Recently, Toncoin, the cryptocurrency of The Open Network (TON), has been gaining popularity rapidly. We will review some of the best wallets that support TON and their features.
Telegram Wallet
Toncoin is a product of the TON network, initially supported by the Telegram messenger. Naturally, users can access a wallet directly in Telegram.
This wallet bot can store, exchange, and trade tokens on a P2P marketplace. However, it only supports a few currencies: Toncoin, Notcoin, Bitcoin, Dogs and US dollars.
Users can convert stored cryptocurrencies and exchange them at the current market rate. There is also a full-fledged P2P market available on desktop and mobile versions of Telegram where merchants can buy and sell coins for fiat money.
The wallet bot is a centralized solution, so it does not provide users with their private keys. While this approach is convenient for novice traders, it is less secure.
According to Kris Varley, editor at the crypto analytics platform DropsTab, “Keeping Toncoin on a Telegram bot is not the safest way. Bots are custodial, meaning you trust them with your keys. If the bot is hacked or goes down, you could lose your funds.”
Tonkeeper Wallet
Tonkeeper is a simple cryptocurrency wallet that supports TON blockchain tokens. It can hold Toncoin, Notcoin, and other tokens. The wallet is non-custodial, meaning users manage their key phrase themselves. Tonkeeper has desktop and mobile versions, as well as plugins for Chrome, Edge, Brave browsers, and a Telegram bot.
Users can buy cryptocurrencies with fiat money via a partner service. The wallet also allows users to stake Toncoin, requiring a minimum balance of 2.2 TON.
Other Wallets
Hardware wallets generally provide the most secure long-term storage for cryptocurrencies. SafePal is a reliable and versatile wallet that securely manages cryptocurrencies, including Toncoin. The SafePal S1 wallet is equipped with advanced security features such as an EAL5+ Secure Element, random number generator, and air-gapped signature mechanism.
Tonhub is a non-custodial wallet with mobile and browser versions that provides complete anonymity without requiring registration. It is compatible with any other wallet based on TON. OpenMask is a browser plugin offering a non-custodial cryptocurrency wallet supporting TON blockchain tokens and NFTs. It allows users to store, receive, and send cryptocurrency, as well as exchange it through partner services.
All the listed wallets offer some level of security and additional features to users. If security is a priority, a non-custodial wallet is the best choice. If convenience and user support are more important, a custodial wallet might make more sense.
