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Fantom Wallet Choosing Guide

Fantom Wallet Choosing Guide

There are several amazing wallets for Fantom (FTM) holders to choose from. As one of the most popular blockchains for development, investors, coders, and traders should look for a nice, safe place to store their FTM. But where to start? Thankfully, we made this Fantom wallet choosing guide to help you out. Enjoy!

Key talking points:

  • Learn what an FTM wallet is and how they work
  • Understand the main features of an FTM wallet
  • Learn about FTM wallet security
  • Compare different types of FTM wallets
  • Discover what FTM wallets are best for you

What is a Fantom wallet?

A Fantom wallet is a software wallet or a hardware wallet that enables users to manage FTM cryptocurrency and its tokens. Some wallets allow you to access the Fantom Foundation DeFi platform while others just allow you to HODL. Then, other wallets allow you to earn interest, exchange, trade and so much more. By the end of this little guide, you’ll hopefully have an idea of what works best for you. 

How does a Fantom wallet work?

Without getting too technical, a wallet is a software or hardware device containing a private key and a public key. When you open a wallet, these two keys are created. The public key is where the public addresses come from so other people can send you crypto. The private key is proof of ownership over a wallet. Some wallets choose to manage the private key for you which is fine as long as that company is a trusted and regulated one. You may hear people say “not your keys, not your crypto” but if we trust banks to hold onto our funds without a problem, then trusting a wallet provider to do the same is not much different. However, one should do intense research on wallets that manage your private keys to make sure your funds truly are safe.

Main features you need in a Fantom Wallet

When researching your Fantom wallet, make sure it comes with the following features:

  • Security and privacy
  • Low or custom FTM transaction fees
  • Two-factor authentication (2FA)
  • Fiat onramps and offramps
  • Low minimum deposit amount
  • The ability to lock and unlock withdrawals at will
  • Complete crypto exchange capabilities
  • Customer support
  • Multi-chain support
  • Multisig
  • Bonus features like savings accounts, trading tools, and loans. 

Do I need a Fantom Wallet to Buy or Trade FTM?

The short answer is yes. You do need a Fantom wallet to buy or trade FTM. Digital currencies are digital and cannot be held in real life under the sofa like your Euros or Dollars. So, please take your time to read this entire article and decide which wallet is best for you!

Are all Fantom wallets secure?

If all Fantom wallets were secure, then we would live in an interstellar utopia where we spend our days frolicking through sun-basked poppy fields. However, we are far from that reality. Unfortunately, the world is filled with bad actors looking to steal your precious FTM. You can stop them though. How? Choose a wallet that prioritizes technology, innovation, and security. That’s the first step to protecting your crypto. Then, you should learn some basic security techniques and how to spot scammers. 

Are all Fantom Wallets Free? How Much Does It Cost to Use a Fantom Wallet?

Ideally, all Fantom wallets should be free. Hardware wallets are the exception to the rule. Unless you have a friend working at Ledger or Trezor, you will have to pay for these wallets. For some people, hardware wallets are expensive, costing upwards of $200. At YouHodler though, we believe that crypto should be for everyone. That’s why we don’t charge money to download our mobile app or web wallet. Just sign up and start using our financial services. 

How to deposit and withdraw from Fantom Wallet

The FTM wallets on YouHodler are extremely easy to use. Whether you want to deposit FTM or withdraw FTM, we have the instructions laid out for you. So just follow them step by step and there should be no problems. If there are, however, please contact our support team and we’ll walk you through the process. 

Types and differences of Fantom wallets - How to choose the right one for you?

Fantom wallets come in all sorts of lovely shapes and sizes. So finding the best one for you should be a relatively easy task. Here are a few different types you can explore. 

Desktop FTM wallet

As its name suggests, a desktop FTM wallet is one that’s installed on a desktop computer or a laptop. Users get complete control over the wallet just as they would with a mobile wallet, just in a desktop environment. The main difference is that some desktop wallets have more advanced functionality like the ability to operate a complete node or full crypto exchange integration. 

Mobile FTM wallet

More or less, a mobile FTM wallet performs the same functions as a desktop wallet but on a mobile device such as a smartphone. Mobile FTM wallets are often more convenient due to their portable nature and the ability to scan QR codes for quick crypto transactions in stores or between peers. There are FTM wallets for all types of operating systems like Android or iOS. 

Web FTM wallet

Web FTM wallets are wallets that exist on a website or online service that allow users to send and receive cryptocurrency in addition to storing it. These wallets can be accessed anytime, and anywhere as long as there is the internet. Some of the most popular crypto services in the world are web wallets such as Coinbase, Kraken, Binance, and YouHodler. Security is a concern for web wallets but that can be managed with due diligence to make sure the web wallet you choose has a good history of high-level security and insurance. It’s also wise to use web wallets in tandem with the more secure hardware wallets. 

The Best Fantom Wallets

There are numerous articles out there dissecting different crypto wallets, trying to decide what is the “best Fantom wallet.” To be honest, there is no “best FTM wallet” for us as a collective whole. However, there is a Fantom wallet that is best for you and that depends on your wants and needs. At YouHodler, we tried our best to create a diverse, multi-faceted wallet that appeals to all sectors of the crypto industry. Is our wallet the best Fantom wallet? Give it a try and find out!

Best Fantom Wallet for Beginners

When asking what the best Fantom wallet for beginners is, it’s important to first dissect what a beginner demands from a Fantom wallet. Most importantly, is a user-friendly interface. Beginners who are new to crypto are taking in tons of information every day and they don’t need a complicated app on top of that to learn. Clean, simple interfaces are best for beginners with minimal navigation required. That’s why we designed YouHodler’s interface to appease beginner users with simple designs, clear buttons, and plenty of information databases to dig into. 

Best Fantom Wallet For Advanced Fantom Users & Investors

Advanced Fantom users and investors also appreciate clean simple interfaces on their Fantom wallet; however, they also want something flexible enough that meets their high demands. Advanced crypto traders want a wallet with low transaction fees, built-in crypto exchange capabilities, advanced security, staking features, and advanced financial services like loans and crypto trading. Advanced users are busy people and they can’t be bothered using multiple apps for different activities. That’s why we designed YouHodler to be the true one-stop-shop solution for advanced users with a wide array of FinTech services to fit their every need. 

Best Fantom Wallet for Mobile Users

We live in a mobile world and that’s only going to increase. Hence, mobile Fantom wallets are perhaps the most important wallets in development. There are thousands to choose from and the key is to find one with maximum efficiency and security. YouHodler’s mobile wallet has 2FA, 3FA, and the ability to lock your funds from withdrawal--requiring ID verification to unlock it. On top of that, the team runs regular security audits to ensure all wallets are secure from malicious actors.  People ``on the go” in a mobile economy, want to make sure their digital wallets are present, protected, and easy to use. Not all Fantom wallets match this quality but YouHodler tries its best to. 

Best Fantom Hardware Wallet

As mentioned earlier, it’s a smart idea to buy a Fantom hardware wallet to use in cooperation with your mobile or web wallets. Fantom hardware wallets are ideal for the long-term storage of crypto assets. Ideally, you want to keep some on a mobile or web wallet for payments, trading, and staking while keeping the rest safely in a secure hardware wallet. The Ledger series of hardware wallets are extremely popular and recommended by most advanced crypto users. Trezor is another brand worth mentioning. 

Best Fantom Wallet for software storage

Once again, this comes down to the idea of “not your keys, not your crypto.” The best Fantom wallet for long-term software storage are wallets where you fully own the private keys. It’s best to use this in combination with more diverse web wallets to enjoy the benefits of both worlds. 

Best Fantom Wallet For Security

The best Fantom wallets for security are the ones that prioritize security. Stay away from wallets that don’t have PIN options, 2FA, or basic security features. YouHodler has a PIN or thumbprint required to enter the app in addition to 2FA and 3FA upon request. We also run regular security audits to ensure our walls are strong and impenetrable. Lastly, we are backed by Ledger Vault and Fire Blocks for insurance and secure crypto transaction management solutions.

Best Fantom Wallet for Android Users

While the battle between iPhones and Android phones wages on, it’s nice to know that crypto doesn’t pick sides. Most--if not all--of the most popular Fantom wallets can be found on both Android and iOS operating systems. 

Click here to download YouHodler for Android. 

Best Fantom Wallet for iOS Users

We’re also at the Apple store too! Click here to download YouHodler for iOS and ready all about our Fantom wallet functionalities for your iPhone.

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