What are the best EOS wallets
EOS Wallet - EOS Coin Wallet is even available free of charge
Last updated & checked: 11/30/2020
- Storable currencies (number):
- Costs: 0€
- Mobile (yes / no): Yes
An EOS wallet is available in several versions, so that users have a free choice: online or offline, what do you want? With the EOS Wallet Ledger, there are differences between the variants, especially when it comes to security and user-friendliness.
An online wallet is easy to use and it is even available free of charge, but wallet owners must expect security risks. The offline EOS Coin Wallet, which is available as hardware or paper wallet, is better protected. We show which wallet is best suited for EOS and how it is used.
- EOS Wallet is available as an online or offline version
- Many wallets are available free of charge
- Hardware wallet has a particularly high level of security
- 2-factor authentication offers additional wallet protection
EOS Wallet: EOS Wallet Ledger with maximum security for tokens
Before it comes to how the EOS tokens are best stored in a wallet, let's take a look at what makes this cryptocurrency so unique. Are there any special requirements for an EOS Coin Wallet?
EOS as a cryptocurrency
EOS was introduced in 2017. It all started with the longest ICO in history. The sale went on for almost 350 days and ended on June 1, 2018. It raised around $ 4.2 billion in total, which is a lot compared to other ICOs.
The specific platform is based on the scalable smart contracts, which provide the infrastructure for a new generation of decentralized applications (dApps). EOS uses the advantages of Ethereum, but does it much better, because the processing of the transactions happens many times faster than with Ethereum and several other cryptocurrencies.
dApps as important applications
The decentralized applications are also an important feature of EOS, which further drives the popularity of the platform's cryptocurrency. However, there is also a further development and significantly better user-friendliness, because the design and the infrastructure as well as the programming capabilities are better solved.
With specified tool kits, for example, users can program the dApps more easily and use them in a more user-friendly manner. All this, together with the higher scalability, leads to an increasing demand for EOS or the implementation of the EOS ecosystem.
EOS Wallet Deutsch: How exactly are the tokens managed?
Like other cryptocurrencies, EOS tokens do not exist as real physical banknotes or coins, but actually only in the form of electronic chains; a string representing the tokens. Due to the digital mapping, the tokens cannot be managed in a conventional physical wallet either, but an EOS Coin Wallet is actually required.
Users have various options for using it, although there are clear differences between functionality, security and costs. We take a look at which wallet is particularly suitable and which digital wallets are not recommended at all or only to a limited extent.
EOS wallet download is not always required
There are several ways of using the EOS Wallet Ledger. Some are free and some are not. Basically, the EOS Wallet is divided into two categories:
- Cold storage
- Hot storage
Cold storage is the colloquial term for all offline wallets. These are digital wallets that are not connected to the internet. The advantage: Hackers have no way of accessing the wallet because the tokens are always transferred offline. This is why these wallets are particularly secure and recommendable for storing larger amounts of EOS, especially for a long period of time. The offline wallet are also available in different versions:
- Hardware wallet
- Paper wallet
A hardware wallet is hardly bigger than a USB stick and offers maximum protection and convenience. If you want to use this EOS wallet, you can choose from different providers, but you have to expect one-time acquisition costs. In view of the higher security, we think this wallet is a good choice.
With the hardware wallets, it is also possible to store not only EOS, but also other coins and tokens in parallel. How many there are exactly depends on the wallet provider; Experience has shown that usually two or three. This makes the purchase price worthwhile in two ways, because wallet holders can flexibly trade different crypto currencies on an exchange and manage them securely.
The offline wallet also includes the paper wallet. It is actually a piece of paper. Wallet holders can choose to receive the paper wallet free of charge online via a wallet generator and have it printed out. We recommend that you create several copies at the same time so that you can keep them safe in different locations. If you don't want to use the online generator, you can also create your own paper wallet. The users don't need much for this:
- A piece of paper
- Wallet address
The paper wallet is created by writing down the wallet address. However, since the address is extremely long, writing it down manually is of course much more time-consuming than printing it out with the wallet generator. If you decide to do so anyway, you should be careful not to mix up any characters in the wallet address or write them incorrectly, as otherwise access may no longer be guaranteed.
Paper wallet security risk
The paper wallet is one of the cold storage methods and is therefore 100 percent secure. However, the writing on the piece of paper can become illegible due to environmental influences or damage. If this is the case, in the worst case scenario, the wallet holders will no longer have access to their tokens. We therefore recommend protecting the wallet and, for example, covering it with a transparent film.
Hot storage: the numerous wallet options
In addition to cold storage, there are also several types of wallets for hot storage. This includes:
- Desktop wallet
- Mobile wallet
- Browser-based wallet
The main differences between the individual wallets lie in their use and installation. If you use a mobile wallet, you first have to download and install the corresponding application. The EOS wallet download is available free of charge, depending on the operating system, either in the Google or Apple store.
If you want to use the desktop wallet on your PC, you can install the digital wallet for the Microsoft or Mac operating system. The free use and easy installation is one of the essential points for many users why they choose online wallets. However, these advantages are offset by a disadvantage: Because of the connection to the Internet, the wallets are at risk from hacker attacks.
Check security software on end devices regularly
To ensure that the desktop or mobile wallet is optimally protected, we recommend not only using 2-factor authentication, but also always using the latest security software. It is important that defective software or viruses are identified and eliminated in good time. Otherwise, hackers could gain access to the wallet and steal the tokens. Such incidents have occurred quite often in the past, as a glance at the news reports shows. Hackers managed to steal coins in the millions.
In addition to the desktop wallet and mobile wallet, there are also browser-based digital wallets. There is no need to download an EOS wallet on the PC or mobile device; users actually access their wallet via their web browser.
This saves you the download, but access requires a working internet connection. In addition, it is also important to pay attention to the latest security software for the web browser in order not to expose yourself to unnecessary danger from hacker attacks on the World Wide Web.
Do not use public networks
The use of public networks in cafés, train stations or in parks is becoming more and more fashionable, but it is also particularly risky. Especially those who use the web-based wallet and want to access the tokens should pay attention to maximum protection for their Internet connection.
The public networks are mostly unsecured, so that the door is wide open to hostile attacks by hackers. To be on the safe side, we therefore recommend avoiding public networks and rather waiting until Internet access is possible in a secure environment.
Note: We recommend checking your wallet stocks regularly. In this way, the transaction processes in the wallet can be checked, so that attacks or irregularities during the transfers are noticed more quickly (comparable to the bank statement for a checking account).
When do I need an EOS wallet ledger?
Users need an EOS Wallet German if they want to store / manage the crypto currency somewhere. Anyone who buys the tokens on a crypto exchange must transfer them to the wallet after the transaction in order to secure them there. The same applies to users who use EOS Faucets to get free tokens.
EOS wallet and the connection with exchanges
For trading on the exchange, it is not only necessary to select the right crypto exchange, but also to link it to a wallet. Some exchanges provide their users with a free online wallet, which can be helpful for getting started quickly.
However, if traders want to trade larger quantities or manage EOS over the longer term, we recommend transferring from the online wallet to an offline wallet. The link is easily established on the Exchange via the public address, directly in the account settings. In this way, the transfer takes place automatically after the purchase after confirmation of the transactions in the wallet.
Wallet at Faucets
If the users want to use the EOS Faucets, the public wallet address is also required. This means that the EOS earned goes straight to the wallet after successful activity on the respective websites or decentralized applications. The private address is not given, however, because it is actually only intended for access to the wallet holder.
EOS Mainnet Wallet and the block producers
The EOS wallet is also for the block producers to know, because they have to freeze / hold a certain number of tokens in order to be able to carry out this activity. The principle behind the transaction processing and the EOS blockchain is different from the common ones used by Bitcoin and Co.
There is no EOS Mainnet Wallet, only the EOS Mainnet. The system is controversial. In October 2018, the mainnet was active for five months, but has already come under fire. The reason was agreements between block producers, which shouldn't happen that way. The EOS makers took this criticism very seriously and promised to clarify the situation.
EOS Mainnet repeatedly in criticism
The EOS Mainnet has been criticized again and again since 2018. So there should have been confirmed transactions on the blockchain, which have been reversed. According to the EOS makers, the reason for this was a hacked user account, which initially remained undetected. Nevertheless, doubts about the reliability and protection against forgery of the blockchain are growing, because how can it be that an actually confirmed transaction can suddenly be reversed?
Such incidents are not yet known from other popular cryptocurrencies such as Bitcoin or Ethereum. This skepticism could mean that the prognosis of EOS is not as positive as hoped, despite the ambitious goals and numerous interesting functions.
Realistic view of the EOS future - is it worth the investment?
Is EOS something for the future or is it a short-term hype? In terms of market capitalization, EOS has actually managed to outperform many other popular cryptocurrencies since its inception. EOS is now one of the top 10 best-known cryptocurrencies, although the ranking can always change based on market capitalization.
Nevertheless, it is a remarkable achievement that the cryptocurrency has climbed to the top of the crypto ranking list with its introduction since 2017. Above all, EOS has made a name for itself as the fiercest competitor of Ethereum. If it weren't for the negative headlines that are repeatedly associated with the mainnet.
EOS prognosis depends on reliability
The EOS goals are extremely ambitious; Above all, the fight should be declared on Ethereum. However, it may still be some time before this actually happens. It is also questionable whether this will actually happen, because both crypto currencies are still worlds apart in terms of market capitalization.
Nevertheless, trading with EOS is interesting for traders who want or are able to invest less capital. The EOS price in September 2019 is around 3.49 euros, the price of Ethereum around 165.00 euros. If you believe in a positive EOS forecast and buy the cryptocurrency now at a low price, you can at best sell later at a profit.
Trading on Exchange EOS - that's what traders should know
If the EOS forecast for traders is positive, they can invest directly in the cryptocurrency and buy it on the exchange. An EOS wallet is required for this. There are numerous crypto exchanges that differ significantly in terms of pricing.
Some have the character of a marketplace in which the sellers themselves determine the price at which the cryptocurrency is sold. This price is defined as a fixed price and the offer is posted on the platform. If suitable buyers are found, the transactions are processed and the tokens are transferred to the buyers' wallet.
Buy at dynamic market price
In addition to buying at a fixed price, there is also the option for traders to purchase EOS at the crypto exchange at the dynamic market price. The advantage: Depending on the market situation, a cheaper price can often be achieved than with a fixed price determined by the seller.
However, it can also be exactly the opposite, that a fixed price is cheaper than the dynamic market price. It is important that the traders analyze the prices as precisely as possible and take advantage of the most favorable market situation.
It is important that traders recognize the trend and do so in good time. A downward trend is decisive for the purchase of EOS tokens, then the price is often the cheapest. Of course, traders can also buy in an upward trend if it is just in the initial phase and the forecast shows a strong upward phase.
What is driving the EOS course?
In addition to the technical analysis, the fundamental analysis is helpful so that the traders can make the EOS price forecast in more detail. In order to be able to make as precise a prognosis as possible, it is important, on the one hand, to take historical data into account and, on the other hand, to include current market data and the mood on the crypto market.
The trading environment is particularly exciting at EOS, as many experts are following the battle between the cryptocurrency and Ethereum. EOS has set out to put the transaction speed of all other crypto currencies in the shade with its new blockchain and is therefore considered a high-flyer in the crypto market.
So much for theory and euphoria, because so far EOS has not yet managed to actually overtake Ethereum or Bitcoin. Nevertheless, the reports on EOS repeatedly give impulses for the price development, also for the crypto competition.
Tip: follow the news
EOS and many other cryptocurrencies are particularly susceptible to changes in exchange rates. It can therefore be helpful to keep up to date with the latest news so as not to miss anything.
If there are new allegations against the EOS makers in the media or if new features are published, this can have a positive as well as a negative effect on the price development. Anyone who has first-hand information can react faster and use the good market situation to buy or sell.
Trading is also possible without EOS Wallet Ledger - the offers from the broker
Does it necessarily have to be a direct purchase of the tokens with storage in the EOS wallet or are there alternatives? Experience shows that more and more brokers are not only opening their doors to Bitcoin or Ripple, but are also giving other crypto currencies a chance.
This also includes EOS, because the Internet currency is now also one of the popular ones. With the broker, however, the offer is different than with the crypto exchange. Instead of investing directly in the coins or tokens, traders speculate on the price development.You don't need a wallet for this, just your equity.
Various crypto financial instruments at the broker: CFDs
The financial instruments at the broker are extremely variable, with contracts for difference in particular experiencing increasing popularity. They can be used flexibly and make optimal use of volatility. Since the positions can be traded equally on falling and rising prices, traders have every chance to operate profitably in the market.
The price analysis is important, because the opening of the corresponding position is based on it. Brokers have interesting tools and indicators, for example for trend determination or pattern recognition, so that traders can find help with forecasting. This also makes it much easier for prospective investors to interpret the prices and identify opportunities in the market with great opportunities.
Use demo account to practice
There is a fantastic solution for everyone who would like to start working with the broker without risking their own: the demo account. Experience shows that almost all well-known crypto brokers offer a free demo account with virtual credit, many even for an unlimited period of time.
This gives traders the best opportunities at the beginning of their trading career to develop and test their own strategy and to try out the various crypto financial instruments. Since a demo account is often based on conditions that are close to the market, the traders have almost the same live data that are also used for accounts with their own capital.
This makes it even easier to transfer the strategic approach. With a demo account, traders can also take advantage of the extensive training opportunities available from brokers to improve trading basics.
Tip: intensify practice with a trading diary
A trading diary is not only useful for all successful investors, but also for the start of trading. The traders record all transactions in this diary and note why they made them and what market situation was at the time.
This makes trading easier to understand and analyze. Wrong trading decisions can be identified more quickly with the help of the diary, which of course has a positive effect on the learning effect. Investors can conveniently keep such a trading journal online in an Excel list in order to be able to carry out the data analysis even more efficiently.
Properly used crypto stocks and other financial instruments
Brokers not only offer contracts for difference on EOS and other cryptocurrencies, but also on other financial instruments. This includes securities, although a cryptocurrency is not an independent company. Nevertheless, more and more companies have recognized the advantages of blockchain technology and are using them efficiently.
Such companies are also assigned to the crypto industry, so that there are many interesting investment opportunities for traders. Securities can be acquired for Bitcoin GROUP SE, for example, so that the investors have a direct share in the company that provides the Bitcoin platform for trading cryptocurrencies. However, there are no securities of its own for EOS itself.
Long-term investment horizon for crypto-securities
If traders decide to invest in crypto-securities, they are pursuing a long-term investment horizon. This means that the shares should not be sold immediately after the first price fluctuations, otherwise the effect of the long holding time to compensate for the price fluctuations fizzles out again.
Instead, the securities are suitable for longer investments; usually even over several years. Even with short-term price fluctuations, investors with suitable financial instruments have the opportunity to at least partially offset them. You can trade crypto stock CFDs when the price is falling, making a profit.
Diversification in crypto trading is especially important
The crypto market is extremely volatile, so diversification is paramount. Traders should make sure that the capital is diversified as widely as possible in order not to suffer a total loss. If traders want to concentrate exclusively on the crypto market, we recommend this only with different financial instruments.
For example, those who only rely on trading EOS CFDs have no diversification and run the risk of losing everything. Instead, it helps when traders conduct their trading activities with CFDs, crypto stocks and crypto funds.
Tips for Successful Crypto Trading
For long-term successful crypto trading, some practical tips have proven themselves. This includes pursuing an investment strategy and never acting on the basis of gut instinct.
Especially traders at the beginning of their trading career are often so over-motivated by their first successes or a positive mood in the crypto market that they completely forget to analyze the price and only become active because they feel good. This can work out well, but it is not recommended. Instead, traders should combine technical and fundamental analysis and rely on the facts.
Secure profits and limit losses
In order to be able to operate successfully in the crypto market in the long term, it is also important to take the profits with you and secure them and limit the losses. The protection of equity is the top priority in trading activities. Stop-loss and take-profit positions are therefore ideal for trading crypto CFDs.
Conclusion: EOS Wallet is not required for all trades
The EOS Wallet is always required when merchants want to buy or buy the cryptocurrency directly. Anyone who secures tokens for free with the help of Faucets must also have a wallet in order to manage the digital units. The selection of crypto wallets is large, there is generally cold and hot storage. Cold storage is recommended, as it provides the highest level of security.
Due to the lack of a connection to the Internet, hackers with hardware or paper wallets have no chance of cracking the wallet and stealing the EOS token. The online wallet also offers protection, although this is significantly less than that of the offline wallets. However, they have one major advantage: online wallets are free.
The paper wallet is also provided free of charge, but the hardware wallet is not. Which EOS Wallet Ledger users choose depends on what level of security they need and what they are willing to spend on it. Since we would rely on maximum security, we recommend a hardware wallet for optimal management of the EOS tokens.
- Storable currencies (number):
- Costs: 0€
- Mobile (yes / no): Yes
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