Best Polkadot Wallet 2021: The ultimate comparison

The word polkadot first came up in 2016, when computer scientist Gavin Wood outlined the technical vision in a white paper. Since then, the new cryptocurrency has gained a lot of momentum.

No wonder, then, that more and more people want to invest in the coins as early as possible. In the following Polkadot wallet test, we explain what to look out for when storing DOT, what costs are involved, how to choose the right wallet and present the best Polkadot wallet providers.

We also give step-by-step instructions on how to create a crypto wallet so that nothing can go wrong after the purchase.

What is a Polkadot Wallet?

Polkadot Wallet is made up of the two terms Polkadot and Wallet and enables the secure storage and use of the crypto currency DOT in a digital wallet. Electronic wallets allow different digital currencies to be grouped together and stored and managed centrally in one place.

Later, a range of actions (e.g. payment transactions) can be used via smartphone, tablet, laptop. Simple and efficient and now also available for Polkadot, i.e. the crypto DOT.

Fact check: What is Polkadot?

The blockchain technology behind Polkadot aims to lay the foundation for a new generation of the internet with different blockchains that have specific functions, exist and communicate together, and can grow with increasing demand.

The multichain & translation architecture Polkadots has set itself the mission of replacing the traditional internet with a platform for Web3. In a decentralised web, where users spin the threads of control themselves, surveillance and breach of trust are off the air, because no one else can interfere with the activities and transactions of individuals.

Applications and services are created and institutions are connected in a simple way. The democratic basis is a stable, shared security system that is cryptographically secured. The proprietary token used in the Polkadot network is DOT. In other words, what BTC is to Bitcoin, DOT is to Polkadot. The cryptocurrency is used to coordinate the network, as a means of payment for transactions and as a connector to dock onto Polkadot chains.
Polkadot wallets secure

Buy Polkadot and Polkadot Wallet Registration

If you google Polkadot Wallet, you will be able to harvest a plethora of download options. At Libertex, you will only come across Polkadot CFDs, but not real Polkadot. Accordingly, no wallet is needed here. Binance and Coinbase, on the other hand, offer real Polkadot DOTs plus a wallet, but some of them have quite high fees.

logo-libertexIn the following we explain how you can buy Polkadot CFDs with Libertex with just a few clicks and keystrokes.

step 1

Register

Smartphone users can download the Libertex app from the store. PC users access Libertex via the browser. You will need your username, email address and password. Please enter these data in the respective line. The terms of use and cookie policy have to be accepted before activating the account and the registration is done!

step 2

Deposit an amount of money

Look for the unmissable button "Deposit" in green and white. Then select the desired amount and finalise the process by choosing the appropriate payment method. Proven payment methods such as instant bank transfer, credit card or PayPal are accepted. There are also other options. That's really not where it should fail.

step 3

Buy coins

The deposited amount of money should already be on your account. The fastest way to get to DOT is to use the search bar. Enter "DOT" here and buy Polkadot Coins using the input mask that opens afterwards. The purchase process is continued with "Open trading position" and concluded with "Buy". After the purchase, the transaction can be viewed in the portfolio.

step 4

Transfer DOTs to Wallet

In the last step, not much, namely nothing at all, needs to be done. The Libertex trading account is also a wallet that provides all the tools for users. (Other providers may offer separate wallet apps to the main app; if you are interested, have a look around).

Polkadot Wallet Comparison: The Best-Known Partners

A Polkadot wallet or wallets for other cryptocurrencies can be easily set up online on provider websites. A wallet can be loaded on a smartphone via an app using the iOs/Android providers, via the Google Chrome browser or as a Mac, Windows or Linux desktop version.

The partners in the following part are briefly summarised to the essential information and describe modifiable wallets with options. On offer are:

Wallet provider

Description

Parity Signer

Parity is a major player in the blockchain infrastructure industry. Parity Signer turns your smartphone into a hardware wallet for cold storage, according to the company's tagline. Private "keys", cryptos such as Polkadot, Kusama and Ethereum, and 'substrate' based chains are managed for senders and receivers using QR codes.

Polkawallet

Polkawallet offers cross-chain asset management, staking and governance. It is the place to go for Polkadot, Kusama, Acala, Laminar, #Substrates. Substrates can be thought of as a tool that provides "prefabricated frameworks" of blockchains and supports users in their use and application. The package includes information on the asset, transfer, receiving channel, offline signature, social relationship account and a log.

Mathwallet

Over 66 popular Chains are supported by Mathwallet. Bitcoin, Polkadot, EOS, TRON, Cosmos, Helium, Terra, Nebulas, Ethereum, Solana, Kulupu et cetera can be housed in the wallet. Other MATH features to experience and test are the-the: DApp Store, VPoS Pool, News, Token, Staking, DApp Factory, Swap, Pay and Chain. Available as an app, extension, web wallet and hardware variant.

Lunie Wallet

The Lunie Wallet, like its predecessors, allows crypto assets to be frozen, stored and locked (=staking) in proof-of-stake blockchains for a certain period of time. This consensual move serves to ensure network and transaction validity for new blockchain enrolments. Through this validation, users can be rewarded with fresh coins from the network. Lunie promises staking and governance, web and mobile application and relevant notifications.

Trust Wallet

Buying, storing and exchanging cryptocurrencies are the benefits of Trust Wallet. Bitcoin and company can be traded completely anonymously and in quick execution. Prices and DApps are presented in a user-friendly way.

Ownbit Wallet

Ownbit adorns itself with the words "most trusted MultiSig and Cold Wallet". Security is writ large when it comes to personal use. Multi signatures speak for managing crypto team funds. And 100% decentralisation rounds out the wallet even more. Ownbit supports a range of cryptocurrencies and comes with an integrated cold wallet, so it can also be "online" offline.

Safepal Wallet    

Safepal's wallet comes as hardware, in a lightweight design and in credit card format. It supports 20 blockchains and already 10,000+ tokens. The signing mechanism with true random number generator can scan QR codes and manages the crypto business carefree and offline.

Polkadot is on the rise

Which wallet suits whom?


Choosing the right Polkadot Wallet provider

Not all wallets are the same. The choice of digital crypto wallets is colourful and design and functionality can vary enormously. Consumer satisfaction is the provider's top priority. Are there now things that are unavoidable that a wallet must withstand? Yes, here are two of them.

01

Wallet compatible? - Be meticulous

An essential feature of a good wallet is compatibility. A Polkadot wallet fails to serve its purpose if DOT coins & tokens cannot be stored and managed. Which coins a wallet supports should be clarified before purchase to avoid unpleasant surprises.

02

Usability speaks for ability

User-friendly Polkadot wallets are hugely important. Learning the tricks of the trade and running applications should take little time. Furthermore, the menu navigation should make it clear to users what Polkadot tools can be used for (e.g. investing DOT, trading DOT, paying with DOT, staking DOT).

Polkadot Wallet Test

In the following, we will go into more detail about the important functions of Polkadot Wallets:

Functions & Features

A short digression on wallet, as the translation 'wallet' may leave a few gaps in our knowledge. A wallet in this sense means a program for storing and managing private key files and signable transactions in connection with Polkadot and cryptocurrency or other blockchain networks.

The Polkadot Wallet runs on iOS, Android, the web browser or as a browser extension on devices of all kinds. The latest version of the Polkadot API guarantees that the wallet works smoothly. Staking is supported with the Polkadot Wallet. By providing DOTs for the blockchain, which generally increases performance, "sweets" can be earned in addition. Small rewards are distributed.

The wallet is also non-custodial. This means that private keys remain with the user and cannot be passed on to trusted persons, as is the case with custodial wallets.

Polkadot Wallet costs

What are the Polkadot Wallet costs?

  • Software wallets are usually free of charge and only include registration with a provider (various costs may apply here).
  • Hardware wallets are associated with costs. For example, the SafePal S1 is available at a reduced price of just under $40.
  • Other fees (in the single-digit percentage range) are incurred on transactions (note minimum trading limits) and in connection with crypto purchases with credit cards.

What coins can the wallet hold?

To activate an account with imToken with a Polkadot address, users need to place 0.01 KSM/DOT. The multi-chain wallet supports all popular blockchains and 300+ tokens. The product package from other providers comes in a comparable design. Inform yourself beforehand!

Are the wallets user-friendly?

eToro WalletPolkadadot wallets are generally easy to use. The website is designed in such a way that it is almost impossible to lose track of what you are doing. Many providers display the navigation buttons Wallet, Swap, Exchange, Buy Crypto, History, Settings, AirDrop and Exit on the left.

Of course, the names can vary slightly between providers, but it is easy to see at a glance which function is hidden behind the button. The execution of individual actions requires little effort, as the ready-made templates with icons make the procedure extremely easy and speed up processes.

You don't need a university degree to handle high-security hardware wallets. The operating instructions for these allow the necessary moves to be learned quickly, and internet tutorials, precisely tailored to the selected product, eliminate any unanswered questions in no time at all.

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What about security?

When it comes to digital money and cryptocurrency transactions, security must be a top priority. Polkadot wallets can be used online and offline and are exposed to different risks.

polkadots

Basics of crypto trading

In order to be able to trade crypto at all, euros must be converted into coins (the desired cryptocurrency). This can be done via online platforms that provide their own wallets for customers. For this purpose, a receiving address is set up that links the customer's account to the coin exchange. In this way, the entire crypto trading process is managed. Buying, selling, exchanging and other functions can then be handled smoothly.

However, if there is a data leak in this interface, users are at risk of losing personal data. Information on means of payment and ultimately money can be at stake. Stock exchanges and crypto exchanges have occasionally been popular targets of targeted hacker attacks.

However, as cyber-crime increases, so does cyber-security, and advancing warning systems and encryption methods of websites and operating systems ensure that crypto investors/insiders do not get a stomachache when logging into their wallet.

Web-based (desktop/mobile) wallets are not 100% protected from cyber risks.  Hardware wallets could provide more security and peace of mind. Commonly used forms of hardware wallet are USB sticks, paper, metal disks and special storage devices that ensure storage and sharing of private keys. Which currency supports which form depends on the crypto in question. What suits whom best should be clarified by users at the beginning.

Hardware wallets could

What is the Polkadot Wallets customer service like?

When it comes to customer service, a lot has changed in recent years. Extensive FAQ sections and 24/7 answer bots dominate customer support these days. For all newcomers to Polkadot Wallets, it is important that they can quickly clear up any initial difficulties and ambiguities regarding crypto trading.

It remains to be seen how this is done, but it can be worthwhile to take a closer look at the contact options of the customer support before registering with a provider. A well-functioning customer support is the be-all and end-all and can possibly also say something general about a platform or provider.

Where can Polkadot Wallets be downloaded?

Anyone who Googles Polkadot Wallet will be able to harvest a plethora of download options. Especially the test winner eToro could shine with a secure wallet.

Mobile & Desktop Installation

Financial Apps - eToro AppThe mobile version of the eToro wallet can be found in the Google Play and Apple Store. Other providers as well as companies specialising in wallets make their versions available for download there. The app can be installed in a flash with a quick scan of the QR code. Simply photograph the encrypted code with the camera and that's it.

In the next step, the registration process can take place with a user name or email address and password, Apple, Facebook or Google account. To do this, simply select the desired variant and enter information in the open lines. After that, the registration is complete and the profile can be completed with additional information in the next step.

Apart from the smaller view, the mobile version does not differ from the desktop version when installed.

Operating systems

Web browser operating systems are always striving to increase customer satisfaction and browsing pleasure. The IT experts in Silicon Valley are tinkering away. The two American flagships Chrome and Firefox pass the crypto test and are very well suited for the use of web-based wallets.

Compatibility, security and the user interface are three features that speak in favour of downloading and using crypto wallets using one of the two web browsers.

Polkadot Wallets advantages and disadvantages

The advantages and disadvantages of Polkadot Wallets are roughly balanced:

Pros

  • With the task of creating a "scalable, interoperable & secure network protocol" for the next web, there can be rosy prospects for crypto investors. The wide range of wallet types speaks for the clientele. Everyone has different needs and the right crypto wallet just needs to be discovered. There is plenty on offer!
  • Furthermore, a wide variety of crypto pairs can be traded among each other, which can increase the entertainment factor with the chance of potential profits. The visual design and implementation speak for user-friendliness and allow for easy handling of the wallet in the many-branched everyday crypto life.

Cons

  • As for the drawbacks, it is not certain whether the preferred provider actually has Polkadot with DOT in its range. Polkadot is currently on the upswing and is revamping the wallet section.

Conclusion of our Polkadot Wallet experience

The Polkadot Wallet is a wallet that aims to host an auspicious coin called DOT. Polkadot and the company's mission statement are boosting competition in the crypto business. For the time being, the Polkadot Wallet seems to be an exclusive accessory of a few providers.

However, customers can already enjoy trading with DOT and the good future prospects speak on the one hand for progressive "wallets" that will have much more in store for crypto fans in the area of application.

On the other hand, crypto enthusiasts might feel knocked upside the head and get lost in the maze of offerings of polkadots and wallets. Then take a step back; everyone started small and hardware wallet, software wallet, cold storage and staking don't sound as foreign as they did in the beginning.

FAQ

Are Polkadot wallets secure?

Yes, with residual risk. In general, using hardware wallets seems to be more secure than using the software-based counterpart. However, hacker attacks on web accounts cannot be completely eliminated. Wallet providers, however, are usually well secured as far as internet security is concerned.

Installing Polkadot wallets in the browser - What should I look out for?

The use of a reputable web browser such as Chrome or Firefox is obvious. Otherwise, you should make sure what data is needed for the installation/creation, what is stored and where information flows to. In other words, what about the use of private files and keys in transaction processes?

About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.