With new wallets emerging almost daily, we constructed an informative list of AVAX-compatible wallets and their features. This comprehensive breakdown weighs the pros and cons of each wallet, giving you a clear choice of where you can begin storing your AVAX tokens
Avalanche (AVAX) is a highly scalable Layer 1 blockchain that has made enormous waves in the decentralized finance (DeFi) space since its launch in September 2020. From an $8 price in September 2023, AVAX rallied up to $64 in March 2024 and is now just under $40 in May. AVAX is a rapidly growing ecosystem that showcases impressive versatility, uniting various blockchain networks seamlessly with its interoperability solutions.
- Top 7 Avalanche (AVAX) Wallets
- 1. Metamask
- 2. Core Wallet
- See All 12 Items
Top 7 Avalanche (AVAX) Wallets
Let’s delve into Benzinga’s top 7 list of AVAX wallets and discuss how they set themselves apart from competitors.
1. Metamask
Metamask is a mainstream hot wallet that is widely used for EVM (ethereum Virtual Machine) compatible cryptocurrencies. Since Avalanche C-Chain is an EVM implementation on AVAX, Metamask is compatible with decentralized applications (dApps) deployed on the C-Chain.
Key Features
- Interface Design: Metamask is ideal for beginners, offering an intuitive interface that maximizes efficiency and simplicity.
- Multi-platform compatible: MetaMask is compatible with multiple browsers including Chrome, Firefox, and Edge. Additionally, MetaMask has a mobile application available for both iOS and Android.
- Custom Network configuration: Metamask allows you to interact with various EVM blockchains including mainnets, testnets, and custom networks like AVAX.
Pros
- User-friendly interface with wide adoption
- Mobile app on Google Play and App Store, as well as web browser integration
- Open-source project, making transactions and holdings publicly available for review and audit
Cons
- Limited asset support, primarily for ethereum and ERC-20 tokens
- Security risks from phishing attacks and no two-factor-authentication
2. Core Wallet
Core Wallet is an all-in-one non-custodial wallet integrating buy, swap, and bridge features smoothly in one place. Developed by Ava Labs, the team behind AVAX, Core also offers features like staking and governance participation.
Key Features
- Staking support: Core simplifies the delegation process, allowing users to stake AVAX for passive income.
- Multi-platform compatible: Core is available as a Chrome extension and a free mobile app, available on the App Store and Google Play.
- Governance participation: Core promotes decentralized by allowing its users to vote on proposals that influence the network’s development and management.
Pros
- On-chain governance promotes decentralization of AVAX
- Direct staking for passive income with AVAX holdings
- Strong encryption measures to protect security keys
Cons
- Technical complexity may be difficult for some users
- Primarily designed for desktop usage, making it unfavorable for mobile-only users
- Limited support for a variety of cryptocurrencies compared to other wallets
3. Ledger Nano X / S
- Best For:ERC-20 tokensVIEW PROS & CONS:securely through Ledger Hardware Wallet's website
The Ledger Nano S and X are hardware wallets known for their robust security features and versatile functionality. This wallet stores digital assets offline in a secure element chip to avoid online threats.
Key Features
- Hardware Security: Ledger Nano provides unmatched security via secure element (SE) chips, pin codes, passphrases, and firmware updates
- Bluetooth Connectivity: The Nano X and S are Bluetooth capable, facilitating wireless connections to the Ledger Live mobile app available on iOS and Android devices. Although Bluetooth introduces wireless connectivity, all critical actions require physical confirmation for secure communication.
- Multicurrency support: Ledger Nano supports nearly 6,000 different cryptocurrencies including AVAX.
Pros
- Offers a wide variety of digital asset support
- Renowned security — EAL5+ rating from Common Criteria (CC) standard
- Offline storage that reduces the risk of online hacking threats experienced by hot wallets
Cons
- Larger initial cost compared to hot wallets
- Increased complexity for setting up and using compared to hot wallets
- There is vulnerability to damage or loss
4. Trust Wallet
Trust Wallet is the most popular multi-chain hot wallet on the market. Its focus on multi-asset storage coupled with a sleek interface contributes heavily to Trust Wallet’s mass adoption.
Key Features
- Interface Design: Trust Wallet offers a cohesive color scheme and customizable settings that create a pleasant user experience. The wallet’s interface minimizes the steps required to perform actions, making it a great pick for beginners.
- Multicurrency support: Trust Wallet provides support to over 65 different blockchains. Users can easily add custom tokens by inputting the token contact address.
- Built-in Web3 browser: Trust Wallet offers a convenient way to connect to and bookmark dApps with its very own secure Web3 browser.
Pros
- Offers a wide variety of digital asset support
- Utilizes open-source software (enables public viewing of transactions)
- Clean interface that is easy for all users to navigate
Cons
- Users have complained about poor customer support
- Trust wallet is primarily a mobile wallet, which could be inconvenient for users who want to manage assets on desktop platforms
5. OKX Wallet
OKX Wallet is the official wallet offered by OKX, a popular worldwide centralized exchange (CEX). It prioritizes security and sets itself apart from competitors with unique utility.
Key Features
- Built-in DEX: OKX provides a decentralized exchange (DEX) aggregator that searches a wide range of DEXs and cross-chain bridges, finding the user the best price for swaps and bridges.
- Security: OKX utilizes two-factor authentication methods for wallet access and transfers. Additional security features include end-to-end encryption (protects personal data and transaction details from an unauthorized third party) and Multi-Party-Computation (splits the user’s private key into multiple parts and stores them separately)
- Trading features: OKX permits advanced trading features that include real-time market data and customizable trading charts
Pros
- Comprehensive security measures
- User-friendly features
- Supports a wide range of digital assets and blockchains
Cons
- Advanced functionalities that are not ideal for beginners
- Prioritization of a mobile app over a web browser may be a drawback for some users
- Users may face geographical restrictions (U.S., Canada, Japan, France, etc.) due to country-specific regulations
6. Tangem
Tangem Wallet is a credit card-shaped hardware crypto wallet that is the first of its kind. This cold wallet combines NFC (Near Field Communication) technology with EAL6+ security, making Tangem easy to use and shielded against potential threats.
Key Features
- User-friendly App: Tangem offers a user-friendly app that allows seamless access to asset balances and transaction initiation
- Tamper-proof design: Each Tangem card is sealed and cannot be opened without destroying the device, adding a layer of security
- NFC technology: Users can simply tap the Tangem wallet on their NFC-enabled smartphone to access and manage their digital assets
Pros
- Compact and durable, easy to store compared to a traditional hardware wallet
- Connects easily with NFC-enabled smartphones.
- High level of security with private keys stored securely within the card
Cons
- Still new and may not be widely available in some regions.
- Users may need multiple Tangem cards for additional wallets
- NFC technology limits adoption for users without NFC compatible smartphones
7. Atomic Wallet
Launched in 2017, Atomic Wallet prioritized security and adoption, quickly becoming a top decentralized wallet. Atomic Wallet is well-known for its comprehensive features and user-friendly interface. A unique component of Atomic Wallet
Key Features
- Multi-platform availability: Atomic Wallet is accessible on multiple platforms including Windows, macOS, Linux, iOS, and Android
- Atomic Swap: Atomic Swap is a built-in swap feature that enables peer-to-peer trading with the use of smart contracts rather than purchasing assets directly from a centralized exchange
- Security: Atomic Wallet leverages Hierarchical Deterministic (HD) technology that generates a new public key for each transaction based on the user's seed phrase to promote anonymity. This makes it harder for third parties to track transactions back to a specific user
Pros
- Convenient to download and widely available across many platforms
- Provides enhanced privacy and security compared to other hot wallets
- Built-in swap feature that reduces fees associated with traditional exchanges
Cons
- Although growing, Atomic Swap currently has a limited number of swaps available compared to other DEXs
- Potential regulatory complications, as there are no KYC (know your customer) requirements for buying crypto.
- Some users have complained about the slow and unhelpful customer support
What is Avalanche?
Launched in September 2020, Avalanche (AVAX) is a highly scalable Layer 1 blockchain that has made enormous waves in the decentralized finance (DeFi) space. AVAX is a rapidly growing ecosystem that leverages multifaceted technologies to combat modern-day blockchain issues. This protocol bridges the gap between various blockchain networks seamlessly with interoperability solutions.
Check out Benzinga’s deep dive into the Avalanche (AVAX) ecosystem
Choosing the Best Wallet for Avalanche (AVAX)
Consider these before selecting your preferred AVAX wallet:
- Security: security should be a top priority when storing any crypto wallet. Look for wallets that offer encryption measures such as seed-phrase backups and two-factor-authentication
- Multicurrency support: to avoid having a wallet for each of your currencies, find a wallet you can use to store all of your favorite digital assets in one place.
- User-Interface (UX): an intuitive design that prioritizes cost and efficiency is essential for user satisfaction
- Reputation and Reviews: look for wallets with a strong track record of reliability, security and customer support.
The Bottom Line
Finding the right AVAX wallet can be difficult with so many available options. It is important to keep in mind your unique preferences. If you are new to crypto, you should prioritize a simplistic user interface. On the other hand, tech-savvy users may opt for a more complex wallet with additional features. Regardless of your skill level, finding a wallet with a solid reputation that maximizes security and grants multicurrency support is essential.
Frequently Asked Questions
What wallet is best for AVAX?
Core Wallet is our top AVAX wallet pick. This wallet was developed by the team behind AVAX and specifically designed for the Avalanche ecosystem.
Does Avalanche have a wallet?
Avalanche recently announced, in March 2024, a “phaseout” transition from their old wallet called “Avalanche Wallet” to the new “Core Wallet” for enhanced user experience.
Where can I get an AVAX wallet?
Software AVAX wallets can be found on AVAX’s official website or downloaded from third-party wallet providers online or your favorite app stores.
About Sean Rocker
Sean has been educating himself about the crypto space for many years and has been actively invested in crypto since 2019. He has passion for staking crypto and researching low market cap projects with specific interest in the AI, DePin and DeSci sectors. He currently attends Wayne State University’s College of Nursing and is striving for a Doctor of Nursing Practice degree.