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Cosmos Wallet Choosing Guide

Cosmos Wallet Choosing Guide

The Cosmos project is sort of a combination of Generation 1 and Generation 2 blockchains. Taking the best parts of Bitcoin and Ethereum to make “the internet of blockchains.” See, the problem with the first two generations is the lack of communication between them. It’s difficult for blockchain to interact and transfer assets between each other. For example, you can’t send Bitcoin to the Ethereum blockchain. That’s the solution Cosmos aims to solve, using ATOM as the native token to do it. 

ATOM is a staking token that users can buy, stake, and earn income from all the transactions being made in the Cosmos ecosystem. It’s an attractive offer which is why so many are looking for a safe Cosmos wallet to store their ATOM. 

Key talking points:

  • Learn what an ATOM wallet is and how they work
  • Understand the main features of an ATOM wallet
  • Learn about ATOM wallet security
  • Compare different types of ATOM wallets
  • Discover what ATOM wallets are best for you

What is a Cosmos wallet?

A Cosmos wallet is a digital wallet that allows one to store ATOM. There are various types of Cosmos wallets such as cryptocurrency exchange wallets, custodial wallets, hot wallets, cold wallets, and so much more. These days, every wallet comes with a variety of features. Some just allow you to HODL while others allow you to use your ATOM in new and creative ways. We’ll get into that part later but first, let’s see how Cosmos wallet works. 

How does a Cosmos wallet work?

Every wallet is different so there is not a universal set of instructions on how a Cosmos wallet works. For the most part, though, each wallet comes with a set of keys. The public key creates public addresses for the blockchains, allowing one to send and receive ATOM tokens. The private key is the proof of ownership of that cryptocurrency. If you hold the private key, then you own whatever is in that wallet. Not every wallet gives you the private key and they manage the funds for you just as a bank manages your money. Essentially, it’s good to have a mixture of your portfolio in hardware wallets where you own the keys and then also in custodial wallets to access financial services. 

Main features you need in a Cosmos Wallet

When researching your Cosmos wallet, make sure it comes with the following features:

  • Security and privacy
  • Low or custom ATOM transaction fees
  • Two-factor authentication (2FA)
  • Fiat onramps and offramps
  • Low minimum deposit amount
  • The ability to lock and unlock withdrawals at will
  • Complete crypto exchange capabilities
  • Customer support
  • Multi-chain support
  • Multisig
  • Bonus features like savings accounts, trading tools, and loans. 

Do I need a Cosmos Wallet to Buy or Trade ATOM?

Yes! If you buy ATOM on a crypto exchange or from a person, then that exchange will have a built-in ATOM wallet for you to hold ATOM until you decide to trade it or withdraw it. Even if you manage to buy ATOM with cash from your friend, you still need a wallet to store Cosmos.

Are all ATOM wallets secure?

Unfortunately not. Some wallets are built by scammers and include back doors to steal your private keys and run away with your hard-earned ATOM tokens. Other wallets are built poorly due to mere negligence. That’s why it’s extremely important to find a good wallet built by a reputable team. YouHodler for example is fully licensed and regulated and uses industry-best practices for crypto storage. Furthermore, YouHodler has high-quality security features like 2FA, 3FA, and regular security audits. YouHodler even has insurance to protect some of your funds in the event of a hack, so you don’t need to worry. 

 

Are all ATOM Wallets Free? How Much Does It Cost to Use a Cosmos Wallet?

Cosmos wallets are free to use. YouHodler is all about making crypto for everyone. That means removing as many barriers as possible to offer financial services to the entire world. YouHodler ATOM wallets are 100% free. However, keep in mind, we don’t control the Ethereum blockchain. You should understand every transaction on the Ethereum blockchain requires a fee to operate. That can’t be avoided so keep that in mind if you are making an ATOM transaction. 

How to deposit and withdraw from ATOM Wallet

The ATOM wallets on YouHodler are extremely easy to use. Whether you want to deposit ATOM or withdraw ATOM, we have the instructions clearly laid out for you. So just follow them step by step and there should be no problems. If there are, however, please contact our support team and we’ll walk you through the process. 

Types and differences of Cosmos wallets - How to choose the right one for you?

Cosmos wallets come in all sorts of lovely shapes and sizes. So finding the best one for you should be a relatively easy task. Here are a few different types you can explore. 

Desktop ATOM wallet

As its name suggests, a desktop ATOM wallet is one that’s installed on a desktop computer or a laptop. Users get complete control over the wallet just as they would with a mobile wallet, just in a desktop environment. The main difference is that some desktop wallets have more advanced functionality like the ability to operate a complete node or full crypto exchange integration. 

Mobile ATOM wallet

More or less, a mobile ATOM wallet performs the same functions as a desktop wallet but on a mobile device such as a smartphone. Mobile ATOM wallets are often more convenient due to their portable nature and the ability to scan QR codes for quick crypto transactions in stores or between peers. There are ATOM wallets for all types of operating systems like Android or iOS. 

Web ATOM wallet

Web ATOM wallets are wallets that exist on a website or online service that allow users to send and receive cryptocurrency in addition to storing it. These wallets can be accessed anytime, and anywhere as long as there is the internet. Some of the most popular crypto services in the world are web wallets such as Coinbase, Kraken, Binance, and YouHodler. Security is a concern for web wallets but that can be managed with due diligence to make sure the web wallet you choose has a good history of high-level security and insurance. It’s also wise to use web wallets in tandem with the more secure hardware wallets. 

The Best Cosmos Wallets

There are countless articles out there dissecting different crypto wallets, trying to decide what is the “best Cosmos wallet.” To be honest, there is no “best ATOM wallet” for us as a collective whole. However, there is a Cosmos wallet that is best for you and that depends on your wants and needs. At YouHodler, we tried our best to create a diverse, multi-faceted wallet that appeals to all sectors of the crypto industry. Is our wallet the best Cosmos wallet? Well, that’s for you to decide. 

Best Cosmos Wallet for Beginners

When asking what the best Cosmos wallet for beginners is, it’s important to first dissect what a beginner demands from a Cosmos wallet. Most importantly, is a user-friendly interface. Beginners who are new to crypto are taking in tons of information every day and they don’t need a complicated app on top of that to learn. Clean, simple interfaces are best for beginners with minimal navigation required. That’s why we designed YouHodler’s interface to appease beginner users with simple designs, clear buttons, and plenty of information databases to dig into. 

Best Cosmos Wallet For Advanced Cosmos Users & Investors

Advanced Cosmos users and investors also appreciate clean simple interfaces on their Cosmos wallet; however, they also want something flexible enough that meets their high demands. Advanced crypto traders want a wallet with low transaction fees, built-in crypto exchange capabilities, advanced security, staking features, and advanced financial services like loans and crypto trading. Advanced users are busy people and they can’t be bothered using multiple apps for different activities. That’s why we designed YouHodler to be the true one-stop-shop solution for advanced users with a wide array of FinTech services to fit their every need. 

Best Cosmos Wallet for Mobile Users

We live in a mobile world and that’s only going to increase. Hence, mobile Cosmos wallets are perhaps the most important wallets in development. There are thousands to choose from and the key is to find one with maximum efficiency and security. YouHodler’s mobile wallet has 2FA, 3FA, and the ability to lock your funds from withdrawal--requiring ID verification to unlock it. On top of that, the team runs regular security audits to ensure all wallets are secure from malicious actors.  People ``on the go” in a mobile economy, want to make sure their digital wallets are present, protected, and easy to use. Not all Cosmos wallets match this quality but YouHodler tries its best to. 

Best Cosmos Hardware Wallet

As mentioned earlier, it’s a smart idea to buy a Cosmos hardware wallet to use in cooperation with your mobile or web wallets. Cosmos hardware wallets are ideal for the long-term storage of crypto assets. Ideally, you want to keep some on a mobile or web wallet for payments, trading, and staking while keeping the rest safely in a secure hardware wallet. The Ledger series of hardware wallets are extremely popular and recommended by most advanced crypto users. Trezor is another brand worth mentioning. 

Best Cosmos Wallet for software storage

Once again, this comes down to the idea of “not your keys, not your crypto.” The best Cosmos wallet for long-term software storage are wallets where you fully own the private keys. It’s best to use this in combination with more diverse web wallets to enjoy the benefits of both worlds. 

Best Cosmos Wallet For Security

The best Cosmos wallets for security are the ones that prioritize security. Stay away from wallets that don’t have PIN options, 2FA, or basic security features. YouHodler has a PIN or thumbprint required to enter the app in addition to 2FA and 3FA upon request. We also run regular security audits to ensure our walls are strong and impenetrable. Lastly, we are backed by Ledger Vault and Fire Blocks for insurance and secure crypto transaction management solutions.

Best Cosmos Wallet for Android Users

While the battle between iPhones and Android phones wages on, it’s nice to know that crypto doesn’t pick sides. Most--if not all--of the most popular Cosmos wallets can be found on both Android and iOS operating systems. 

Click here to download YouHodler for Android. 

Best Cosmos Wallet for iOS Users

We’re also at the Apple store too! Click here to download YouHodler for iOS and ready all about our Cosmos wallet functionalities for your iPhone

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