TON Wallets: A Comprehensive Guide to Storing Toncoin (TON) Safely

A review of the major TON wallets available in the market, their features, and their pros and cons.

Toncoin (TON) is the native cryptocurrency of The Open Network (TON), a blockchain platform launched in 2023. As of August 2024, Toncoin is among the top 10 cryptocurrencies by market capitalization, with a value of $5.77 and a total supply of 5.1 billion coins. Over the last nine months, the value of Toncoin has increased by around 150%.

There are several wallets that support TON, each with its own strengths and weaknesses. Some wallets are custodial, meaning that a third party holds the private keys to the user's cryptocurrency. Other wallets are non-custodial, giving the user complete control over their private keys. Some wallets offer a wide range of features, such as staking and integration with decentralized applications, while others have a more minimal set of functions.

Here's a brief overview of some popular TON wallets:

Telegram Wallet: This wallet is accessible directly within the Telegram messaging app and allows users to store, exchange and trade Toncoin and other cryptocurrencies in a peer-to-peer marketplace. It supports a limited number of currencies, including Toncoin, Notcoin (NOT), Bitcoin (BTC), Dogs (DOGS) and US dollars. Users can convert stored cryptocurrencies and exchange them at the current market rate. The wallet also offers a full-fledged peer-to-peer market where merchants can buy and sell coins for fiat, although this feature is only available via desktop or mobile versions of Telegram.

Tonkeeper: This wallet supports TON blockchain tokens, including Toncoin, Notcoin and other derivative tokens. It is a non-custodial wallet, meaning that users manage their own key phrase. Tonkeeper has desktop and mobile versions, plugins for the Chrome, Edge and Brave browsers, and a Telegram bot. Users can buy cryptocurrencies with fiat money using a partner service. The wallet also allows users to stake Toncoin, with a minimum balance of 2.2 TON required to participate.

SafePal: Hardware wallets are generally considered the most secure long-term storage solutions for cryptocurrencies. SafePal is a reliable and versatile hardware wallet designed to safely manage cryptocurrencies, including Toncoin. The SafePal S1 wallet has advanced security features, such as an EAL5+ secure element chip, random number generator and air-gapped signature mechanism, which keep private keys safe offline and protect them from potential online threats. SafePal's key features include support for a large number of cryptocurrencies, convenient integration with Binance for spot trading and a simple interface, allowing users to manage, exchange and trade assets easily.

Tonhub: This non-custodial wallet has mobile and browser versions and provides complete anonymity without requiring registration or user identification. It has several extra features for protecting users' assets, including PIN code and biometric login. One of Tonhub's main advantages is its compatibility with any other cryptocurrency wallet based on the TON blockchain. Along with basic functions like storage and transfers, Tonhub lets users stake cryptocurrency with a variety of pools. The application also includes a Web3 browser.

OpenMask: This browser plugin offers a non-custodial cryptocurrency wallet that supports tokens on TON and non-fungible tokens. It is fairly straightforward, allowing users to store Toncoin, receive and send crypto, and buy and exchange cryptocurrencies, with the exchange operations being performed through partner services. The wallet also supports Web3, interacting with smart contracts and connecting to decentralized applications.

When choosing a TON wallet, users should consider their individual needs and preferences. Those who prioritize security may opt for a non-custodial wallet, while those who value convenience and user support may prefer a custodial wallet. Absolute beginners who are intimidated by the technical aspects of a typical wallet application might find Telegram's native Wallet to be the most user-friendly option.

It's important to note that custodial wallets are generally more susceptible to hacks and other vulnerabilities, so it's crucial to use trusted and tested services. Non-custodial wallets, on the other hand, provide greater security but also require a higher level of responsibility from the user. Experienced users typically keep long-term cryptocurrency investments in hardware-based non-custodial wallets and use exchanges and custodial services for day-to-day transactions.