Now that we’ve learned all about the basics of Avalanche, how can you utilize and store their native token, $AVAX? Since AVAX is used in the Avalanche Network to pay for all transaction fees, it is important to hold AVAX for any future transactions you’d like to make in their network.
I have compiled a list of a few recommended wallets you can use to store your AVAX tokens:
Avalanche Wallet
Avalanche has created a wallet specifically for their own blockchain, and since we’re covering AVAX we feel this is a fitting wallet to start with! The Avalanche wallet is a web wallet, meaning it does not need to be installed. It is simple, secure, and non-custodial (A non-custodial wallet means that only you are responsible for the storing of your private keys).
With this wallet you are able to move your AVAX between each of the Avalanche Network’s chains, each with its own uses of AVAX:
C (Contract) Chain: Paying transaction fees and utilizing smart contracts and interactions with DApps
P (Platform) Chain: Staking AVAX
X (Exchange) Chain: Storage of assets
NOTE: It is always important to double-check the addresses of chains when making transactions, as you don't want your tokens to be caught in limbo, unable to complete a transaction, and potentially never returning back to your wallet. This is a safe practice anytime you make a transaction anywhere.
C Chain Address: Begins with ‘0’
P Chain Address: Begins with ‘P’
X Chain Address: Begins with ‘X’
Unfortunately, there are web bandits out there who will steal your information if you are not utilizing the correct webpage. If you decide to create an Avalanche Wallet, be sure to double-check the URL to make sure it is the official URL(Avax Official Wallet )If you are looking to move your assets out of Avalanche Wallet, it is important to utilize a chain that is compatible with the wallet you are moving your assets to.
Only the C Chain is compatible with Metamask and Binance wallets.
MetaMask
Metamask is a very popular wallet that focuses on being user-friendly.
It is compatible with Android and iOS devices and is available as a browser extension on Chrome or Firefox.
MetaMask is primarily an Ethereum Wallet, as it supports ERC20 tokens (tokens that are created on the Ethereum Network).
MetaMask is also configurable to other blockchains that support the Ethereum Virtual Machine (EVM), such as Avalanche.
Within the Avalanche Ecosystem, it can be used to send and receive AVAX on the C chain and to utilize DApps on the Avalanche network.
Trust Wallet
Trust Wallet is a very popular mobile wallet that also supports the Avalanche C Chain. Similar to MetaMask it can be used to utilize DApps on the Avalanche Network. Trust Wallet is also compatible with some of the biggest blockchain networks like:
ERC20: tokens that are created on Ethereum
BEP2: tokens created on Binance Native Chain
BEP20: tokens created on Binance Smart Chain
ERC721: commonly referred to as NFTs or Non-Fungible Tokens
Trust Wallet is also compatible with other popular blockchains such as Bitcoin, Solana, Polygon, Polkadot, and many, many more, seriously, a lot.
Privacy
When creating any of these wallets, you will receive a Mnemonic key phrase: usually a 12-24 unique word combination, also referred to as a ‘seed phrase’, which acts as a** password to your wallet.**
Unless you like losing access to your assets, it is very important that you store your key phrase in a safe offline place. Keep it very close to your heart.
I recommend storing it in a fireproof safe on a sheet of paper, and if possible try to memorize your seed phrase as there is no way to restore it if you lose or forget it.
Ledger Nano X
Ledger Nano X is a very esteemed and physical hardware wallet that is compatible with both Avalanche and MetaMask wallets. Ledger Nano X utilizes a downloadable software called Ledger Live, which is compatible with desktop and mobile operating systems including Windows, Linus, Mac, Android, and iOS. Once connected with your Avalanche Wallet, all three chains are easily navigable.
As Ledger Nano X is a hardware wallet, your private keys are stored safely at all times within the wallet. If more security is of utmost importance to you, the Ledger Nano X is not a bad direction to look if you’re looking for that extra layer of security (more security never hurt anyone).
Final Thought
while there are plenty of wallets compatible with the avalanche network, each wallet mentioned in this article is widely utilized and respected in the blockchain industry. always remember to store your seed phrase in a secure location and do your due diligence investing into any project as no investment is a guarantee!