Tether (USDT), the world’s most popular stablecoin, was designed to give users the stability of the US dollar and the flexibility of the blockchain. But the stability of Tether won’t do you much if you can’t protect your tokens as well. This is why choosing the best tethered wallet is so important.
Unfortunately, there aren’t very many wallets that support Tether tokens. This is surprising given that USDT is among the top 10 coins by market capitalization. That said, we’ve reviewed 4 of the best tether wallets available in 2019. We’re going to identify the key pros and cons of each wallet that should help you make an informed decision.
Before we begin, let’s take a look at some of the most important factors when choosing a tethered wallet.
- Security: how secure is the wallet? Does it offer a range of security features like two-factor authentication?
- Private Keys: Are your private keys stored locally on your device or on the wallet provider’s servers?
- costs: Are there any costs or fees involved in using the wallet?
- user friendliness: Is the wallet suitable for beginners or do you need to know exactly about blockchain technology?
- Coins Supported: In addition to supporting USDT, is the wallet compatible with other cryptocurrencies?
- Device compatibility: Is the wallet suitable for your specific device type?
- Omni Layer versus ERC-20: When the Tether project was originally launched, it was output via the Omni Layer protocol. However, in January 2018, USDT switched to the Ethereum blockchain. As a result, the USDT token is now ERC-20 compatible. If you purchased Tether before the transition date above, there is a chance that you will still have the Omni Layer Compatible Tokens. Make sure you know what you are holding before transferring tokens to a new wallet!
Now that you have a better understanding of what to look out for, in the first part of our Best Tether Wallets guide we’ll quickly dive into the official Tether Wallet – and why it may not be the best choice for storing your USDT.
Official Tether Wallet – Word of Warning
As the central operation, the USDT team offers an official tether wallet that can be accessed via the online portal. The official tether wallet is the main channel through which users convert their USDT tokens to real US dollars or vice versa. However, in late 2017, the wallet was hacked, resulting in more than $ 31 million worth of USDT being stolen.
When Tether found out about the attack, he took the wallet offline and suspended new registrations. As we often recommend, this is one of the main reasons you should be careful about using a centralized online platform to store your funds. Even with a coin’s official wallet, there is no guarantee that your money will be safe.
Now that we’ve got that out of the way, let’s first look at Coinomi.
Coinomi – Best Tether Mobile Wallet
If you want to combine convenience with security, a mobile wallet may be your best option. One of the few established mobile wallets in the market that currently supports Tether is Coinomi, which is available for both Android and iPhone users.
The Coinomi wallet can be downloaded for free directly from the Google Play or App Store. You don’t need to enter any personal information to use it.
For security reasons, your private keys are stored locally on your device. When you first install the wallet, you will also be given a backup passphrase. Keep this safe as you will need it in case you forget your password or lose access to your phone. If you have privacy concerns, you can even use Coinomi’s IP anonymization feature to protect your true IP address.
In terms of the user interface itself, the wallet is very easy to use and has an attractive layout that makes it perfect for beginners.
Now that we’ve introduced the best tethered wallet for mobile devices, let’s take a look at what’s available online!
MyEtherWallet – Best Online Tether Wallet (ERC-20)
MyEtherWallet, commonly abbreviated as MEW, is an online wallet, but it does not resemble the characteristics of a traditional web wallet. This is because, while an internet connection is required to access your funds, the platform itself does not store your private keys. By storing these locally on your device, you can essentially access the blockchain with MEW. This makes MEW one of the safest wallets available (for ERC-20 USDT).
Not only is it free to use, there are also no requirements for providing personal information. Plus, you can create as many free wallets as you want! In addition to supporting USDT, the wallet is also compatible with Ethereum, Ethereum Classic and all ERC-20 tokens.
To log into your wallet, you will need to upload a unique keystore file that was downloaded to your device along with your predefined password during setup. One disadvantage of using MEW is that it isn’t the easiest interface to use. If you are a beginner make sure you are used to the platform before you start depositing.
Now that we’ve looked at MEW, the second online wallet we wanted to discuss is the OmniWallet!
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OmniWallet – Best Online Tether Wallet (Omni-Layer)
If you have Omni-Layer USDT, the OmniWallet might be of interest to you. Interestingly, this was the first wallet to support Tether, which gave it an edge over its competitors. While OmniWallet is technically an online wallet, it is important to note that you are in control of your private keys. This is something that online wallets don’t usually allow, so it’s definitely a good thing. An additional security feature that OmniWallet offers is 2FA via popular apps like Google Authenticator. On the other hand, your funds are not kept in the cold store, so this is a bit of a problem.
OmniWallet not only supports USDT tokens, but is also compatible with Bitcoin. In terms of ease of use, some users have emphasized that navigating the OmniWallet can be very difficult, which means you may need to spend some time getting used to the wallet before depositing a large amount of money.
Ledger Nano S – Best Tether Hardware Wallet
The final option from our collection of the best tethered wallets is the Ledger Nano S. As a hardware wallet, the private keys for your USDT are kept in the cold store in the wallet itself.
The first time you set up the wallet, you will need to select a PIN number which you will then need every time you want to transfer money. This makes it one of the most secure wallet types in the cryptocurrency industry!
In the unlikely event that you’ve lost your device, or worse – if it has been stolen – you can get your money back remotely using your backup passphrase.
Due to the nature of the device’s underlying security features, it is somewhat inconvenient to transfer money on the go. If you need to make quick transactions, it might be worth keeping a small amount of USDT in an alternate wallet. However, if security is high on your list, the Ledger Nano S is the obvious choice.
In terms of cost, the device will put you back in the $ 100 range. But tThe great thing about this wallet is that it supports 700+ different cryptocurrencies! Remember that your USDT tokens must be in the form of the ERC-20 standard, otherwise they will not be supported!
Conclusion – best tether wallets
Tether and its USDT token offer quite a unique service in the cryptocurrency industry. The basic purpose of holding is to protect yourself from periods of volatile markets. During the industry’s decline that began in early 2018, many people traded their cryptocurrency holdings for tether to wait for the markets to level off rather than cashing out for fiat currencies. Hopefully this list helped you find the best tether wallet for your needs!
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