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Bancor Wallet Choosing Guide

Bancor Wallet Choosing Guide

Bancor is popular software that lets users lock their crypto assets in pools in exchange for fees earned when traders buy or sell those crypto assets. Every time trade is executed on the Bancor platform, tokens are then converted into BNT as an intermediate currency. Hence, giving BNT utility on the platform. For investors who want to buy and hold BNT, they will first need an adequate wallet. In this guide, we’ll introduce you to a couple of BNT wallets and also go over some key facts about wallets in general. 

Key talking points:

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

What is a Bancor wallet?

A Bancor wallet is a wallet for BNT holders. With this wallet, users can store BNT in addition to requesting BNT payments and initiating BNT transactions as well. Some BNT wallets like YouHodler even have additional features like a savings account and BNT trading tools to help you multiply BNT.

How does a Bancor wallet work?

As an ERC-20 token, BNT is compatible with all Ethereum wallets. Simply download the wallet you want to use and then set up your account. Depending on the wallet, you may get a private key needed to access the wallet and interact with the blockchain. However, some third-party wallets manage those keys for you and you just to set up a username and password. 

Main features you need in a Bancor Wallet

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

  • Security and privacy
  • Low or custom BNT 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 Bancor Wallet to Buy or Trade BNT?

The short answer here is “yes.” If you buy BNT on a crypto exchange, then that exchange will have a built-in BNT wallet for you to hold BNT until you decide to trade it or withdraw it. Even if you manage to buy BNT with cash from your friend, you still need a wallet to store Bancor.

Are all BNT wallets secure?

Unfortunately not. Some wallets are built by criminals. These wallets have backdoors for hackers to easily steal your private keys and take off with your money. Other wallets are just built by bad developers who leave vulnerabilities in the wallet unbeknownst to them. Then, you have perfectly well-made wallets that just happen to lack high-quality security features like 2FA, security audits, etc. That being said, there are plenty of secure BNT wallets out there so don’t be afraid. Some wallets even come with insurance to protect your funds in the event of a bad event (e.g. like YouHodler wallets for example).

Are all BNT Wallets Free? How Much Does It Cost to Use a Bancor  Wallet?

Any good Bancor wallet should be free. If someone is trying to sell you a Bancor wallet, be careful. All the best wallets out there are 100% free. It doesn’t cost anything to use a Bancor wallet aside from the blockchain fees associated with every transaction. Some wallets choose to cover those fees for you while others let you choose the fee (higher fees result in faster transaction time).

How to deposit and withdraw from Bancor Wallet

The crypto industry has come a long way over the years. Nowadays, Bancor wallet apps are so user-friendly, anyone can figure it out. To deposit or withdraw Bancor using your wallet, just open up your app and find Bancor in the wallet section. You should then see buttons to deposit or withdraw Bancor. Simply choose an option and follow the instructions. If you want to deposit, a deposit address will be provided. Just copy and paste that address so the person sending your Bancor can do so. If you are withdrawing a Bancor, then you need to copy and paste the address from the wallet on the receiving end of the transaction so you can send the Bancor there. 

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

Bancor 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 BNT wallet

As its name suggests, a desktop BNT 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 BNT wallet

More or less, a mobile BNT wallet performs the same functions as a desktop wallet but on a mobile device such as a smartphone. Mobile BNT 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 BNT wallets for all types of operating systems like Android or iOS. 

Web BNT wallet

Web BNT 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 Bancor Wallets

There are countless articles out there dissecting different crypto wallets, trying to decide what is the “best Bancor wallet.” To be honest, there is no “best BNT wallet” for us as a collective whole. However, there is a Bancor 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 Bancor wallet? Well, that’s for you to decide. 

Best Bancor Wallet for Beginners

When asking what the best Bancor wallet for beginners is, it’s important to first dissect what a beginner demands from a Bancor 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 Bancor Wallet For Advanced Bancor Users & Investors

Advanced Bancor users and investors also appreciate clean simple interfaces on their Bancor 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 Bancor Wallet  for Mobile Users

Data suggests there will be over 18 billion mobile devices in use around the world by the year 2025. Suffice to say, we live in a mobile world and that’s only going to increase. Hence, mobile Bancor 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. For people ``on the go” in a mobile economy, want to make sure their digital wallets are present, protected, and easy to use. Not all Bancor wallets match this quality but YouHodler tries its best to. 

Best Bancor Hardware Wallet

As mentioned earlier, it’s a smart idea to buy a Bancor hardware wallet to use in cooperation with your mobile or web wallets. Bancor 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 Bancor Wallet for software storage

Once again, this comes down to the idea of “not your keys, not your crypto.” The best Bancor 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 Bancor Wallet For Security

The best Bancor 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 Fireblocks for insurance and secure crypto transaction management solutions.

Best Bancor 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 Bancor wallets can be found on both Android and iOS operating systems. 

Click here to download YouHodler for Android. 

Best Bancor Wallet for iOS Users

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

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