It is hard to keep up with the latest trends in cryptocurrency trading but one thing is certain, Ripple is more than a fad.
Initially launched as a competitor to Bitcoin and Ethereum, Ripple has done an excellent job at carving out its own niche in the cryptocurrency market. Not only that, but the technology underpinning it all has attracted the attention of a lot of different segments, from banking to industrial contracts.
That is to say, Ripple’s future not only looks bright but also solid. If you’re an investor looking to get in on the ground floor of what could be the biggest thing in cryptocurrency since Bitcoin, Ripple is probably a pretty safe bet.
Calling itself a real-time gross-settlement system created by Ripple Labs, Ripple cryptocurrency uses a distributed open-source internet protocol to support everything from fiat currencies like dollars and Euro to cryptocurrencies and even commodities. This broad applicability has Ripple being used as a potential medium of exchange for nearly everything found in the modern economy. And this has a direct impact on the cryptocurrency’s value but also on how you store it.
As a distributed ledger system, Ripple is somewhat different from Bitcoin, and, indeed, many of the other cryptocurrencies out there. This is because most of them preference anonymity and security while Ripple is specifically geared towards consumers and professional institutions. Indeed, the public ledger makes Ripple preferred by traditional financial institutions and offers many advantages over Bitcoin’s structure.
Knowing all of this, you wouldn’t be remiss in thinking that the wallet used for Ripple might be a little different from the others since it is different in its format. And here you are largely correct, though old stalwarts like the Ledger Nano S and the Guarda make excellent Ripple wallets.
In this article we’re going to talk about the top 8 Ripple wallets currently available on the market. We hope that this will help you make your decision as to which one to use when storing your Ripple cryptocurrency.
We’re going to look at a lot of things including ease of use, security, features, convertibility between cryptocurrencies, as well as access – such as web portals, apps, and other devices.
Hopefully this will help you make your decision but also help you decide what level of Ripple trading you are currently at or what you are comfortable with in the marketplace. Everyone has different needs and preferences as a trader. Deciding what those are will help you choose the right wallet for your needs.
1 Ledger Nano S ( Ripple Hardware Wallet )
To call the Ledger Nano S an industry standard would be an understatement. Easily one of the most popular devices out there, the Ledger Nano S is preferred by veterans and newcomers alike for its suite of features and its rock solid security. A USB device in format, the Ledger Nano S allows trading in Ethereum, Bitcoin, Litecoin, Ethereum Classic and various other alt coins as well. Above all it offers a ton of security. The Ledger Nano S gives you 2-factor authentication, a secured PIN code, and recovery seed accessibility. This means that you can not only preserve your anonymity but also keep your funds safe. While the company behind claims it is unhackable and immune to malware, we aren’t going to be so bold as to give you those promises. What we can say is that the Ledger Nano S is easily the toughest device out there for hackers to crack and that makes us very comfortable.
In terms of disadvantages, the Ledger Nano S isn’t the easy device for people who don’t know what they’re doing to use. If you’re new to cryptocurrencies then the Ledger Nano S might not make you feel good about what you’re doing. After all, it holds your money and if you don’t know how to use your wallet that well then we can’t imagine a more unsettling situation. The Ledger Nano S tracks your holdings using the blockchain so no information is stored locally and the OLED screen does provide more than enough information for most traders. We recommend the Ledger Nano S but only if you’re comfortable with what you’re doing.
2 Toast Wallet ( Ripple Hardware Wallet )
This is an open-source Ripple wallet that is extremely simple in form but the most secure at the end of the day. For users that put a premium on security above all else, Toast Wallet is the safest and best choice on the market - especially for iOS users. But it doesn’t just come for iOS but also has versions for Mac, Linux, PC, Android, and Windows. Designed exclusively for Ripple, Toast Wallet is secured via PIN and has robust backup and recovery features in case your data is lost. If you want a wallet that is exclusive only to Ripple, then Toast Wallet is the choice for you. But therein lies the problem for the rest of us.
First, true cryptocurrency traders hold more than one currency, making a single-currency wallet inconvenient at best and redundant at worst. Second, while secure, people who may not have any experience trading might not feel that secure with such a spartan interface and approach. The apps alleviate this concern somewhat, but, on the whole, it is a one-trick pony and that makes it hard to give an unreserved recommendation for it. That said, if Ripple is the only cryptocurrency you’re currently interested in and you don’t foresee the need to store other currencies in your wallet, then Toast Wallet does just about everything you need a wallet to do.
3 Guarda ( Ripple Multiplatform Wallet )
Another industry standard alongside Ledger Nano S, Guarda offers a robust set of security and trading options that make it another go-to for serious crypto fanatics. Supporting all of the big buys, Guarda underscores its usefulness with both desktop and app-based approaches to allowing users access to their crypto accounts. Best of all? Guarda doesn’t store any client information or private keys, making them not only safe but almost completely secure. Another key feature that is often touted by veteran crypto traders is that Guarda allows for conversion between currencies without verification, registration, and limits. To recap, not only does Guarda offer secure and robust support for Ripple but also it allows for easy conversion, multiple points of access, and stores no client information locally. What’s not to love? The problems with Guarda are truly few and really only stem from its relative lack of specialization in any one thing. Sometimes users just want a wallet, and Guarda’s attempt at incorporating everything under the sun can muddy the waters so to speak. But that’s just a small complaint. For users that need a robust and secure option for storing their Ripple, but also want the later option to change it into something else, Guarda is your best bet.
4 GateHub ( Ripple Web Wallet )
GateHub is a truly strange beast on this list. It not only allows you to store and trade Ripple but also many other cryptocurrencies, fiat currencies, and even commodities like gold and silver. Offered as an online-only module, GateHub not only places a premium on security but also requires its users to submit extensive personal information. Two-factor authentication protects your private information from hackers while the rest helps GateHub make sure you are who you say you are. For some crypto traders, this is a deal breaker. It is nice to be able to trade so many different things, but one of the central advantages of cryptocurrencies is their anonymity when compared to other trading venues.
GateHub does not allow for this anonymity. True, the argument could be made that Ripple itself is not friendly to pretensions of anonymity, but it is still a salient feature of most cryptocurrency traders at this point that being anonymous is a key feature. For those of us who don’t care about that, GateHub offers the most varied set of services of any company on here and, looking beyond cryptocurrencies, might be a great option for people looking to trade other things as well.
5 Cryptonator ( Ripple Multiplatform Wallet )
This web-based wallet allows for 24/7 access and support for 19 different cryptocurrencies. The advantages of Cryptonator are that it does allow robust access from multiple points but the company’s claim of bank-grade security doesn’t do much for us. This is because, as history has shown, everything can be hacked, including bank-grade security. That said, we’re happy to see that Cryptonator places such an immediate premium on security for their service. We think people that are doing a lot of trading across multiple currencies will find Cryptonator not only the most useful but the best option out there
6 Edge Wallet ( Ripple Mobile Wallet )
This is another great wallet for people who are already trading across multiple cryptocurrencies. It offers cryptocurrency to crypto transactions as well as crypto to fiat currency transactions. Not only that, but it has a ton of different cryptocurrencies on offer including Ripple. Edge Wallet requires that users sign up and create an account but, after that, gives them a few options in terms of what level of security they would like on their account. This includes two-factor authentication as well as password recovery.
7 Exarpy ( Ripple Web Wallet )
Pronounced XRP like the ticker for Ripple cryptocurrency, Exarpy is a dedicated Ripple wallet. It delivers fast transactions and transfers as well as security and anonymity that is hard to match. The only real downsides to Exarpy are that it is a Ripple-only wallet. Users with other cryptocurrencies or those looking for convertibility and exchange features will be disappointed with Exarpy which really only acts as a very secure, very limited Ripple wallet. Probably best for people who have some experience buying and storing cryptocurrency. Newcomers might be more comfortable with a more full-featured option.
8 Ripple Paper Wallet
We include this on this list because it is an option though we aren’t sure we’d recommend it. You can store your Ripple information on a piece of paper, which is probably the most secure or insecure method depending on your perspective and personal habits. Part of the revolution of Ripple is that all of this information is public and can be accessed through your XRP address. If you worry that a browser will be insecure or that your phone will get hacked, nothing quite insures your security like storing your Ripple private keys on a piece of paper. Again, it is tough to recommend this for either new or veteran traders, but if you feel confident in your ability to hang on to a slip of paper, then give it a shot.