2019-07-16 22:50:28
Best Tether USDT Wallets For Various Purposes (2019 Edition)
The post Best Tether USDT Wallets For Various Purposes (2019 Edition)
Are you looking for Tether wallets to store USDT?
You have come to the right place as below I have shared best USDT wallet that you can use and a few essential points before you use any of these wallets.
Tether whose ticker is USDT is one of the best stable coin and most used coin for trading. According to the company behind Tether, 75% of USDT circulation is backed by pegged USD (fiat) in 1:1.
Tether was initially launched on Omni Layer protocol and later in it transitioned to ERC 20 and also to Tron blockchain.
What it meant for you is, now USDT is available on three platforms. Different exchanges offer different USDT wallet, so it is utmost essential for you to to know, which blockchain USDT wallet you need to use.
The best way to find it is by looking at the USDT address of your existing wallet. Below chart will make it easy for you to understand
- USDT Omni layer protocol: Starts with either “1”, “3” or the SegWit prefix “bc1”.
- USDT ERC-20: Starts with 0x
- USDT Tron : Starts with TX (Example: TXYwY5Eec12tuenctYHMdrYJLWrCu6xwet)
Just for info, recently a lot of exchanges including Binance, BitBNS have migrated from Omni layer to ERC-20 based USDT which is simplifying the things for us. Now, you can always use all ERC-20 wallets. However, at this moment, you need to always pay attention to the wallet address of both Sending and receiving to ensure you are transferring USDT from one compatible wallet to another compatible USDT wallet. Else, you may put yourself into the risk of losing USDT.
Another thing to keep in mind is, send one small transaction and upon receiving it, send a huge transaction.
Alright, now since we got the basic understanding of USDT wallet types, now let’s look at some of the best USDT wallets for all these three different blockchains.
Best USDT Wallets to Safely store Tether:
1. Ledger Nano X
- For: ERC20 based USDT
- Type: a Hardware wallet
- Platform: Desktop/Mobile
- Cost: $119 or $59
You can use Ledger Nano X and Myetherwallet combo to store ERC20 based USDT. This is perhaps the most secure way to store USDT. Since you will be using the security of a hardware wallet, you are never exposing your private key to the world.
Ledger Nano X is a Bluetooth enables hardware wallet that works on desktop and as well as mobile. This single wallet can help you store more than USDT and is the pioneer in hardware security. The hardware wallet cost $119, and if you are looking for a cheaper version, you can grab Ledger Nano S which cost only $59 but lacks the Bluetooth feature.
For a large sum, Ledger Nano X is perfect, but if you are starting and have only limited USDT to store, look at other options.
Order Ledger Nano X
2. Nexo Wallet:
- For: Omni and ERC-20 based USDT
- Type: Mobile wallet
- Cost: Free
Next is a crypto lending service that offers a fully-fledge custodial USDT wallet. The best part is, when you store your USDT on the Nexo wallet, you also start earning an interest automatically.
The below video help you understand about the Nexo platform concept:
The Nexo is more of a service, but the facility to store USDT and earn 8% interest annually on it makes it pretty lucrative option. I have been using Nexo for a while to store a small portion and its generating return. The service has been around for years and is continuously audited by Deloitte.
Note: Withdrawing funds from Nexo wallet can take up to 24 hours. So, if you are someone who needs to use a USDT wallet for instant transactions, then this is not the best option. Let’s look at other options.
Sign up for Nexo to Use Nexo Wallet
3. MyEtherwallet:
- For: ERC-20 based USDT
- Type: Mobile/Desktop
- Cost: Free
MyEtherWallet is a very popular wallet to store Ethereum based tokens. You can use it to store USDT on ERC-20 platform. The service has been around for years, and you can read about it here.
It is a hot wallet, but by using a hardware wallet Ledger or Trezor to log in, you can use it as a cold wallet.
4. Use Exchanges:
If your purpose is to trade USDT, then use one of the best cryptocurrency exchanges.
These exchanges are perfect for trading USDT regularly and storing for a short period.
These are trusted exchanges for USDT:
- Binance: Supports ERC-20 USDT Tokens
- BitMax: ERC-20 and Omni USDT Tokens
- KuCoin: Supports all three chains of USDT
Again, exchanges are great for trading but not for storing your crypto assets, including USDT for the longer period. Also, if you need to regularly send USDT, then exchanges can incur more cost as withdrawal fees for USDT on exchanges are as high as 2-10 USDT.
Conclusion: Which Tether Wallet you should be using
Here I have shared all safe and secure USDT wallets that are available in the market. However, you should pick one that fulfills your requirement. Here is my suggestion for the various situation:
- For Long term + Instant withdrawal (high security): Using Ledger wallet with MyEtherwallet
- For short term with Instant withdrawal (Medium security): MyEtherwallet
- For short term with delayed withdrawal: Nexo (For paying 8% interest that compounds)
- On-exchange for trading: KuCoin or Binance
Alright, now it’s your turn to let me know how you have been storing Tether (USDT) until now? Also, which of these USDT wallets suits your need?
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