Choosing an Avalanche Wallet

When choosing an Avalanche wallet, considerations include chains supported, ease of use, security, and device compatibility. Some of the wallets featured also have additional unique features, such as multi-sig capabilities and atomic swaps. Ultimately, the final choice depends on your needs.

The wallets below are ranked first by Avalanche chains supported, followed by other hot wallets listed in order of their website’s monthly traffic according to Similarweb data, and finally hardware wallets. 

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Key Takeaways

• Avalanche has three chains: X-Chain, C-Chain, and P-Chain.

  • The X-Chain is used for creating and trading digital assets.

  • The P-Chain coordinates network validators and tracks active subnets.

  • The C-Chain is where smart contracts are created and executed.

• As the C-Chain is where smart contracts are created and executed, your Avalanche wallet should ideally support the C-Chain for broader DeFi interaction.

• For a hot wallet, the Core wallet by Ava Labs is an all-in-one solution that supports all three chains. Popular wallets like MetaMask and Trust Wallet only support the C-Chain. 

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Avalanche is a highly efficient, open-source platform known for its unparalleled speed, low transaction costs, and eco-friendly approach. This platform facilitates the creation of custom blockchain networks and decentralized applications (dApps), distinguishing it from its contemporaries through its unique architecture. As a result, its native token, AVAX, is one of the top 10 cryptocurrencies by market capitalization.

Avalanche allows anyone to spin up their own blockchain networks with custom rules. As a result, it is future-proof both in terms of regulatory compliance and innovation. This makes it very attractive for enterprises and institutional investors — major catalysts for mass adoption.

At its peak, over $11 billion worth of assets were locked up in the Avalanche network. The network continues to innovate and forge strong partnerships. At the beginning of 2023, AWS announced the integration of Avalanche, and later the same year, it was announced that the Monetary Authority of Singapore’s Project Guardian would incorporate Avalanche’s technology in some capacity.

Source: DefiLlama

 

Three Chains of Avalanche

 

Exchange Chain (X-Chain)

The X-Chain is primarily used for creating and sending and receiving Avalanche’s native tokens and other digital assets; however, it is not used for DeFi platforms. It’s the network where AVAX tokens are initially issued, and it offers ultra-high TPS and rapid finality, with low fees of 0.001 AVAX. 

If your main interest lies in exchanging or holding AVAX and other Avalanche-based assets, a wallet compatible with the X-Chain is essential. Such a wallet should offer easy transaction capabilities and the ability to manage various digital assets effectively.

Platform Chain (P-Chain)

The P-Chain is responsible for coordinating validators (nodes that confirm transactions) and tracking Avalanche’s subnets (custom appchains).

If you’re interested in participating in the Avalanche network as a validator or creating your own subnet, a wallet that supports the P-Chain is necessary. This wallet should allow you to stake AVAX (locking up tokens to support network operations), manage validator rewards, and interact with different subnets.

Contract Chain (C-Chain)

The C-Chain is where developers can create smart contracts. This chain is compatible with Ethereum’s Virtual Machine (EVM), making it easier for developers familiar with Ethereum to build on Avalanche.

For users interested in engaging with decentralized applications (dApps) and DeFi or deploying smart contracts, a C-Chain compatible wallet is crucial. This type of wallet should facilitate interactions with smart contracts and support various dApps within the Avalanche ecosystem.

1. Core Wallet: Built for the Avalanche Ecosystem and Beyond

Core is an all-in-one self-custodial crypto wallet and web portfolio developed by Ava Labs, the team behind Avalanche. Core supports multiple chains, including the Avalanche C-Chain, P-Chain, and X-Chain, along with Bitcoin, Ethereum, and other EVM-compatible blockchains. Through Core’s all-in-one command center, users can send, receive, bridge, swap, and buy within a single unified platform. 

Key Features

• User Interface: Core prioritizes form and function, ensuring it is easy for users to perform transactions and track their portfolios. Users can add their most-used chains to their favorites, and easily view the funds held on each individual network.

• Cross-Platform Availability: Core is available on Web, Chrome, App Store and Google Play. 

• Chain Support: Avalanche C-Chain, P-Chain, and X-Chain, along with Avalanche Subnets. Core also supports Bitcoin, Ethereum, and other EVM-compatible blockchains. 

• Bridging: Users can transfer native Bitcoin and Ethereum assets to use on Avalanche dApps. 

• Staking: Users can stake AVAX through Core.

• Additional Features: Users can discover projects and subnets through the Discover tab, or access tools such as a built-in faucet for testnet operations and Subnets statistics. 

Security and Backup

• Seed Abstraction: Users can now use Core without seed phrases, where users can generate and manage keys through WEb2 methods like Gmail and Apple logins without security or custody tradeoffs.

• Encryption: Core uses Cubist’s CubeSigner non-custodial signing service, which handles keys within CubeSigner’s secure hardware. 

• Historical Security Incidents: There have been no major security incidents reported with the Avalanche Wallet, indicating a strong record of security and reliability.

MetaMask is a cryptocurrency hot wallet that supports Ethereum, its Layer 2 networks, and standalone EVM blockchains, including the Avalanche C-Chain. Users can connect to dApps on supported chains using their MetaMask wallets, and easily manage their crypto assets using web and mobile devices.

Key Features

User Interface: MetaMask is generally user-friendly and ideal for beginners, although users have to add networks (besides Ethereum and Linea) manually. 

Cross-Platform Availability: MetaMask supports multiple device types, with applications available on iOS and Android. It is also compatible with multiple browsers like Chrome, Firefox Brave, Opera, and Edge.

Avalanche Chains Support: MetaMask supports the Avalanche C-Chain.

Other Features: MetaMask lets users buy and sell supported cryptocurrencies with fiat, swap cryptocurrencies, and bridge assets across chains. MetaMask Snaps can also offer additional transaction insights.

Security and Backup

Security Features: MetaMask does not control any personal or private data on their servers, where everything is encrypted in the user’s browser and protected with the password. 

Backup Options: The wallet is secured by a 12-word recovery phrase so that assets can be recovered in the event users forget their password.

Historical Security Incidents: There have been no significant security incidents on MetaMask. However, as MetaMask is a non-custodial wallet, users are responsible for their own wallet’s security. 

Find out how to connect your MetaMask to the Avalanche C-Chain.

3. Trust Wallet: Most Popular Multi-Chain Hot Wallet

Trust Wallet, a Binance-acquired product, is a non-custodial hot wallet solution with a focus on multi-asset storage. This wallet has the highest market share after MetaMask and supports over 10 million assets across 70+ blockchains.

With its user-friendly design and robust security features, Trust Wallet is an excellent choice for those looking to store, manage, and use AVAX tokens.

Key Features

• User Interface: Trust Wallet has a clean, intuitive interface, making it easy for users of all levels to navigate.

• Cross-Platform Availability: Accessible on iOS and Android. It is also compatible with multiple browsers like Chrome, Brave, Opera, and Edge.

• Avalanche Chains Support: Trust Wallet supports the Avalanche C-Chain.

• DApp Browser: Integrated directly into the wallet, the DApp browser enables users to interact with decentralized applications on Avalanche without leaving the app.

Security and Backup

• Security Features: Trust Wallet is fully self-custodial with zero personal tracking. It also does not require any personal data.

• Backup Options: The wallet is secured by a 12- or 24-word recovery phrase, allowing for easy recovery of assets in case of device loss or damage.

• Historical Security Incidents: While Trust Wallet has experienced exploits in the past, the wallet has recovered from the incident and is one of the most popular crypto hot wallets available.

4. Atomic Wallet: An HD Wallet for AVAX

Atomic Wallet is a popular multi-currency wallet known for its security, anonymity, and decentralized nature.

Launched in 2017, it has quickly become a favorite among cryptocurrency enthusiasts for its user-friendly interface and support for a wide range of digital assets.

Key Features

• User Interface: Intuitive and easy for beginners, with a clean design. It’s designed to be accessible for beginners while still offering the advanced features seasoned users expect.

• Cross-Platform Availability: Available on Windows, MacOS, Ubuntu, Debian, Fedora, Android, and iOS.

• Avalanche Chains Support: Atomic wallet supports only Avalanche C-chain. Does not support X-chain and P-chain.

• Setup Process: Simple installation, with straightforward setup steps.

• Atomic Swap: One of its standout features is the ability to perform atomic swaps – a feature that allows for direct, peer-to-peer exchange of cryptocurrencies without the need for intermediaries.

• Hierarchical Deterministic: The Atomic Wallet is also an HD (Hierarchical Deterministic) wallet, which means it generates new addresses for every transaction to enhance privacy and security. This feature is significant for users who value financial privacy and security in their cryptocurrency transactions.

Security and Backup

• Security Features: Private keys stored locally. Once set up, the wallet is secured by a password by default. Biometric locks like facial and fingerprint recognition can also be enabled.

• Backup Options: Backup is through a 12-word mnemonic seed phrase.

• Historical Security Incidents: In June 2023, a group of hackers stole $100 million worth of crypto from about 5,500 Atomic Wallet users, although no new cases have been reported since.

5. TotalSig: Multi-Sig Wallet for Avalanche

TotalSig was launched in 2023 and offers a specialized Avalanche multisig wallet, focusing on security through multi-signature features.

Developed by a team of blockchain experts and security professionals, TotalSig has quickly gained recognition for its robust security features and user-friendly design.

Key Features

• User Interface: TotalSig boasts a sleek, intuitive interface, making it easy for both beginners and experienced users to navigate. Its responsive design ensures a smooth experience across devices.

• Cross-Platform Availability: Available on iOS, Android, Windows, and Mac, TotalSig offers a consistent experience regardless of the platform.

• Avalanche Chain Support: TotalSig supports Avalanche C-chain, allowing users to interact with the AVAX DeFi ecosystem.

• Setup Process: Setting up this wallet is slightly different from regular wallets as it uses multi-sig. It begins with a simple password and a 24-word seed phrase backup. To start using the wallet, you must create a new multi-sig or join one. You can find the multi-sig guide here.

• Multi-Sig: TotalSig’s multi-sig functionality is its primary selling point. You can create 1 wallet with a maximum of 2 participants. With a premium account, you can create more wallets and invite up to 8 participants.

• Subscription Model: TotalSig provides a subscription option at $20 per month. This lets you add up to 32 co-signers and manage multiple wallets.

Security and Backup

• Security Features: TotalSig utilizes Multi-Party Computation (MPC) for advanced security.

• Backup Options: Users can back up using a 24-word seed phrase. Since it is a multi-sig wallet, the user can set up multiple wallets in case they lose access to some. They can access the funds as long as the minimum threshold is met.

• Historical Security Incidents: There have been no reports of hacks or exploits of TotalSig.

6. Tangem: Tap-to-Pay Avalanche Wallet

Tangem is a unique physical hardware wallet in the form of a card, offering a distinctive approach to crypto storage and transactions.

Tangem aims to make cryptocurrencies tangible and accessible, merging the security of hardware wallets with the simplicity of a card.

Key Features

• User Interface: Tangem Wallet stands out with its physical card interface, offering a simple, tap-to-pay experience. The ease of use is akin to using a regular bank card, making it highly approachable for beginners.

• Cross-Platform Availability: The Tangem app is available on iOS and Android, facilitating easy management of assets.

• Avalanche Chain Support: Tangem supports Avalanche C-chain so that users can interact with Avalanche-based decentralized applications.

• Setup and Ease of Use: Setting up the Tangem Wallet is straightforward. Users initialize their wallets by tapping the card on their smartphone. The simplicity of its physical card nature removes many complexities typical of crypto wallets.

• Physical Card Format: The Tangem Wallet’s card format is its most distinctive feature, offering a physical and portable means to secure crypto assets.

• Tap-to-Pay Experience: The NFC-enabled card allows for effortless transactions, just by tapping the card on a compatible device.

Security and Backup

• Security Features: Tangem Wallet offers robust security with its chip-based protection, which is tamper-proof and secure against cloning.

• Backup Options: Users can create backup cards for additional security, ensuring asset recovery in case of loss or damage to the primary card.

• Historical Security Incidents: There have been no major security incidents reported with Tangem Wallets, highlighting their reliability and safety.

7. Cypherock X1: Eliminating Single Point of Failure for AVAX Holders

Cypherock X1 utilizes credit-card-sized cards to split and store your seed phrases. Users can store up to four seed phrases using the X1 Vault. It stands out for its unique approach to key management, eliminating the single point of failure associated with traditional hardware wallets.

The wallet was developed in response to firmware vulnerabilities sometimes found in hardware wallets.

Key Features

• User Interface: The Cypherock X1 offers a simple and intuitive interface. Its design focuses on ease of use, with no manual seed phrase backup required, making it suitable even for those new to cryptocurrency.

• Cross-Platform Availability: Compatible with various operating systems including iOS, Android, Windows, and Mac, ensuring a wide range of accessibility.

• Avalanche Chain Support: Cypherock X1 supports the Avalanche C-Chain.

• Setup Process: The setup is straightforward, with guided steps. However, its unique security approach may require a brief learning curve for new users.

• Seedless: Cypherock X1 does away with seed phrases. Users can access their funds with any one of the four cards that the wallet comes with.

• Trustless Inheritance: Focusing on longevity, Cypherock evangelizes the trustless inheritance of crypto. Users can ensure their crypto is trustlessly and privately transferred to the right person in the event of death.

Security and Backup

• Security Features: The private keys are fragmented into four and stored on four separate EAL 6+ certified chips in a credit card-like form factor.

• Backup Options: Users can purchase more cards and pair them up with existing cards. As long as the user has access to at least 1 of the cards, the assets can be recovered.

• Historical Security Incidents: Cypherock X1 has not suffered any hacks or exploits.

Conclusion

The choice of AVAX wallet can greatly impact your experience with the Avalanche network, especially because of the presence of three distinct chains serving different purposes.

If you want an all-in-one solution, the Core wallet by Ava Labs is an easy pick. From creating your Avalanche-based NFTs to swapping across chains, the wallet has it all.

If you are looking for a mobile AVAX wallet app that is also used by many, then MetaMask or Trust Wallet are choices worth considering. For a blend of security and convenience, Tangem or Cypherock X1 hardware wallets are good picks.

Did you find this article helpful? Read our article on the best Solana wallets here.

Methodology

The methodology adopted in this article to evaluate the best wallets for AVAX tokens emphasizes key aspects such as user interface, security features, and chain support. Through this method, we aspired to provide a holistic and unbiased evaluation of each of the Avalanche wallets.

The article primarily focuses on wallets compatible with Avalanche C-Chain as the C-Chain represents key functionalities within the Avalanche ecosystem that are most relevant to a broad spectrum of users.

With a thorough and balanced assessment of each wallet, we provided the reader with a headstart in their research of choosing a wallet for their AVAX tokens.

Update: An earlier version of this article featured the Avalanche Web Wallet. The Avalanche Wallet will be phased out in March 2024.