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Illuvium Wallet Choosing Guide

Illuvium Wallet Choosing Guide

Illuvium is one of the world’s hottest blockchain-based games. Following in the footsteps of Pokemon, Illuvium is a game that lets players collect monsters and train them for battle. The major difference is this is a blockchain game where players can earn money for their success. Furthermore, they own their monsters, represented by NFT contracts. ILV is the native token of the Illuvium ecosystem and its been a popular investment for many looking to capitalize on the blockchain gaming phenomenon. If you want to buy an ILV, you’ll need a wallet first. That’s where this Illuvium wallet choosing guide will come in handy. Let’s get started. 

Key talking points:

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

What is an Illuvium wallet?

An Illuvium wallet is a wallet that lets one manage ILV tokens. In this case, manage can mean send, receive and store. Those are the most basic functions of an Illuvium wallet but there are also more advanced ones out there. Some wallets let you earn interest, trade, lend, and exchange cryptocurrency all in one place. So which one is best for you? Well, that will take some research first. 

How does an Illuvium wallet work?

An Illuvium wallet works just like other cryptocurrency wallets work. A cryptocurrency wallet is a unique software program that works with a variety of different blockchain networks (e.g. Bitcoin, Ethereum, Solana, etc.). A blockchain is a digital ledger that stores the complete history of transactions for a given cryptocurrency. A crypto wallet allows users to interact with these blockchains to move funds around. Furthemore, it lets users see their account balances and related details. To make a transaction, users need to verify the wallet address which is in the form of a private key. This private key looks like a random set of letters and numbers but it’s essential to the process. As for how quickly and securely the transaction is, that differs for each blockchain and depends on which wallet provider you choose. 

The main features you need in an Illuvium Wallet

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

  • Security and privacy
  • Low or custom ILV 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 an Illuvium wallet to Buy or Trade ILV?

The short answer here is yes. Yes, you’ll need an Illuvium wallet to buy or trade ILV. Whether you need one or not is not the question you should be asking yourself though. The main question is which wallet to choose? There are countless “basic wallets'' out there that will perform the most basic functions. However, most traders and serious investors prefer a wallet with enhanced security and more functionality. Like YouHodler for example. 

Are all Illuvium wallets secure?

No. Not all Illuvium wallets are secure. Not all crypto wallets are ever 100% secure. There is always some element of risk. Even the famous hardware wallets are vulnerable if you’re not careful. Essentially, it comes down to the individual. Yes, there are wallets out there with advanced security features and those should be prioritized. However, it also helps to know some basic tips. For example, never click links in your email from people you are not familiar with. Never give out your seed phrase, recovery phrase, or private keys. Never send cryptocurrency to anyone you don’t know. Things like this will help you hold on to your hard-earned cash but of course, you should also find a wallet that prioritizes security. 

Are all Illuvium Wallets Free? How Much Does It Cost to Use an Illuvium Wallet?

There are free wallets and there are wallets you must pay to use. We can’t tell you which one is for you but we can tell you YouHodler believes crypto should be for everyone. That’s why we don’t charge anything to download our wallets. Just go to the Google Play Store or Apple Store to find YouHodler for free. Our web app is free to use as well. Crypto storage is a right that everyone should have access to. Now keep in mind, that even with free wallets, there is always a blockchain fee for transactions. So if you want to send crypto, remember to factor in the blockchain fee to your equations. 

How to deposit and withdraw from Illuvium Wallet

The ILV wallets on YouHodler are extremely easy to use. Whether you want to deposit ILV or withdraw ILV, 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 Illuvium wallets - How to choose the right one for you?

Illuvium 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 ILV wallet

As its name suggests, a desktop ILV 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 ILV wallet

More or less, a mobile ILV wallet performs the same functions as a desktop wallet but on a mobile device such as a smartphone. Mobile ILV 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 ILV wallets for all types of operating systems like Android or iOS. 

Web ILV wallet

Web ILV 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 Illuvium Wallets

There are numerous articles out there dissecting different crypto wallets, trying to decide what is the “best Illuvium wallet.” To be honest, there is no “best ILV wallet” for us as a collective whole. However, there is an Illuvium 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 Illuvium wallet? Give it a try and find out!

Best Illuvium Wallet for Beginners

When asking what the best Illuvium wallet for beginners is, it’s important to first dissect what a beginner demands from an Illuvium 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 Illuvium Wallet For Advanced Illuvium Users & Investors

Advanced Illuvium users and investors also appreciate clean simple interfaces on their Illuvium 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 Illuvium Wallet for Mobile Users

We live in a mobile world and that’s only going to increase. Hence, mobile Illuvium 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 Illuvium wallets match this quality but YouHodler tries its best to. 

Best Illuvium Hardware Wallet

As mentioned earlier, it’s a smart idea to buy an Illuvium hardware wallet to use in cooperation with your mobile or web wallets. Illuvium 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 Illuvium Wallet for software storage

Once again, this comes down to the idea of “not your keys, not your crypto.” The best Illuvium 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 Illuvium Wallet For Security

The best Illuvium 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 Illuvium 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 Illuvium wallets can be found on both Android and iOS operating systems. 

Click here to download YouHodler for Android. 

Best Illuvium Wallet for iOS Users

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

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