Zcash (ZEC) is a blockchain-based payment provider that uses a protocol called zk-SNARKs to allow transactions to be entirely anonymous. In this guide, we’ll go over the different types of Zcash wallets to store the digital asset. Some of these wallets may work on mobile while other are web or desktop storage solutions. Either way, this post will detail the pros and cons of each type so you can choose the best Zcash wallet for your needs.
Before delving in, let’s take a quick look at what factors you should consider when choosing a wallet:
What to Look for in a Zcash Wallet
Security: Does the wallet offer proper security for your Zcash? Does it have two-factor authentication (2FA) or a cold storage option?
Private Keys: Where are your private keys stored? Does the company or a network have access to them?
Cost: Does the wallet cost any money? Is there a minimum investment to get involved?
User-friendliness: Is the wallet easily accessible? Are there multiple difficult features or is it easy to understand?
Supported coins: Is it a Zcash specific wallet or does it hold all sorts of different currencies?
Device compatibility: Does the wallet work with your specific devices? One wallet may only be compatible with Windows machines and not with Mac or your mobile device.
Convenience to transact: Can you transfer Zcash from within the wallet? If so, how is the process handled?
So now that you know what makes a good Zcash wallet, let’s take a look at some of the best!
Exodus – Best Desktop Wallet for Zcash
“Exodus was created to shift power back to you to control your assets” reads the Exodus homepage. This desktop wallet is a gorgeous wallet and portfolio for asset management, with a built-in exchange for trading between supported coins.
The company prides itself on being the crypto wallet for everyone. The user interface is incredibly easy on the eyes and portrays information in digestible graphs and charts that update in real time. Each asset has its own section with pricing data and trade history. You can customize which assets are shown on the front screen, and even change the color scheme with themes.
There are no online accounts to make nor confusing keys to deal with – only a 12-word backup phrase in case of theft. E-mail backups are also an option. As a desktop wallet, you’re not relying on a third-party exchange nor are your assets at risk in an online space. Instead, the keys to your coins are stored within the hard drive on your computer. Important to note is that the wallet will only be accessible on that one computer. You cannot log into Exodus on multiple devices.
The Exodus wallet is compatible with Windows, Mac, and Linux operating systems. Also, the team is creating a mobile version of the application with an expected release date of Summer 2019. As a beautiful, streamlined, and elegant piece of software – one that’s free – the Exodus wallet is a fantastic choice for storing your Zcash.
Jaxx Liberty Wallet – Best Web Wallet for Zcash
The Jaxx Liberty web wallet is a simple approach to cryptocurrency storage. It installs as a Chrome web extension, and portrays essential information such as total portfolio value, real-time market statistics, and general cryptocurrency news. The platform also includes a block explorer and allows users to trade supported coins via the ShapeShift exchange.
Because this is a web wallet, there needs to be an emphasis on security. The company uses AES-256 encryption and includes 5000 rounds of password hashing. This wallet is also compatible with both iOS and Android alongside Mac, Windows, and Linux.
Jaxx Liberty is free, and stores all of your private information on your device. It also includes a 12 word backup phrase that you can transfer between all of your wallets. Finally, the web extension is incredibly customizable; you can change native currencies, languages, and even adjust your global mining fees to increase your chances of transaction validation.
Ledger Nano S – Best Hardware Wallet for Zcash
As a hardware wallet, the Ledger Nano S is always the best choice for cryptocurrency storage. These USB-powered solutions are the safest space to keep digital assets due to their offline nature.
This leading hardware wallet is a reasonably small size, and makes it easy to check balances, transfer assets, and more via its screen. For maximum security, private keys are stored within a credit-card-like chip. Ledger also utilizes its own BOLOS operating system to keep installed apps from communicating with one another or accessing your secure data. Also, you can even back up your stored assets thanks to a recovery phrase that’s compatible with any Ledger device.
The device features a “Ledger Live” mobile app companion to look at data without exposing the assets to the internet. Transferring assets can only be done intentionally, as there are only two small buttons to make transactions. No accidental trading here!
Simple and secure, the Ledger Nano S is an ideal space to store your Zcash. The wallet supports Windows, Mac, and Linux and an application provides easy access to everything. However, it costs $100 dollars to buy, but again, a hardware wallet is the safest space to store cryptocurrencies. That protection is worth paying for.
Coinomi – Best Mobile Wallet for Zcash
The Coinomi mobile wallet is a popular, free wallet for Android and iOS users. It offers a streamlined experience for managing Zcash and other cryptocurrencies.
The Coinomi mobile wallet stores private keys locally on your mobile device and includes powerful encryption methods to keep your data safe, while also anonymizing your IP requests for privacy. Coinomi contains built-in SegWit technology for increased speeds and allows you to switch between Bech32, P2SH, or legacy processes. Also, there is a 24-word security seed for recovery purposes.
Fortunately for newer users, the entire process is a streamlined, user-friendly workflow, with altcoins converting directly into Bitcoin from within the application. Coinomi also supports Changelly and ShapeShift for in-app crypto exchanging. You can use the app to set your own transaction fees or enable it to recalculate automatically. Another convenient feature is the ability to purchase crypto from within the app using a credit card.
While this is a great free app for mobile storage, you can expect a desktop version of Coinomi soon as well.
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