Best Polkadot Wallets to Use in 2024

Polka DOT is a project that might change the crypto landscape in the upcoming years. Its disruptive technology and unique features make it one of the market unicorns. Regardless of the several hacker attacks after the product launch, it is still developing and attracting new investors. The technology and professional development team make Polka DOT one of the most prospective projects in the crypto world. Let’s explore the project in detail.

What is Polkadot DOT?

Polka DOT is one of the revolutionary crypto projects that attracted investors’ attention at its launch in 2016. Why is it worth your attention? Polkadot key capability is the communication between other blockchains. Its unique advantage is scalability – processing 100 000 transactions per second Polka DOT is the most efficient crypto present on the market these days. Only these two features are enough to place the crypto among the top 10 most interesting coins for potential investment in 2021, but there is more inside this project. 

Polka DOT capabilities explained:

• Enables communication between different blockchains 
• Solves the scalability problem, processing 100 000 transactions per second
• Process creation of new blockchains
• Allows users to participate in decision-making, initiating the changes in technology and discussion of the transaction fees in the blockchain
• Provides staking opportunities for its holders

The PolkaDOT technology is not an easy thing to master and requires some specific technical background. We’ll leave this discussion behind the scope of this article, but if you require more information on the project we recommend consulting the original Polka DOT whitepaper

Best Polkadot Wallets of 2024

Let’s imagine that you’ve made a significant decision to include Polka DOT in your portfolio. Your first step in this direction is to invest safely. This means you have to identify the wallet for DOT storage. There are some general recommendations to follow when you’re making the decision to find the perfect wallet for your purposes:

• Check the reliability of the company that developed the one you’re exploring
• Examine UI in detail – if you’re not quite tech-savvy the simplest interface has to be a perfect choice.
• Determine the preferable device where you’re planning to work on a regular basis and checks the wallets most suitable for it
• Check the security capabilities of the device. Never forget about two-factor authentication and additional security levels available

If you have any other specific requirements check only the devices that satisfy them, but never violate the security features. A good thing is to compare and contrast the ones most popular among other crypto investors, check users’ reviews and articles on reliable websites or forums before the final choice. There is positive news for you. Wallets available for Polka DOT storage are not as diverse as for BTC or ETH due to the novelty of the crypto, hence you can quickly find the perfect wallet for you.

Top 5 Polkadot Wallets to Store Your DOT Coins

We’ve created a list of popular wallets for the storage of your DOT coins. This list has to make investigation easier for a newcomer. Having read our review, you’ll have full information to choose the one fitting your purposes.

Polkawallet

The first wallet in our list is Polkawallet. It was specifically created for the storage of DOT, hence its UI is suitable for Polka DOT users. 

Advantages:

• Official product of Polkadot
• Friendly UI
• Provides staking opportunities
• Allows to participate in decision-making related to DOT

Drawbacks

• Mobile wallet – not suitable for all devices
• Security issues – the mobile wallet is not the most secure wallet type

Ledger Nano X

Ledger is a hardware wallet. It is one of the most popular and secure wallets available at the market. The product has a Live app that checks prices for Polkadot in real-time and allows you to buy crypto at the preferable price and immediately store it to the wallet.

Advantages:

• The most secure wallet – private keys are never exposed
• Allows staking and earning passive income
• Suitable for any device
• User-friendly interface
• Buy Polka DOT directly in Ledger Live app

Drawback:

• Can be called pricy – start from $150

Atomic Wallet

Interesting decentralized wallet with multi-currency storage. It’s a perfect fit for crypto traders who keep various coins in their portfolios and do not want to have multiple wallets for storage of their crypto funds. 

Advantages:

• Perfect for novice traders
• Stores multiple currencies
• Provides atomic swap exchange with encrypted private keys
• Good customer support

Disadvantages:

• Doesn’t have hard wallet support
• 2% fee for operations

CoolWallet S

It’s a hardware mobile wallet in the form of a credit card with a secure chip connecting to your mobile devices. It supports different cryptos and is integrated with popular crypto exchanges (Binance, Changelly)

Advantages:

• Supports multiple currencies
• Supports 2-factor authentication
• Easily portable

Disadvantages:

• Setup and UI are not quite user friendly
• Doesn’t support as many coins as other competitor wallets

TokenPocket Wallet

It’s a decentralized wallet supporting the most popular cryptos. The wallet has multiple additional services for its users, like flash swaps, participation in DeFi, support of DApps.

Advantages:

• Supports multiple currencies
• Easy to use
• Supports any device

Disadvantages:

• Limited customer support
• Not as secure as competitors

Types of wallets

Regardless of the wallet, you choose there is one important thing to consider. Security has to be your top priority, meaning that your wallet has to protect your private keys. If you’re a newcomer to the crypto world that might be an unfamiliar concept to you. Private keys is the piece of information required for the authorization of your transactions in the blockchain network. It means that with private keys you have access to your crypto funds, like a pin code to your credit card gives you access to your money on it. Hence, if you give your keys to someone, this person gets access to your money. 

When you keep your assets on crypto exchange you should understand that they are never safe enough, therefore the crucial thing is to transfer your money from the exchange in case you don’t plan to trade it immediately. If you’re an investor and not a trader your money has to be securely stored in your crypto wallet. If you’re a serious investor you’d like to have full control over your private keys and the only possibility to do that is hardware wallet. Why is it so? Because a hardware wallet separates your device (smartphone, computer, etc.) from your private keys. In such a case you’re fully protected from any scams, as the only person responsible for your money is yourself and it’s probably the one person you trust the most.

Polkadot Wallet – Summary

Having read our review you’ve got acquainted with Polka DOT crypto and the possibilities to store it. We hope that you’ll remember that security is your top priority when you’re comparing crypto wallets. Hardware wallets are the most secure solution available at the moment and we recommend checking them first.

Polkadot project is rapidly developing and attracts more investors each day. It means that the variety of wallets supporting it will grow as well. Hence, in a year or so you’ll have more options to explore. At the moment stick to the most secure ones, read more reviews and in case you have any small doubts about the safety of your funds, never start using the wallet. 

We also recommend learning more about Polka DOT crypto as it is one of the innovative crypto projects that might be a good choice for your portfolio. Of course, it’s still in the development phase, but the technology behind the project is unique and the project is very promising in the long term. That’s why you might think about investing in it and not wait until it reaches the heights where you’ll need more funds and efforts to purchase it.

Disclaimer: Please keep in mind that the content of this article is not financial or investing advice. The information provided is the author’s opinion only and should not be considered as direct recommendations for trading or investment. Any article reader or website visitor should consider multiple viewpoints and become familiar with all local regulations before cryptocurrency investment. We do not make any warranties about reliability and accuracy of this information.