Wallets are applications that make it easy to store and exchange Ethereum tokens. There are different types of wallets, including desktop, mobile, web, and hardware, each with their pros and cons. Here is the list of wallets that Matcha currently supports.
When you create an Ethereum wallet, a randomly generated string of case-sensitive letters and numbers, referred to as a public address or public key, is associated with the wallet. Similar to an email address, whenever you make a peer-to-peer trade on Matcha, you send and receive your Ethereum tokens from this public address.
Example of a public address:
Wallets also have a private key and/or a seed phrase, which you can think of as a password required to access the funds in your wallet. Similar to a bank account, wallets allow you to receive and send funds from it. However, unlike a bank account, if you lose access to your wallet, there is no central authority who can help you regain access to it. Always keep your private keys and seed phrases a secret and ensure that you have them safely backed up.
Example of a private key:
Example of a seed phrase:
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Different types of wallets:
Desktop wallets run on Windows, macOS, and Linux and allow users to interact with their tokens. Read more about the pros and cons, as well as examples of desktop wallets here.
Mobile wallets operate the same as desktop ones but run on mobile devices such as smartphones and tablets. Read more about the pros and cons, as well as examples of mobile wallets here.
Web wallets are hosted on websites and are accessible on both desktop and mobile devices. Read more about the pros and cons, as well as examples of web wallets here.
Hardware wallets are the most secure method for accessing your tokens online. A hardware wallet uses a secure physical device to verify your identity. Read more about the pros and cons, as well as examples of web wallets here.
Note: While Matcha does not currently have direct hardware wallet support, Ledger Nano or Trezor owners have the option of connecting their hardware wallet via MetaMask (instructions here).