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Polkadot Wallet Choosing Guide

Polkadot Wallet Choosing Guide

Polkadot (DOT) is one of the most popular cryptocurrencies today due in large part to its close ties with the founders of Ethereum. Often touted as the “next-generation Ethereum,” Polkadot has generated a lot of hype over the years leading to a large increase in investor interest. Hence, it’s no surprise that Polkadot wallets are becoming more advanced by the year. While the options are good to have, it can be a bit chaotic choosing the right one. Thankfully, we’ve put together this handy Polkadot wallet choosing guide for you. But first, let’s go over the key talking points. 

Key talking points:

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

What is a Polkadot wallet?

A Polkadot wallet is a wallet that enables one to store and manage Polkadot’s native currency, DOT. Polkadot is a decentralized blockchain development and smart contract platform and the DOT token is used for various services on the platform like transfer fees. Like other cryptocurrencies, DOT’s price is quite volatile, leaving many opportunities for savvy traders to profit from its movements. But to do so first, a high-quality DOT wallet is essential. 

How does a Polkadot wallet work?

Every Polkadot wallet works in its unique way. Sure, they all have the same underlying principle of allowing one to interact with the Polkadot network for transactions and storage but wallets have come a long way over the years. Today, some wallets offer DOT savings accounts, lending, staking, trading tools, exchange, and much more. More on that later. 

Main features you need in a Polkadot Wallet

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

  • Security and privacy
  • Low or custom DOT 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 Polkadot Wallet to Buy or Trade DOT?

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

Are all DOT 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 DOT 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 DOT Wallets Free? How Much Does It Cost to Use a Polkadot Wallet?

Any good Polkadot wallet should be free. If someone is trying to sell you a Polkadot wallet, be careful. All the best wallets out there are 100% free. It doesn’t cost anything to use a Polkadot 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 Polkadot Wallet

The crypto industry has come a long way over the years. Nowadays, Polkadot wallet apps are so user-friendly, anyone can figure it out. To deposit or withdraw Polkadot using your wallet, just open up your app and find Polkadot in the wallet section. You should then see buttons to deposit or withdraw Polkadot. 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 Polkadot can do so. If you are withdrawing DOT, then you need to copy and paste the address from the wallet on the receiving end of the transaction so you can send the Polkadot there. 

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

Polkadot 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 DOT wallet

As its name suggests, a desktop DOT 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 DOT wallet

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

Web DOT wallet

Web DOT 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 Polkadot Wallets

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

Best Polkadot Wallet for Beginners

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

Advanced Polkadot users and investors also appreciate clean simple interfaces on their Polkadot 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 Polkadot 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 Polkadot 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 Polkadot wallets match this quality but YouHodler tries its best to. 

Best Polkadot Hardware Wallet

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

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

The best Polkadot 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 Polkadot 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 Polkadot wallets can be found on both Android and iOS operating systems. 

Click here to download YouHodler for Android. 

Best Polkadot Wallet for iOS Users

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

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