Arbitrum is a prominent layer-2 scaling solution for Ethereum, known for reducing network fees and enhancing transaction capacity. It utilizes Optimistic Rollups to expand the capabilities of Ethereum decentralized applications (DApps). This article looks at ARB crypto and its fundamental workings, explains how to set up an Arbitrum wallet, and lists a variety of leading storage options.
Methodology
OKX Wallet
- Extensive security with 2FA and multi-signature technology
- User-friendly interface suitable for beginners and experienced traders
- Advanced trading options, including spot, margin, and derivatives trading
- Quick and easy cryptocurrency exchanges within the app
CoinEx Wallet
- Multi-chain support for managing various cryptocurrencies under one roof
- Integrated DApp browser to interact with decentralized applications
- Staking features allow users to earn rewards on their holdings
Coinbase Wallet
- Features a user-friendly mobile app and browser extension
- Optional integration with hardware wallets for increased security
- Direct access to decentralized apps (DApps) without leaving the wallet
Ledger
- Offers top-notch security with a physical hardware device
- Compatible with 5000+ cryptocurrencies for management
- Ledger Live allows asset management, staking, and buying crypto
- Supports multiple languages
Trezor
- High-security cold storage solution for cryptocurrencies
- Easy-to-use interface with a touch screen on some models
- Open-source software allows user verification for added trust
- Capable of accessing third-party exchanges and wallets directly from the device
For further information and insight into BeInCrypto’s verification methodologies, click this link.
- 5 top Arbitrum (ARB) wallets
- 1. Ledger
- 2. Trezor
- 3. Coinbase Wallet
- 4. CoinEx Wallet
- 5. OKX Wallet
- How do the Arbitrum wallets compare against each other?
- What is Arbitrum?
- A closer look at ARB crypto
- What to look for while selecting an Arbitrum (ARB) wallet
- How to create an Arbitrum (ARB) wallet
- What type of Arbitrum wallet meets your needs?
- Frequently asked questions
5 top Arbitrum (ARB) wallets
1. Ledger
Ledger makes this list thanks to its robust, industry-leading security features. The wallet supports ARB and more than 5500 other cryptocurrencies. As a non-custodial cold wallet, Ledger offers passphrase protection with a 24-word private key recovery phrase.
Although Ledger does not offer a built-in multi-signature setup, it can integrate with third-party applications like Specter and Electrum to enable multi-sig configurations. Users can connect with ease to Ledger Live, a mobile app that connects with the hardware wallet. This versatility makes Ledger an excellent choice for users seeking an extra layer of security when managing their ARB tokens.
- Wide crypto support
- Bluetooth connectivity
- Access to DApps and NFTs
- On the pricier end of wallets
2. Trezor
Trezor is highlighted as a top choice due to its unique approach to crypto security and reputation in the industry. Trezor utilizes the Shamir Backup for its Model T, which divides recovery phrases into several parts to enhance security.
Furthermore, different wallets suit different budgets: the Trezor One offers an affordable and user-friendly option for those new to cryptos, while the Trezor Model T provides advanced features including a touchscreen and extended coin support.
- A solid security reputation
- Color LCD touchscreen on the higher-end models
- Track investments conveniently through the Trezor Suite
- Some issues with physical durability for long-term use
3. Coinbase Wallet
We selected Coinbase Wallet for its comprehensive crypto management features and user-friendly interface. The wallet simplifies buying, selling, and staking of multiple assets, including ARB. Additionally, Coinbase Wallet’s integration with decentralized applications (DApps) enhances user interaction within the ARB ecosystem, making it a convenient and secure option for users looking to engage with decentralized finance (DeFi).
- Easy to use and ideal for crypto newcomers
- Supports several leading chains
- Intuitive in-app trading and swaps
- Offers strong security measures like biometric authentication and 2FA
- Less control over private keys
4. CoinEx Wallet
We identified CoinEx Wallet as an optimal solution for ARB storage thanks to its diverse functionalities and simple set up. The wallet offers features like staking, a DApp browser, and a transaction accelerator, which streamline the management of ARB tokens.
CoinEx Wallet also supports cross-chain swaps and provides significant leverage options for spot and futures trading, making it a versatile platform for ARB investors seeking to maximize trading strategies.
- Supports multiple blockchain networks
- Includes options for integrating with hardware wallets
- Includes a DApp explorer that supports interactions with DApps across various blockchains
- Relatively new product, doesn't have the same established reputation as other listed wallets
OKX Wallet not only represents a safe and secure option for ARB storage; it also acts as a web3 gateway. The decentralized multi-chain wallet facilitates access to over 1,000 DApp protocols and supports features like yield farming and an NFT marketplace. With multi-chains support, including Ethereum and Arbitrum, OKX Wallet simplifies the management of ARB tokens across different networks, offering a seamless experience for users engaged in the decentralized ecosystems.
- 2FA and multi-signature technology
- Accessible for beginners and experienced traders
- Advanced trading features like spot, margin, and derivatives trading
- May lack direct fiat offramp options
How do the Arbitrum wallets compare against each other?
| Platform | Crypto supported | Platforms supported | Type |
| Ledger | 5000+ | iOS, Android, MacOS & Windows compatibility | Cold wallet |
| Trezor | 8000+ | Browser extension, iOS and Android | Cold wallet |
| Coinbase Wallet | 1000+ | Browser, iOS and Android | Hot wallet |
| CoinEx Wallet | 50+ | iOS and Android | Hot wallet |
| OKX Wallet | 350+ | Android, iOS, browser extension | Hot wallet |
What is Arbitrum?
Arbitrum is a layer-2 scaling solution for Ethereum developed by Offchain Labs. The New York-based company was founded by Ed Felten, a computer science professor at Princeton, Steven Goldfeder, a PhD graduate, and Harry Kalodner, a current PhD student at Princeton University.
Designed to address some of the inherent limitations of Ethereum-based smart contracts, such as low efficiency and high execution costs, Arbitrum significantly reduces transaction costs and enhances user experience by avoiding the high gas fees typically associated with the Ethereum network.
It processes transactions off the main Ethereum chain using Optimistic Rollup technology, which increases throughput and ensures transactions are executed more swiftly while maintaining the full security of the Ethereum mainnet.
A closer look at ARB crypto
ARB is the governance token of the Arbitrum layer-2 blockchain, developed by Offchain Labs in 2021 to enhance Ethereum’s scalability. Although ARB tokens are not used to pay transaction fees on the Arbitrum chain, they hold significant use cases, primarily in governance and network decision-making.
As of May 10, 2024, ARB has a market capitalization of $2,758,848,660, per CoinMarketCap data. It is priced at $1.04, sitting 56.43% below its all-time high of $2.40 (reached in January 2024).
What to look for while selecting an Arbitrum (ARB) wallet
When selecting an Arbitrum (ARB) wallet, look for robust security features such as 2FA, end-to-end encryption, and hardware support. Here are other factors to be on the lookout for:
- Smooth UI experience: Select a wallet with a user-friendly interface that simplifies the management of ARB tokens and interaction with Arbitrum’s decentralized applications (DApps).
- Community and support: Choose a well-supported wallet with regular updates and strong community or developer backing, ensuring it stays compatible with Arbitrum updates and security protocols.
- A range of supported crypto: If you plan to manage a diverse portfolio, look for a wallet supporting various assets beyond ARB.
How to create an Arbitrum (ARB) wallet
The process of setting up a crypto wallet is simple and tends to be similar regardless of the wallet you choose. For this example, we’ll use the CoinEx Wallet. Here’s a quick walkthrough to get you started:
- Visit the official CoinEx site or your mobile device’s app store to download the CoinEx Wallet app. Make sure to download from an official source. Once installed, open the CoinEx Wallet app and choose to create a new wallet.
2. Creating a strong password is crucial when setting up your wallet. This should be a unique combination of letters, numbers, and special characters you have not used elsewhere.
3. During the wallet setup process, you will be prompted to write down mnemonic words from one to 12. Recording these words in a safe place offline. Note that your account may be irretrievable afterward if you lose this phrase.
4. Voila! After setting up your wallet, you can add ARB by going to the network selection area.
What type of Arbitrum wallet meets your needs?
The best Arbitrum wallet is the one that most suits your individual needs and requirements. Consider your investment goals. Are you looking to hold ARB long-term? If so, a hardware wallet like Ledger or Trezor makes the most sense. Those looking to trade ARB and have instant access to holdings may prefer a hot wallet like the Coinbase Wallet, OKX Wallet, or CoinEx Wallet. Regardless of the storage solution you choose, ensure to prioritize crypto wallet security at all times.
Frequently asked questions
Wallets like Ledger, Trezor, Coinbase Wallet, CoinEx Wallet, and OKX Wallet can hold assets on the Arbitrum network. These wallets support Ethereum and, by extension, can manage native tokens of its layer-2 solutions like Arbitrum. This compatibility allows users to interact with decentralized applications (DApps) and efficiently manage their digital assets on the Arbitrum layer.
Arbitrum tokens can be stored in secure wallets that support Ethereum layer-2 networks. Popular choices include hardware wallets such as Ledger and Trezor for high security and software wallets like Coinbase Wallet, CoinEx Wallet, and OKX Wallet for ease of use and accessibility. These options provide robust security features and user-friendly interfaces for managing Arbitrum tokens.
Yes, you can use Arbitrum on Trust Wallet. Trust Wallet supports Ethereum and its layer-2 networks, including Arbitrum. This allows you to access and interact with Arbitrum’s scaling benefits, manage tokens, and use DApps that operate on the Arbitrum network directly through Trust Wallet.
Arbitrum has established partnerships with several prominent names in the cryptocurrency sector. Among its partners are Polygon (MATIC), which collaborates on scaling solutions, and Aave, a leader in decentralized finance. Other significant collaborators include Balancer, Chainlink, and Curve Finance.
Yes, Binance accepts Arbitrum. This integration facilitates easier and more efficient transactions using Arbitrum’s enhanced throughput and reduced gas fees. It allows Binance users to benefit from faster and more cost-effective Ethereum transactions. The collaboration between Binance and Arbitrum highlights a significant step towards greater scalability and efficiency in the crypto ecosystem.
Several key features are essential for an optimal user experience when choosing an ARB wallet. Security measures are a critical factor, with features like two-factor authentication and multi-signature support ensuring that assets remain safe from unauthorized access. A smooth user interface (UI) experience is important for ease of use, enabling users to navigate the wallet’s features without complications.
Mobile wallets can be safe for storing Arbitrum tokens if they incorporate strong security features such as 2FA, biometric locks, and regular software updates. While inherently riskier than hardware wallets due to their connectivity, reputable mobile wallets like Coinbase Wallet ensure high security and user-friendly access to Arbitrum tokens.
Yes, you can use an Ethereum wallet for ARB tokens since Arbitrum is a layer-2 solution built on the Ethereum network. Wallets that support Ethereum, such as Ledger, Trezor, and Coinbase Wallet, automatically enable the management of ARB tokens and interaction with Arbitrum’s platform.
First, to transfer ARB to a wallet, ensure your wallet supports Arbitrum, like Ledger, Trezor, or Coinbase Wallet. Next, add the Arbitrum network to your wallet, locate your Arbitrum-compatible wallet address, and initiate a transfer from the exchange or another wallet to this address. Ensure you select the correct network (Arbitrum) to avoid losing funds. Do note that the process can vary depending on the platform you’re using.
Trusted
Disclaimer
In line with the Trust Project guidelines, the educational content on this website is offered in good faith and for general information purposes only. BeInCrypto prioritizes providing high-quality information, taking the time to research and create informative content for readers. While partners may reward the company with commissions for placements in articles, these commissions do not influence the unbiased, honest, and helpful content creation process. Any action taken by the reader based on this information is strictly at their own risk. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
