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Chainlink Wallet Choosing Guide

Chainlink

Chainlink

LINK

Chainlink Wallet Choosing Guide

Chainlink (LINK) is a unique cryptocurrency with a fervent fanbase of both investors and developers. Its popularity is mostly due to its use case, with hundreds of different companies using Chainlink oracles for price feeds, data feeds and more. Falling in line with this explosive popularity is a wide array of LINK wallets. There are all sorts of ones to choose from but which one is the best for you? Thankfully, you’ve landed at the right place. Let’s go over some facts about LINK wallets and after that introduction, you’ll know exactly which one you want. 

Key talking points:

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

What is a Chainlink wallet?

A Chainlink wallet is a wallet that interacts with the Chainlink blockchain. Since LINK is an ERC-20 token, one needs to use a wallet that supports that quality. Fortunately, there are countless wallets out there to choose from but not all are created equal. Some LINK wallets just help you store, send and receive LINK while others let you trade, exchange, earn interest, lend and much more. 

How does a LINK wallet work?

A LINK wallet works in the same way an Ethereum wallet works. When a user picks a wallet, they are granted access to the Chainlink blockchain. The wallet doesn’t actually hold any LINK but it allows users to interact with the Chainlink blockchain to make transactions. As long as you control the keys of your LINK wallet, you control the LINK that wallet represents. Some wallets, as you’ll see below, have a variety of features and some do not even require you to use private keys. Either way, they all work in more or less the same way. 

Main features you need in a Chainlink Wallet

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

  • Security and privacy
  • Low or custom LINK 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 Chainlink Wallet to Buy or Trade LINK?

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

Are all LINK 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 LINK 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 LINK Wallets Free? How Much Does It Cost to Use a Chainlink Wallet?

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

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

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

Chainlink 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 LINK wallet

As its name suggests, a desktop LINK 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 LINK wallet

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

Web LINK wallet

Web LINK 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 Chainlink Wallets

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

Best Chainlink Wallet for Beginners

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

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

Best  Chainlink Hardware Wallet

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

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

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

Click here to download YouHodler for Android. 

Best Chainlink Wallet for iOS Users

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

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