You’ve got yourself some Ripple (XRP)[1] and now you’re not sure where to store it. There are a lot of Ripple wallets out there and it can be hard to choose the best one. This guide will take you through the various types to help you decide which Ripple wallet is the right one for you.
The very first thing everyone should know about having a Ripple wallet is that, no matter which one you choose, 20 XRP will be required to reserve your wallet address. Think of this like a downpayment, or like a deposit fee. That 20 XRP won’t be usable; it simply keeps your wallet open and activates your XRP on the Ripple Ledger. (This doesn’t apply to storing XRP on an exchange.)
That’s why it’s a good idea to stick to having one Ripple wallet, unless otherwise unavoidable. That’s also why you’ll want to be careful in your wallet choice, so as to start with a wallet that is suitable to your own needs.
With that in mind, let’s dig in.
What are the different types of wallets?
Before diving into the various types of Ripple wallets, it’s important to understand the difference between the different types of wallets in general. Knowing the difference can help determine the best wallet type for your own needs and will, therefore, help lead you to the right Ripple wallet.
Software Wallet
A software wallet is an online wallet. Software wallets can be held on a computer, tablet, phone, or specifically on a website. They are accessed through the internet and stored via the internet. A software wallet is a full digital wallet in every sense of the word.
Typically, software wallets come in the form of a
