Ripple’s XRP wants to revolutionize the banking sector. Towards the end of 2017, Ripple successfully became the 2nd most valuable cryptocurrency leaving Ethereum behind. Ripple’s XRP became so much popular that everyone wanted to jump up the XRP bandwagon for quicker gains.
In the decentralized world of cryptocurrencies, Ripple’s XRP is a centralized coin. However, that really doesn’t bother the enthusiasts who look at it for a good run. Ripple is unquestionably the best choice for millions of cryptocurrency enthusiasts. If you are planning to get Ripple or you have already got it, it’s important to learn about Ripple XRP wallets.
Leaving your funds on an exchange is never secure. Exchanges list hundreds of coins. Hackers always try their best to find loopholes in the exchanges to get off with the funds. We have several great examples to look at down the line.
Back in 2014, the famous Bitcoin exchange Mt. Gox got hacked with 850K bitcoins stolen away. Recently, the Coincheck exchange got hacked with 530 Million USD and then the Bitgrail scam happened in which the Bitgrail owner ran away with $150M.
So, if you look at the track record of exchanges, you will be convinced quickly to transfer your funds from an exchange to a wallet. This is because wallets mostly use decentralised servers. They store absolutely nothing.
Most of the wallets are the clients to interact with your funds on the blockchain. When you use wallets, you only need to take care of your seed phrase and the private key. There is nothing else to worry about.
For Ripple, there is a number of wallets out there. Choosing a wallet to store XRP might become a little bit confusing. To wipe off that confusion, I have made this list of best Ripple XRP wallets. The best Ripple XRP wallets include a hardware wallet, desktop wallet, cold storage wallet and some other different wallets. Have a look to make your funds secure now.
Ledger Nano S
The Ledger Nano S is the most popular hardware wallet. Ledger Nano S is a USB stick which comes with a USB cable. It has no battery. You use the USB cable to connect the wallet to a computer and only then it turns on. The Ledger Nano S has a small display to show you the seed phrase and to operate the device.
Ledger Nano S is compatible with over 23 different cryptocurrencies and also with different wallets including the Ripple XRP, MyEtherWallet and the Neon Wallet. It’s the best choice to store your funds if you want to hodl them for a long term. Ledger Nano S is popular for the following reasons.
- It does not let the private key go out of the wallet. The private key will always stick inside the wallet.
- It always remains off. It has no battery. The only way to turn it on is by connecting it to a computer.
- The Ledger Nano S comes with a recovery seed phrase. If you accidentally lose your wallet or reset it, the recovery seed phrase helps you to restore your wallet immediately.
- There is a near-impossible chance of your funds getting stolen from the Ledger Nano S because of the kind of security it provides. It always requires pressing the hardware keys to launch transactions.
Toast Wallet is the 2nd most popular wallet to store your XRP. It has an Android version, iOS version, Windows, Mac and Linux version as well. It has a Google Chrome extension as well.
The Toast Wallet is a hot and cold wallet. When you are using it on your computer while the internet is connected, it becomes a hot wallet. When the internet is disconnected, it becomes a cold wallet.
Toast Wallet also uses a seed phrase and a private key. Only you are responsible for your seed phrase and the private key. These two are not accessible by the Toast servers.
It comes with a very nice backup feature. Having your wallet backed up can save you a life in case the wallet fails to work or something else goes wrong.
Apart from having a smooth functionality, Toast Wallet offers a very eye-soothing UI. It’s more than easy to navigate through the wallet. Most of the features of the wallet are self-explanatory.
If you want to avoid confusion and you want to go with the simplest wallet, Toast is the choice you should go with.
Ripple Desktop Client
Cold Storage Desktop Wallet – Create your own
A cold storage wallet like the Ripple Desktop Client can turn out to be as secure as a hardware wallet if you just set it up correctly. Cold Storage wallets are basically set up manually on the computers. These wallets never go online. These wallets are called cold storage wallets because you are not supposed to run them on a computer with an active internet connection.
There are multiple ways to set up a secure wallet using the cold storage desktop client. Here are some of them.
- You can install the cold storage wallet on a computer and then turn off the internet. Disconnect the computer from any network to make sure that your wallet never goes online.
- You can install a different OS on your computer using the virtual box. Install the cold storage wallet in that OS and then switch it off.
- You can install the cold storage wallet on a computer that will always remain offline. For this purpose, you may consider getting a new computer that never went online before installing the client and that will never go online even after installing the client.
Once you create a wallet using the Ripple Desktop Client, you can save its secret key and the seed phrase. Never ever lose this secret key and the seed phrase. You can copy the wallet address as well.
You can start using the public address to deposit funds to the Ripple Desktop Client wallet now. If you wish to send the wallets, you will have to create a raw transaction and a signed transaction using the Ripple Desktop Client. The transaction will be then used on an online wallet to send the funds.
For more details, you can have a look at this detailed guide.
The World Exchange Wallet
The World Exchange Wallet is a purely client-side wallet. It uses decentralised servers to run on. This means that the wallet does not store anything on the servers. The users are provided with a secret key and a public address and that is it. There is no email address o registration involved.
The public address can be used to deposit XRP on the wallet. The secret key is the only way to access your funds which are basically stored on the Ripple Blockchain. The funds are never stored on the servers of The World Exchange.
The World Exchange is an extremely fast, lightweight and easy to handle wallet. It also helps the users to exchange XRP for USD.
Last on our list is the GateHub Wallet. Unlike The World Exchange, this wallet requires the users to sign up using their email address. Once the users sign up, it provides them with the recovery key.
GateHub Wallet is a good choice, but the verification process can really annoy the users. It requires the phone number, a picture of the user, and some other details. Unlike the simple and lite web wallets, GateHub is like a complete suite. It does have a nice UI, but the kind of information it requires makes it the last choice.
That’s all. These are the best Ripple XRP Wallets available at the moment. If you have any suggestions for this list, feel free to drop them in teh comments section below.