Different Kinds Of WAX Wallets And How They Work
WAX can be held in various wallets, with each wallet serving a unique purpose. Some might be meant for everyday use, while others have a focus on security. In this article, we will showcase the different kinds of WAX wallets and we will help you choose which wallet is best for you.
If you would like to learn how WAX accounts work before continuing, click here.
An overview of different kinds of WAX wallets
We will explain three kinds of WAX wallets, namely managed wallets, such as the WAX Cloud Wallet, self-managed wallets, such as Scatter, and lastly, hardware wallets, such as a Ledger. Let’s start with managed wallets!
A managed wallet is, as the name suggests, a wallet which is managed by a third party. This means users do not have worry about keys being lost, account management, and all the other difficult actions often associated with ‘regular’, self-managed wallets.
These managed wallets can often be tied to a social account, making them very easy and convenient to use.
However, this convenience comes at a cost. First of all, users do not have absolute ownership over the account, as they do not have access to the keys of the account. This means that if somebody with malicious intentions were to obtain the keys of the account, they would be able to take ownership of the account. Another point to consider is that if someone is able to get the password of the social login tied to your account, they will be able to access your account as well.
Therefore, managed wallets are recommended for day-to-day usage, but not for long-term storage, or for the storage of large amounts of WAX.
WAX Cloud Wallet
One example of a managed wallet is the popular WAX Cloud Wallet. The WAX Cloud Wallet is a very convenient wallet which is ideal for daily usage. It is supported on many WAX applications, is easy to use on both computers and mobile phones, and has good support for NFTs.
The WAX Cloud Wallet allows users to log in using their social accounts, and has easy access to many crucial features, such as buying WAX, and buying account resources.
If you’d like to learn more about the WAX Cloud Wallet, you can view our complete guide here.
The second kind of WAX wallet is a self-managed wallet. Self-managed wallets are wallets where users have complete control over the keys of the account. They are generally a little less convenient than managed wallets, but can be made very secure using sophisticated passwords (and possibly multisignature permission structures).
These wallets are meant for people who prefer having complete control over their account, and the level of security of their keys and accounts.
Scatter is one of these self-managed wallets. It’s a relatively simple tool which allows you to generate, store, and import keys. The keys are secured by a password set by the user.
Scatter is supported on many WAX applications and tools, and is relatively easy to use once you get used to it.
If you’d like to create a new WAX account using Scatter, you can use our guide here.
The third and final kind of WAX wallet which we will explain is a hardware wallet. Hardware wallets are wallets which require a physical device in order to access the wallet, and they are considered to be the most secure kind of wallet.
They are generally very inconvenient to use, as you will often need to verify each action on the device. However, this also makes them perfect for long-term storage of WAX, or for the storage of large amounts of WAX. Because if someone wants to steal your WAX, they would first have to get physical access to your hardware wallet, after which they would have to guess the pin code with a very limited amount of possible attempts.
One of the most well-known hardware wallets is the Ledger Nano S. The Ledger Nano S is a small hardware wallet with only two buttons and a small display, which allow you to check and verify each transaction. While it can be difficult to get started, you can at least be certain that your funds are stored securely. The Ledger Nano S is supported on most WAX applications and tools.
If you’d like to create a new WAX account using your Ledger, you can view our guide here.
If you’d like to move your existing WAX account to your Ledger, you can view our guide here.
Which WAX wallet is the best?
So, know you understand the different kinds of WAX wallets, you might be wondering which wallet is the best. Unfortunately there is no easy answer to this question.
The best WAX wallet depends on your situation and your needs. For high convenience and day-to-day usage, choose a managed wallet. For more control and the ability to have higher security, at the cost of convenience, choose a self-managed wallet. For very high security, at the cost of almost all convenience, choose a hardware wallet.
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