Bitcoin’s wallets are known to be free. Ripple wallets, however, require users to have 20 XRP for booking their wallet address. That’s why it’s essential to choose the right wallet the first time, not to spend 20 XRP on multiple addresses. There are different types of Ripple wallets currently available in the market. Besides, lots of exchanges offer to buy and to store Ripple on their exchange. Let’s review each of the wallet types and their strengths and weaknesses. Software XRP wallets Currently, the most common way to store your cryptocurrencies is using a software wallet. These come in a variety of shapes and forms. There are online wallets, which you can access from pretty much any device wherever you are. Still, they aren’t the safest option as they store your private keys online and be subject to a cyber attack. There are also apps for your mobile devices, computers running on various operating systems, browser extensions, and so on. For your funds’ safety, we recommend using software wallets that only store your private keys offline on the particular device you’re currently using. Mobile wallets Given the society’s current fascination with gadgets, it is easy to conclude that the best place to store XRP is in the Ripple mobile wallets. Their main advantage is access to assets from a smartphone anywhere (subject to Wi-Fi or mobile Internet). But if we talk about security, then this type of wallet is considered the most weakly secured. It’s all, in particular, due to the spread of viruses and malicious applications on mobile platforms that steal private keys. The best option for storing Ripple in this category is the mobile version of Toast Wallet. You could also consider using Ripple-enabled multi-currency mobile wallets like Coinbase Wallet, Jaxx, or Edge. Desktop/web wallets Desktop wallets are apps which you can download on your computer. Some companies offer both mobile and desktop versions of their wallet with an option to sync the two. Web wallets, also often referred to as online wallets, are websites. They’re perhaps the least secure method of storing cryptocurrencies. If you decide to use such a wallet, keep in mind that in most cases, your private key will be stored on the company’s server. It means that you’re not really in control of your wallet and, by extension, your XRP. Best WalletsOperating SystemsOperational CostsRippexLinux, macOS, WindowsRipple/BRL transfer – 0.3 percent Ripple/BTC transfer – 0.2 percent Ripple/LTC transfer – 0.2 percentAtomic WalletMacOS, Windows, LinuxCustody-freeExarpyany web browser0.025XRP per transactionCoinPaymentsany web browser0.5 percent flat feeCryptonatorWeb browser from a laptop, desktop, or mobile devices.0.10000000 XRP for sending money Exchange wallets As a rule, exchanges choose to store Ripple by those who frequently trade. However, when selecting such a site, it is worth remembering that you will not have private keys from wallets with assets. And this is a significant risk, given that crypto exchanges are often subjected to hacker attacks, resulting from which cybercriminals steal user funds. Therefore, it is recommended to keep on exchanges only those Ripple coins actively used in trading. At the same time, it is advisable to distribute funds between several sites to diversify risks. Simultaneously, creating a wallet for storing Ripple on the exchange in most cases does not require the obligatory purchase of 20 XRP to activate it. And for many, this is a strong argument in favor of keeping Ripple on cryptocurrency exchanges. Binaryx Wallet is a free secure wallet for storing and transferring cryptocurrency funds. You can follow the markets and track your profits. You can also use the Binaryx wallet to organize your online portfolio of highly encrypted cryptocurrencies. It allows you to manage all cryptocurrencies in a single wallet. In addition to storing assets, Binaryx Wallet offers to accept and send digital currencies. Traders can use unique addresses or QR codes to send and receive digital currencies. Hardware XRP wallets Hardware wallets are compact tamper-proof USB devices made especially so that you can store your cryptocurrency funds offline. They can generate private keys and digital signatures offline and within the device itself, which makes them immune to hacking. Moreover, some versions have security grid cards, and most modern ones come with a screen to double-check and sign off for transactions. There is also an added layer of security in the form of a recovery phrase. You can use it to restore your funds even if the wallet itself gets damaged, lost, or stolen. In this case, the best choice is Ledger Nano S. It supports storing of 100+ tokens and works with any Chromium-based web browser. The minimum price is 54 USD. Paper wallet While being significantly less of technological advancement than hardware wallets are, Paper wallets are perhaps on par with them in storing funds safely. Essentially, paper wallets are a piece of paper with the wallet’s public and private keys printed out on them. The keys are typically generated offline, so the Internet and hackers won’t even be aware of its existence. However, they have one major disadvantage – they’re a piece of paper that can be easily misplaced, lost, damaged by fire or water, and so on. But there are steps which you can take to keep it safer — for instance, ordering a wallet with a tamper-proof seal, laminating it, burying it in your garden, or putting it into a safe deposit box. How to set up a Paper wallet One of the most secure ways of storing your digital currency, including Ripple, is setting up a paper wallet, as it’s not connected to the Internet. The easiest way to create your Ripple paper wallet is to utilize the Minimalist Ripple Client. First off, you’ll have to confirm your identity. For that purpose, enter a secret key under the identity heading here. It’s also possible to set up a ‘Generate Identity’ to generate a public and a private key with the aim of the app. The public key starts with “r” as a rule, while the private one is the 2nd key under the public one. Please note that users must write down those generated or chosen keys on a piece of paper. Only this way they can access their funds. Until you send 20 XRP to your wallet address, the wallet will be offline. Finally, don’t forget to send funds from a reputable exchange only. Which Ripple Storage Method Is Right For You in 2020 Regardless of where you store XRP, it is essential not to forget about the precautions in backing up data to restore access to assets (private keys, backup phrases, etc.) in multiple copies on reliable media, preferably disconnected from the network. Otherwise, everything will depend on your preferences, goals, and desire to secure XRP assets: For long-term storage of serious amounts, it is best to use Ripple hardware and paper wallets, or at least desktop ones;Exchanges are suitable for daily trading;Mobile wallets should only be used by advanced users who are confident in the security of their gadgets;Online wallets are suitable for almost everyone. However, storing all your Ripple coins on them is still not recommended. The ideal option would be to proportionally distribute your assets between different wallets to minimize all existing risks as much as possible.