If you are holding DCR and are looking for a trustworthy Decred wallet, then this guide is for you.
Since Decred has a Governance and Staking system at the protocol level, it is important to choose the right DCR wallet, if you want to make use of these functionalities.
For technical reasons, not all Decred wallets out there support DCR staking, and even fewer support participating in the network’s governance.
On the other hand, some wallets that do not support Decred’s governance and staking functionalities can be more secure, because they can hold your coins completely isolated from the internet.
Throughout this Decred (DCR) wallet guide, we will outline the best DCR wallets out there, together with their respective pros and cons.
Decred Wallets to Try in 2019
1. Ledger Nano S (Hardware wallet)
The Ledger Nano S is a hardware wallet designed to allow owners to securely store practically all major cryptocurrencies on a single device.
Being a hardware wallet, the Ledger Nano S keeps all private keys in a secure offline environment, ensuring these are never exposed to any connected devices.
- Compatible with well over 1,000 other cryptocurrencies
- Industry-leading security
- Excellent customer support
- Security comes at a cost (~$79/£55)
- No staking support
- Sending/receiving DCR can be time-consuming
Beyond offering arguably the most robust security of any consumer-grade hardware wallet, the Ledger Nano S can also act as a two-factor authentication device for many websites.
In addition, with more than 80 apps available to download and more added regularly, the Ledger Nano S is far more than a simple Decred wallet.
However, as a Decred wallet, the Ledger Nano S provides all the basic functionality you would expect from a wallet. This includes allowing you to generate addresses, send and safely store your Decred (DCR).
However, advanced features such as stakeholder voting and staking are not currently supported.
Since the Ledger Nano S is a physical device, there is an upfront cost required to get your hands on one. Currently, the device retails for $79 when bought directly from Ledger, but can often be found cheaper on Amazon.
Using Decred with the Ledger Nano S
To store Decred on the Ledger Nano S you will first need to install the Decred app through the Ledger Live application.
After installation, you will be able to generate your Decred wallet address on your Ledger device and manage your DCR through the Ledger Live interface.
Here, you will be able to send Decred by clicking the ‘Send’ button, or view your addresses after clicking ‘Receive’.
2. Coinomi (Mobile wallet)
Since its launch back in 2014, Coinomi has gone on to become one of the most popular multi-asset wallets for mobile users. However, besides being available for both iOS and Android, Coinomi is also available as a desktop client for Linux, MacOS, and Windows.
- Support for over 1,500 digital assets, including 125 native blockchains
- Staking support for several cryptocurrencies
- Available on most platforms
- No DCR staking
- Large download size
- Overkill for many light users
Coinomi wallet added Decred to its list of supported cryptocurrencies in early 2018, becoming one of the few major multi-asset wallets to support the autonomous digital currency.
Beyond this, Coinomi also boasts what it claims to be “the broadest range of crypto” in the industry, with support for over 100 cryptocurrencies and in excess of 1,000 tokens.
Since Coinomi is primarily designed for mobile devices, it enables cryptocurrency owners to carry their crypto portfolio wherever they go, so long as they have an internet connection.
With that said, Coinomi also offers robust recovery protocols, allowing you to restore your wallet with a recovery phrase should you ever lose access to your mobile device.
Besides being one of the best Decred wallets available, Coinomi also offers a variety of additional features, including built-in exchange functionality, multi-language support and excellent privacy by anonymizing wallet traffic.
Coinomi is also one of the few mobile wallets to support staking, allowing you to stake a variety of cryptocurrencies even in offline wallets. However, Coinomi doesn’t yet support staking for Decred.
How to use Decred with Coinomi
After installing Coinomi wallet for the first time, you will be able to select Decred as a supported coin. With Decred added, you will be able to generate your DCR receiving address in the ‘Wallet’ tab.
Within the ‘Wallet’ tab, you will also be able to send DCR and exchange it for other cryptocurrencies.
3. Decred Web Wallet
The Decred Web Wallet is a browser-based wallet designed specifically for Decred users. Since the Decred Web Wallet can be accessed via any internet browser, you will be able to store, spend and receive DCR from practically any device.
- Simple user interface
- Wallet recovery and import features
- Accessible from any device with a web browser
- No customer support
- Extremely limited functionality
- No staking support
When it comes to Decred wallets, the Decred Web Wallet comes in as by far the most user-friendly of the bunch, since it allows you to create a Decred wallet in just one click.
Developed and maintained by Copay, this DCR wallet is best suited for those who are looking for a lightweight, no-frills Decred wallet without any advanced features.
Being such a minimalist wallet, the Decred Web Wallet offers only barebone functionality, including sending, receiving and securely storing DCR.
Beyond these standard features, this wallet will also allow you to join a shared Decred wallet, import a pre-existing wallet, and see a basic list of transactions. If you are looking for more features than this, then the Decred Web Wallet might not be for you.
How to use the Decred Web Wallet
Creating a wallet with the Decred Web Wallet is as simple as visiting the website, before navigating to the ‘Add Wallet’ section by clicking the menu icon on the top left of the site.
Here, clicking the ‘Create Wallet’ button will take you through the wallet setup process. Once complete, you will be able to click the ‘Send’ button to make a DCR transfer, or the ‘Receive’ button to reveal your Decred wallet address (after confirming your backup phrase).
Decred Mobile Wallet
Decred Wallet is a mobile client designed exclusively for Decred. The wallet was developed by Raedah group, which forms part of the official Decred team.
- Available for Android and iOS
- Signature signing functionality
- Support for multiple Decred accounts
- Staking features currently unavailable
- No support for other assets
- Limited portfolio tracking features
The Decred Mobile Wallet is available for both Android and iOS and currently has excellent reviews on both platforms. As it stands, this is only available for mobile devices. However, desktop users have the option to download the official Decred wallet known as Decrediton or one of the third-party wallets such as Coinomi or Exodus.
However, it should be noted that mobile wallets are by default less secure than desktop and hardware wallets since mobile devices can be more easily compromised.
In terms of features, the wallet offers support for Simplified Payment Verification (SPV), which preserves privacy when making transactions while keeping the wallet size low.
Additionally, since the wallet uses hierarchical deterministic keys (BIP0032), you are free to import your wallet into a variety of other compatible wallets (no lock-in) and benefit from improved privacy.
Despite being the official mobile DCR wallet, the Decred Mobile Wallet doesn’t yet support staking or voting, though these features are likely to be added in the near future.
How to use the Decred Mobile Wallet
Once installed, opening the app for the first time will prompt you to either create a new wallet or restore a backup. After creating or recovering your wallet, you will then be able to access the standard wallet features in the app menu.
Here, you will be able to send Decred through the ‘Send’ tab and access your wallet address through the ‘Receive’ tab.
Exodus (Desktop Wallet)
Being one of the most attractive cryptocurrency wallets available today, Exodus has managed to acquire a significant following, despite being launched in 2016.
- Supports a variety of digital assets
- Available for both desktop and mobile
- Useful portfolio management tools
- No staking support
- Mobile versions have reduced functionality
- Decred must be manually enabled
Although Exodus is primarily a desktop wallet, intended for Windows, MacOS and Linux devices, a mobile version of the wallet was recently released on the Android and iOS app stores. However, it should be noted that the mobile client offers reduced functionality and supports fewer assets.
As it stands, all versions of Exodus feature support for over 100 different cryptocurrencies, including the top 10 cryptocurrencies by market capitalization.
Beyond this, the wallet includes support for Trezor hardware wallets and features built-in exchange functionality for the majority of supported digital assets.
If you are looking for one of the best Decred wallets, Exodus should definitely be one of your top considerations. The wallet has many strengths, arguably the most prominent of which is its simplicity, ensuring that users of all experience levels can easily store Decred and other cryptocurrencies.
Beyond this, Exodus is also an HD wallet, offering improved privacy, while its 24/7 customer support has received glowing reviews.
How to use Decred with Exodus
After downloading and installing Exodus from the official website, your multi-asset will automatically be set up.
To begin using Decred with your Exodus wallet, you will need to head into the settings, select the ‘Assets’ tab, and search for Decred in the ‘Enable/Disable Assets’ screen.
Once complete, your Decred wallet will now be accessible in the ‘Wallets’ section of Exodus.
Here, you will be able to view your DCR address by clicking ‘Receive’ or hit ‘Send’ to make payments.
Cobo Wallet (Mobile wallet)
Cobo is relatively a new multi-asset wallet that aims to be your one-stop-shop for all things related to Proof-of-Stake (PoS) assets. It was launched in the early half of 2018 and has since continued to expand its userbase.
- Cobo is a multi-wallet, supporting a variety of assets
- Available for Android and iOS devices
- Free-of-cost transfers when sending assets to other Cobo wallet users.
- KYC verification required for some features
- No desktop version yet
- Severe limitations placed on U.S. users
Cobo is one of the best-reviewed mobile Decred wallets, with close to five-star reviews on both iOS and Android. What makes Cobo stand apart from both Coinomi and the official Decred Mobile client is its staking support, being the only mobile wallet to offer DCR staking.
In addition to this, Cobo also offers staking for a wide variety of other cryptocurrencies through its pooled staking feature, which allows you to delegate your assets to the Cobo node to benefit from staking rewards.
Cobo is more than just a cryptocurrency wallet and includes a number of features aimed at helping users experience the full breadth of the crypto industry.
Its built-in Dapp store allows users to easily try out new application, while the Cobo index fund gives wallet users an easy way to invest in a diverse array of crypto assets.
How to use Decred with Cobo Wallet
To create Decred wallets with Cobo, you will first need to download and install the app from either the Apple App Store or Google Play Store.
Once installed, opening the app for the first time will prompt you to register a Cobo account. Lastly, you will need to add Decred to your wallet by clicking the large [+] button in the ‘Assets’ menu.
Lastly, selecting your new Decred wallet will allow you to easily Send and Receive DCR via the respective options.
Decrediton (Desktop Wallet)
As the official desktop client for Decred, Decrediton is arguably the most commonly used Decred wallet around. Since this wallet is developed by the Decred team, Decrediton is also usually the first wallet to support new features.
- Maintained by the Decred developers
- Supports DCR staking and governance voting
- Incredibly easy to use
- Syncing can take a long time if not using SPV
- Confusing settings menu
- No mobile availability
Decrediton is also a rarity among Decred wallets, being the only desktop wallet to offer full staking support while allowing wallet holders to participate in the governance of the network.
Currently, Decrediton is available on all major desktop operating systems, including both Windows and MacOS.
Despite being a full-featured official wallet, Decrediton is remarkably user-friendly and even includes a useful tutorial when first firing up the wallet. It also features links to a variety of other resources, tutorials, and documentation, ensuring help is never too far away.
You can also use Decrediton to create Decred wallets for individual purposes since it takes literally seconds to create additional wallets. This wallet is also one of the few to offer message signing and verification functionality, and has basic portfolio tracking tools, allowing you to monitor your DCR spending over time.
How to use Decrediton
After downloading Decrediton from the official source and installing it to your device, you will be asked to create your Decred wallet by clicking the ‘Create a New Wallet’ button and following the instructions.
After your wallet is created, it will then sync with the Decred network. Once synced, you will be able to send payments within the ‘Transactions’ menu, where you will also find your DCR address under the ‘Receive’ tab.
Pascal Thellmann is an investor and marketer focused on the intersection of cryptocurrency and the legacy financial system. He co-founded Bounty0x, which at the time was the largest crypto freelance platform. Now Pascal dedicates his time to CoinDiligent and trading. You can get in touch with Pascal Thellmann on LinkedIn.