For the purpose of using crypto coins, you need to have a wallet where you can store them. Today in this article we will talk about the best wallets where you can store your Compound (Comp). The compound is an ERC-20 based token which according to the analysts is a good investment to make.
If you already know about the Compound and want to know more about the recommend wallets and their features the jump directly to the head of the content. For those of you who don’t know much about the compound and its market capitalization then just keep reading.
What is Compound (COMP)?
The compound is a decentralized platform that helps the users to borrow and lend crypto. The ones who lend the crypto can make interest in the crypto and the borrowers can get loans in a very secure and quick method. You don’t have to directly interact with the lenders. The investors lock their crypto on the pool created on the compound platform and the borrower can easily access the assists. Also Read Compound Price Prediction 2021-2025
Best Compound Wallets 2023
Below is the list of all wallets chosen to store your Compound (Comp) tokens. Have a look!
1. Ledger Nano S
The Nano S device is one of the preferred Compound storage hardware wallets when it comes to security and efficiency. The device is considered a smooth connection between the Blockchain world and the user. The wallet supports more than 1100 tokens and coins.
The device skews no compromise on security. It stores all your private data in bits and pieces. The interface of the device is simple, elegant yet comprehensive. You can easily estimate your transaction fee live before making any real transaction.
Pros:
- The wallet provides you with OLED Display. This means you can double-check every transaction that you make.
- It is one of the most affordable hardware wallets in the market.
- Through pin protection, you can set an extra layer of protection through 4 digit pin that you can use to login into your account.
- Due to its remarkable security, the device is impossible to be attacked or hacked with viruses.
- It provides multi-asset support. The users can store more than one token or coin using the same wallet that you own.
Cons:
- The brand team of the wallet is not quite active. The wallet is not much reputable in the market as the other wallets but still worth having.
- The ledger device has limited storage capacity. You can only store 5 coins at once.
2. KeepKey
In today, KeepKey is considered as one of the top 3 hardware wallets doing round today. Founded in 2015, KeepKey is itself acquired by shapeshift. Comparing to its other competitors in the hardware department, the device supports 40 different tokens and digital assets including the compound.
Pros:
- The wallet has a very beautiful, sleek, and premium design to adopt.
- The wallet supports almost all major cryptocurrencies and makes a very go on option for traders
- In terms of security, the wallets are a much safer platform to invest in. The wallet has some of the most trustworthy and sophisticated security measures.
- The customer support for KeepKey is very efficient. You can easily contact them through their provided mail or live chat support.
Cons:
- Due to its larger display, the device is less portable than other wallets.
- The price tag doesn’t come along with the features the device has. Comparing to other hardware wallets and their features, the device is a little costly to afford.
- Unlike other wallets, the device does not have any estimated transaction fee that you are going to charge.
3. Trezor
Trezor one is one of the top hardware wallets that is widely used. The design of the wallet is sleek and comfortable to use. The wallets store almost all kinds of digital assets that are coming into the market. You can store your cryptocurrencies offline.
The security patches of the wallet are up to date. The wallets store your private keys and confidential data offline so that no one can access it through the web. Although it is a little costly than the Ledger devices, the features are worth to use.
Pros:
- The password manager stores your passwords safely via your digital keys. No one can access your account without your physical confirmation.
- The wallet is easy and quick to set up. Because of the connection through a USB cable, the device is not considered as portable as other hardware wallets.
- In Trezor, you can easily exchange your assets through the built-in exchange without any middleman.
- The customer support of Trezor is very warming. The wallet provides top customer support 24/7 with expertly answered inquiries.
Cons:
- The wallet is a little bit pricey. Investing in hardware wallets is a little bit pressured if you are on a budget. No doubt the team is offering a high level of security which is not cheap at all.
4. MyEtherWallet
Affectionately known as MEW, the wallet is an open-source platform that allows its users to create their crypto wallets that operates on the Ethereum network. After its release back in 2015, the wallets have gained much more popularity than other wallets in less time. MEW is a flexible option for developers looking to build decentralized applications.
Pros:
- The wallet provides a mobile and desktop version to give much more flexibility to its users.
- Talking about coins, MyEtherWallet supports all Ethereum based ERC-20 tokens.
- The wallet does not store any sensitive data of any user on its servers.
- MEW also has support for offline cold storage transactions.
Cons:
- When it comes to security, the wallet is not a handy option. Many phishing attacks have been noted.
- The wallet is a little bit complex to set up for newbies.
- The wallets are not as secure as hardware wallets such as Ledger Nano S or Trezor.
5. Mist Wallet
Launched in 2017, the mist wallet is the official product of the Ethereum Blockchain wallet. The team behind the Ethereum ecosystem is the same as the mist wallet. The platform was more prominent to explore decentralized applications and Blockchain networks. The wallets are compatible with all kinds of operating systems.
Pros:
- Mist Wallet supports all Ethereum and ERC20 tokens. Unfortunately, a token that is based on bitcoin is not qualified to operate.
- There are no transaction fees on the platform. You can easily make your transaction without and hassle of cutting any charges.
- Mist wallet I an open-source platform and integrated with shapeshift.
Cons:
- The wallet only supports ETH and ERC20 Tokens.
- There no mobile version of the wallet.
- The server of the wallet is pretty much slow. It takes a load of time during the login process.
6. Enjin Wallet
This wallet is a treat for gaming enthusiasts. The crypto assets of the Enjin wallet is well connected to the gaming industry. The wallet has some advanced security patches. You can long on the app with the touch of your fingerprint and through address management. The wallet has the support of almost 700 digital assets that feel like a walk in a park. It let you store ERC1155 and ERC721 tokens.
Pros:
- Enjin wallets have their security in the build keyboard. The keyboard is custom created to prevent data sniffing.
- The wallet has a Hierarchical Deterministic (HD) feature. It helps to generate a phrase that helps you to log on in case you forgot your private keys
- The interface of the wallet is easy to use and intuitive.
- A variety of rich security features are embraced within the wallet.
Cons:
- It is not an open-source platform. It means that the code is not editable and accessible to users.
- Like other wallets, it does not require multi signatures during the process of transactions.
7. Exodus
Exodus is one of the few wallets that is quite prominent in the market. The simplicity of the wallet is considered the biggest advantage. More than 100 digital assets and build in exchange is just a little overview of what the wallet is all about. The backup wizard keeps your wallet safe and ready for instant use.
Pros:
- The wallet comes with a very innovative and comprehensive design. No doubt the creators of the wallet have put a lot of effort in design the dashboard, live chars, and diagrams.
- Exodus has multi-coin support available. It can operate with more than 40 crypto assets.
- There is a built-in exchange that saves the time to exchange your funds.
- The help desk of Exodus is quite functional and extremely online. They provide 24/7 customer service to solve the queries and advice the newbies.
Cons:
- The transaction fees of the wallet are unchangeable. It means that while making a transaction, you cannot choose the fees of transactions.
- The security layers of the wallet are dysfunctional. Other than single-factor authentication, there are no additional security layers to protect your assets.
8. Coinomi
Coinomi is considered one of the safest mobile wallets to store your crypto. The wallet is popular with its token selling mechanism.
The wallet incorporates shapeshift and changelly which is a plus point if comparing to other wallets. It supports over 300+ tokens and 100+ coins. That a total of 500+ digital assets that you can manage in one wallet. Not to mention it is also able to hold ERC-20 tokens which means you can add thousands of more tokens to the list
Pros:
- Coinomi provides great privacy features for the traders who want to trade. The private key management stores all your keys and backup phrases locally on your device. It means that you have complete control over your privacy.
- There is also a feature of cross-chain payments. Users can easily send their assets to other Blockchain addresses without taking any further steps.
- The wallet is integrated with shapeshift and changelly. The build-in exchange is fast and easy access to exchange your assets in a secure and faster way.
- The backup seed generates through Hierarchical Deterministic helps you recover your fund back if you intentionally forget your password and unable to access your account.
Cons:
- It is not an open-source platform. It means that the core code of the wallet is not accessible to the public to validate.
- The support for fiat currency is not available. You cannot perchance any digital asset through real-life money.
- The security of the wallet is remarkable. But, the 2FAC (Two-Factor Authentication) is not available.
9. MetaMask
MetaMask is an online wallet that is available in the form of an extension for the browser. You can easily install the extension on any brewers such as chrome, firefox, and opera.
The wallets are based on the Ethereum network and only supports ERC20 tokens. The extension can also be used to browse decentralized applications. The wallets support almost 1000 plus tokens and coins. The build-in shapeshift gadget is fully functional on your MetaMask account.
Pros:
- The outlook of the wallet is very elegant. It is easy to use with smooth actions.
- Unlike other wallets, there is a feature called HD wallet. it automatically generates the seed (backup key) instead of the user doing it on its own.
- The wallet is open-source for the public. This means that everyone can access its code, study, and change the software as per needs.
- To save time and effort, there is a build-in exchange for your conveyance. You can easily exchange your assets from one to another.
Cons:
- The wallets are online types. It means that it is connected 24/7 to the internet. Due to this there a big chance of being attacked.
- Although the wallet does not store any of your confidential information the browser on which the software of the wallet is installed has access. Your private keys are secured but the browser can access the activity of the wallet.
10. ImToken
ImToken is a multi-coin support wallet. It is designed user-friendly with a very comfortable design. The wallet comes in the category of mobile wallets which nowadays are attractive categories in the crypto market. The bestselling point of the wallet is that it supports all the token related to ERC-20 and ERC-721. On average it supports over 1000 tokens and coins. The wallet is available on both IOS and Android.
Pros:
- The helping community of ImToken is very corresponding when it comes to the latest updated and solving issues faced by the users. You can always count on them if there is any cliché that you don’t understand.
- The code of wallet is very much accessible to the public. You can read the code and even propose changes if you find any drawbacks.
- The wallets interface is integrated with both builds in exchange and token swap widgets.
- Last but not least is Hierarchical Deterministic. It means that your wallet generates a new public address whenever you make any transaction. It prevents your account from being able to track to attack by hackers.
Cons:
- Despite the other security features, there are no 2FAC authentications available. The 2FAC adds an extra layer of security.
- ImToken itself does not support fiat currencies. You cannot buy cryptocurrencies in return for fiat currencies.
- No multi-signature is required to confirm the transaction. Which means that you are the only one responsible to initiate the transaction.
Best Compound Wallet (FAQs)
Can I store ERC20 tokens on a hardware wallet?
Yes! The Ledger Nano X and Trezor wallets have full support to store all your ERC20 tokens.
Which wallets is best to store my Compound Crypto?
We strongly recommend you to use the Ledger and Trezor devices to store your crypto. The devices are a bit pricey but they are worth having.
Final Verdict
The need for the wallets depends on the users and their requirements. Different users need different wallets that can store their assets more securely. We have listed down above all the possible best wallets that can store your Compound (Comp) and all the ERC-20 based tokens.
However, there are many wallets in the market but this article intended to make your work easier to find the bestselling. We would be very pleased to hear about your experience with any of the wallets that you have used. Please share your thoughts in the comment section below.