Daedalus Wallet Review: Reliable Crypto Wallet or Scam?

Launched in 2015, Daedalus wallet is an open-source wallet designed to store the Cardano (ADA) cryptocurrency. So, is Daedalus wallet a scam, or is it a secure wallet? Discover our review and all the details about this wallet in this article.

What Is Daedalus Wallet?

Daedalus is an open-source wallet launched in 2015 by the creator of Cardano itself. As it is open-source software, any user can modify its source code.

What makes this wallet special is that it is used only for storing cryptocurrency. You can transfer funds from an exchange to your wallet, but buying and selling are not possible.

On related topics, our articles “Trezor Wallet Review” and “Atomic Wallet Review” are a good complement to this read.

Daedalus Wallet Review – Is It a Wallet Worth Recommending?

Daedalus is a very secure wallet for your Cardano, with a very complex algorithm. Your transactions must be validated before they go through, and compatibility with your ADA will not be an issue.

Investors who want to diversify their cryptocurrencies cannot do so with this wallet. We therefore recommend storing your crypto on a secure platform such as eToro.

How Does Daedalus Work?

Daedalus is an online wallet, so it is easy to use. Follow these steps:

• Go to the official Daedalus website to make sure the product is authentic
• Then start the download for your operating system
• Install the software
• Set up your account
• Start using your wallet

Which Cryptocurrencies Does Daedalus Support?

As it is a wallet dedicated exclusively to storing the ADA cryptocurrency, it only supports Cardano. This is the wallet’s big drawback in terms of practicality. To store your other cryptocurrencies, you need to choose another wallet, such as eToro.

Daedalus Support – Which Platforms Does the Wallet Support?

Daedalus is compatible with certain versions of Mac, Linux and Windows. The lack of a mobile app is a drawback in terms of convenience.

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How to Store Your Crypto With Daedalus

Before thinking about storing cryptocurrency in your Daedalus wallet, you first need to own some. You can use a trading platform. If you choose to buy, we have selected a list of the top 4 platforms for buying cryptocurrency:

In our case, to buy your assets, we recommend eToro, the best cryptocurrency platform. Once you have received your virtual currencies, you can store them in Daedalus. You receive the crypto, create a backup, then close your wallet. You will need your password to access your wallet again.

How to Trade Your Cryptocurrencies on Daedalus

Now that you understand how to use this software, we will show you how to carry out a transfer with this wallet.

Create an Account

To make your transfer, you first need to create your account. Here are the steps to follow:

• Go to the official Daedalus website to make sure the product is authentic
• Then start the download for your operating system
• Install the software
• Complete the initial settings
• Set up your wallet
• Create your wallet name and password
• Create your 24-word recovery phrase

Trade Your Crypto

Now that your account is created, you can carry out transactions with your Cardano. It is simple: just click on “Wallet” and choose Send or Receive. You can also track your transfer history from your account.

How to Send Cryptocurrencies With Daedalus

This time, here is the procedure for sending virtual currencies with Daedalus:

• Open your Daedalus wallet
• Enter the public address for your ADA.
• Enter the amount of crypto to send
• Click the “Send” button.

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How to Get a Daedalus Address

A public address lets you receive crypto in your wallet. With Daedalus, the software creates addresses automatically. Just go to the “Receive” tab of your wallet. A new address is created each time you make a transaction to keep your cryptocurrencies secure. The address can be scanned as a QR code or copied as a string of characters.

How to Protect Your Crypto on Daedalus

To protect your ADA in your Daedalus online wallet, the platform asks for your password every time you access your wallet. This wallet is also ranked among the most secure thanks to its full-node system, which means a copy of the Cardano blockchain is downloaded for it to work, and transactions go through validation.

Which Type of Investor Is Daedalus Suitable For?

Daedalus suits beginners because it is easy to use, but the software is only available in English and Japanese.

As Daedalus supports only one type of asset, ADA, it is not suitable for investors looking to diversify their holdings. We recommend a more practical platform such as eToro.

What Level of Security Does Daedalus Offer?

Daedalus is an online wallet with a high-security system thanks to its full-node wallet functionality. The Cardano blockchain is written in Haskell, a complex mathematical language. This makes Daedalus a very secure platform with a built-in structure and formal verification code.

You also have access to customer service, which confirms the legitimacy of this wallet.

Which Hardware Wallets Are Supported?

A hardware wallet is what is known as a physical wallet. Pairing a hardware wallet is a must for any wallet software to keep your crypto secure, and compatibility must be flawless for everything to work properly.

Daedalus can be used with hardware wallets such as the Ledger Nano X, Ledger Nano S and Trezor Model T.

Daedalus Fees and Commissions

Transaction fees on Daedalus differ from other wallets because there is no fixed fee.

The fee is calculated using a specific formula based on a special constant for the value of one ADA coin, one byte of ADA and the transaction size in bytes. The fee therefore amounts to 0.1641702 ADA.

Does Daedalus Have an App?

No, Daedalus does not have a mobile app for the moment.

Exodus vs Daedalus

Exodus has a simple, easy-to-use design that is compatible with all operating systems. A mobile app is also available to manage the 100 cryptocurrencies it supports.

Exodus is indeed more practical than Daedalus, but the fees on this wallet are fairly high.

Coinomi vs Daedalus

Coinomi is also an online wallet with a pleasant interface, available on all operating systems. Coinomi supports more than 120 cryptos.

However, security is better with Daedalus than with Coinomi, even though Coinomi is more practical and functional.

eToro – A Better Alternative for Buying Crypto

In our opinion, eToro remains a better alternative than Atomic Wallet if you want to buy cryptocurrencies, as it offers a larger number of cryptos on the platform and is suitable for beginners.

The platform is also available on iOS and Android smartphones and offers more flexibility for trading cryptocurrencies. Besides Bitcoin, eToro lets you trade more than 120 cryptocurrencies.

It is also one of the best brokers for trading cryptocurrencies, as well as for social trading, so your investments are not limited to cryptocurrencies. If you are looking for an alternative to Atomic Wallet, we recommend eToro.

Here is a short list of the financial products available on this platform:

• Altcoins
• Forex
• Stocks such as Apple, Orange and others
• Stock indices, such as the CAC 40
• Commodities, such as oil and gold

The eToro platform is also regulated by top-tier financial authorities. Finally, eToro targets beginners in particular with its CopyTrader and CopyPortfolio features.

Conclusion: Should You Use Daedalus?

Daedalus is a very interesting online wallet, easy to use with a pleasant, user-friendly interface. The software is free to download, with low transaction fees and fast customer support. Security is ensured by Daedalus syncing with the Cardano blockchain.

If you are looking for a wallet for your Cardano, feel free to download it.

But if you are looking for a full-featured wallet, we recommend the eToro platform.

Read also: CoinPayments Wallet Review · Chia Wallet Review · Blockchain Wallet Review