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5 Best Polkadot (DOT) Wallets To Consider In 2024

10 mins
Updated by Maria Petrova
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Securing your assets is critical if you are to operate safely within crypto ecosystems. If you own or intend to buy Polkadot (DOT), you must find an appropriate Polkadot wallet to store your assets. This guide looks at the top Polkadot wallets that combine security, usability, and robust features to improve your crypto experience in 2024.

What are the best Polkadot (DOT) wallets in 2024?

Type
Hardware
Platform
N/A
Custody
Non-custodial
NFT support
Yes
Type
Hardware
Platform
N/A
Custody
Non-custodial
NFT support
Yes
Type
Mobile wallet
Platform
Android and iOS
Custody
Non-custodial
NFT support
No
Type
Browser extension
Platform
Chrome, Brave, and 4+
Custody
Non-custodial
NFT support
Yes
Type
PWA
Platform
Any browser
Custody
Non-custodial
NFT support
Yes

DOT wallets compared

Here’s a quick comparison chart outlining the key features of the listed Polkadot wallets, as well as the respective security levels, user interface ratings, and staking capabilities of each.

WalletType/platformStakingGovernanceNFT support
PolkawalletAndroid and iOSYesYesNo
EnkryptChrome, Brave, and 4+YesNoYes
SubwalletProgressive web app (PWA)YesNoYes
LedgerHardwareYesYesYes
SafePalHardwareNoNoYes

What is Polkadot (DOT)?

DOT is the native coin of the Polkadot blockchain. Gavin Wood, best known for co-founding Ethereum, created the network. Polkadot is a layer-0 protocol, meaning it is the foundational layer for an ecosystem of blockchains. Substrate-based chains are designed to connect with Polkadot. Some of these include Moonbeam and Acala.

In mid-May 2024, Polkadot’s market cap was just over $9 billion.

polkadot wallet marketcap
DOT marker cap: CoinMarketCap

Polkadot staking

Users can stake or delegate (nominate) DOT to earn rewards for securing the platform. The minimum DOT required to become a nominator may change over time; however, the current minimum in 2024 is 554.256 DOT.

What to look for while selecting a Polkadot (DOT) wallet

When choosing a wallet, consider the following key aspects:

  • Security: Opt for wallets that feature robust security protocols. Look for features like two-factor authentication, multi-signature support, and regular security audits.
  • User experience: A user-friendly interface is crucial, especially for those new to the crypto market. The wallet should offer a balance between comprehensive features and simplicity.
  • Compatibility: Ensure the wallet is compatible with different operating systems and devices if you plan to access your DOT across multiple platforms.
  • Support for multiple cryptocurrencies: If you hold various cryptocurrencies (e.g., Bitcoin, Ethereum, stablecoins), consider a wallet that supports multiple assets besides Polkadot to reduce the need for multiple wallets.
  • Customer support: Reliable customer support is vital for resolving issues quickly. Look for wallets with a reputation for responsive support.

When choosing a wallet, a few features stand out as must-haves. Whether you choose a software, hardware, or mobile wallet, make sure it supports DOT staking, has strong security measures, and is easy to use.

Hardware wallets for DOT

Hardware wallets for DOT provide cold storage solutions, making them less vulnerable to online threats. Look for options that support multiple cryptocurrencies and have a proven track record of security.

Software and mobile wallets

Software wallets offer convenience, while mobile wallets for DOT add the benefit of managing your assets on the go. These are typically hot wallets, which are connected to the internet. For optimal security, consider non-custodial wallets that give you full control over your private keys.

Staking wallets

For those interested in earning rewards through staking, choosing a wallet that supports Polkadot staking is essential. These wallets should offer a straightforward process for staking and un-staking DOT, along with clear information on staking rewards and timeframes.

Pros of using self-custodial wallets to store Polkadot (DOT)

Self-custodial wallets, also known as non-custodial wallets, allow you full control over your crypto assets. There are no intermediaries between you and your DOT, significantly reducing the risk of third-party mishaps.

JP Richardson, CEO of Exodus, emphasized the importance of self-custodial wallets in a discussion about the origins of his company. Richardson recalled the precarious nature of cryptocurrency exchanges back in 2015, a time when many such platforms were collapsing.

We started Exodus back in 2015, and the reason we started Exodus was we were looking at all of the exchanges that had collapsed… At that moment in time, in 2015, if you wanted to have a diverse portfolio of crypto assets, the only place that you could actually do that was an exchange.

JP Richardson, Exodus CEO: YouTube

This observation underscores the need for self-custodial solutions that provide secure and diversified asset management away from the vulnerabilities associated with exchanges.

Furthermore, these wallets facilitate direct engagement with the Polkadot blockchain, crucial for activities like staking and governance.

Additionally, self-custodial wallets enhance privacy since your financial activities are decentralized and not monitored by a central authority. This setup aligns with the fundamental ethos of blockchain technology — promoting autonomy and security.

By choosing a self-custodial wallet, you are also less likely to be impacted by the regulatory or operational changes that can impact custodial wallet providers, ensuring more consistent access to your funds.

How to create a Polkadot (DOT) wallet

Creating a Polkadot wallet involves a few simple steps. Here’s what it looks like with Enkrypt.

1. Choose your wallet type: Decide between hardware, software, or mobile based on your needs.

polkadot wallet step 1
Polkadot wallets: polkadot.network

2. Download/Install the wallet: Visit the official website or app store to download your chosen wallet. Ensure you are accessing a secure and official source.

polkadot wallet step 2
Enkrypt wallet: enkrypt.com

3. Create and backup your wallet: Create and securely store your backup phrases in multiple locations. This is crucial for recovery in case of device loss or failure.

polkadot wallet step 3

4. Transfer DOT to your wallet: After setting up, transfer DOT from an exchange or another wallet to your new Polkadot wallet.

polkadot wallet step 4

Thoughts on choosing a Polkadot wallet

Choosing the right Polkadot wallet requires a balance of security, convenience, and functionality. As the Polkadot ecosystem grows and the crypto market evolves, having a reliable and secure DOT wallet will ensure you are well-positioned to take advantage of all Polkadot offers. Remember, the ultimate goal is to protect your digital assets while making the most of the innovative features of the Polkadot blockchain. Always prioritize crypto wallet security, and ensure you only ever click official links.

Frequently asked questions

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Ryan Glenn
Ryan Glenn is a journalist, writer, and author. Ryan is motivated to educate as many people as possible on the benefits of web3 and cryptocurrency. He has authored “The Best Book for Learning Cryptocurrency,” and runs an educational platform, web3school.us, dedicated to demystifying the crypto space. Ryan built the platform to transition tech-savvy and non-tech individuals into crypto and give everyone a baseline understanding of the different fields in the cryptosphere. Ryan is also an...
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