Unlike Bitcoin, Ethereum, or other cryptocurrencies, the goal of Tether (USDT) is to replicate the price of the US dollar; it’s a stablecoin. Its 1-to-1 parity with the dollar makes it a very stable cryptocurrency.
This stability makes it much less volatile than other cryptocurrencies, which is its primary advantage. This is why Tether (USDT) becomes a great investment option for many of us. In this article, I’ll show you the best and safest options for storing USDT according to your profile. In the following table of contents, you can jump directly to the section that most appeals to you
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What is a Tether Wallet?
A Tether (USDT) wallet is an application or device that allows you to store, receive, and send the stable cryptocurrency known as Tether (USDT). When you buy Tether (USDT) and leave it on the exchange, you’re essentially not having 100% of its control. It’s crucial to understand that an exchange is the prime target for hackers, repeatedly reported on the news.
These wallets are essential if you want to have full control over your USDT funds and safely operate with this stablecoin. They are similar to traditional bank accounts but are designed specifically for cryptocurrencies like USDT.
Why Use a USDT Wallet?
Using a USDT wallet is essential for several reasons. First and foremost, it provides you with control, eliminating the need to depend on third parties to store your crypto. Moreover, wallets often offer additional security against potential hacks or fund losses, thanks to solely owning the private keys, which is one of the most critical features of a wallet.
Types of Wallets (Distinguish Between Cold and Hot Only)
There are two main categories of wallets: 1. Cold wallets 2. Hot wallets Hot wallets are connected to the internet and are ideal for quick and frequent transactions, especially for traders. They are typically software applications, browser extensions, or online wallets.
On the other hand, cold wallets are physical devices or applications that store private keys offline, away from the internet. They are extremely secure since they are not exposed to online threats and are primarily used for long-term storage.
Why Are Cold Wallets Safer for USDT?
The primary reason cold wallets are safer is that they are not connected to the internet, making them immune to online threats such as hacking and phishing.
The private key of a cold wallet is never exposed to the web, significantly reducing the risk of theft. Furthermore, as you’ll see below, there are ultra-durable cold wallets with additional security measures, such as the material of the wallet itself.
These characteristics make cold wallets ideal for long-term storage and the protection of large amounts of USDT.
Best USDT Wallets
I’ll divide this section in two: cold wallets and hot wallets so that you can choose the USDT wallet that best suits your needs. If you prefer fast transactions and opt for a hot wallet, I recommend having a second cold wallet for long-term storage. Let’s start with the cold wallets!
Best Cold USDT Wallets
1. Material
- Type: hardware.
- Material Strength: maximum.
- Device: physical, metal plate.
- Cryptocurrencies: bitcoin, ethereum, USDT.
- Price: €89.
- User-Friendly: easy.
Among cold wallets, Material stands out as the best USDT wallet in terms of security. Material is an ultra-durable AISI 304L steel plate. Unlike other wallets, this device can withstand shocks, fire, water, and other potential damage over the years. It’s made in Spain and comes with a 100-year warranty.
Material’s wallet is designed for long-term USDT storage. In other words, you buy USDT, store it in your wallet, and wait for the price to rise. It’s very easy to use and beginner-friendly. You can find all Material cold wallets here.
Pros👍
- Ultra-secure wallet.
- Unbreakable material.
- Very easy to use.
Cons👎
- Not suitable for those who make quick transactions.
2. Ledger Nano S
- Type: hardware.
- Material Strength: high.
- Device: physical, USB stick.
- Cryptocurrencies: bitcoin, ethereum, USDT, and more.
- Price: $79-$149.
- User-Friendly: intermediate.
Ledger Nano S is another excellent choice for cold storage of USDT. This hardware wallet is widely recognized for its security and reliability. It’s a USB stick-style wallet that you can connect to your computer when you need to access your USDT. The rest of the time, you can keep it offline, making it secure from online threats.
The Ledger Nano S supports multiple cryptocurrencies, making it versatile. It has a user-friendly interface but it might require some technical knowledge to set up. The only drawback I’d mention is that you’ll need to connect them to your computer regularly, both for updates and to make transactions with your cryptocurrencies.
If your computer isn’t in a secure environment, meaning it’s not fully protected, it could be vulnerable to hacking. You can find the Ledger Nano S on the official website.
Pros👍
- High level of security.
- Supports various cryptocurrencies.
- Reliable brand.
Cons👎
- Intermediate user-friendliness.
- Susceptible to breakage and physical impacts.
3. Trezor Model T
- Type: hardware.
- Material Strength: high.
- Device: physical, touchscreen.
- Cryptocurrencies: bitcoin, ethereum, USDT, and more.
- Price: €179.
- User-Friendly: intermediate.
The Trezor Model T is another popular cold wallet option. It offers a high level of security and supports a wide range of cryptocurrencies, including USDT. The device has a user-friendly touchscreen, which makes it easier to use.
However, like other hardware wallets, it may require some technical knowledge for initial setup. Like Ledger, you must be cautious with the USB, because if you lose it or it gets damaged, you’ll need to rely on your 12 or 24 recovery words to retrieve your funds.
Additionally, you should be concerned about the storage of these words, as losing them or having them stolen could grant unauthorized access to your funds. The Trezor Model T can be found on their official website.
Pros👍
- High security.
- Supports a wide range of cryptocurrencies.
- User-friendly touchscreen.
Cons👎
- Intermediate user-friendliness.
- Higher price point.
Best Hot USDT Wallets
Now, let’s explore some of the best hot wallets for USDT, which are ideal for quicker transactions and easy access.
4. Exodus Wallet
- Type: software (desktop and mobile).
- Cryptocurrencies: supports USDT and various others.
- Price: Free.
- User-Friendly: easy.
The Exodus Wallet is a popular hot wallet option. It is a software wallet available for both desktop and mobile devices.
Exodus supports a variety of cryptocurrencies, including USDT. It’s known for its user-friendly interface and ease of use, making it a good choice for beginners and those who want quick access to their funds.
Pros👍
- User-friendly and easy to set up.
- Supports multiple cryptocurrencies.
- Desktop and mobile versions available.
- Free to use.
Cons👎
- Not as secure as hardware wallets.
5. Trust Wallet
- Type: mobile app.
- Cryptocurrencies: supports USDT and various others.
- Price: Free.
- User-Friendly: easy.
The Trust Wallet is a mobile app hot wallet that supports various cryptocurrencies, including USDT. It’s known for its simplicity and ease of use, making it an excellent choice for those who primarily use their mobile devices to manage their crypto assets.
Pros👍
- Very easy to use.
- Supports multiple cryptocurrencies.
- Mobile-friendly.
- Free to use.
Cons👎
- Mobile-only, which might not suit all users.
- Not as secure as hardware wallets.
Here’s an entire interesting article about Trust Wallet vs. Exodus for you.
6. Binance
- Type: cryptocurrency exchange.
- Cryptocurrencies: supports various cryptocurrencies, including USDT.
- Price: Free to create an account.
- User-Friendly: easy.
While not a traditional wallet, Binance is one of the largest cryptocurrency exchanges that offers wallet services. You can store USDT and other cryptocurrencies in your Binance account.
Binance provides a user-friendly platform with options for spot trading, savings, and more. It’s a convenient choice for those who are actively trading cryptocurrencies and want quick access to their assets. Please note that using an exchange wallet means your funds are held by the exchange, and you have to trust their security measures.
Pros👍
- Easy to use.
- Supports multiple cryptocurrencies.
- Convenient for trading.
Cons👎
- Not as secure as hardware wallets.
- Your funds are held by the exchange.
Conclusion
Choosing the right USDT wallet depends on your specific needs and priorities.
- If you value the utmost security and are willing to invest in a hardware wallet, options like Material wallets are solid choices.
- If you’re new to the world of crypto and want an easy-to-use hot wallet, Exodus Wallet or Trust Wallet may be more suitable.
Remember that hot wallets are more convenient for quick access but may not be as secure as hardware wallets. Consider your own comfort with technology and your overall crypto usage to select the best wallet for your USDT.
Lastly, always ensure that you take appropriate security measures, such as enabling two-factor authentication and keeping your wallet recovery phrases or keys in a safe place. This will help safeguard your USDT and other cryptocurrencies.
I hope you find this information helpful, and I wish you the best in managing your USDT investments! If you have any further questions, please feel free to ask.
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