Best Chainlink Wallet 2021: The ultimate comparison
In 2014, Sergey Nazarov and Steve Ellis were able to present the finished Oracle Network from Chainlink. The way was paved for the Chainlink Wallet and since then the cryptocurrency has inspired more and more traders.
However, those who want to buy digital currencies also have to think about the storage of the coins. Thus, there are a variety of Chainlink wallets that the buyer can use. But what types of wallet are there and what is the right wallet for me? And how exactly do I create a Chainlink Wallet and transfer my purchased LINK to it?
We explain all this in our detailed Chainlink Wallet Test.
What is a Chainlink Wallet?
The standard network, which was developed and is being further developed by a developer community, enables the connection of smart contracts of any blockchain with external systems and APIs. External systems such as company operating systems, cloud services, IoT devices, payment programmes, other blockchains and more can be conveniently linked with Chainlink.
Chainlink's Oracle Network can be thought of as a decentralised project that transports information and data from the "real world" into the crypto world and brings it to the desired blockchain without the need for negotiators. The smart contracts function as computer protocols that support, verify and settle the processing of contractual terms for sender and recipient.
Chainlink Wallet combines the terms Chainlink, a crypto company, and Wallet, which here describes a digital wallet. Wallets can file digital currencies and cryptos online, store them centrally and administer them easily. Chainlink wallets allow various functions to be performed via electronic device or computer. In this way, Chainlink's Coin LINK can be traded effortlessly.
Create a Chainlink wallet - this is how it's done
How best to create a Chainlink wallet is described step by step in the following quick guide. In general, there are three ways to create a Chainlink Wallet:
Setting up the Chainlink Wallet: this is how it works!
Creating Chainlink wallets can pay off, because cryptocurrency trading is booming. Unfortunately, we cannot explain here how to set up each of the Chainlink wallets. For this reason, we would like to present only one of the editors' favourites, eToro, where you can trade many different cryptocurrencies, including Chainlink.
Register with eToro
Registering with eToro is child's play. Registration starts with your full name, email address and password. You can then follow the instructions on the screen and in the welcome email.
eToro app download
If you then want to switch to the smartphone version for the eToro trading app, you can start the eToro download in the Google Play Store or the App Store. This allows you to trade Chainlink (LINK) completely mobile. Alternatively, the online version of eToro is available.
Finally, you can log in to the app with your login data.
Buy and sell Chainlink tokens
Once in the app, it is now possible to both buy and sell Chainlink. The purchase takes place directly via the eToro app. Credit can be topped up using various payment methods, including instant bank transfer, PayPal or credit card. Finally, LINK tokens can be purchased with this credit.
The Chainlink Tokens can be used for trading and investments with the eToro account, as they are used in the form of a CFD. This offers the possibility to execute trades within seconds and to trade cheaper than elsewhere.
The best Chainlink Wallets
When we talk about a wallet for cryptos, the possibilities are numerous. Important here: First clarify which cryptocurrencies (coins and tokens) are supported by the wallet.
Online wallets can be set up conveniently with various providers (such as eToro, Libertex, etc.) via website. Possibly, the management of private keys is coordinated via the site provider.
If you want to be in control of your own keys, you should use a desktop wallet. With the help of software, the wallet can be installed on the computer and users have the "security" reins as good as in their own hands.
Hardware wallets speak for security. Devices in credit card format enable optimal encryption and handling is easy to learn. The purchase of the device may cost a little more, but at least you are sufficiently protected and do not have to worry about your cryptos.
Two hardware wallet candidates are put to the test:
- Ledger: Ledger comes with two devices that promise state-of-the-art security for cryptocurrency trading. The Ledger Nano X and Ledger Nano S. The two slim USB connectors are capable of securely managing the purchase and management of cryptocurrencies. They are available for €60 and €120.
- Trezor: The Trezor One and Trezor Model T look like modern car keys with small, integrated screens. Safe handling of crypto-currencies is guaranteed with the use of these two hardware wallets. Within 10 minutes, users will have the hang of it, at least according to the product description.
An alternative is the tried and tested paper or metal wallet. Private keys are secured on paper or steel plates. The process is relatively time-consuming, but is associated with a high level of security.
Software wallets, as the name suggests, run on software and can be quickly installed on computers and smartphones. MetaMask's software wallet is the perfect partner for everything to do with cryptocurrencies and offers a perfect interface to blockchain apps.
Just look for the logo with the "fox". Buying, sending, storing and exchanging is made real either with the browser extension or the mobile app. In addition, the "smart fox" opens up access to a wide range of apps. MetaMask generates passwords and encryptions that are exclusively available to the user. The user is free to decide what is shared and what remains hidden.
Create MetaMask Wallet
Chrome, iOS and Android are supported. By clicking on "Add", MetaMask can be downloaded from the Chrome Web Store in seconds. You only have to agree to the extension and the download can take place. The whole game works similarly via the app. There are then three options that bring you closer to the Chainlink Wallet (1 Import seed phrase; 2 Synchronisation with MetaMask extension; Create new wallet).
For the wallet creation, only three points need to be fulfilled now:
- Password creation
- Wallet backup
- Seed phrase confirmation
By entering the desired information, the wallet creation is completed and LINK can be traded blithely.
P.S.: A seed phrase describes a method necessary for accessing and recovering a crypto wallet (a pure security mechanism that has proven itself).
Chainlink Wallet Functions & Features
Probably the two most important criteria to look for are: Compatibility and usability. Chainlink tokens and coins must be able to be stored and managed in the wallet. If the wallet cannot do this, then it is failing in its purpose. Therefore, put the provider through its paces before deciding on a wallet.
eToro Wallet CostsUser friendliness, or also called usability, should stand tall, as - hopefully - does the Chainlink course. Chainlink wallets should not cause users any problems in their handling.
The questions: What can I do with my LINKs? How do I go about it? And who can I turn to if I am unclear? The answers to these three questions should be (almost) self-explanatory for a good wallet. Wallets with self-explanatory tools are a sign of very well-implemented menu navigation.
1. Functions & special features
By now, Chainlink has made it and grown to become the number 5 crypto. An advantage for LINK traders can come from yield harvesting. Through Decentralised Finance Apps (DeFi), short-term profits can be made with Chainlink.
Other aspects, such as easy-to-integrate price feeds, reliable and high-quality smart contracts, extensive monitoring and the creation of DeFi products for different occasions, list further advantages that speak for the company and a Chainlink wallet.
2. Fees & Costs
The necessary software for the Chainlink Wallet can be downloaded free of charge. They can be found online (for example at MetaMask) and can be installed on the smartphone or are available as an add-on for the browser.
Fees in the single-digit percentage range may be charged for credit card deposits (the percentage depends on the value of the transaction). Small fees can also be expected for exchanges between currencies.
Hardware wallets are chargeable and the price range covers devices that are commercially available from €30. For more expensive devices, you can pay up to €150.
3. Supported coins
Before buying a Chainlink wallet, it seems advisable to do some research. The offer and the software of the wallet providers can be different. One should definitely make sure in advance that Chainlink Coins can actually be traded with the use of a preferred company's product.
Many wallets are multi-chain wallets and support the management of all coins with only one mnemonic. This way, an optimal linking of all cryptos succeeds.
Less is more. This statement applies to the implementation of Chainlink Wallets. Graphic elements such as text, icons and images should be chosen for wallets in such a way that navigation becomes a fun experience for users. A showcase example for the successful implementation of a wallet is MetaMask. The account area is visible at a glance and the function buttons listed below (Send/Add Funds) refer to actions.
The choice of colours and the separation of different information (Browser, Wallet, Transaction History, Share my Public Address, View on Etherscan, Settings, Get Help, Send Feedback, Log Out) with lines and pictograms were well thought out and perfectly implemented. As tastes are known to differ, the concept of user-friendliness is subjective. Try out Chainlink Wallets is the motto. In this way, it is possible to determine which crypto wallet best suits a person's needs.
5. Customer service
Customer service in 2021 is not always the same as customer service. Customer service for Chainlink Wallets, but also for other products circulating on the net, is increasingly handled via autobots, self-help areas and FAQs.
If you are not a fan of tutorials and question-and-answer games, you should contact the provider directly if you have questions about the Chainlink Wallet. A telephone number and email address increase the chances and can ensure that the contact person opposite is really human and not just humanoid. Ambiguities - if these options are available - can often be cleared up more quickly and you feel less lost in the labyrinth of cryptos thanks to the interpersonal contact.
The rule of thumb here is: Offline wallets are more secure than online wallets. Hardware wallets are more secure than software wallets. Of course, this statement is a generalisation and does not apply to every crypto user due to his/her previous history. However, there is a grain of truth in it.
Anyone who is easily suspicious should initially check whether wallet providers are certified and whether website encryption is used. In general - as with the PIN for a mobile phone or the PIN for an ATM card - it is also advisable to be careful with passwords and seed phrases. The cyber devil does not sleep, although sleep is very restful. You don't have to understand that.
Three popular Wallets at a glance
Exodus - the smartphone or app Wallet
Exodus is one of the most popular app wallets. This means that everything here runs via a smartphone app secured by pin or fingerprint. So there is no specialised hardware, which means that the cryptos are kept relatively safe, but not as safe as possible, for example because the wallet is still connected to the internet. (Hot Wallet)
Of course, the whole thing is a trade-off between user-friendliness and security. Since it is a hot wallet, security suffers slightly on the one hand, but on the other hand you can send or receive your coins particularly easily. In addition, you always have a quick overview of the current amount of cryptos in your wallet and don't have to pay for any hardware.
Ledger - the most popular hardware wallet
Ledger X and Ledger S are two very popular hardware wallets. Once with and once without a fingerprint sensor, both store the private keys locally on the hardware and never share it with the internet.
In theory, even a smartphone/app wallet like Exodus doesn't do this, but you still put yourself at constant risk of hacking and viruses that could potentially read the private key. In short, hardware wallets offer maximum security for one's own cryptos and are also built to be much more resistant than one's own smartphone.
Enjin - especially secure on Samsung devices
This is also an app wallet. However, this app relies on special security technologies. The manufacturer is working with Samsung to use special technologies on current Samsung devices that are supposed to offer even greater security than other app wallets. These include double encryption and external app security tests. In addition, the app offers its own keyboard to protect against attacks on the system keyboard of the Android phone and integrates extensive reward systems and collectables. This "gamify" concept may make the app particularly interesting for gamers.
What are Chainlink Tokens?
LINK, no not Nintendo's hero from the Zelda saga, but Chainlink's coin is a so-called ERC-20 token.
A short digression on this:
Currency coins/currency tokens represent internal currency units that are used for payment-related transactions. Shell money was once a historical currency. In the context of the 21st century, LINK is nothing more than a currency in its own right; pardon, cryptocurrency from Chainlink. ERC-20 represents a standard for token generation on an Ethereum blockchain. Six standardised rules support token exchange and also form the basis for functioning smart contracts.
How to trade ChainLink?
This brief advice can help you get started trading LINK tokens:
- Research suitable providers and platforms.
- Exchange or trade real money currency for LINK Coins
- Find a suitable wallet option
- Safely pay out/transfer LINK to wallet
- Monitor LINK prices and sell on at a profit
Where can I download Chainlink Wallets?
On the internet and in app stores. The presented wallets Exodus and Enjin are well suited. An equally trustworthy representative in the business would be (only a recommendation, no obligation): eToro.
Mobile & Desktop Installation
Look for the orange Libertex logo in the respective smartphone/web store. The mobile app with wallet looks identical. Click on it and download it. You can log in via an existing Libertex account. Alternatively, click on "Register" and create a new account with username, email address and password.
In addition to online wallets, desktop versions for the PC can also be downloaded for Linux, Mac and Windows. Follow the steps given by the providers and make sure that the wallet version is compatible with the version of your computer. An update may be necessary before you can start the download.
Good operating systems allow Chainlink Wallets to be integrated as add-ons, bringing the experience of a digital wallet even closer to the customer. The two American operators Firefox and Chrome are very suitable for the use of wallets in the browser extension.
The web browsers do not exude incompatibility and uncertainty, quite the opposite. Firefox and Chrome are compatible, secure and known for a user-friendly orientation. Suitability test withstood and passed.
What is the best Chainlink Wallet for which type of investor?
Which Chainlink wallet might be suitable for whom is not so easy to answer. However, a few considerations can speed up the search and narrow down options:
Chainlink Wallet advantages and disadvantages
There are a few points in favour and a few points against chainlink wallets:
Conclusion of our Chainlink Wallet experience
Chainlink and a wallet can expand the capacity and performance of Ethereum smart contracts and currently make LINK a desirable crypto coin. The rise of Chainlink speaks in favour of trading with the crypto. Furthermore, the scope of application with DeFi apps is a criterion that could additionally increase the interest of the clientele.
Provided LINKs are compatible for a found wallet, there is actually nothing against a Chainlink wallet. Trading methods, tools and handling should be in place before jumping into the crypto adventure.
Providers now seem to be adding LINK to their trading catalogue one after the other, because not all of them have it listed. Chainlink's share price has risen by 1.49% in the last 24 hours, a small side note.
Top Chainlink Wallet 2021: eToro
Our test winner among the trading platforms is eToro. This provider also offers a wallet that can store and manage more than 120 cryptocurrencies. In addition, users here benefit from a simple user interface, low fees and state regulation.
Top Chainlink Wallet 2021: Libertex
Libertex is a CFD broker that offers a wide range of cryptocurrencies. For example, Chainlink LINKs can be bought here with just a few clicks. Since these are LINK CFDs, no separate wallet is required. Here, too, the provider convinces with an excellent price-performance ratio.
Everything is secure, no relatively. So is the security of Chainlink Wallets. Provider websites are basically trustworthy. However, be careful with passwords, private keys and seed phrases. Informing yourself about encryption can help.
It is preferable to use established browsers. Chrome and Firefox can be good choices here. You can read about any changes the wallet extension may make and what they include before clicking on "Add".