How to store EGLD

Elrond’s eGold (EGLD) is the cryptocurrency native to the Elrond network. In a previous article, you saw that with cryptocurrencies you’re your bank. This means that you’re responsible for storing and securing your crypto assets. Your EGLD is not an exception. That’s why you need to learn how to safely store your EGLD tokens. In this article, you’ll find out the different ways you can store EGLD. Then, you can choose the method that is most convenient for you.

Read on to learn how to store EGLD.

Where can you buy EGLD tokens?

Before storing your tokens, you need to buy them first. Thankfully, you can purchase EGLD on popular cryptocurrency exchanges like Binance, OKEx, Bitfinex, crypto.com and BitMax where you can trade a variety of tokens (Bitcoin, Ethereum, BNB, USDT etc.) for EGLD.

You can also buy EGLD tokens via your debit card (preferably a Master or Visa card) on the Elrond website. Once you purchase your EGLD token, you'll need a wallet to store it in. You need a wallet because it’s not advisable to keep cryptocurrency on an exchange. The exchange could be hacked and you’ll lose your funds. Also, you will have limited access to your funds.

How you can store EGLD

There are different wallets where you can store your EGLD tokens.

Firstly, there's the web wallet which you can access on the Elrond website. It's an online EGLD wallet that you can easily access on your browser. There, you can send, receive and store your EGLD tokens. You can also stake and claim your rewards from the wallet.

Alternatively, you can store your EGLD on a hardware wallet called Ledger Nano X. This is a safe and offline way to store your EGLD. Here, the device is connected to the official Elrond wallet, where you can send and receive your tokens and earn rewards by staking, checking your transaction history, and balance. It’s a great but expensive way to store EGLD.

There is also the Maiar wallet. It is secure and perhaps the most convenient way to store your EGLD. With the Maiar wallet, you also have complete control of and responsibility for your crypto assets. You can comfortably create an account in a few seconds and the wallet supports other tokens like BNB, ETH, and USDT, and plans to include more tokens in the future. You can buy, spend, and stake Elrond using the Maiar wallet.

Finally, there is the Maiar DeFi Wallet which just launched recently. Also powered by the Elrond network, the Maiar DeFi Wallet is like the Maiar App but for your laptop or PC. It is your browser companion for the new internet economy. The Maiar DeFi Wallet is incredibly powerful because it increases interactions with Elrond Dapps significantly. It’s faster, has a better UX, is convenient to use and is one of the greatest ways to store EGLD.

Let’s dive deeper into the various ways you can store EGLD.

Storing your EGLD on the Elrond Web Wallet

Follow these steps to store EGLD on the Elrond Web Wallet:

1. Create your Elrond wallet
2. Visit the official Elrond wallet page at [https://wallet.elrond.com

](https://wallet.elrond.com) (Note: make sure you are accessing the correct website)

1. Read and understand the introductory steps
2. Once you’re on the wallet page, click on the CREATE WALLET button
3. Check the two checkboxes, then click on the Continue button
4. A string of 24 words would then be displayed. Neatly and accurately write them down on a piece of paper, then click on the Create Wallet button
5. The wallet will then confirm if you’ve written down the 24-word seed phrase. Fill in the correct words that are being asked, then click on the Continue button
6. Enter a secure password (A mixture of alphabets, numbers and special characters), then click on the Continue button
7. Your wallet has now been created.
8. Download and save your wallet’s Keystore file somewhere safe

Accessing your Elrond wallet

1. Visit the official website of the Elrond wallet at https://wallet.elrond.com

(Caution: make sure you are accessing the correct website )

1. Click on the ACCESS EXISTING button
2. Upload the Keystore file that you’ve downloaded recently, enter your password, and then click on the Access Wallet button
3. You will now be in the Elrond Wallet dashboard, and your EGLD wallet address will then be displayed. You can now withdraw your funds from your exchange account or buy from the website.

Note the following pointers:

• To view your wallet’s QR code, click on the QR code icon on the right side of your wallet address.
• Storing and accessing your funds on a web wallet isn’t recommended if you hold huge amounts of crypto. Using a hardware wallet such as the Ledger Nano X or the Maiar App is highly recommended.
• Beware of cybercriminals. Make sure you’re accessing the correct Elrond website.

Storing your EGLD on a Ledger hardware wallet (Ledger Nano X)

The best ledger hardware wallet is the Ledger Nano X. If you don’t have one yet and you’d love to store your EGLD on a ledger hardware wallet, you can purchase one on Amazon. After buying your Ledger hardware wallet, proceed to store EGLD following these steps:

1. Install the Elrond app on the Ledger hardware wallet
2. Download and install the latest Ledger Live version via the official Ledger website
3. Connect your Ledger device to your computer
4. Open the Ledger Live app on your computer, then click on the Settings icon
5. Click on the Manager option
6. Allow the manager on your Ledger device
7. On the app catalogue, search in “Elrond“, then click on the Install button
8. A new Elrond icon would then appear on your Ledger device

.

1. Connect your Ledger device to your computer, then open the Elrond application on your Ledger device
2. Head over https://wallet.elrond.com
3. Click on the ACCESS EXISTING button
4. On the Ledger tab, click on the Connect Ledger button
5. Confirm and allow the Elrond wallet to connect to your Ledger device on the Ledger device itself
6. You will now be in the Elrond Wallet dashboard, and your EGLD wallet address would then be displayed. You now can withdraw your funds from your exchange account or buy/ transfer EGLD.

Note the following pointers:

• To view your wallet’s QR code, click on the QR code icon on the right side of your wallet address
• Beware of cybercriminals. Make sure you’re accessing the correct Elrond website.
• Kindly update the firmware on your Ledger Nano X to the latest version.

Storing your EGLD on the Maiar App

The Maiar App is an Elrond App Wallet. It is the most convenient way to store your EGLD.

Here’s how to store EGLD on the Maiar app:

1. Create an Elrond wallet using the Maiar App.
2. Then from the Maiar App download options displayed, select the one that suits your device's operating system.
3. Kindly proceed to download and install it.
4. Open the Maiar App and follow the app’s step by step registration guidelines to complete the registration process. The registration steps are also easy and self-explanatory.
5. Transfer existing tokens from the exchange or buy new ones

Note the following pointers:

• Please remember to save your seed phrase as it’s vital.
• Also, remember to back up using any cloud storage service of your choice.

Storing your EGLD on the Maiar DeFi Wallet

(Note: You will need Chrome Browser for this)

Follow the steps below to store EGLD on the Maiar DeFi Wallet:

1. Go to the Chrome store: https://getmaiar.com/defi
2. Click “Add to Chrome” and confirm that you want to add it as an extension
3. Find the Maiar DeFi Wallet option on the menu to the top right.
4. Pin it to the extension bar
5. Create a new wallet, or import the seed Phrase (24 words) of an existing one
6. Choose a strong password
7. You can then transfer your tokens from the exchange or buy new ones

Note the following pointers:

• You can only install the Maiar DeFi Wallet as a Chrome extension on a laptop or desktop PC. That’s okay because there’s already a Maiar app for your phone.

Closing Thoughts

In this article, you have seen the various ways you can store EGLD. You have also learned about the features of each method. So, you can now choose the one that works best for you and start storing your EGLD comfortably. But you don’t have to do this alone. Feel free to join the StakeAfrik community and read other articles on the StakeAfrik blog for more information about Elrond and EGLD. If you need help with buying, storing and staking EGLD, contact StakeAfrik now.