In the last few months of 2018, Ripple has received significant coverage from all media outlets. The largely positive reports have not only been focusing on the payoffs of acquiring XRP as the Cryptocurrency of choice but also the advantages of using XRP as a cross-border payment currency. These benefits include faster transactions, easier and available-to-all registration, privacy, peer to peer features and even the aspect of centralization.
Additionally, RippleNet has been gaining prominence with major global financial institutions, especially in the financial sector. These include; Santander, SBI Japan, Citi Group, JP Morgan, BBVA, Bank of Netherlands, etc. In other cases, some institutions such as the Western Union are investigating mechanisms and advantages of deploying Ripple-powered platforms through testing prototypes.
Conclusively, the increasing popularity of RippleNet and the surging demand for XRP are creating selloff versus purchases imbalances in XRP pairs in Crypto markets to the advantage of sellers. This is a logical motivation for you to buy XRP and you will definitely need a secure Crypto wallet to secure your Digital Private Keys. This is because Cryptos are decentralized and you are entirely responsible for safeguarding your Crypto assets. These wallets are divided into several classes and types as follows;
Desktop Wallets
Desktop wallets are ideal for Cryptocurrency trading. This is because they offer an immediate option for you as a trader to immediately link your wallet with your on-platform deposit and withdrawal account. Hence, it is an integral component of sending, receiving, storing, and trading XRP.
Further, Desktop wallets are deemed to be more secure in intranets and secure networks than in the open web, hence you should utilize these storage options for convenience.
Examples include;
1. Exodus Wallet
Exodus properties include:
• Multi-cryptocurrency support for XRP and other Cryptos such as BTC, LTC, ETC, and more than 20 others.
• Powerful charting tools.
• Good user interface
• Perfect for Cryptocurrency portfolio building and trading
• Comprehensive orientation material for use and set up
• And most importantly, ideal for beginners.
However, Exodus wallet lacks the Lack of two-factor authentication that raises security concerns. But users can always go offline when they are not participating in transactions.
2. Jaxx Wallet
Jaxx is a leading desktop that is ideal for beginners. Its properties include:
• Multi-currency support of XRP and more than 85 other Tokens.
• Multi-device compatibility for Google Chrome, Desktop, Android, and iOS devices.
• Frequently updated Jaxx Liberty Security
• Active community on Reddit, telegram YouTube, twitter, and Facebook.
• Integration with ShapeShift Crypto exchange.
Online/Web Wallets
Online wallets are easy to access, simple, and usually free. They are suitable for margin trading of XRP pairs as they are readily available at the click of a mouse. Contrary to perceptions, online wallets are relatively safe like any other storage solutions following intense innovation by various providers.
Top online wallets for ripple are;
1. Toast Wallet
The wallet is a leading online wallet with the following properties:
• Chrome only support
• Multi-device capability for Windows, Mac OSX, Android, Apple, and Linux.
• XRP private key recovery through paraphrasing.
• A simple user interface for beginners.
• Easy registration.
2. Jaxx Wallet
Jaxx also offers a secure online wallet solution for XRP beginners. The no download version is ideal when there is a high likelihood of a desktop hacking.
Mobile Wallets
Mobile wallets are better placed to offer unique services to beginner users who require mobile phone versatile services. It is important to note that mobile wallets for XRP novice traders are mostly not exclusively mobile-based as they have multi-device features.
Leading mobile XRP wallets are as follows:
eToro
Etoro Crypto exchange and wallet only used to support BTC, LTC, ETH, and BCH. However, In December 2018, eToro unveiled custodian services for XRP.
Features of the wallet are as follows:
• Compatibility with iOS and Android.
• Simple and seamless.
• Cryptocurrency conversion solutions.
• Private key safeguarding through the use of a personalized Blockchain address feature.
• Certification by the Gibraltar Financial Services Commission.
Meanwhile, the only disadvantage of eToro is the lack of a fiat money support for XRP/USD pairing.
Bitfinex
The bitfinex mobile app is revolutionary, advanced, but yet simple for a bigger. Its key properties include:
• iOS and Android support that can be downloaded from App Store and Google Play respectively.
• Three mobile wallet versions for different exchange-linked features such as margin trading, funding, and exchange solution.
• API key self-generation to guarantee maximum security.
• QR code registration and account access.
• Access to Bitfinex Cryptocurrency exchange platform.
• Instant transactions.
• USD support.
• Two-factor authentication (2FA) security.
The only shortcoming for the wallet is length recovery process for XRP sent to a wrong address.
Hardware XRP Wallets
Hardware wallets are found in the form of external storages. Ass offline storages, they are deemed to be secure and therefore ideal for beginners who want to avoid the risk of online wallets. Leading wallets are;
Ledger Nano S
This is a multicurrency USB Crypto storage that also supports XRP. Its pros are as follows:
• 10 languages support.
• PIN-based chip lock security.
• Ledger-live remote management.
• Multicurrency support.
• confidential recovery phrase for backup and restore.
• Tamper-proof security.
• Easy to use interface.
Coinvest Hardware Wallet
The wallet has the following features:
• A cryptographic coprocessor with an Elliptic Curve Diffie Hellman support.
• Linux OS support.
• 4.3” LED display touchscreen with a 480×272 resolution.
• FIDO/U2F security support.
• USB Connection with remote support on mobile and desktop devices.
• Multicurrency support in addition to XRP.
Conclusion
Ripple wallets should be regulated by a legal entity to ensure that there are adequate standards to minimize the risks of cyber-attacks, wallet failures, and money laundering. As a beginner, you should practice caution by exploring all the classes of wallets and the types that are convenient for you.