Top 5 Illuvium Wallets: Where to Store ILV Coins?
If you are investing in crypto, you will need a blockchain wallet that can help you manage and use your cryptocurrencies and similar digital assets. In case you are looking for some suggestions for the same, you are in the right place. In this post, we will introduce you to the top 5 illuvium wallets you can use to store your ILV coin. Without any delay, let us find out everything about them.
What is Illuvium?
For all the casual gamers and even hardcore De Fi fans out there, Illuvium is a perfect open-world fantasy battle game. The game is also one of the first AAA games built on the Ethereum blockchain platform. Further, it comes with several trading as well as collecting features that the users can use. Inside the game, you will come across an Illuvial that needs to be captured.
Also, you can nurture them, and use them to conquer various adventures. The users can also build an entire army out of them or trade them on any external exchange platform. The trade can also be done on gas-free IlluviDEX. In short, this game is a combination of two things – PVP battle gaming and open-world exploration.
Another thing that is crucial for the Illuvium is the ILV token. These play a key role in the Illuvium ecosystem by rewarding the game users for any of their achievements in it. The players can also use these tokens to participate in the governance of the game or even use them for their share of the game Vault.
What is an Illuvium Wallet?
Now that you know about Illuvium, let us move on to the main topic of the post – Illuvium Wallet. If you are wondering what it is, you can compare it to a physical wallet. Just like it allows you to store and manage money, this kind of wallet will let you do the same for your cryptocurrencies like ILV coins and other blockchain-based digital assets.
Thus, an Illuvium wallet is something that will help you interact with the blockchain network. You can store and transfer your ILV coins from one address to another without leaving the blockchain. Typically, you can come across three major kinds of such wallets – hardware, paper, and software. Then, these are further categorized depending on their work like hot or cold wallets.
List of The Best Five Illuvium Wallets
By now, we are sure you understand what an Illuvium wallet is. After this, let us introduce you to the top five of them. Have a look:
Ledger or Trezor – Hardware Wallets for Illuvium
If you are looking for some hardware wallets for your ILV coin, Ledger or Trezor is the solution. These encrypted hardware wallets are one of the best places to store your Illuvium coins. It is because they make use of the best high-end encryption techniques, and thereby ensure that all your funds are safe and secure from any kind of scams.
Thus, if you are looking for something that can keep your ILV coins safe from sophisticated network attacks, phishing scams, or any kind of rip-offs a website or software wallet can encounter, these are for you. With the wallets designed by Ledger and Trezor, you also need not worry if your wallet gets stolen or destroyed. These let users recover all their funds through a mnemonic seed phrase.
When deciding between Ledger or Trezor, you can make a choice depending on your budget and needs. Typically, both these hardware wallet brands offer entry-level models. You can get these for around $50-$60. Some examples of these are Ledger Nano S and Trezor One. There are other models available too and may vary in price depending on their features.
Trust Wallet – A Trusted Mobile Wallet for Illuvium
The next kind of wallet that you can choose for your ILV coins is the Trust wallet. For all those who are just getting started with cryptocurrencies, this Binance-supported crypto wallet is a perfect choice. It is well-known among various Traders and Investors for storing Illuvium (ILV). Thus, if you do not want to invest in a hardware wallet, and simply need a place to store your ILV on a secure device, the Trust Wallet is for you.
This mobile wallet is often preferred by many as it offers security and backup with convenience. To get started with Trust wallet, you simply have to download it on your Android or iOS phone. Make sure to do so from their official website. Then, all you have to do is follow the setup tutorial and you can set up a new wallet for yourself. That’s it, you can start storing and managing your Illuvium (ILV) here.
Atomic Wallet – A Multi-Platform Wallet for Illuvium
If you are looking for an Illuvium wallet that also has several desktop versions available along with the regular Android and iOS versions, Atomic Wallet might be for you. This multi-platform wallet for storing Illuvium (ILV) can store more than 300+ cryptocurrencies other than ILV. Along with this, it can also store ERC20 and BEP2 tokens.
These kinds of wallets have a feature called Atomic Swap. With it, swap back and forth between your crypto assets (the ones the wallet can support). Now, while atomic wallets can be convenient because of iOS, Android, and desktop versions availability, they are not secure as hardware and trust wallet.
Thus, if you are using the desktop version, make sure to install it on a clean, secure machine. Preferably, this computer should have little to no access to the Internet. This way, you can ensure that your Illuvium has no malware threats. These are usually not present on mobile operating systems. So, you can use atomic wallets on your mobile phones without much worry.
MyEtherWallet – A Web-Based Wallet for Illuvium
Another great wallet that you can use to store and manage Illuvium (ILV) is the MyEtherWallet. This web-based wallet is among the most tried, tested, and trusted crypto wallets out there. Along with Illuvium (ILV), it can store all other ERC20 tokens on the Ethereum blockchain. Also, for doing so, you do not have to download any kind of software.
Thus, if you are a crypto trader and investor looking for a web-based solution for your crypto coins like ILV, MyEtherWallet is the best choice. With it, you can log in from anywhere, and make your trades effortlessly. That being said, while using a web-based wallet, you have to be extremely cautious about scams like phishing.
Online Wallet – A Supported Exchange Wallet for Illuvium
For anyone who always needs quick access to their funds for active trading, online exchanges are another option to store Illuvium (ILV) and other cryptocurrencies. You will just need to look for an exchange that supports it. Binance, Kucoin, and Huobi are some great options for it. While we do not particularly recommend online wallets, these particular exchanges have a long history of offering safe and secure wallets to their customers.
These have also been known to keep your crypto safe even after an attack. Staking services by platforms like Binance and Kucoin have been trusted by many traders to keep their funds safe without needing to carry a hardware wallet or use any other wallet. While these popular exchanges are known to return funds to Customers after hacks, all may not do so. Therefore, if possible, refrain from storing your ILV in the care of a third party, and use the other four Illuvium wallet options.
How To Use an Illuvium Wallet?
Out of these five wallet options, you can easily select one for your Illuvium (ILV) coins. Once you make a choice, you have to set up an account on your preferred choice. It is especially true if you are using a hardware wallet like Ledger or Trezor. In the case of others, you may have to download an app or software for your mobile or PC.
While doing so, you will receive prompts to create security keys. Make sure to keep these in a safe place once you do so. If available, you may also want to enable two-factor authentication for more safety. Once you are done with this setup, you need to transfer your ILV from the exchange (where you bought them, say Coinbase) to the wallet.
After this, you are free to use your assets for exchange. Now, you must know that many blockchain and crypto wallets offer free downloads, and you can even use them for free to store your crypto assets like ILV. However, most wallets may charge you a certain amount for crypto staking, some transactions, consulting work, etc.
So, this is all you need to know about the top five Illuvium wallets you can use to store your ILV coin. Be it MyEtherWallet, Ledger, or Trezor, make sure you choose the one that meets your requirements. Also, always make it a point to back up your Illuvium wallet regularly. You also need to always use the latest software for it. By simply following this, you will be able to keep your digital assets safe and secure.