EGLD Wallet is a wallet used for storing, managing, and trading MultiversX (EGLD) cryptocurrency. MultiversX (formerly known as Elrond) is a scalable blockchain platform designed to provide fast, secure, and low-cost transactions. Therefore, EGLD Wallet or EGLD Wallet is a tool designed specifically for the native token eGold (EGLD) on the MultiversX network.
Choose the appropriate EGLD wallet
For users who want to hold or trade EGLD, choosing a suitable wallet is crucial. According to different needs, multiple types of wallets can be selected, including but not limited to online wallets, hardware wallets, software wallets (applications), and paper wallets. Here are some factors to consider when choosing an EGLD wallet:
Online Wallet
These are typically services provided by exchanges such as Coinbase, Binance, or Kraken. This type of wallet is convenient and fast, suitable for those who want to make frequent transactions. However, since they are connected to the Internet, there may be some security risks2. To ensure the security of funds, it is recommended to store only a small amount of funds used for daily transactions in online wallets.
Hardware wallet
Hardware wallets such as Ledger Nano X or Trezor provide higher security as private keys are never exposed in the network environment. They are highly suitable for long-term storage of large amounts of assets and support multiple cryptocurrencies, including EGLD. Although the initial investment cost is high, in the long run, this may be one of the safest choices.
Software Wallet (Application)
Mobile application wallets like Edge not only support multiple cryptocurrencies, but are also easy to use, user-friendly, and very suitable for beginners and active traders. The Edge wallet also has multiple built-in exchanges, allowing users to buy and sell cryptocurrencies directly within the app, increasing convenience and efficiency.
Paper wallet
This is a physical form of wallet that is implemented by printing out a QR code containing both the public and private keys. Although this method provides extremely high security as it is completely stored offline, there is also a risk of loss or damage. Therefore, before choosing paper wallets as the primary storage method, please ensure that there are proper backup measures in place.
How to protect your EGLD wallet
Regardless of the type of EGLD wallet chosen, appropriate security measures must be taken to prevent potential threats. Here are some suggestions:
Enable two factor authentication (2FA): If the selected wallet supports this feature, it must be enabled. This will add an additional layer of protection to the account.
Regularly update software: Keep the wallet application and its related dependencies at the latest version to utilize the latest security patches and technological improvements.
Backup recovery phrase: Most wallets generate a secret recovery phrase consisting of multiple words. Please keep it safe and record it in a secure location in case access needs to be restored.
Handle personal information with caution: avoid entering sensitive information on untrusted websites, and do not easily share any details related to your wallet.
Diversification of risk: Do not concentrate all cryptocurrencies in one place. Multiple different types of hot and cold wallets can be stored separately to reduce the possibility of losses caused by a single point of failure.
