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Tezos Wallet Choosing Guide

Tezos Wallet Choosing Guide

Tezos (XTZ) is a blockchain platform that upgrades automatically and features open-source capabilities for creating and hosting decentralized applications (dapps). Tezos made huge headlines in 2018 with one of the largest initial coin offerings in history ($232 million). it’s also had its fair share of controversy but since 2020, the organization has seemed to get back on track, and now it’s one of the most promising projects in the crypto space. For those that want ot buy Tezos native token XTZ to take part in the protocol governance process or to just capitalize on asset growth, then you’ll first need a good wallet that stores XTZ safely and efficiently. We’ll give you a few suggestions later but first, a few key talking points. 

Key talking points:

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

What is a Tezos wallet?

A Tezos wallet is a wallet that stores and manages the native token of the Tezos network, XTZ. Some wallets simply allow one to HODL, send and receive XTZ while others are more advanced with crypto lending options, savings accounts, staking, trading, exchange, and more. 

How does a Tezos wallet work?

A Tezos wallet does not store XTZ physically. Instead, it’s a gateway to the Tezos blockchain. Each wallet comes with a set of keys unique to that wallet address. A user then uses these keys to send or receive XTZ. For example, if you want to send XTZ to someone, you simply ask for their XTZ deposit address which you copy and paste into your wallet. The same technique is done for receiving XZ on your end. Some XTZ wallets require you to enter a username and password to enter but not all do. 

Main features you need in a Tezos Wallet

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

  • Security and privacy
  • Low or custom XTZ 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 Tezos Wallet to Buy or Trade XTZ?

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

Are all XTZ 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 XTZ 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 XTZ Wallets Free? How Much Does It Cost to Use a Tezos Wallet?

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

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

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

Tezos 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 XTZ wallet

As its name suggests, a desktop XTZ 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 XTZ wallet

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

Web XTZ wallet

Web XTZ 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 Tezos Wallets

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

Best Tezos Wallet for Beginners

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

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

Best Tezos Hardware Wallet

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

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

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

Click here to download YouHodler for Android. 

Best Tezos Wallet for iOS Users

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

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