The purpose of this article isn't to endorse the Vechain blockchain. If you're someone who has already done their due diligence and purchased tokens, you're naturally going to want to investigate the best places to store your assets. In this article, I'll describe some of the best wallets to store your VET.
VECHAIN WALLETS - Quick Summary
- If you’re looking for a lightweight solution for your mobile phone, you might examine the VeChainThor Mobile Wallet (VET wallet).
- For Mac OS or Windows desktop computers, you might take a look at VeChain Sync, currently available on GitHub.
- If you’re looking for a less secure but more versatile solution, you might try the Atomic Wallet for desktop and mobile.
- If you want to use one of the most secure hardware options on the market, you might want to try the Cobo Vault.
- And if you’re looking for a more conventional, affordable solution to hold your tokens, you might buy a Ledger Nano X.
How to store VeChain?
While you could store your currency in the same VET wallets you used to purchase the tokens, you're probably already aware that leaving your assets sitting on an exchange isn't very secure. You don't control the wallet's private keys, so you're putting your tokens at risk.
Because cryptocurrency exchanges are centralized, they become targets for attacks. There are many more points of failure, including each employee of an exchange. Anyone that could potentially gain access to your private keys increases the danger of keeping your assets on an exchange.
Wallets that allow you to retain control of your private keys, such as hardware wallets, mobile wallets, and paper wallets, are some of the safest options available. Features such as 2FA, pin codes, password encryption, can help improve the security of your tokens immensely. You have to make sure that the VeChain blockchain project supports the wallets.
VeChain Thor Wallet (mobile)
The VeChain foundation launched the VeChain Thor blockchain in 2015 followed by the release of a native wallet application. Starting as a light mobile wallet app, VeChain was built to provide a secure, powerful, yet simple portal to the VeChainThor blockchain. This mobile wallet is still available for both Android and iOS blockchain platform.
The community has widely regarded the VeChainThor wallet as a reliable way of storing VET/VTHO tokens. It comes with several useful features, such as:
- Robust Security: Undergoing a series of security testing by third parties, VeChain Thor Wallet has been tested for source code reviews, session management audits, smart contract audits, input security audits, and more. With 2FA protection and fingerprint security, no one can access the wallet, but you. Other safety features include, HSTS certificate check local data encryption, packing protection, post data encryption, access control, reverse protection, and more.
- VHTO rewards: The Thor wallet can be used to receive VTHO rewards, either by owning an X node or holding VET tokens.
- Cross Blockchain Platform Crypto Asset Management: VeChainThor wallets allow you to perform VET token swaps and check the balance of your assets in a secure and effective environment.
- X Node Binding Service: If you’re an X Node participant, you can transfer your X Node status from an Ethereum Wallet to the VeChainThor Wallet with the X Node Binding Service. You can earn VTHO by staking VET tokens.
With an upcoming identity system, integration with a dApps browser, and VeVID, the future released of the VeChainThor wallet will be ideal for people who want to store their tokens on an iOS or Android phone with a lightweight solution.
VeChainThor Wallet for Desktop
Released after the mainnet launch, the desktop wallet called VeChain Sync brought much-sought-after Windows and Mac OS compatibility to VET token storage. Available on Github under the name thor-sync.electron, it is still in development. Sync provides a seamless experience for both users and developers when using dApps on VeChainThor blockchain.
Atomic Wallet for Desktop
Atomic Wallet provides a decentralized wallet platform allowing immutable, cross-chain, transparent, and custody-free cryptocurrency trading. All of the trades take place on the decentralized atomic swap exchange for blockchain technology.
Without the need to register or perform intrusive privacy checks like AML and KYC verifications, this exchange enables anonymous cross-chain swaps. There is no third-party risk, and you can manage your wallet privately and safely. Atomic wallet supports over 300 different cryptocurrencies, including VET.
Along with the old fashioned instant exchange, this wallet offers direct cross-chain swaps using Changelly and Shapeshift integration. Though their wallet is only available on desktop, it is suitable for use with Windows, macOS, Fedora, Ubuntu, and Debian. With a wide variety of coins, an intuitive user interface, and low fees, this wallet is an excellent choice for your computer. There is also a mobile version available.
Trust Wallet for Mobile
Compatible with both iOS and Android mobile devices, the Trust Wallet offers reliable and secure storage for your crypto. The wallet has been audited by security experts, as its open-source code is available for review online. You can access the Trust Wallet through your web browser, to send, receive, and store multiple cryptocurrency tokens.
Unlike some other mobile software wallets, the private keys are stored locally, which increases security. One drawback, however, is that two-factor authentication is not available for this wallet. There is also a built-in decentralized exchange through the Kyber Network, with backup systems if you should ever need a recovery.
Trust Wallet also features a Web3 browser so you can utilize decentralized applications directly. With more flexibility than the native wallet VeChain Thor, this software is a reliable mobile solution that trades some security features for usability.
Cobo Wallet, Hardware or Mobile
One of the best hardware and mobile solutions for secure and straightforward storage is Cobo Wallet. Some of its best features include:
Secure Data Transfer: This software eliminates all Bluetooth, Wifi, NFC, and Bandwidth capabilities of your device during use to prevent attacks.
Military-Grade Durability: With an IP68 waterproof rating & IK9 certification, Cobo meets the MIL-STD-810G military standard.
Support for Multiple Currencies: Cobo provides support for BTC, ETH, LTC, DASH, and more than 500 ETH, TRX, and EOS tokens.
Proprietary bank-grade encryption: This wallet has an encryption chip tailored for BIP 32, 39, and 44 protocols to keep your private key secure.
With a self-destruct mechanism to prevent side-channel attacks, this hardware wallet takes security to a new level. It uses web authentication to avoid supply chain attacks and handles firmware upgrades via TF card with multisig features.
The Cobo mobile wallet provides you with the ability to stake POS wallets to collect payments. It has a built-in dApp store, a dApp browser, and dApp SDK for developers.
Ledger Nano X
As another one of the best hardware wallets available, you can use this product to store all major cryptocurrencies and altcoins, including VeChain (VET). Considered by many to be one of the safest storing options, the Ledger Nano S is used by novice users and experienced investors alike.
Though this device looks like a USB thumb drive, you can use the built-in OLED screen to check and verify transactions. You can connect it your computer with the included USB cable to use the Ledger Manager app and use internet services. As the Ledger continues to support more and more kinds of cryptocurrencies, it has become a VET wallet storage powerhouse.
It is unhackable, relatively inexpensive, malware proofed, and can run multiple apps. There are no separate software options from this brand as of now.
Note: The third-party wallets mentioned above are not officially related to the wallet VeChain, so they are therefore a riskier method of storing your VET tokens than the VeChainThor wallet. Practice caution, stay safe, and always carefully select your storage solution for your digital assets.
For more wallet recommendations, check out my list of the best cryptocurrency wallets of the year.