Top 5 Wallets For Polygon Storage (MATIC)

Polygon (Matic) is an innovative digital currency that drives the Polygon Network. The project aims to address scalability and interoperability issues on blockchains. More importantly, developers can establish decentralized applications with low trading fees on the network.

The ERC-20 token can be used to pay transaction fees, stake, and act as a governance tool. In that regard, users can leverage the following best Polygon wallets of 2022 to store their Polygon tokens.

Best Polygon Wallets of 2022

1.Trezor Wallet

Trezor made its way into the crypto market in 2014 as the first-ever hardware wallet. It has since emerged as one of the best Polygon wallets in 2022. The brand has two devices dubbed the Trezor Model T and Trezor One.

Pros

• The wallet’s interface is user-friendly and easy to understand. It allows traders to display important transaction details through its OLED screen. Overall, the interface makes it easier to manage digital assets.
• Security is a priority, as Trezor operates as an offline storage. This feature helps keep crypto funds away from malicious online parties.
• The wallet’s code is open-source. Hence, any user can check the code for vulnerabilities that might compromise the hardware.
• Trezor provides users with quality customer service. An automated machine solution is available to display answers to various problems.
• Network fees are the only charges that apply to the Trezor wallet. Transaction speeds are also fast with little or no downtimes.

Cons

• The device is designed with a plastic casing, making it less durable.

2.MetaMask

MetaMask runs as a non-custodial software that enables users to purchase, sell, or receive virtual currencies. The wallet’s upsides and downsides include:

Pros

• MetaMask is an open-source wallet. This feature helps the platform grow through community development.
• Users do not need to submit any personal information. Investors can begin using the wallet once they download the application.
• The wallet charges an affordable fee rate which ranges from 0.3% to 0.875%
• Traders can actively exchange digital currencies through their devices. It also allows access to thousands of crypto assets.
• MetaMask generates strong seed phrases making them hard to crack. This advantage secures a user’s assets and private keys from hackers.
• Navigating the wallet is easy. Every option is available on the interface.
• Users can open more addresses once they set up their wallets.

Cons

• The application is susceptible to online hacks.

3.Ledger Wallet

A Ledger Wallet is another hardware device that enables investors to send, receive, and store MATIC. The hardware comprises two types of models: the Ledger Nano X and the Ledger Nano S.

Pros

• An authentication function is available to keep the wallet away from attackers. The wallets come with a chip that provides security to private keys.
• Both Ledger devices have an intuitive interface. Transaction details are visible through the device’s display screen. Navigation buttons are also available to access the menu and other applications.
• The wallet comes with a Ledger Live option which lets investors buy digital currencies through external platforms like Changify and Coinify.
• Ledger wallets are relatively affordable, which is why many users consider it the best wallet for Polygon.
• Transaction fees will depend on a user’s decision. Applying large amounts of fees helps accelerate the transaction process.
• The wallet supports different types of operating systems.

Cons

• There is no active customer service feature.

4.MyEtherWallet

MyEtherWallet is a software interface that allows access to different ERC-20 tokens.

Pros

• The wallet stores crucial data in an offline location. It, therefore, stores a user’s private keys on a paper wallet or a USB drive.
• There is no transaction fee. However, users attract certain network fees, depending on the blockchain rates. Fees can further be customized according to a user’s preference.
• The wallet’s code is open-source and free to use. Investors can access this application through multiple operating systems.
• It is compatible with different hardware wallets such as Ledger and Trezor.
• An offline transaction option is available for advanced traders.
• Users operate anonymously because the wallet does not request any sensitive information.

Cons

• MyEtherWallet is prone to hacks and other cyber-related attacks as an online-based software.
• The setup procedure may be challenging to newbies.

5.SafePal

SafePal is an emerging entrant in the hardware wallet lineup.

Pros

• The wallet is integrated with a hack-proof EAL5+ system. This security feature works as a chip that helps store private keys. SafePal will activate the key deletion function once malicious parties attempt to steal the private key.
• The wallet provides users with seed phrases that will aid in the wallet recovery process.
• All transactions go through a 2FA process.
• Users have access to professional customer services.
• The wallet costs around $40, making it cheaper than other hardware wallets available on the market.

Cons

• Beginners may find it challenging to make transactions with the wallet.

Conclusion

Polygon’s role in the blockchain industry is providing adequate growth potential for layer 2 digital currencies such as MATIC. The network helps bring together developers and investors into one arena. Obtaining and managing this token requires a wallet which could be either hardware or an online-based application. As such, we have listed the best Polygon wallets of 2022 that you can use to store your MATIC tokens.

Overall, hardware wallets provide the best security solution since they run offline. Even so, users need to embrace due diligence in handling their wallets and assets.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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