We review 5 of the best EOS wallets to help you safely store your EOS tokens.
Designed as a scalable and user-friendly version of Ethereum, EOS is a platform for the development of decentralised applications (dapps). EOS tokens (EOS) are the native token of the platform, and this cryptocurrency is firmly established as one of the 20 biggest digital currencies by market cap.
If you’re thinking of buying EOS, you’ll need to find a wallet that supports ERC20 tokens and provides easy, convenient storage. There are several options to choose from, so let’s take a closer look at five of the best wallets and the key features they have to offer. Please note that when the EOS mainnet is released in June 2018, EOS will swap to a different network, meaning new requirements for storage. Please check back closer to the date for an update on available wallets.
Compare wallets for EOS
What to look for in an EOS wallet
To ensure that you find a safe and secure EOS wallet, remember to look for the following features:
- EOS support. EOS is an ERC20 token on the Ethereum blockchain, so you’ll need to use a wallet that supports these types of tokens. However, take note that following the full release of the EOS platform in 2018, these tokens will move to the EOS blockchain.
- Security features. Ensuring the security of your EOS tokens is hugely important. Check what features a wallet offers to protect your funds against hacking and theft, such as two-factor authentication, advanced encryption and more.
- Private keys. You need your private keys to be able to send and receive funds using your cryptocurrency balance, so look for a wallet that allows you to retain control of your private keys at all times.
- Continued development. Make sure that any wallet you choose is continually being upgraded and developed with new features and improvements. This will help ensure that it’s as functional as possible and provides protection against the latest security threats.
- Customer support. Will you be able to quickly get in touch with the wallet provider’s support team if you ever experience any problems? Does the team promptly (and helpfully) respond to customer queries?
- Positive reviews. Finally, check out independent reviews from other users of a wallet. Would they recommend it to others? Is it backed by a strong development team? Does it have any security flaws?
Considering these issues will help you narrow the field down to a selection of suitable wallets. Now let’s take a look at some of the best wallets for storing EOS tokens.
5 EOS-compatible wallets
Ledger Nano S (hardware wallet)
- High level of security, supports a wide range of coins and tokens, simple set-up and practical for everyday use
- It doesn’t come free
Unlike desktop and web wallets, it doesn’t come free, so you’ll need to pay €79 (around AUD$125 at time of writing) to order one of these devices. However, it’s simple to connect to your computer via USB and set up your wallet to start managing your ERC20 tokens.
Compatible with the MyEtherWallet web interface, the Nano S features an OLED display and buttons you’ll need to physically press in order to verify a transaction.
Your device is locked by a secure PIN code and support for two-factor authentication is also included. As well as EOS, you can use your Nano S to hold bitcoin, Bitcoin Cash, Litecoin, Ethereum and a number of other popular cryptocurrencies.
TREZOR (hardware wallet)
- High level of security, supports multiple cryptocurrencies, secure and easy to use
If you’re keen to store your EOS in a hardware wallet, it’s also worth taking a closer look at the TREZOR USB wallet. Another popular cold storage option, this device allows you to store EOS, bitcoin, Ethereum and a wide range of ERC20 tokens, and you can use the TREZOR’s compatibility with MyEtherWallet to manage your EOS tokens.
Just like the Nano S, this hardware wallet features a built-in screen and manual buttons for confirming transactions. It also includes two-factor authentication and advanced cryptography to provide a high level of protection for your crypto funds.
The set-up process is reasonably simple and straightforward, and it doesn’t take long to understand how everything works.
The downside of this option is once again the cost. At €89 (around AUD$140 at time of writing), it’s slightly more expensive than the Nano S, so do your research before deciding which wallet is the right choice for you.
Jaxx (desktop and mobile wallet)
- Easy to use, convenience of access across multiple devices, support for multiple cryptocurrencies
- Some security drawbacks
- Not compatible with the EOS token sale
- Windows, Mac and Linux operating systems
- Android and iOS smartphones and tablets
- Chrome browser extension
Importantly for EOS users, Jaxx provides detailed instructions on how to register your ERC20 EOS tokens for the change to the EOS mainnet in June.
It also offers ShapeShift integration so that you can quickly and easily exchange one cryptocurrency for another. A 12-word “masterseed” is used to manage your private keys, so backing up this masterseed is essential if you need to recover your wallet.
However, Jaxx doesn’t support two-factor authentication, and it’s also worth pointing out that the wallet made headlines in June 2017 due to the reported theft of US$400,000 of customer funds.
Storing EOS in an exchange walletIf you’ve just purchased EOS, you may be considering storing your tokens on an exchange. For short-term storage, such as if you’re planning to place a trade, this is an option worth thinking about.
However, for long-term storage, exchange wallets aren’t recommended for two key reasons:
- They’re regularly targeted by hackers.
- They usually don’t allow you to retain full control of your private keys.
As a result, storing your tokens on a cryptocurrency exchange exposes them to security risks, so many crypto users recommend transferring your holdings off the exchange and into a secure wallet elsewhere.
MyEtherWallet (web wallet)
- You retain control of your private keys, simple set-up process
- Not the prettiest user interface, some security concerns
There’s no personal information required to create a wallet, allowing you to maintain anonymity, while integration with hardware wallets like the Ledger Nano S and TREZOR provides increased security.
Find out more in our review of MyEtherWallet
Exodus (desktop wallet)
- Impressive user interface, simple to set up and use, support for multiple cryptocurrencies, 24/7 support
- Not as secure as a hardware wallet
- Not compatible with the EOS token sale
The use of live charts allows you to quickly and easily track the value of your portfolio, while all the features you’d expect from your wallet are easy to find and use.
ShapeShift integration is a convenient addition to enable fast cryptocurrency exchanges, while private keys and transaction data are encrypted and stored on your computer.
Better yet, Exodus provides instructions on how to register your ERC20 EOS tokens for the EOS mainnet release in June.
Of course, it’s simply never going to offer the same level of security as a hardware wallet, and the lack of two-factor authentication is a drawback. It’s also worth pointing out that as Exodus was launched in July 2016, it’s still a relatively new company that hasn’t yet built the same top-level reputation as some other providers.
Tips for securely storing your EOS
Want to keep your EOS or any other crypto coins and tokens as safe as possible? Remember these important tips:
- Research before you transfer. Before transferring your EOS tokens to any wallet, make sure you thoroughly research the pros and cons of the wallet to make sure it’s right for you. Also be careful to only use wallets from reputable providers.
- Watch out for scams. Hackers and thieves sometimes target crypto holders using fake websites with very similar URLs to those of official, reputable wallets. Double-check URLs before visiting sites and downloading any software.
- Test it first. If you’re using a new wallet, you may wish to transfer a small amount of cryptocurrency into it first to make sure it’s safe, legitimate and works as promised. Once you’re happy with its functionality you can then transfer a larger balance over.
- Secure your wallet. While it might take a little time to set them all up, make an effort to use all the available security features your wallet provides. There’s no such thing as too much protection, so switch all available protective measures on before storing any funds.
- Update your antivirus protection. Make sure you’ve got the latest antivirus protection installed on any device you’ll be using to access your wallet. Update it regularly to protect against new threats.
- Pick your password carefully. When choosing a password, don’t just phone it in; use upper and lower case letters, numbers and other characters to create a code that’s essentially impossible to crack.
At the time of writing, the author holds IOTA and XLM.