Cryptocurrencies are flexible, low-cost, and transparent. But they’re also very volatile. In a single session, their value can fluctuate widely. For those invested in digital currencies, you’re probably considering Tether (USDT) as an option to fix gains or hedge against market swings.
Cryptocurrencies are flexible, low-cost, and transparent. But they’re also very volatile. In a single session, their value can fluctuate widely. For those invested in digital currencies, you’re probably considering Tether (USDT) as an option to fix gains or hedge against market swings. Solid choice… Now let us show what are the best USDT wallets out there.
In case you aren’t familiar with Tether, here’s what you need to know: Tether, abbreviated USDT, is a stablecoin — a cryptocurrency that’s designed to keep a stable value. In the case of USDT, the value is paired to the U.S. dollar, meaning that 1 USDT equals 1 USD.
For every unit of USDT, the company behind this cryptocurrency keeps one dollar (or an equivalent asset) stored in a bank account. That’s why USDT is categorized as a fiat-colletarized stablecoin. The bank accounts that store the reserve of dollars are audited periodically to prevent any type of irregularities with the value.
From a technical perspective, USDT runs on the Ethereum blockchain. As an ERC-20 token, this cryptocurrency is compatible with most wallets supporting the Ethereum blockchain.
USDT is like the dollar, but digital. Instead of storing bills in a leather wallet, you keep USDT units in a virtual account or physical device. Generally, the basic features of a USDT wallet allow you to store, receive, and send USDT to other wallet addresses.
Is that all you can do with USDT? No. In the list of best Tether wallets below, you’ll find that some USDT wallets let you plenty more. For example, exchanging to other digital currencies, cashing out to a bank card, etc.
There are three types of blockchain wallets: hot, warm, and cold. And yes, as you would expect, each of them has some pros and cons.
Before we get to the list of best USDT wallets, it’s worth taking a moment to understand which factors you should consider when choosing one. After all, we’re all different, and despite all being solid choices, you must take into account your specific needs.
Security: from the wallet type to the company behind it, there are plenty of factors that can influence the level of security of a USDT wallet. As a general rule, pick either a warm or cold wallet with a solid background and preferably good partners. Also, do your research and familiarize yourself with the security features offered by each wallet. Account insurance, 2-step authentication, and 24/7 support are a good start point.
User experience: regardless of the wallet that you choose, it has to be easy to use. Finding the right features and buttons should be a smooth process, not a headache. Ideally, you would want the wallet to be available on multiple platforms. For example, your wallet can be mobile-first but also support browser access in case you’re sitting behind the screen.
Additional services: your wallet doesn’t have to just store your cryptocurrency. Apart from storing, sending, receiving USDT, it’s definitely useful to count on extra features that allow you to buy crypto, cash out to your bank card, exchange to other assets, and even earn interest.
If you’re looking for a simple way to store USDT, then you should check the original Tether wallet. As this is the company’s official wallet, it only supports USDT. For those holding different assets, it might be advisable to check a multi-currency wallet service instead.
This USDT wallet offers basic features, such as to send and receive, cashouts, and purchases. And while these functions might sound appealing, the fees involved do not. When it comes down to design, the Tether wallet isn’t a great choice either. Both the web version and mobile application (Android only) are pretty unsophisticated.
Back in 2017, hackers managed to steal $31 million worth of USDT from the company’s own wallet service. The attack resulted in a temporary suspension of the back-end wallet service. Even today, the company does not offer any guarantees that funds are safe.
Learn more about Tether Wallet
The MyEtherWallet (MEW) is one of the most popular Ethereum blockchain wallets out there. One of the key differentiators for this service is the wide range of coins supported, as well as it’s non-custodial essence. A non-custodial wallet doesn’t store your private keys for you. Instead, only you have access to them. Just make sure not to lose them…
MyEtherWallet has recently been updated and redesigned for enhanced user experience. Unlike a few years ago, both the web and mobile app are now easy to use and present a clean, intuitive design especially helpful for newbies. In terms of functionalities, MEW allows you to send, receive USDT. A cool thing about MEW is the multi-balance feature, which is extremely useful for those who want to separate savings from day-to-day expenses.
Another interesting twist about MEW is the possibility of using it through a hard wallet like Trezor or Ledger. That’s certainly a good point as it drastically improves the compatibility of MEW.
Learn more about MyEtherWallet
OmniWallet is another viable option for those wanting full control over private keys. And considering the numerous scandals around cryptocurrency wallets, it’s totally understandable. Yet, the interface is fairly complicated and not suitable for beginners.
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The features of the OmniWallet are limited, and you cannot do more than store, send, receive. Apart from USDT, the wallet also supports Bitcoin (USDT).
Learn more about OmniWallet
Coinomi is among the oldest cryptocurrency wallet services on the market, and more than 2 million users worldwide trust it to hold their funds. Impressed? Well, before you make your own conclusions on this service, let’s see what it offers…
Security is certainly a key aspect of Coinomi. According to their website, not a single Coinomi account has ever been hacked. As far as privacy concerns, Coinomi does not collect user data, and it anonymizes your IP so that transactions can’t be traced back to you.
Coinomi supports over 125 different blockchains, which gives you nearly 2000 tokens to ‘play with’ apart from USDT. As you would expect, the platform allows you to exchange between the tokens to take advantage of the volatile market conditions.
Buying crypto with Coinomi isn’t an issue as the platform is integrated to Simplex. You can pay with your debit or credit card, but the fees aren’t competitive (starting at 3.5%).
When it comes to design, Coinomi isn’t really a ‘piece of art’ and can get messy at certain stages. However, it is translated to 25 languages and that’s a big plus for most users.
Learn more about Coinomi
Are you going to use USDT as a trading instrument? If yes, then storing it with Binance might be an option. As previously outlined, keeping your cryptocurrencies with an exchange wallet is not a good idea as they tend to be easier to hack. That said, if you’re going to trade actively, then there’s not much of a choice.
Binance is a Chinese cryptocurrency exchange launched in 2017. In this short time, this exchange has gained massive attention worldwide and became one of the leading platforms for cryptocurrency trading. Just like many other exchange-based wallets, you can store multiple assets and transfer them to external wallet services at your convenience.
Binance is also connected to Simplex, which gives you an option to exchange U.S. dollars for USDT in a relatively uncomplicated manner. Again, the rates aren’t competitive and you should keep that in mind before clicking ‘buy’.
Learn more about Binance
With more than 500,000 customers in 180 countries, Crypterium is a highlight on this list for its global approach. The Crypterium Wallet is an all-in-one service that lets you store, buy, cash out, exchange, and spend the world’s top digital assets.
Crypterium’s award-winning mobile application is available for both iOS and Android devices, and it has recently launched a web version you can use from literally any browser.
Apart from USDT, the Crypterium Wallet supports all major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), USD Coin (USDC), Basic Attention Token (BAT), 0x (ZRX), Chainlink (LINK), Bitcoin Cash (BCH), among others.
The Crypterium Wallet stores part of the funds in cold storage and all accounts are 100% insured by the industry leader in custody services —BitGo. Also, the company offers 24/7 via in-app chat and the platform is available in English, Spanish, Portuguese, Russian, and Korean.
The Crypterium Wallet feels a lot like a banking app, as it’s designed to provide crypto-crypto and crypto-fiat services that lower the barriers for using digital assets in everyday life.
Learn more about Crypterium
Exodus is a sleek desktop-based cryptocurrency wallet that supports over three dozen cryptocurrencies apart from USDT. Exodus allows you to store, send, and receive your digital assets in a moment’s notice and for very low fees.
Exodus is an ideal choice for heavy desktop users that are only getting started in the world of cryptocurrencies or building their portfolio. A useful feature is that you can see the value change of your entire portfolio in a historical chart.
With Exodus, your private keys are stored in your device, giving you full control over them. Moreover, you can connect Exodus to hardware wallets like Trezor or Ledger.
Learn more about Exodus
In case you’re looking for extreme security and don’t really need quick access to your funds, then Ledger Nano S is one option to consider. This device is small but powerful. Fully compatible with 25 top coins and over 1200 ERC-20 tokens, it’s equipped with one of the most secure chips on the market.
The private keys are stored on cold storage, meaning no one can actually hack them. To send or receive funds you are required to introduce a secret PIN. The device also offers backup to prevent losing all your money if the device is stolen or the password is forgotten.
An obvious downside of this type of USDT wallet is the price tag. All other options in this list are free, while the Ledger Nano S will cost you at least $59.
Learn more about Ledger Nano S
As you can see from the list above, it’s impossible to say one Tether wallet is above them all. The most important thing is to find a choice that adapts to your lifestyle, to your needs.