps and to view your balances and transaction history. Installing MyEtherWallet is as easy as adding an extension to Chrome and registering with your email address, so you can begin storing FTX Token in a matter of minutes.
MetaMask: MetaMask is another popular browser-based wallet that’s compatible with ERC-20 tokens. MetaMask has gained in popularity in recent years due to its user-friendly interface and support for popular dapps like CryptoKitties. In addition to being a chrome extension, MetaMask also offers a mobile application that you can use to store your FTX Token on the go.
2. Desktop Wallets
Desktop wallets are another popular type of cryptocurrency wallet. These wallets are downloaded and installed on your computer, giving you full control over your private keys.
Since your private keys are stored locally on your computer, desktop wallets tend to be more secure than browser-based wallets. However, they’re still susceptible to hacking if your computer is infected with malware.
Another advantage of desktop wallets is that they allow you to store and access your coins offline. This can be helpful if you’re worried about losing access to your coins in the event that your browser-based wallet is compromised.
Here are two great options for storing FTX Token in a desktop wallet:
Exodus: Exodus is a popular desktop wallet that’s known for its user-friendly interface and support for a wide range of cryptocurrencies. In addition to being easy to use, Exodus also offers some advanced features, such as the ability to exchange cryptocurrencies directly within the wallet.
Electrum: Electrum is a lightweight desktop wallet that’s designed to be fast and easy to use. One of the unique features of Electrum is that it allows you to choose whether you want to store your private keys locally or on a remote server. This can be helpful if you’re worried about losing access to your coins if your computer is lost or stolen.
3. Mobile Wallets
Mobile wallets are one of the most convenient types of wallets available. As the name suggests, these wallets are accessed through a mobile app, making them very easy to use on the go.
Most mobile wallets are quite user-friendly, but they don’t offer the same level of security as some of the other wallets on this list. Since your private keys are stored on your mobile device, they may be susceptible to hacking if bad actors gain access to your device, and unless they’re backed up, may not be retrievable if you lose your phone.
Another thing to keep in mind with mobile wallets is that many of them are designed for a specific cryptocurrency. So, if you’re looking for a wallet that can store multiple types of coins, you may need to download more than one app.
Here are two great options for storing FTX Token in a mobile wallet:
Atomic Wallet: Atomic Wallet is a popular mobile wallet that’s available for both Android and iOS devices. Atomic Wallet is known for its user-friendly interface and support for over 300 different cryptocurrencies, including support for both ERC-20 and BEP2 tokens.
In addition to being easy to use, Atomic Wallet also offers some advanced features, such as the ability to buy and exchange cryptocurrencies directly within the wallet.
Trust Wallet: Trust Wallet is a mobile wallet that’s available for both Android and iOS devices. Trust Wallet is known for its user-friendly interface and support for popular dapps like Aave and OpenSea. In addition to being a great option for storing FTX Token, Trust Wallet also allows you to buy, sell, and exchange a variety of other cryptocurrencies directly within the wallet.
4. Hardware Wallets
Hardware wallets are one of the most secure types of cryptocurrency wallets available. These wallets store your private keys on a physical device, such as a USB drive, making them virtually impossible to hack.
Since your private keys are stored offline, hardware wallets are also quite convenient. However, they tend to be more expensive than other types of wallets, and can be a bit more tricky to set up.
Here are two great options for storing FTX Token in a hardware wallet:
Ledger Nano S: Ledger Nano S is a popular hardware wallet that’s known for its security and ease of use. Ledger Nano S supports a wide range of cryptocurrencies, including FTX Token, and allows you to store your private keys offline.
Trezor Model T: Trezor Model T is another popular hardware wallet that offers similar features to the Ledger Nano S. Trezor Model T also supports a wide range of cryptocurrencies and allows you to store your private keys offline.
5. Store Your FTT on FTX
If you’re looking for a place to store your FTX Token where you can put your funds to work for you and also trade and invest in other cryptocurrencies, then consider holding or staking your FTT on FTX.
As the native token of the exchange, staking FTT on FTX gives you a wide variety of benefits, from trading fee discounts, participation in SRM airdrops, voting rights in the FTX governance system, and more.
FTX is one of the most popular cryptocurrency exchanges available, and offers a great way to store your FTT while also getting access to a wide range of other features.
Benefits of Using Wallets for Storing FTX Token
The features and benefits of using different FTX Token wallets will vary, depending on the type of wallet you choose. However, there are some general benefits that come with using FTX Token wallets, regardless of the specific type of wallet you use.
Some of the benefits of using wallets include:
- Security: One of the most important features of any cryptocurrency wallet is security. Depending on which solution you use, your wallet will employ unique features to ensure that your private keys stay secure
- Privacy: Another benefit of using cryptocurrency wallets is privacy. Most non-custodial wallets allow you to transact without entering personal details or completing Know Your Customer (KYC) verifications.
- Borderless transactions: Cryptocurrency wallets also allow you to send and receive funds anywhere in the world, without having to go through a bank or other financial institution. This makes it easy to send and receive payments without having to worry about currency conversion rates or other fees. Regardless of which wallet you choose, you’ll be able to enjoy these benefits when you use FTX Token.
Choosing the Right Wallet for Your Needs
There are a few things to consider when choosing a wallet for your FTX Token, such as:
- Security: If security is your top priority, then you’ll want to choose a hardware or paper wallet.
- Convenience: If you need to be able to access your funds quickly and easily, then you’ll want to choose a mobile or web wallet.
- Support for other cryptocurrencies: Do you want to be able to store other digital assets in your wallet? If so, then you’ll want to choose a wallet that supports a wide range of cryptocurrencies.
- Trading and investing: Do you want to be able to trade or invest in other cryptocurrencies directly from your wallet? If so, then you may want to store your FTT on an exchange, like FTX.
- Cost: How important is cost to you? Some wallets, such as hardware wallets, tend to be more expensive than other types of wallets.
Once you’ve considered these factors, you should be able to choose the right wallet for your needs. To learn more about FTX Token, check out the FTX Token benefits and staking FTT.
To stay up to date on all the latest on FTT from FTX, be sure to follow FTX on Twitter. If you’re ready to buy FTT, head over to FTX.com and register an account today.