Ripple XRP is both a decentralized blockchain money transfer network and it is also a cryptocurrency. As a cryptocurrency it has a digital coin/token that is used in transacting in the blockchain network. The coin/token is denoted as XRP.
Just as any crypto coin, an investor or trader has to get a place to store the tokens or coins for later use. You can’t just be using every crypto coin that you receive; you will need to first store it somewhere for either trading or paying for services in the Ripple network.
Factors to consider when choosing an XRP wallet
Not every wallet can support Ripple token, XRP. When you choose to invest in Ripple, you will have to choose your wallets well. Below are some of the most important specs to look at when choosing your wallet:
- The wallet has to be XRP compatible. Before downloading any wallet, you have to do enough research to ensure that it allows storage of XRP.
- Your crypto coins have to be secure. The wallet should have sufficient security feature to ensure that you crypto coins are safe from hackers. The best wallets are those that allow you complete control of the keys.
- The user interface should be easy to use.
- Less expensive. Most XRP wallets have a 20XRP charge for every transaction.
Best 2018 XRP wallets
Below are the top 5 XRP wallets considering above factors:
1. Ledger Nano S
This is a multi-crypto coin hardware wallet which allows storage of Ripple XRP coins. It is currently going for around $95.
The hardware gadget is small and compact, meaning you can carry it to whichever place you go.
When using it with your computer, you just need to connect it to the computer via a USD port. But it also has an inbuilt OLED screen display which allows you to confirm every transaction when not connected to your computer. To check and confirm transactions, it has side buttons.
Also, to ensure that your coins are secure, the wallet prompts you to set a PIN.
It also backs up your information and requires you to set a recovery seed for recovering your wallet in case the hardware gets stolen or lost.
2. Toast Wallet
This is the best desktop wallet for storing your Ripple XRP digital coins. It is an open source wallet with versions for iOS, Window, Android, Linux and Mac Operating Systems.
Its user interface is very easy to use making one of the best XRP wallets for beginners.
This Ripple wallet is completely free and it doesn’t charge any fee on transactions.
3. Abra Wallet
This is a mobile application for cryptocurrency trading which also incorporates a wallet. It allows trading and storage of XRP.
One of the most beneficial aspect of this wallet is that it allows users to exchange their fiat currency for Ripple and store their XRPs here.
This is a multi-crypto coin web wallet which allows storage of Ripple XRP. You will find this wallet on the official Ripple website.
It is easy to use and it also gives real-time XRP/USD rates.
5. Rippex Wallet
This wallet was purpose-built for XRP. It has a mobile as well as website version.