Cardano (ADA), has been somewhat of a dark horse in the crypto space for a while now.
But with Shelley now being in testnet, founder Charles Hoskinson’s constant updates on the project through ‘surprise AMAs’ and a recently announced partnership with US footwear giant New Balance, Cardano does seem to be a true contender. As such, now is a good time to highlight some of the better solutions available for keeping your ADA safe and sound.
In the beginning, we had Daedalus wallet. Created by the Cardano team itself, it’s a great wallet with a super simple interface. This comes with a caveat. Without going full-tech, Daedalus is a full-node wallet meaning this wallet will download the entire ADA blockchain onto your computer. So, unless you have 6GB+ of free data on your machine for a wallet that supports one single currency as well as the 2 – 8 hours it will take to back up (each time), this might not be the wallet for you.
Fortunately, two amazing alternates both work using hardware wallets! Of course, I’m referring to Trezor and Ledger. The Ledger option will work with both the Nano S and X. The Trezor option will only work with the Model T.
We already have set up guides for both of these devices so let’s get straight into it with the Trezor Model T.
Trezor Model T Cardano (ADA) Guide
Connect your Trezor directly to your computer using a USB-C cable and head to trezor.io/start.
Enter your PIN on the device, action any firmware updates required at the top of the screen, and you’ll now be at your main wallet.
There are a few extra steps to setting up ADA with your Trezor but to start with, click on the down arrow just to the right of Bitcoin on the top left. Alphabetical order would be excellent here, but right down the bottom, you’ll see Cardano (ADA). Just click on that.
You’ll then see the following pop-up advising you’re going to be redirected to a third-party. As long as this is adalite.io, you’re okay, so click through.
Here’s where you’ll be redirected. Click on the pink box.
Now, click on ‘hardware wallet’ down the bottom.
We’re setting this up on the Trezor so select that (but you can probably see where the Ledger option is going at this point). You’ll now be redirected back to Trezor.
Here, on the right, you can choose to allow access for a single session, or if you hit the checkbox, you won’t be asked this again.
Choose whichever option you’re more comfortable with, and you’ll then see the following.
You now need to export your public keys for the services to work in harmony. Remember, your funds are stored on the blockchain and that AdaLite and Trezor are simply the gateways. Go ahead and ‘Export’.
Once that’s done, here’s what you’re going to see.
To find your wallet address to buy Cardano (ADA) from BitPrime, scroll down a little further.
You’ll see several addresses here, and they’re all attached to your Trezor, but I always go for the first one.
When you click ‘view more’, you’re given the option to verify this incoming address on your device.
Click ‘verify on Trezor’. You may need to allow permission to reaccess your device. And now, export the address.
The address will appear on your Trezor and once you’re satisfied they match, confirm on the device.
You’ll then be redirected to the main screen on AdaLite again once you’re prompted to enter your receiving address when purchasing through our site, click the copy icon to the right (looks like a clipboard) and paste it in.
And that’s it; you’re now ready to start storing ADA using your Trezor T. Remember, each time you wish to view the wallet you will need to connect your Trezor up and find Cardano (ADA) from the drop-down box to redirect to AdaLite.
Ledger Cardano (ADA) Guide
Now, let’s do the set up with a Ledger.
*I want to apologise for any ‘on-device’ images moving forward. You’re not seeing dust and grime; you’re seeing a war-horse that’s seen some punishing times and refuses to quit.
Connect your Ledger, open Ledger Live and ensure any firmware updates have been attended to (you can see at the top in the image below I’ve got some updating to do).
Once you’re all up to date, you’ll need to install the ADA app on your Ledger. To do this, click on ‘manager’ to the left of your screen.
The first two check-boxes on the right should go through automatically, but you will need to confirm the third on your device as per below.
Once you’ve confirmed on your device, you’ll find the next screen.
Search for ADA and click ‘install’.
Once installed, you’ll get the following pop-up. You can click close at this point as you will see below that the ADA app has now been installed on the Ledger. Now, head over to adalite.io/.
Select ‘hardware wallet’ and click the Ledger tab.
From here you need to turn your attention back to the Ledger for a while (the AdaLite app won’t prompt you to do this). First, you’ll need to confirm that you wish to export your public keys. Click both buttons at the same time to confirm.
You’ll be prompted to confirm again — this time just the right button.
Your Ledger should now have the message shown below. This means we’re good to go so you can head back to the AdaLite site.
As with the Trezor set up, scroll down, and you’ll find your receiving address. Again, pick the top one and click ‘view more’.
You can then click ‘verify on Ledger’.
Confirm the addresses match and click the two Ledger buttons at the same time.
You’ll be returned to the screen above where you can copy the address and paste it when prompted to when purchasing through our site.
A final note for Ledger, from here you won’t need to use Ledger Live to access your ADA. You’ll need to connect your Ledger and head to adalite.io/.
On the device, you will need to reconfirm that you wish to export the public key and then confirm again, as shown above. You’ll then be directed straight to your wallet in AdaLite.
There’s an option within AdaLite to create a wallet without using a hardware device, but I’d strongly recommend against this unless you know exactly what you’re doing.
These devices may seem ‘expensive’ but if you’ve already spent $100 on crypto, spend that again on a hardware wallet before buying-in with another $100.
Lastly, we recently posted an article covering transaction confirmations and how they affect how long it takes for your coins to reach you. If you’ve traded ADA through us and have your transaction ID (ask us), you can track it using this explorer.
As always, I hope you’ve found this article valuable. If you think anything has been missed out, please reach out in the comments section below.
Last updated 06/11/19