How to secure and store your EGLD (MultiversX)?

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How to secure and store your EGLD (MultiversX)?

Now that you know how to buy EGLD, you need to know exactly how to securely store your cryptocurrencies. Here are the best software and hardware wallets for holding MultiversX.

Best software wallet: XWallet

XWallet is designed by MultiversX so that its users can securely store their eGold tokens. Since eGold is not an ERC-20 token, you cannot store your funds in an Ethereum wallet.

MultiversX offers many interesting features that eGold investors can take advantage of, such as token staking for interest rates.

Ledger hardware wallet (Cold Wallet)

Few hardware wallets are available to store your eGold, but with Ledger Live, you can store your $EGLD on a Ledger Nano S or a Ledger Nano X.

Ledger Live is like an app store for cryptocurrency wallets – you are able to download different types of cryptocurrency wallets onto your Ledger wallet to store a variety of altcoins.

Ledger has been making hardware wallets since 2014 and is a must-have choice for cryptocurrency investors. The Ledger Nano S is the best choice for cost-conscious investors. The Ledger Nano X is Ledger’s premium wallet.

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Storing your EGLD with the MultiversX wallet

Creating your MultiversX wallet

  1. Go to https://wallet.multiversx.com/
  2. Attention: make sure you are accessing the correct website.
  3. Read and go through the introductory steps.
  4. Once on the wallet page, click on the CREATE A WALLET button.
  5. Check the two boxes, then click the Continue button.
  6. A chain of 24 words will then appear. Write them down carefully and precisely on a piece of paper, then click the Create Wallet button.
  7. The wallet will then confirm that you have written the initial 24-word phrase correctly. Fill in the correct words requested, then click the Continue button.
  8. Enter a secure password, then click the Continue button.
  9. Your wallet has now been created. Save the keystore file of your wallet in a safe place.

Accessing your Elrond wallet

  1. Go to https://wallet.multiversx.com/
  2. Attention: make sure you are accessing the correct website.
  3. Click on the EXISTING ACCESS button
  4. Load the keystore file that you recently downloaded, enter your password, then click the Access Wallet button.
  5. You will now be in the Elrond wallet dashboard, and your EGLD wallet address will be displayed. You can now withdraw your funds from your exchange account.
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Some tips

  • To display the QR code of your wallet, click on the QR code icon to the right of your wallet address.
  • It is not recommended to store and access your funds on a web wallet if you hold large amounts of cryptocurrencies. The use of a hardware wallet such as the Ledger Nano X is highly recommended.
  • Make sure you are accessing the correct and legitimate Elrond website.

Storing your EGLD via the Ledger hardware wallet

If you don’t have your own Ledger device yet, you can buy one through our referral link here if you want to help us. We would be very grateful.

Installing the MultiversX (Elrond) application

  1. Connect your Ledger device to your computer
  2. Open the Ledger Live application on your computer, then click on the Settings icon.
  3. Click on the Manager option
  4. Authorize the manager on your Ledger device
  5. In the app catalog, search for “MultiversX”, then click on the Install button.
  6. A new MultiversX icon will then appear on your Ledger device.

Accessing your Elrond wallet

  1. Connect your Ledger device to your computer, then open the MultiversX application on your Ledger device.
  2. Go to https://wallet.multiversx.com/
  3. Attention: Make sure you access the correct website.
  4. Click on the EXISTING ACCESS button
  5. In the Ledger tab, click on the Connect Ledger button.
  6. Confirm and authorize the MultiversX wallet to connect to your Ledger device on the Ledger device itself.

Some tips

  • To display the QR code of your wallet, click on the QR code icon to the right of your wallet address.
  • Make sure you access the correct and legitimate MultiversX website.
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