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.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 the 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.3.MyEtherwallet 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?
Here are a few hand-picked guides for you to read next:
Harsh Agrawal is the Crypto exchanges and bots experts for CoinSutra .He founded CoinSutra in 2016, and one of the industry’s most regarded professional blogger in fintech space.
An award-winning blogger with a track record of 10+ years.He has a background in both finance and technology and holds professional qualifications in Information technology.
An international speaker and author who loves blockchain and crypto world.
After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra.
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