Synthetix is a derivatives liquidity platform that’s taken the world by storm. As a result, Synthetic native token, SNX has taken off in the DeFi community as both an investment and for use within the platform itself. As an Ethereum based token, SNX has a wide variety of great wallets too choose from. However, there are so many wallets out there, it can be easy to pick the wrong one or just get confused altogether. Hence, we put together this handy wallet choosing guide to help you learn what an SNX wallet is and how to pick the best one. Let’s dig in.
Key talking points:
A Synthetix wallet is a wallet that holds SNX. Some wallets just let you withdraw, deposit and hold SNX while others have more advanced features like staking, trading, multi-currency and more.
As an Ethereum-based wallet, an SNX wallet is likely a multi-coin wallet featuring dozens if not hundreds of cryptocurrencies. Simply find the Synthetix wallet in the app and you’ll instantly get access to a wide array of features that a particular wallet offers. Some wallets come with a private key you use to interact with the Ethereum blockchain while others control the key for you and give you other security features like 2FA and ID verification to lock your funds. What you prefer is up to you.
When researching your Synthetix wallet, make sure it comes with the following features:
The short answer here is “yes.” If you buy SNX on a crypto exchange, then that exchange will have a built-in SNX wallet for you to hold SNX until you decide to trade it or withdraw it. Even if you manage to buy SNX with cash from your friend, you still need a wallet to store Synthetix.
Unfortunately not. Some wallets are built by criminals. These wallets have backdoors for hackers to easily steal your private keys and take off with your money. Other wallets are just built by bad developers who leave vulnerabilities in the wallet unbeknownst to them. Then, you have perfectly well-made wallets that just happen to lack high-quality security features like 2FA, security audits, etc. That being said, there are plenty of secure SNX wallets out there so don’t be afraid. Some wallets even come with insurance to protect your funds in the event of a bad event (e.g. like YouHodler wallets for example).
Any good Synthetix wallet should be free. If someone is trying to sell you a Synthetix wallet, be careful. All the best wallets out there are 100% free. It doesn’t cost anything to use a Synthetix wallet aside from the blockchain fees associated with every transaction. Some wallets choose to cover those fees for you while others let you choose the fee (higher fees result in faster transaction time).
The crypto industry has come a long way over the years. Nowadays, Synthetix wallet apps are so user-friendly, anyone can figure it out. To deposit or withdraw Synthetix using your wallet, just open up your app and find Synthetix in the wallet section. You should then see buttons to deposit or withdraw Synthetix. Simply choose an option and follow the instructions. If you want to deposit, a deposit address will be provided. Just copy and paste that address so the person sending your Synthetix can do so. If you are withdrawing Synthetix, then you need to copy and paste the address from the wallet on the receiving end of the transaction so you can send the Synthetix there.
Synthetix wallets come in all sorts of lovely shapes and sizes. So finding the best one for you should be a relatively easy task. Here are a few different types you can explore.
As its name suggests, a desktop SNX wallet is one that’s installed on a desktop computer or a laptop. Users get complete control over the wallet just as they would with a mobile wallet, just in a desktop environment. The main difference is that some desktop wallets have more advanced functionality like the ability to operate a complete node or full crypto exchange integration.
More or less, a mobile SNX wallet performs the same functions as a desktop wallet but on a mobile device such as a smartphone. Mobile SNX wallets are often more convenient due to their portable nature and the ability to scan QR codes for quick crypto transactions in stores or between peers. There are SNX wallets for all types of operating systems like Android or iOS.
Web SNX wallets are wallets that exist on a website or online service that allow users to send and receive cryptocurrency in addition to storing it. These wallets can be accessed anytime, and anywhere as long as there is the internet. Some of the most popular crypto services in the world are web wallets such as Coinbase, Kraken, Binance, and YouHodler. Security is a concern for web wallets but that can be managed with due diligence to make sure the web wallet you choose has a good history of high-level security and insurance. It’s also wise to use web wallets in tandem with the more secure hardware wallets.
There are countless articles out there dissecting different crypto wallets, trying to decide what is the “best Synthetix wallet.” To be honest, there is no “best SNX wallet” for us as a collective whole. However, there is a Synthetix wallet that is best for you and that depends on your wants and needs. At YouHodler, we tried our best to create a diverse, multi-faceted wallet that appeals to all sectors of the crypto industry. Is our wallet the best Synthetix wallet? Well, that’s for you to decide.
When asking what the best Synthetix wallet for beginners is, it’s important to first dissect what a beginner demands from a Synthetix wallet. Most importantly, is a user-friendly interface. Beginners who are new to crypto are taking in tons of information every day and they don’t need a complicated app on top of that to learn. Clean, simple interfaces are best for beginners with minimal navigation required. That’s why we designed YouHodler’s interface to appease beginner users with simple designs, clear buttons, and plenty of information databases to dig into.
Advanced Synthetix users and investors also appreciate clean simple interfaces on their Synthetix wallet; however, they also want something flexible enough that meets their high demands. Advanced crypto traders want a wallet with low transaction fees, built-in crypto exchange capabilities, advanced security, staking features, and advanced financial services like loans and crypto trading. Advanced users are busy people and they can’t be bothered using multiple apps for different activities. That’s why we designed YouHodler to be the true one-stop-shop solution for advanced users with a wide array of FinTech services to fit their every need.
Data suggests there will be over 18 billion mobile devices in use around the world by the year 2025. Suffice to say, we live in a mobile world and that’s only going to increase. Hence, mobile Synthetix wallets are perhaps the most important wallets in development. There are thousands to choose from and the key is to find one with maximum efficiency and security. YouHodler’s mobile wallet has 2FA, 3FA, and the ability to lock your funds from withdrawal--requiring ID verification to unlock it. On top of that, the team runs regular security audits to ensure all wallets are secure from malicious actors. For people ``on the go” in a mobile economy, want to make sure their digital wallets are present, protected, and easy to use. Not all Synthetix wallets match this quality but YouHodler tries its best to.
As mentioned earlier, it’s a smart idea to buy a Synthetix hardware wallet to use in cooperation with your mobile or web wallets. Synthetix hardware wallets are ideal for the long-term storage of crypto assets. Ideally, you want to keep some on a mobile or web wallet for payments, trading, and staking while keeping the rest safely in a secure hardware wallet. The Ledger series of hardware wallets are extremely popular and recommended by most advanced crypto users. Trezor is another brand worth mentioning.
Once again, this comes down to the idea of “not your keys, not your crypto.” The best Synthetix wallet for long-term software storage are wallets where you fully own the private keys. It’s best to use this in combination with more diverse web wallets to enjoy the benefits of both worlds.
The best Synthetix wallets for security are the ones that prioritize security. Stay away from wallets that don’t have PIN options, 2FA, or basic security features. YouHodler has a PIN or thumbprint required to enter the app in addition to 2FA and 3FA upon request. We also run regular security audits to ensure our walls are strong and impenetrable. Lastly, we are backed by Ledger Vault and Fireblocks for insurance and secure crypto transaction management solutions.
While the battle between iPhones and Android phones wages on, it’s nice to know that crypto doesn’t pick sides. Most--if not all--of the most popular Synthetix wallets can be found on both Android and iOS operating systems.
Click here to download YouHodler for Android.
We’re also at the Apple store too! Click here to download YouHodler for iOS and ready all about our Synthetix wallet functionalities for your iPhone.