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5 Best Arbitrum (ARB) Wallets in 2024

9 mins
Updated by Ish Bautista
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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

5 top Arbitrum (ARB) wallets

Crypto supported
5000+
Platforms
iOS, Android, MacOS & Windows compatibility
Type
Cold wallet
Crypto supported
8000+
Platforms
Browser extension, iOS and Android
Type
Cold wallet

3. Coinbase Wallet

Crypto supported
1000+
Platforms
Browser, iOS and Android
Type
Hot wallet

4. CoinEx Wallet

Crypto supported
50+
Platforms
iOS and Android
Type
Hot wallet

5. OKX Wallet

Crypto supported
350+
Platforms
Android, iOS, browser extension
Type
Hot wallet

How do the Arbitrum wallets compare against each other?

PlatformCrypto supportedPlatforms supportedType
Ledger5000+
iOS, Android, MacOS & Windows compatibility
Cold wallet
Trezor8000+
Browser extension, iOS and Android

Cold wallet
Coinbase Wallet1000+
Browser, iOS and Android
Hot wallet
CoinEx Wallet50+
iOS and Android
Hot wallet
OKX Wallet350+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.

ARB price May 2023-2024: CoinMarketCap
ARB price May 2023-2024: CoinMarketCap

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: 

  1. 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. 
CoinEx Walle trbitrum ARB

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.

CoinEx Walle trbitrum ARB

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. 

CoinEx Walle trbitrum ARB

4. Voila! After setting up your wallet, you can add ARB by going to the network selection area. 

CoinEx Walle trbitrum ARB

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

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Ish Bautista
With over 6 years of marketing, content, and editing experience, Ish boasts a diverse background. Previously, she's lived in one of the startup centers of the world: Tel Aviv. Ish has navigated the realms of Business Intelligence, publishing, and even gaming. When she's not immersed in editing tech pieces or exploring new AI tools, you'll find Ish honing her combat skills. She previously worked with crypto start-ups and holds a deep appreciation for the sustainability aspect of blockchain...
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