Daedalus Wallet review 2021 | All pros and cons
As soon as you start buying cryptocurrency, there are a lot of choices coming your way. One of these choices is where to store your cryptocurrency; you can do this for example in the Daedalus Wallet, read further in this Daedalus Wallet review to find out everything about this Cardano wallet!
Buy Cardano easily for your Daedalus Wallet
1 - Choose a broker: Choose a broker where you can invest in Cardano easily and quickly, such as eToro.
2 - Deposit money: Easily deposit money into your eToro account using one of the many payment methods.
3 - Choose Cardano (ADA): Search for Cardano or select the cryptocurrency from the list of available crypto currencies.
4 - Purchase Cardano for Daedalus Wallet: Choose how much Cardano you want to buy and complete the transaction!
Would you like to buy Cardano to fill your Daedalus wallet as soon as possible? Create an account at eToro via the green button!
In this Daedalus wallet review, you will read all about how to use the wallet, whether the Daedalus wallet is safe and furthermore, we will help you invest in Cardano yourself as soon as possible in order to properly fill the Daedalus wallet!
What is the Daedalus Wallet?
The Daedalus wallet is a wallet intended for the cryptocurrency Cardano. You can install this wallet on Windows, Mac, Linux and smartphones with iOS or Android.
You can download the Daedalus wallet from the website of Daedalus, once you have the Daedalus wallet download and the program is installed you will get a choice.
You can open a new Cardano wallet, connect a hardware wallet, recover an old wallet or import a wallet.
If you have not used the Daedalus wallet before and also create a new Cardano wallet in the software it will take some time before you can use it. This is because the newly created Daedalus wallet still needs to be fully synchronised with the blockchain.
This means that the Daedalus wallet downloads the entire Cardano blockchain and saves it as a copy on your computer. Because the Daedalus wallet works this way you can always make fully reliable transactions.
This is how you can make use of Daedalus Wallet
Time to buy Cardano so you can fill your Daedalus wallet with this digital currency. In the step-by-step plan below, we will help you with the main hurdles that stand between you and your first Cardano.
Step 1: Choose an online broker
Step 3: Deposit money on your account
Step 5: Save in the Daedalus Wallet
Step-by-step plan: how do I get Cardano into my Daedalus Wallet?
Step 1: Choose an online broker
The first step is to choose an online broker or crypto exchange; this will be the platform where you will buy Cardano. It is important to choose a user-friendly and reliable platform.
You can also already take a look at the rest of the offerings of a broker or exchange. If you later decide to invest in other crypto currencies or even in other products, you don't have to make another account at another broker.
It is also useful to look at the costs you incur at a platform. Of course you are always looking to make as much profit as possible on your investment in cryptocurrency, by paying lower costs at the first step you can easily increase your return.
Finally, there are different ways to invest in cryptocurrency. Two ways are mentioned below; at a CFD broker or a crypto exchange. The difference is that with a CFD broker you invest in a contract so you can speculate on the price and with a crypto exchange you invest in the currency itself.
This means that if you want to use a Daedalus wallet it is best to buy Cardano from a crypto exchange. If you invest in Cardano at a CFD broker, you will never be in possession of the crypto currency itself and therefore your Daedalus wallet will be useless to you.
Alternative for Daedalus Wallet: eToro
eToro is our favorite broker for investing in cryptos. The platform offers a clear overview that is very user-friendly for both novice and experienced investors.
For example, you can make use of a number of user-friendly features, such as the CopyTrading function. With this tool, you can view the portfolios of experienced investors selected by eToro and even copy them in their entirety.
This way, you can easily create a strong and diversified portfolio. If you are not yet comfortable with investing, you can first start with a free demo account.
This way you can trade with virtual money without any risk. Are you then ready to invest with real money, you can start low thanks to the minimum deposit of $50 (€42).
At eToro, in addition to buying crypto, you can also invest in a variety of other trading forms, such as trading in ETFs, stocks, indices and commodities. If you trade in stocks and ETFs, you even pay 0% commission.
eToro is regulated by the FCA and CySec. You can therefore confidently invest through this platform without running unnecessary risk.
Would you like to start for free today at eToro? Then create an account today and explore the platform!
Alternative for Daedalus Wallet: Libertex
We first discuss the CFD-broker Libertex which has been around for almost 25 years now. In recent years you can also easily invest in cryptocurrency with Libertex.
Because Libertex has existed for so long, it has also built up a wide range of different trading products in all these years.
At this broker, you can invest in shares, ETFs, commodities, indices and currencies.
When you start at Libertex, you can first get started with a free demo account. In this free demo account you get a wallet with virtual money.
At Libertex you invest in CFDs (Contract For Difference) instead of in the currency itself.
Libertex is headquartered in Cyprus and is also licensed by the Cyprus Securities and Exchange Commission (CySEC) through that office. So you can start trading safely with this broker and be sure they comply with European laws and regulations.
Getting started at an award-winning platform? Click the button below and start trading with Libertex today!
Alternative to Daedalus Wallet: Bitvavo
Another option is the crypto exchange Bitvavo. This company was founded in 2018 in Amsterdam and since then the founders have not been sitting still.
In fact, Bitvavo has in no time become one of the most popular platforms for people to buy their cryptocurrency. There are a number of reasons for this: Bitvavo has a simple and user-friendly platform and charges very low transaction fees.
You pay a maximum of 0.25% for each transaction. Bitvavo now offers more than 50 different cryptocurrencies.
Not long ago, it was announced that all cryptocurrency companies in the had to register with the Central Bank in order to continue their activities. Bitvavo's registration with DNB was quickly approved and therefore it could safely continue trading cryptocurrencies.
Do you also want to enjoy the low transaction costs and user-friendly platform? Then go to Bitvavo via the green button and start investing immediately!
Alternative Daedalus Wallet: Binance
Basically, Binance works similarly to Bitvavo; they are both crypto exchanges. This means that at these exchanges, you can easily invest in the currency itself.
The similarities between Bitvavo and Binance will soon end. Binance has been active in this market for much longer and has become the largest crypto exchange in the world.
Binance has achieved this status by offering a huge range of different cryptocurrencies. At this exchange, you will find all well-known, larger cryptocurrencies, but also hundreds of smaller crypto coins.
In addition, Binance has released several of its own cryptocurrencies, such as the Binance Coin (BNB) and the Binance USD (BUSD). You can use these coins most conveniently on Binance's platform to reduce your transaction costs.
Do you also want to get started at the world's largest crypto exchange? Click the green button below and create your account at Binance today!
Alternative Daedalus Wallet: Capital.com
Finally, we discuss Capital.com, at this broker too you can trade in CFDs of cryptocurrency. Besides Crypto, Capital.com also offers stocks, ETFs, indices, commodities and currencies.
Whereas you could have read earlier that the CFD broker Libertex has been around for almost 25 years, Capital.com is quite different. This broker has only just been established, but is trying to quickly spread throughout Europe; it now has offices in England, Belarus and Cyprus.
Capital.com is not only licensed by CySEC, but also by the Financial Conduct Authority (FCA). This means that this broker also guarantees that you can trade safely and reliably and that it complies with all European laws.
The Capital.com platform has won several awards for best software, best online trading platform and most innovative broker. You can use Capital.com via the web platform or via the iOS or Android application.
Would you like to get started at an award-winning platform? Click the green button below and get started today at Capital.com!
Step 2: Create an account
Hopefully, you have been able to make a good choice from the options above. After that choice, it is time for the next step; creating an account at a broker.
In this step-by-step plan, we will take eToro as an example. To create an account at this broker, you initially only need an e-mail address and password.
After filling in this e-mail address and password and confirming your e-mail address, you have immediate access to the platform via the free demo account. So you can start right now with virtual money.
To start playing with real money there is one more small step. You have to verify that you are behind the account by sending in a copy of your ID, and you also have to fill in a questionnaire that tests your knowledge and experience with investing.
Step 3: Deposit money into your account
eToro will send you a message as soon as your verification has been processed and approved. From that moment, you can switch to a real money account and deposit money into your account.
At eToro, this is done simply via a payment method such as iDEAL, PayPal, bank transfer or credit card. If you deposit money via one of the digital payment methods, it is immediately credited to your account.
You pay no extra costs with these payment methods, you can even get a discount if you deposit higher amounts at once. The minimum starting amount at eToro is $50/€42.
Step 4: Purchase Cardano for the Daedalus Wallet
The platform of eToro is not difficult to use. To search for Cardano, you can simply enter Cardano or the abbreviation ADA in the search bar or open the entire list of cryptocurrencies and choose Cardano from there.
As soon as you go to the right market (ADAUSD) you can invest in Cardano. After you have clicked on the green button "buy", you'll get the screen you see on the left.
First you can take a good look at the price or even do a technical analysis. Then you can choose how much you want to invest and whether you want to set a leverage, a take-profit and a stop-loss.
Step 5: Save in the Daedalus Wallet
To buy Cardano for your Daedalus wallet you will have to get started at a crypto exchange like eToro, Bitvavo or Binance. You can choose to leave your Cardano at these exchanges or send it to another Cardano wallet like the Daedalus wallet.
To send your coins from the exchange to the Daedalus wallet simply use an address from your Daedalus wallet. You fill this in on the exchange, determine how much Cardano you want to send and complete the transaction.
How do I use the Daedalus Wallet?
You can download the Daedalus Wallet from the Daedalus website, the download is quick and the installation does not take long either.
Once you open the software you can create a Cardano wallet or use an old Cardano wallet.
You can use as many wallets as you like with the Daedalus wallet, this way you can manage multiple Cardano funds from the same software. Each wallet you create comes with a standard password that you use to log in and a recovery seed of about 12 to 4 words.
You have to write down this recovery seed somewhere and keep it safe, because with only this recorvery seed people can find out about your wallet. In addition, you can use the seed itself if you have forgotten your password or for some other reason no longer have access to the Daedalus wallet.
Still not convinced by this Daedalus wallet review? Then read our article about the best crypto wallets for 2021.
Why choose the Daedalus Wallet?
Most reviews show that the most important thing for users is that the Daedalus Wallet is completely secure. There are increasing numbers of cyber criminals who are targeting investors' cryptocurrencies.
Because you now know that the Daedalus wallet reviews do indeed rate security highly, you can choose this wallet well. The Daedalus wallet is especially suitable for people with large Cardano stocks.
Because you have the possibility to use multiple Cardano wallets within the same software you can easily divide your Cardano stock.
You can even choose to keep certain parts of your Cardano in cold storage.
This way you keep your Cardano completely offline and there is even less opportunity for cyber criminals to get to your Cardano.
You can also use the wallet in combination with a hardware wallet. In the software you can pair your hardware wallet with the Daedalus wallet.
Details Daedalus Wallet
The wallet itself is a light programme that does not take up much space on your computer even with the Daedalus wallet download.
However, as soon as you start using the software, the wallet starts downloading the entire Cardano blockchain.
For this copy of the entire blockchain, you do need some more space. This blockchain is of course growing all the time, but at the time of writing you need to have about 6 GB free on your computer or smartphone to be able to complete this Daedalus wallet download.
Advantages and disadvantages of Daedalus Wallet
Before you start using a wallet it is important to know what you need to pay attention to.
Tips before using the Daedalus Wallet
The various reviews show that these are the most important issues that users come up against.
Make sure you have enough space on your computer
Because the entire Cardano blockchain needs to be downloaded, it is important that you have enough space on your computer to use the wallet. Make sure you have more than 6GB of space on your hard disk.
If you have less space than this, the Daedalus wallet will start downloading the Cardano blockchain, but will not be able to finish it. In order to be able to use the wallet properly, you will really have to download it completely.
Always pay attention to the addresses
Cryptocurrencies generally work with addresses that consist of a long series of numbers and letters. You are not going to remember the address of your wallet, so it is important to always check if you are sending the Cardano to the right address.
If you send a cryptocurrency like Cardano to the wrong address, you will most likely lose this stock of Cardano. Therefore, when sending crypto, always make sure that you send it to the right address.
Daedalus Review: Frequently Asked Questions
The wallet is a full-node Cardano wallet. This means that after you download the Daedalus wallet the software also copies the entire Cardano blockchain to your computer, so you can always manage your Daedalus wallet without being dependent on other servers.
Because this wallet has chosen to download the entire copy of the Cardano blockchain and store it on your computer it is extra safe. You are independent of other parties and so you can safely leave your coins in the wallet.
While some wallets can store many different coins, the Daedalus wallet is only suitable for the currency Cardano. Cardano has become increasingly popular in recent years and they see themselves as an environmentally friendly alternative to Bitcoin.
You simply log in to your Daedalus wallet on the device where you have installed it. You can use it on Windows, Mac, Linux and smartphones running iOS and Android.
You can easily get coins out of your Daedalus wallet by sending them to another wallet. This can be for example the wallet on Binance or Bitvavo to be able to sell the coin again.
Daedalus Wallet: Conclusion
The Daedalus wallet is a safe wallet to store your Cardano in. You can download the Daedalus wallet and while doing so you also download a full copy of the Cardano blockchain, in addition, every transaction ever made is validated by the Daedalus wallet.
This way the wallet is extra safe and you don't need any other servers to manage your Cardano wallet. This makes it perhaps the best place to store your Cardano.
Do you also want to start investing in this safe Cardano wallet? Then quickly open an account at eToro and start today with your first investment!
Do you also want a full Daedalus Wallet?
Create an account at eToro and start immediately with your first investment in Cardano!