Disclaimer: Please do your own research. Don’t just trust us; read as many as articles as you can. Read open source code, talk to friends. Your tokens are precious and you should take care of them.

Which type of wallet do you need?

Most people that we talk to in the EOS network tend to use multiple wallets depending on the purpose. Here are some quick tips on what to look for:

Hot vs cold wallets: A hot wallet is connected to the internet, a cold wallet can be stored offline. Generally a cold wallet is considered much more secure.

Public and Private Keys: You generally have two keys associated with your address. The public key is what someone can use to send tokens to you. The private is stored by the wallet (or just by you). With EOS there is also a new concept of account, which is made of of 12 characters and easy to remember.

Multisig Wallet: also known as a “multisignature” wallet, this refers to wallet types that require input from multiple parties in order to complete a transaction. Think of it like a team running a shared bank account.

Read a more detailed article on wallet features here.

Is it safer to just keep your EOS on an exchange?

We would not recommend storing any amount of EOS or other cryptocurrency on an exchange. Regular exchanges are centralised and naturally become targets for hacking attacks. Even with 2-factor authentication (2FA) and secure password, your online account can still be easily compromised — or the exchange itself can be infiltrated.

If you’re concerned about securely storing large amounts of EOS securely, read Ben Sigman’s detailed article.

What do you need your wallet for?

Unlike Bitcoin and Ethereum, there are many activities that you might need to do using your EOS-enabled wallet. Not only can you store and transfer tokens, you can purchase resources on EOS (e.g. RAM), vote for block producers or proxy your staked votes, and soon you’ll be able to vote on referendum issues proposed by the community. So make sure you think about these activities while you look for and experiment with different wallets.