ADVERTISEMENT

The best Ravencoin wallets tested – Review and guide

To make it as easy as possible for you to find the best Ravencoin Wallet, we have created the following Wallet-Guide for RVN. In this article we show the best Ravencoin Wallets, sorted by Hardware-, Desktop-, Mobile- and Online Wallets. Before we introduce you to the individual wallets, however, we would first like to give you an introduction to the topic of wallets and explain the basics of crypto wallets. If you like, you can also skip this part (click here) and jump directly to the best hardware wallets for Ravencoin.

The basics: Wallet 101

Wallets for cryptocurrencies show considerable differences compared to the well-known wallets for paper money. While physical money can be stored in the latter, wallets are responsible for storing digital currencies. Beyond this obvious difference, however, there is another more serious difference.

A wallet for cryptocurrencies does not store the asset itself (which is stored on the blockchain), but the access key to access the wallet. This is the so-called private key. If you got the private key, you can access the cryptocurrency and also send it. The Private Key is therefore your secret and should never be passed on!

The wallet is therefore only a user interface to access the blockchain using the private key. The statement that the “cryptocurrency is stored on the wallet” makes no sense. Depending on whether the private key is stored online or offline, wallets can be divided into two types.

  • Cold Wallets (offline) and
  • Hot Wallets (online)

Cold Wallets are characterized by the fact that the private key is never connected to the Internet. In contrast, hot wallets use a storage medium that is at least temporarily connected to the Internet. This serious difference is the reason why large investment firms and cryptocurrency exchanges store the majority of their customers’ money on a cold wallet. Via the Internet connection, hackers have a potential gateway to hack the wallet.

You should take this as an example! Cold wallets offer by far the best protection and can be purchased in the form of hardware wallets. The big disadvantage of hardware wallets is that, unlike other types of wallets, they are not free of charge (purchase costs are incurred, any further use is then free of charge).

In addition to the theoretical introduction to the topic, we would like to give you two practical recommendations:

1.Even before you buy Ravencoin, you should already have set up a Ravencoin Wallet. If you buy Ravencoin from a broker, you can enter your own wallet address directly at the time of purchase. This may save you unnecessary fees.

2.Although cryptocurrency exchanges and their wallets are the easiest and fastest way to store your Ravencoin, you should use another external wallet. The storage of RVN on the wallet of a cryptocurrency exchange has two major disadvantages: On the one hand you give the private key to the exchange, on the other hand cryptocurrency exchanges are very popular targets for hackers, which could even lead to the theft of cryptocurrencies at large exchanges such as Binance.

The best Ravencoin hardware wallets

Hardware wallets are the safest option to store Ravencoin’s private key! According to the terminology of a cold wallet, the hardware wallets store the private keys offline. This means that the private keys themselves never connect to the Internet during the execution and confirmation of a transaction.

This is realized by the fact that the operating systems of the hardware wallets are designed in such a way that only “non-critical” components go online to retrieve and receive the data from the blockchain. This security mechanism means that hackers have virtually no chance of accessing the private key.

The best hardware wallets are also protected against “analog” theft. If a thief steals the device, they offer both PIN and 2-factor authentication protection. This means that the Ravencoin is well protected even in the event of physical theft. The only “real” disadvantage of hardware wallets is that they are not free. In addition, however, the advantages clearly outweigh the disadvantages:

The advantages of Ravencoin hardware wallets:
✅ Highest security standard
✅ Storage of private keys offline
✅ Hardware wallets mostly support a large number of cryptocurrencies
✅ Regular updates by the manufacturers
✅ Very good customer support

The disadvantages of RVN Hardware Wallets:
 Not free of charge
❌ No deposit insurance as offered by eToro

Below we present the two best hardware wallets for Ravencoin. This is only a Top-2, since there is currently no other manufacturer of hardware wallets than SatoshiLabs (Trezor) that supports Ravencoin. Ledger is currently working on the implementation of RVN, but was not finished at the time of writing. You can follow the current processing status here (click!).

1.Trezor Model T

The Trezor Model T was launched May 2019 and replaced the Trezor One. The new flagship of SatoshiLabs offers numerous new functions and a larger number of supported cryptocurrencies. Together with the Ledger Nano X, the Trezor Model T is one of the best hardware wallets on the market. The new features include:

  • Touchscreen: A new feature is a touch screen which must be used to release the transactions on the device.
  • Firmware Upgrade: Trezor Core has been improved for security reasons.
  • More powerful processor: The processor is significantly faster than its predecessor, making operation even smoother.
  • Card slot for Micro-SD: New is also a Micro-SD card slot, which can be used for data encryption.
  • USB-C port: The “old” USB port has been replaced by a new USB-C port.

Ravencoin can be managed via the third-party software, the Mango Wallet, via the two Trezor hardware wallets.

Supported cryptocurrencies
Using third-party software, the Trezor Model T can manage more than 1,000 different cryptocurrencies. Currently 51 cryptocurrencies can be sent and received directly via the new Trezor Bridge software. A complete list of supported cryptocurrencies can be found on the official Trezor website.
Operation
The Trezor Model T is very high quality. The touch display works very well and simply. In addition, the new Trezor Bridge software is very intuitive to use, making it ideal for beginners.
Transparency & Fees
The Trezor software and hardware is largely open source and publicly available on GitHub. The code was designed by Trezor with third-party extensibility in mind. There are no additional fees for using the Trezor software other than the cost of purchasing the device and the Ravencoin network fees.
Security
Trezor has launched the first hardware wallet, the Trezor One, which was widely used. This gives Trezor the longest experience in the development of hardware wallets, which is also reflected in the quality and security standards of the Trezor Model T. The Trezor Model T is the most secure hardware wallet for Ravencoin (RVN).

2.Trezor One

The Trezor One (formerly only Trezor) is probably the best known Ravencoin hardware wallet on the market because it was also the first hardware wallet. The wallet was first published in 2014 by SatoshiLabs, a company based in the Czech Republic. SatoshiLabs claims that its hardware wallet is the most trusted and secure way to store your Bitcoins. More than a million Trezor One buyers have already believed this promise.

Supported cryptocurrencies
In total, Trezor One can manage over 1,000 different cryptocurrencies. However, this only works through the use of third-party software, such as Electrum, bitwala, and MyEtherWallet. You can send and receive the following cryptocurrencies directly with the Trezor software: Bitcoin, Ethereum, Litecoin, Dogecoin, ZCash, DASH, Namecoin, Bitcoin Cash, Ethereum Classic, Bitcoin Gold, Ubiq, NEM, Expanse and all ERC20 tokens.
Operation
The Trezor One is very easy to use, even for beginners, because the user interface is very clear.
Transparency & Fees
Most of Trezor’s hardware and software is publicly available on GitHub. The transaction fees are just as transparent. Before you make a transaction, you can determine how much the transaction fee should be, depending on how fast your transaction is to be processed on the network. In addition, there are no additional fees for using the Trezor software.
Security
Ledger and Trezor are the best known manufacturers of hardware wallets. This is certainly also due to the fact that they have the longest experience in developing hardware wallets. Accordingly, Trezor hardware wallets are considered to be very secure.

The best desktop and mobile wallets for Ravencoin

Desktop and mobile wallets are among the hot wallets and are programs that are installed on a computer or smartphone. The private keys are usually stored encrypted on the device (in a separate file) so that the user interface, the wallet, can access them and sign and release a transaction with them.

In contrast to hardware wallets, they have the disadvantage that the private keys are stored on a device that is at least temporarily connected to the Internet. However, it is also important to mention that the private keys are “at least” stored on your own computer and not on a company server, such as an exchange wallet. Thus, only the user of the Wallet and no third party, not even the developers, has access to the Ravencoin.

This makes the security of the desktop and mobile wallets considerably higher than that of an exchange wallet. However, this advantage also entails a great deal of responsibility. Since the private keys are stored on the user’s own computer or smartphone (encrypted), the user himself is responsible for protecting the private keys from hackers using anti-virus and anti-spyware software. All in all, however, desktop and mobile wallets offer the highest security standard among the free wallets.

The advantages of Ravencoin desktop and mobile wallets:
✅ Sole control over private keys
✅ Free to use
✅ Significantly higher security than with exchange wallets
✅ Multi-Coin-Wallets support many different cryptocurrencies
✅ Mobile access to Ravencoin (RVN) via smartphone

The disadvantages of Ravencoin desktop and mobile wallets:
❌ Less security than with a hardware wallet (more vulnerable to hacker attacks)
❌ No deposit insurance, e.g. with the eToro Wallet
❌ Caution when selecting unknown wallets: danger of fraud

The best Ravencoin wallets for desktop and smartphone
  1. Official Ravencoin desktop wallet (Linux, Windows, MacOS)
  2. Official mobile Ravencoin wallet (iOS and Android)
  3. Trust wallet (iOS and Android)
  4. Edge wallet (iOS and Android)
  5. Exodus wallet (Linux, Windows, MacOS, iOS, Android)

1.Official Ravencoin desktop wallet

Ravencoin wallet

The best and mostly safest option for a free wallet are the official wallets of the developers of the cryptocurrency. This is also the case with Ravencoin. The official RVN Wallet is our first choice available for Windows, Linux or Mac OS. It is important to know that this is a full node wallet that downloads the entire blockchain.

Especially for newcomers and occasional users this is probably a considerable disadvantage, because not only the entire blockchain has to be downloaded, but also a continuous synchronization is necessary. At the time of writing, Ravencoin recommended at least 8 GB of free memory, which will increase over time.

A big advantage of the wallet, on the other hand, is its safety. As it is the official wallet of Ravencoin, users can be sure that the code of the wallet will be constantly developed further. Furthermore, the private key is stored exclusively on the desktop PC in encrypted form. In addition, the wallet will always support the latest Ravencoin features. In the event that the computer is defective or the wallet is to be installed on another device, a backup seed can be created.

To download the wallet you can visit the official website of Ravencoin.

Supported cryptocurrencies
Only Ravencoin (RVN) is supported.
Operation
The biggest criticism for using the RVN Wallet is the operation. Since this is a Full Node Wallet, the blockchain must be downloaded once and then permanently updated to be synchronized with the blockchain. This is an obstacle, which can be very big especially for beginners and technically not gifted people.
Transparency & Fees
As with any other wallet, the fees are displayed transparently before a transaction. The source code of the wallet is open-source and therefore publicly available on GitHub.
Security
The security of the wallet is very good because it is published by the Ravencoin Foundation and has been peer reviewed..

2.Mobile wallet for Ravencoin

Ravencoin mobile wallet

The same technical descriptions that apply to the Desktop Wallet also apply to the mobile version of the Wallet. However, there is an advantage. The mobile Ravencoin Wallet is a “Light Client”. This means that in contrast to the desktop wallet, the entire blockchain does not have to be downloaded and continuously updated (which would be technically difficult with a smartphone).

However, the mobile version of the official Ravencoin Wallet can also offer the same high level of security. Updates for the mobile Ravencoin Wallet will also be published regularly by the developers of Ravencoin. In addition, the private keys are stored exclusively on the smartphone, for which a backup can also be created.

In addition, the Wallet App can be protected with a PIN to protect it in the event of physical theft. It is worth mentioning that the app was financed by Medici Ventures, a venture capital division of Overstock.com. It can be downloaded from the App Store or Google Play Store.

Supported cryptocurrencies
The official mobile Ravencoin wallet only supports RVN.
Operation
The wallet is very easy to use and clearly arranged. The operation should therefore not be a challenge even for beginners.
Transparency & Fees
The code of the wallet is open-source. There are no fees for download and use.
Security
The security of the wallet is very good for the reasons mentioned above.

3.Trust Wallet

The Trust Wallet is a Multi-Coin-Wallet especially developed for Smartphones (iOS and Android), which is developed by a company called Six Days LLC (US Office). It supports 42 cryptocurrencies and over 2,000 different ERC20 tokens. The name of the wallet (“Trust”) should already indicate the focus of the wallet on which the developers have placed their focus: Security and anonymity.

According to these requirements, the Trust Wallet was audited by the security company Stateful. In addition, the wallet operates in a server-free environment so that each wallet is installed locally and the private keys are stored locally only. This means that neither the developers nor third parties have access to the private key. In addition, the Trust Wallet can convince with the following additional features:

  • Integration of a decentralized exchange: The wallet has integrated the decentralized exchange of the Kyber Network.
  • Use of FaceID and TouchID: In addition to the classic authentication methods, FaceID and TouchID can also be used to protect the wallet.
  • Real-time portfolio: View the entire crypto portfolio and its value in real time
  • Push notifications: Push messages can be activated to be informed about transactions.

The download links can be found on the Trust Wallet’s official website.

Supported cryptocurrencies
A total of 42 different cryptocurrencies are supported: Bitcoin, Ethereum, Ethereum Classic, GoChain, POA Network, VeChain, Tron, Wanchain, Callisto, ICON, Litecoin, Bitcoin Cash, TomoChain, Dash, Ravencoin, Zcoin, Ripple, Kin, Nimiq, Thunder Token, Aion, Stellar, Tezos, Theta, Doge, Ontology, Cosmos, Groestlcoin, Qtum, Viacoin, Binance Coin, IoTeX, Ravencoin, Zilliqa, Waves, Aeternity, Nebulas.
Operation
The wallet is very easy to use and understand. It has an intuitive user interface and a whole range of useful functions that are specially tailored to the user.
Transparency & Fees
The code of the wallet is open-source and has been reviewed by the community. Overall, the wallet can be classified as very secure and trustworthy. The Company shall not charge any fees behind the Wallet for the use of the Wallet.  
Security
Due to the features described above, the wallet is secure and trustworthy.

4.Edge Wallet

Edge

The Edge Wallet is also a mobile wallet available for Android and iOS. In addition to Ravencoin, it can manage 23 other cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Monero and Dash. A special feature, which sets the wallet apart from other competitors, is the possibility to transfer US-Dollar and Euro to the wallet and buy Ravencoin.

In addition, it has a good safety standard. This allows 2-factor authentication, a PIN and a Touch ID to be set up to protect the account. Very practical for owners of several smartphones is also that the wallet can be used from several end devices. This is possible because the private keys are not stored on the user’s device.

According to Edge developers, storing the user’s private key leads to a security vulnerability because malicious applications with access to the device’s memory can easily access the private key. To further increase security, the Edge Wallet stores the user’s password on a corporate server using a CPU- and memory-intensive algorithm (Scrypt) in the form of a pseudo-random number.

To download the wallet you can visit the official website of the Edge Wallet (click!).

Supported cryptocurrencies
Bitcoin, Ethereum, Litecoin, Monero, Ripple/XRP, Bitcoin Cash, Dash, Augur, Wings, Indorse, Zcoin, Feathercoin, DigiByte, Vertcoin, Bitcoin Gold, DAI, Stellar, Smartcash, Groestlcoin, Bitcoin SV, EOS, Ravencoin, Dogecoin, Qtum.
Operation
One of the main focuses during the development of the Edge Wallet was the easy handling. The developers also succeeded in doing this very well.
Transparency & Fees
The Edge Wallet is fully Open Source and has been reviewed by leading security experts, such as the Open Bitcoin Privacy Project.
Security
The Edge Wallet uses a special security model in which the private key is generated and stored in the form of a pseudo-random number by Scrypt. Instead of giving users the usual seed phrase, users choose a username and password. Alternatively, the use of a seed can also be activated

5.Exodus Wallet

Exodus Wallet

The Exodus Wallet is a popular Multi coin wallet that can manage more than 100 cryptocurrencies. It is one of the oldest Multi coin wallets on the market and was released in July 2016. The wallet comprises three main components: the multi-join wallet, a portfolio tracker (in 30 Fiat currencies) and ShapeShift as a cryptocurrency exchange platform.

The security and anonymity of the wallet is basically good. The private keys are stored exclusively locally and encrypted on the user’s computer. No personal data will be requested before the download. Nevertheless, we have two criticisms of the Exodus Wallet:

  • Backup function via e-mail: Sending the backup by e-mail is potentially unsafe.
  • No 2-factor authentication (2FA): Since there is no 2FA, hackers “only” need to crack the password via the e-mail and then have full access to the wallet.

If these are not K.O. criteria for you, you can follow the following link, which will take you directly to the official website of the Wallet (click here!). The Wallet is available as desktop version for Windows, Mac and Linux. Smartphone versions for iOS and Android are also available from the App Store.

Supported cryptocurrncies
The Exodus Wallet supports over 100 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Tezos, Monero, Binance Coin, Tron, Stellar, XRP, Vechain, Monero, Ravencoin and a variety of ERC20 tokens.
Operation
The wallet is known for its ease of use and intuitive design. A special feature of the wallet is that the portfolio balances can be displayed in over 30 fiat currencies.
Transparency & Fees
Within the crypto community the Exodus Wallet has one (further) big criticism: The wallet is not open source. Accordingly, the users of the Wallet must trust the developers and rely on the trustworthiness of the developers of the Wallet.

In principle, there are no additional fees for the Exodus Wallet. Only if you use ShapeShift’s built-in service to exchange cryptocurrencies do you have to pay a variable fee of 2-5 percent

Security
During the initial installation, the users are prompted to create a 12-word recovery seed phrase. In case your computer breaks down, the wallet can be restored. Beyond that no personal data of the users are stored on the servers of Exodus. The private keys and transaction data are encrypted and stored locally on the mobile devices..

Further wallet options for Ravencoin

1.Pocket Raven – Web wallet

pocket raven wallet

The Pocket Raven is the official web wallet of Ravencoin. It offers the advantage that it is set up super fast and does not require the user to install regular updates (like a desktop or mobile wallet). In order to create the wallet, it is sufficient to assign a user name and a password. So it is a very simple option to use a Ravencoin wallet.

In contrast to other online wallets, the private keys are not stored on a corporate server. According to the Pocket Raven website, the developers of the wallet never “see or store” the private keys. In addition, the CloudFare service uses Full SSL and, according to its own statements, logs almost nothing (only the accesses, but not the IP addresses).

The weak point for the security of the Pocket Raven Wallet is the user’s computer. The private keys are stored in the user’s browser. Accordingly, it is the user’s responsibility to ensure that there is no malware on the PC that reads the keys from the browser session or from the cache. It is also the responsibility of the user to keep the private key in a safe place as there is no guarantee that Pocket Raven will be available forever.

You can access the wallet via the following link (click here!).

2.Ravencoin paper wallet

Ravencoin paper wallet

The Ravencoin Paper Wallet is also advertised on the official Ravencoin website and is an open source project available on GitHub. By moving the mouse or entering a random text, the private and public keys are generated. Once generated, the two keys (and their respective QR codes) can be printed out and should be kept in a secure place in multiple copies.

The Paper Wallet is an extremely secure way to store Ravencoin, as the private key is stored offline. However, you should be aware that using a paper wallet only makes sense if you do not want to send the Ravencoin (RVN) for a long time. To send RVN to another wallet, e.g. Pocket Raven, is necessary. Afterwards you should always recreate the paper wallet (because there was a connection to the internet).

When creating the keys for the Ravencoin paper you should also pay attention:

  1. Always generate the keys offline. This is possible by disconnecting the internet connection or downloading the wallet file from GitHub and running it offline.
  2. Once you have created the keys, you should make several prints and keep them in different places. In addition, you should not store the data on a computer, because they are unencrypted and therefore easy to steal.

3.Exchange wallets

The most commonly used type of wallet is probably the exchange wallet. They offer the great advantage that users can trade cryptocurrencies without any detours. Despite this considerable advantage, we do not consider them suitable for the long-term storage of Ravencoin, as they have some serious disadvantages.

The biggest disadvantage is that the private keys come into the possession of the cryptocurrency exchange. As a result, users must be confident that the exchangeswill store their private keys securely and protect them from hacker attacks in the best possible way. However, as numerous successful hacker attacks in the past have shown, cryptocurrency exchanges do not always succeed. Even Binance was hacked in May 2019, with 7,000 BTC being stolen.

That is why exchange wallets are by far the most insecure way to store cryptocurrencies. You should therefore only store your Ravencoin on a cryptocurrency exchange as long as you trade. In addition, you should only choose established exchanges and brokers such as Binance, Coinbase, CEX or the European brokers Litebit and Coinmerce.

Further important information about the Ravencoin Wallet Test

The information in this article has been compiled by us to the best of our knowledge and experience. However, despite all efforts, you should always gather further information and test different wallets to find the best wallet for you.

If you have any questions or suggestions regarding our Ravencoin wallet review, please feel free to leave us a comment. We’ll be glad to help you! Besides, we’d appreciate it if you’d give us a positive evaluation.

1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

About Author

Jake Simmons

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

Comments are closed.

Follow us to the moon!

Send this to a friend