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Polygon Wallet Choosing Guide

Polygon Wallet Choosing Guide

As the crypto sector continues to grow, it’s more important than ever to prioritize crypto asset security. Some cryptocurrencies have their native wallet (e.g. Daedalus for Cardano) but Polygon (MATIC) does not have such an option. Hence, if you want to store your MATIC, it’s time to consider a few different options. That’s what this guide is for but before we dig in, here are a few key talking points. 

Key talking points:

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

What is a Polygon wallet?

A Polygon wallet is a blockchain wallet of the Polygon variety used to store and manage MATIC -- the native cryptocurrency of the Polygon network. With a Polygon wallet, users can store, send, receive and manage MATIC. Every Polygon wallet is unique with some offering features like savings accounts, staking, lending, swapping, and more. 

How does a Polygon wallet work?

MATIC users can send a request to another person for an amount of MATIC. After the request is made, the system makes a unique wallet address that can either be sent to a third party or made into a QR code that stores the financial information (address) to be read by the other person. This peer-to-peer system of sending funds is an efficient workaround from banks or other money transfer systems. As stated before, some Polygon wallets enable users to buy MATIC, sell MATIC and take advantage of blockchain financial services like loans and interest accounts. 

Main features you need in a Polygon Wallet

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

  • Security and privacy
  • Low or custom MATIC 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 Polygon Wallet to Buy or Trade MATIC?

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

Are all MATIC 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 MATIC 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 MATIC Wallets Free? How Much Does It Cost to Use a Polygon Wallet?

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

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

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

Polygon 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 MATIC wallet

As its name suggests, a desktop MATIC 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 MATIC wallet

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

Web MATIC wallet

Web MATIC 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 Polygon Wallets

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

Best Polygon Wallet for Beginners

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

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

Best Polygon Hardware Wallet

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

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

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

Click here to download YouHodler for Android. 

Best Polygon Wallet for iOS Users

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

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