Would you like to do transactions on the Avalanche blockchain? Or maybe you would like to stake AVAX tokens and run an AVAX validator? Which hardware wallet should you choose? Is SafePal, Trezor, or maybe a Ledger the best option? In this article, I will give you my thoughts on the topic!
A few months ago, I had never used the Avalanche blockchain. Today, I have invested, not only in the Avalanche token itself (AVAX), but also in several projects running on the blockchain like Wonderland, PenguinFinance, TraderJoe, Pangolin, and several others. But, if you want to keep your money safe, which is the best hardware wallet to use for those doing frequent transactions on the Avalanche blockchain?
The best hardware wallet if you do transactions on the Avalanche blockchain
Would you like to own a hardware wallet that will help you invest in projects like Wonderland ($TIME), or any other project on the Avalanche blockchain? These are all transacting using the C-Chain of Avalanche. That is very easy. I would clearly say that using a Trezor is the best option.
Why is Trezor the best option for doing transactions on the Avalanche blockchain?
- It is easy to use with MetaMask, and with MetaMask, you can easily do transactions on the Avalanche blockchain.
- Trezor is the fastest for doing the transactions, as you only have to click a few times on the Trezor for the transactions to happen.
How does this work?
- Buy a Trezor.
- You setup your Trezor.
- Then you install MetaMask in your browser.
- When MetaMask is setup, click the link in MetaMask to add a Hardware wallet.
Take very good care of your recovery keys, both for your MetaMask wallet and your Trezor. The Trezor keys are those of real value (if you keep your funds in your Trezor), but you shouldn’t hand out your MetaMask keys to anyone ever either. Once again, NEVER GIVE AWAY your recovery keys to anyone claiming that they want to help you, fix an error, or do something else! NOBODY who wants to help you will ever ask for those keys. Only hackers, spammers, and thieves will!
Now you need to add the Avalanche blockchain to MetaMask.
- Click the Networks texts in the top of the MetaMask program and add Custom RPC.
- Add the following details:
- Network Name: Avalanche Network
- New RPC URL: https://api.avax.network/ext/bc/C/rpc
- ChainID: 43114
- Symbol: AVAX
- Explorer: https://cchain.explorer.avax.network/
Run MetaMask on the Avalanche blockchain, make sure you have selected a MetaMask address connected to your Trezor. You are now ready to transact on the Avalanche blockchain with your Trezor. It might seem complicated, but it is easy.
You need some Avax tokens in your wallet to be able to do transactions. You can buy AVAX and send them to your wallet address from popular cryptocurrency exchanges such as Binance and Kucoin. Your wallet is running on the C-Chain of Avalanche, so make sure to remember this as you transfer funds to your wallet.
It is always wise to do a test transaction to see that it works properly before you send your “big” money. Give it a try, and if everything works properly as you send 0.05 Avax or something like that, send a larger amount later.
Once again, I find a combination of a Trezor and MetaMask to be, by far, the best and most efficient solution for doing regular transactions on the Avalanche blockchain.
The best hardware wallet for running an Avalanche validator or delegating AVAX
Are you having a large stake of AVAX that you would like to use with an Avalanche validator (2000 tokens are required) or would you like to delegate to someone else running a validator (a minimum of 25 AVAX is required)? Both activities will give you an annual interest of approximately 10%, meaning that you can store your tokens for the future and earn interest at the same time.
But, if you want the ultimate security here, you will want to combine this with a hardware wallet. Is that even possible? Yes, it is possible, but it can only be done with a Ledger. The Ledger is a good hardware wallet as well, but I find it a little bit more “time demanding” when doing transactions, meaning that I enjoy using my Trezor in real life more for frequent transactions. But, if you want to store your AVAX in the official Avax wallet and maybe even delegate your tokens or run a validator, then a Ledger wallet is an ideal solution.
When you visit the Avalanche wallet, choose to log in with your Ledger. You will then have to confirm your login on your Ledger. When this is done, you will be logged in with your Ledger wallet to the Avalanche wallet, and you can now do all the transactions you desire, you can swap your Avax tokens between the C-Chain, the P-Chain, and the X-Chain, and you can click the Earn link in the menu to Validate or Delegate with your tokens. To use your Avax tokens for validation or delegation, they need to be located on the P-Chain.
What about SafePal and Avalanche?
What about the hardware wallet named SafePal? I am a fan of that wallet as well, but unfortunately, it cannot be combined with MetaMask (at the moment). You can still use it with WalletConnect, but the Avalanche blockchain isn’t supported at the moment, making this a poor selection not only for delegating and validating on Avalanche with your AVAX tokens but also for doing general transactions on any other Defi platform or exchange like TraderJoe and Pangolin.
A quick summary
For doing normal transactions on the Avalanche blockchain, Trezor is by far the best solution as it can easily be combined with MetaMask and it is very fast and quick for use. But, if you want to validate and delegate with the official Avalanche wallet, then Ledger is the only solution at the moment. For a long time, I thought that you couldn’t really use Ledger with MetaMask at all (I thought so when I first wrote this article), but since then I have discovered that you can actually use your Ledger with MetaMask quite easily by following these instructions. So, the Ledger might be the overall best solution for the AVAX wallet with validating and staking, in addition to MetaMask. But, for simple MetaMask transactions on Avalanche, I still prefer the Trezor.