Users increasingly seek wallets with advanced features supporting network assets as the TON network evolves.
Toncoin (TON), the native cryptocurrency of The Open Network (TON), has experienced a significant surge in popularity this year. Currently valued at $5.27, Toncoin has become one of the top 10 largest cryptocurrencies, boasting a market capitalization of $13.4 billion.
With 2.5 billion coins circulating out of a total supply of 5.1 billion, Toncoin's value has grown by approximately 150% over the past nine months.
There are several wallets available that support TON, each offering unique features. Some are custodial, focusing on user convenience and ease of access, while others grant users full control over their assets. Wallets range from basic ones with minimal functionality to more sophisticated options offering features such as staking and secure solutions for long-term storage.
1. Wallet
Toncoin, a TON network product originally supported by the messaging app Telegram, offers a wallet that users can access directly within Telegram.
This wallet, known as the "Wallet" Telegram bot, allows users to store, exchange, and trade tokens in a peer-to-peer marketplace. However, it only supports a limited range of currencies, including Toncoin and Notcoin.
Users can convert stored cryptocurrencies and trade them at current market rates. Additionally, there is a fully functional peer-to-peer marketplace where merchants can buy and sell coins for fiat currency. However, this feature is only available on Telegram's desktop or mobile versions.
As a centralized solution, the Wallet bot does not provide users access to their private keys. While this setup may offer convenience for beginners, it comes with security risks. Kris Varley, editor at the crypto analytics platform DropsTab, notes, "Storing Toncoin in a Telegram bot is not the safest option. Bots are custodial, meaning they hold your keys. You could lose your funds if the bot is hacked or offline."
The wallet's functionality depends on the user's verification level. The "basic" level, which is the default, imposes a monthly limit of €35,000 (approximately $39,000) for incoming transactions and peer-to-peer trading volumes.
The "extended" level raises these limits to €1 million ($1.1 million) per month, but users must provide a valid national ID to activate this level.
The "advanced" level removes all transaction limits, although users must submit documents to verify their residential address.
2. Tonkeeper
Tonkeeper is a straightforward cryptocurrency wallet designed to support tokens on the TON blockchain. It can hold Toncoin, Notcoin, and other tokens based on the TON network.
As a non-custodial wallet, Tonkeeper allows users to manage their key phrases, ensuring greater asset control. The wallet is available in desktop and mobile versions through plugins for the Chrome, Edge, and Brave browsers, as well as a Telegram bot.
Additionally, users can purchase cryptocurrencies using fiat currency through a partnered service.
Tonkeeper also enables users to stake Toncoin, with a minimum balance requirement of 2.2 TONS.
3. SafePal
Hardware wallets are widely regarded as the most secure long-term storage solutions for cryptocurrencies, and Toncoin is no exception to this principle.
SafePal is a reliable and versatile wallet designed to manage various cryptocurrencies, including Toncoin securely.
The SafePal S1 wallet has advanced security features, such as an EAL5+ secure element chip, a random number generator, and an air-gapped signature mechanism. These features ensure that private keys remain secure offline, protecting them from potential online threats.
Critical features of SafePal include support for a wide range of cryptocurrencies, seamless integration with Binance for spot trading, and an intuitive user interface. The wallet allows users to manage, exchange, and trade their assets efficiently.
SafePal’s blend of security, functionality, and user-friendliness has made it a popular choice among cryptocurrency users.
4. Tonhub
Tonhub is a non-custodial wallet that offers both mobile and browser versions. It ensures complete anonymity by not requiring user registration or identification. Tonhub incorporates several additional features to protect users' assets, including a PIN code and biometric login.
One of the primary advantages of Tonhub is its compatibility with any other cryptocurrency wallet based on the TON blockchain.
In addition to basic functionalities such as storage and transfers, Tonhub allows users to stake cryptocurrency across various pools. The application also includes a Web3 browser.
However, some users have reported frequent issues related to application updates and occasional crashes.
5. OpenMask
OpenMask is a browser plugin that provides a non-custodial cryptocurrency wallet, supporting TON and non-fungible tokens (NFTs).
The wallet is designed for simplicity, allowing users to store Toncoin, send and receive cryptocurrencies, and conduct buying and exchanging activities. These exchange operations are facilitated through partner services, including DeDust and Ston.fi, StealthEX, and ChangeHero.
Additionally, OpenMask supports Web3 functionality, enabling interaction with smart contracts and connectivity to decentralized applications.
While OpenMask is user-friendly, it does have certain drawbacks, such as frequent application crashes, unexpected reboots, and recurring issues with integrating the Ledger hardware wallet.
Bottom Line
The wallets mentioned above provide varying degrees of security and additional features.
For those prioritizing security, a non-custodial wallet is the recommended option. However, a custodial wallet may be more suitable if ease of use and customer support are more critical.
Beginners who find the technical complexities of traditional wallets overwhelming might find Telegram’s native wallet a more accessible option.
It is important to note that custodial wallets can be more susceptible to hacking, making choosing reputable and well-established services essential. In contrast, non-custodial wallets offer greater security but require users to take on more responsibility for managing their assets.
Experienced users often store long-term cryptocurrency holdings in hardware-based non-custodial wallets while relying on exchanges and custodial services for routine transactions.
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