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Designed as a secure and anonymous cryptocurrency for everyday use, Verge (XVG) offers fast and private transactions. At the time of writing (01/03/2018), Verge was one of the world’s top 30 cryptocurrencies by market cap and one of a number of privacy-based coins competing for market share.
If you own or want to buy XVG, you’ll need to find a reputable wallet for the safe and secure storage of your coins. Read on for reviews of three of the best Verge wallets and some tips on how to choose the right wallet for your needs.
Learn more Where to buy Verge (XVG)
If you’re hunting for a reputable wallet that will allow you to securely store your XVG, make sure you keep an eye out for the following features:
Want more tips? Check out our complete guide to cryptocurrency wallets.
Electrum is an open-source wallet for bitcoin. To create this XVG-compatible wallet, Verge forked the Electrum wallet codebase and made some adjustments so that it works with the Verge blockchain.
As a light wallet, the Verge Electrum Wallet offers a fast and lightweight way to store and manage your XVG holdings. It uses Simple Payment Verification (SPV) technology to verify transactions in approximately five seconds, which means you don’t have to download the entire Verge blockchain to use your wallet.
A seed phrase is used to generate your private keys, while Electrum uses two separate levels of encryption to protect your funds. This wallet is also designed with everyday users in mind, so it’s quick and easy to set up and start sending and receiving payments.
Available on Windows, Mac OS X and Linux operating systems, the Electrum Wallet can also run encrypted transactions through a chain of Tor relays to provide increased privacy. However, if you’re searching for a multi-currency wallet to store a variety of coins and tokens, you’ll need to look elsewhere.
The Coinomi mobile wallet is a popular choice with holders of a wide range of crypto coins and tokens, due in large part to the fact that it supports more than 100 cryptocurrencies. As well as Verge, some of the key currencies you can hold in your Coinomi wallet include bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Dash (DASH) and Ether (ETH), which means it’s definitely worth considering if you need to store multiple digital currencies.
And with ShapeShift integration, it’s easy to quickly exchange one currency for another.
Coinomi’s user interface is another point in its favour, and even crypto newcomers should have no trouble learning how the wallet (and all its features) work. From a security point of view, your private keys are stored on your device and Coinomi’s servers anonymise transaction requests by concealing your IP address. It’s also a hierarchical deterministic (HD) wallet, which means your XVG are accessible and secured with a 12-word passphrase that only needs to be backed up once.
However, Coinomi doesn’t provide the option of two-factor authentication, and there’s currently no iOS app for iPhone and iPad users. However, an iOS app is in development and listed as coming soon.
Read our full review of Coinomi wallet.
QT is a cross-platform application and UI framework that uses the C++ programming language. Available across a variety of operating systems, this wallet is another option worth considering if you’re looking for a Verge desktop client.
While it may not match the slick user interfaces of some other wallets, it’s still relatively simple and straightforward to use. Transactions are fast and it’s easy to take advantage of Verge’s privacy features when sending funds.
However, using the QT Wallet means you have to download the entire Verge blockchain to your computer, which not only takes time but also uses hard drive space. It’s also worth pointing out that anyone searching for a multi-currency wallet won’t find what they’re looking for here.
However, storing cryptocurrencies in most exchange wallets means that your private keys are controlled by the exchange, which means you technically don’t have full ownership of your funds. Just as importantly, exchanges have been targeted by hackers on numerous occasions, so transferring your XVG into a private wallet is generally considered to be a more secure storage option.
To make sure your XVG and any other coins and tokens are always stored as securely as possible, remember a few simple tips:
Check out our comprehensive guide to choosing a crypto wallet
Images: Shutterstock
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