Best OmiseGO Wallets For 2019: What You Should Use

December 17, 2018

Advertisment

OmiseGo (OMG) is an Ethereum-based ERC-20 token that is intended to facilitate the development of payment gateways and decentralized exchange platforms (or DEXs). The project strives for financial inclusion, and the team promotes the coin with the slogan “unbank the banked.”

Although OmiseGo is not widely supported in commercial transactions, the coin has become quite popular among crypto enthusiasts. As the coin matures and attracts developers, OMG will likely become integrated with many fiat and crypto-based financial services.

Unlike most cryptocurrencies, OmiseGo does not have an official wallet for end users. This means that you will have to choose your own third-party wallet if you want to store and spend cryptocurrency. At the moment, there are a number of excellent ERC-20 wallets that you can use to store OMG tokens. Here are a few of your best options.

Considerations

Security: How is the wallet’s overall security? Does it provide two-factor authentication (2FA), password login, or cold storage? Are your private keys stored locally on your device or remotely on the wallet provider’s servers?
Supported platforms: Which devices is the wallet available on? Can it be used for mobile and desktop devices?
Compatible coins: Does the wallet support coins other than OmiseGo?
Ease of use: Is the wallet easy to download, set up, and use? Is the user interface attractive and easy to navigate?
Development activity: When was the wallet first released? Is it still updated regularly? Outdated wallets can pose security risks or no longer be compatible with the most recent version of a coin.

Exodus – Best Desktop Wallet

Security: Good | Platform: Desktop | Compatible coins: OMG and 50 others
Ease of use: Simple | Active since: 2016

Exodus is a streamlined, multifaceted desktop wallet that supports OmiseGo and many other coins and tokens. In addition to supporting ERC-20 tokens in general, it also supports many leading cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and EOS. This means that you can store all of your cryptocurrency in one wallet, whether you are using Windows, Mac OSX, or Linux.

If you are solely storing OmiseGo in this wallet, you will probably only use Exodus’ main wallet feature. This screenshot shows a Bitcoin wallet rather than an OmiseGo wallet, but, as you can see, the interface displays your balance and transaction history in an appealing way:

Exodus also doubles as a portfolio manager and exchange app. The portfolio simply displays a breakdown of your crypto holdings as various graphs and charts. The built-in exchange is useful if you want to swap between high-ranking coins like BTC or ETH — unfortunately, the exchange does not support OMG or ERC-20 tokens at the moment.

As a lightweight wallet, Exodus doesn’t download each entire blockchain before it performs a transaction. This is very convenient, as it saves you countless gigabytes of bandwidth and disk space. However, this limitation does introduce minor security tradeoffs, and it prevents you from fine-tuning certain options such as transaction fees.

Like almost all desktop wallets, Exodus stores your private keys on your computer and protects those keys with a secondary password of your choosing. This is a good basic security feature, as it means that you do not need to trust an online service to protect your keys.

However, Exodus does offer an email-based restore feature, and this involves storing your seed phrase (encrypted with your password) on Exodus’ servers. More information on this feature is available here.

[Image source: Exodus.io]

Eidoo – Best Mobile Wallet

Security: Good | Platform: Mobile
Compatible coins: OMG, ETH, BTC, ERC-20
Ease of use: Simple | Active since: 2017

Eidoo is a fairly new mobile wallet with a focus on ERC-20 tokens. In addition to support for OmiseGo, it also supports prominent ERC-20 tokens like MakerDAO, Binance Coin, and 0x. Eidoo also supports Bitcoin and Ethereum, but it doesn’t support any other leading cryptocurrencies.

Suggested Reading : Learn more about Binance Coin and 0x here and here.

Eidoo’s security features are fairly standard but important. The wallet stores your private keys and funds locally on your device rather than on a central server. It also provides recovery options (mnemonic seed phrases), although this feature is somewhat complicated, as it relies on a separate community-created backup tool.

Eidoo also offers a built-in exchange. The wallet’s built-in hybrid exchange is streamlined like a centralized exchange, but it relies on an underlying DEX that is specialized for ERC-20 trading. At the moment, you can only trade ETH and Eidoo tokens — but when the exchange graduates from beta, it will support many other ERC-20 tokens, including OmiseGo.

Eidoo is supported on both iOS and Android devices, and it can be downloaded from this page. A desktop app is also in development, but it is still in beta as of December 2018.

[Image source: Google Play]

MyEtherWallet – Best Web Wallet

Security: Very Good | Platform: Web
Compatible coins: OMG, ETH, ERC-20 coins
Ease of use: Intermediate | Active since: 2015

MyEtherWallet is a web wallet that can be used to store any ERC-20 token, including OmiseGo (OMG), as well as Ethereum itself. When you first visit MyEtherWallet, you will notice that it is somewhat cluttered:

However, this is forgivable: MyEtherWallet is incredibly versatile. It can export your wallet data in several formats, such as hardware wallet files, printable paper wallets, and all-purpose plain text keys. It also includes a built-in exchange, a smart contract deployment function, and a domain name subscription tool.

Unlike most web wallets, MyEtherWallet doesn’t ask you to trust the service with your private keys, and it doesn’t store your coins for you. Instead, it generates wallet files for you to store on your computer, just as most desktop applications do. Once you create an Ethereum wallet, you can send OMG tokens to that address. You can find a more complete guide to using MyEtherWallet on this Unhashed page.

Note that you cannot simply log in to MyEtherWallet with a username and password. Instead, you must import your wallet file whenever you want to view your wallet. (If you plan to use MyEtherWallet on several computers, you will need to bring your wallet file with you.)

MyEtherWallet is very committed to security. For example, the company promptly warned its users when a phishing attempt came to light in April 2018. However, MyEtherWallet leaves you entirely responsible for your own keys, and it cannot retrieve your funds if you lose them.

Ledger Nano S – Best Hardware Wallet

Security: Excellent | Platform: Hardware | Compatible coins: OMG and many others
Ease of use: Intermediate | Active since: 2014

Hardware wallets are the best way to store your cryptocurrency safely. They provide a form of cold storage: essentially, they enable you to store funds offline for extended periods of time. Funds can only be accessed through a PIN number that you enter on the device itself, meaning even if someone stole the device they would not be able to access your coins.

A hardware wallet may not be necessary if you plan to spend your cryptocurrency immediately, but it is a good precaution if you have purchased a large amount of cryptocurrency.

The Ledger Nano S is Unhashed.com’s preferred hardware wallet, and it provides support for OmiseGo and plenty of other cryptocurrencies. It is typically sold for $99, making it a relatively affordable hardware wallet that doesn’t sacrifice usability or coin compatibility. Other hardware wallets are also available, and you can see our reviews of competing products here.

Setting up the Ledger Nano S is somewhat complicated, and a complete guide can be found in our review of the device. A guide that pertains specifically to OmiseGo tokens can be found here. After you have stored your coins on the device, you can simply move your coins to another less secure wallet when you need to spend them or spend them directly through the Ledger.

If you don’t want to buy a hardware wallet, paper wallets can also serve as a workable cold storage method. However, paper wallets can easily be lost or damaged, making the Ledger Nano S a better solution.

A Note On ERC-20 Compatibility

OmiseGo is an ERC-20 token, which means that it is a standard Ethereum-based token. One of the main benefits of this standard is the fact that just about any ERC-20 wallet can instantly support hundreds of tokens.

However, some ERC-20 compatible wallets require an extra step in which you will have to add OmiseGo as a custom coin. All of the wallets listed above have basic support for OmiseGo out of the box, but if you choose a different wallet, you may have to import OmiseGo’s metadata. That information can be found here.

Note For Developers

Although OmiseGo does not provide an official wallet for end users, it does provide a few wallet tools for developers. You can find the project’s eWallet and Android SDK on Github. Both of these tools can be used in any OmiseGo-related project.

The post Best OmiseGO Wallets For 2019: What You Should Use appeared first on UNHASHED.