Toncoin (TON) is the digital currency of The Open Network, a decentralized layer-1 blockchain initially developed by Telegram and later managed by an open-source community. TON facilitates transaction settlements and acts as a medium for exchanging value. In this guide, we dive into TON’s role in The Open Network, its inner workings, and the best TON wallets for safe storage in 2024.
Methodology
This guide highlights five top storage solutions for TON. After eight months of evaluation, the wallets were selected by BeInCrypto’s product testing teams. Here are our reasons for picking them:
Coinbase Wallet
- Intuitive user interface
- Secure encrypted storage
- Direct decentralized application access
- In-app crypto trading
Ledger
- Supports over 1,800 assets
- Stores crypto offline
- Certified secure element (CC EAL5+)
- Compatibility with external apps
OKX Wallet
- Offers market liquidity
- Provides margin and futures trading
- Enforces stringent security protocols
- Integrates with DeFi and NFT platforms
YouHodler Wallet
- Competitive loan-to-value ratios
- Offers quick loan disbursements
- Implements top-tier security features
- Interest-bearing account options
- Enables seamless crypto-to-fiat transactions
Bitget Wallet
- Specializes in futures and derivatives trading
- Features social trading, including copy trading
- Offers up to 125x leverage on trades
- Accessible via a user-friendly mobile application
For further information and insight into BeInCrypto’s verification methodologies, click this link.
Best Toncoin wallets in 2024
1. MyTonWallet Wallet
MyTonWallet is a user-friendly wallet designed specifically to support The Open Network and Toncoin. It is open source, and its code can be found on Github. This ensures a level of security and demonstrates transparency in the wallet’s software.
The wallet offers enticing passive income opportunities, allowing users to stake their TON coins with no deposit amount limits. Users can also track and withdraw earned staking rewards with ease.
MyTonWallet is also platform agnostic. Not only can you use it on desktop and mobile, but is also available on Android, iOS, Chrome, Firefox, and Opera. The wallet features a light and user-friendly design allowing users to easily switch between multiple accounts and manage NFTs.
- Open-source
- Supports multiple platforms
- Supports TON DNS and TON Sites
- Earn from staking
- Only supports TON blockchain
2. Coinbase Wallet
We chose Coinbase Wallet as a leading platform for storing TON for several compelling reasons. As a decentralized wallet app independent of the main Coinbase exchange, users maintain full control over their TON tokens and private keys.
Coinbase Wallet is renowned for its reliability and is one of the largest public crypto firms with a robust reputation. Its interoperability with hardware wallets like Trezor, MetaMask, Ledger, and KeepKey allows for seamless integration, offering a robust system that secures TON both on and offline. Additionally, Coinbase Wallet enhances user security through an innovative vendor insurance policy that provides coverage against security breaches and malicious activities, safeguarding user funds.
- Supports multiple leading chains
- Intuitive in-app trading and swaps
- A solid security history
- Less suited to advanced traders
3. Ledger
Ledger is one of our top choices for storing TON due to its advanced security features that protect digital assets. As a hardware wallet, Ledger stores users’ private keys offline on a secure chip, safeguarding them from online threats and unauthorized access. Additionally, the wallet is equipped with a PIN code to provide an extra layer of security, and it utilizes a 24-word recovery phrase that allows users to recover their crypto assets if the device is lost.
This combination of cold storage, secure chip technology, 2FA, and recovery options ensures that Ledger remains a trusted and user-friendly choice for cryptocurrency enthusiasts. The wallet is easy to use and works in tandem with the Ledger Live app, ensuring seamless asset transfer and easy access.
- Integrates with over 50 wallets
- Offline storage for enhanced security
- Easy transition between online and offline storage
- Features a CC EAL5+ certified secure element chip
- More costly than other wallets
We selected OKX Wallet as one of our top platforms for TON storage thanks to its comprehensive features and ease of use. OKX offers over 350 cryptocurrencies and allows trading across more than 500 pairs, making it ideal for those with varied investment portfolios.
OKX Wallet is a gateway to the web3 and DeFi spaces, offering access to a myriad of decentralized applications and NFTs, all while ensuring secure storage for TON and other cryptocurrencies.
It supports over 80 blockchains, including key networks like Ethereum, OKC, Solana, BSC, Polygon, Avalanche, Tron, and Arbitrum, facilitating a seamless storage, management, and trading experience across various platforms. Whether accessed via the web, mobile app, or extension, OKX Wallet ensures fast and secure transactions, empowering users with complete control over their funds, keys, and personal information.
- Competitive tiered fees
- Extensive selection of tokens and trading pairs
- User-friendly interface with robust features
- Access to DeFi and NFT markets
- Supports multiple blockchains
- Not the most beginner-friendly option
5. YouHodler Wallet
We selected YouHodler Wallet as a top platform for storing TON due to its strong reputation and comprehensive service offerings. YouHodler combines traditional finance with the crypto sector, enabling instant loans, investment opportunities, and international transfers through one app. Its Multi HODL feature facilitates the effective trading and management of cryptocurrencies like TON. The platform allows any supported cryptocurrency to serve as collateral, enhancing its utility for diverse asset management and connections with DeFi and lending services.
If you need cash and have cryptocurrency, YouHodler offers high loan-to-value (LTV) ratios, where you can borrow up to 90% of your crypto’s value — $900 from $1,000, for instance. These secured loans require no credit check and typically receive instant approval. YouHodler also allows customers to buy crypto on margin and utilize sophisticated trading strategies, such as taking long or short positions or maximizing investments with borrowed funds.
- Earn interest on your cryptocurrency
- Advanced trading tools
- Adheres to strict KYC (Know Your Customer) and AML (Anti-Money Laundering) protocols
- High APR on loans
6. Bitget Wallet
Bitget Wallet is one of our top choices for storing TON due to its powerful security features and user-centric design.
As a non-custodial wallet, Bitget places full control of crypto management in your hands, minimizing risks to your funds unless there’s a collapse of the digital asset or mishandling of private keys. With its Double Encryption Storage Mechanism (DESM), the wallet provides an added layer of security, similar to a double-locked door, using mnemonic phrases and private keys.
Bitget Wallet’s Safety Assurance feature acts as a personal security assistant, conducting thorough checks to protect your wallet address from being overexposed to security risks associated with swap transaction authorizations.
- Wide variety of DApps
- NFT marketplace and NFT wallet app
- Efficient cross-chain trading
- Double Encryption Storage Mechanism (DESM)
- Market leading swap rates
- Supports fewer cryptos than other options
Toncoin wallets compared
| Platform | Best feature | Custody | Crypto wallet type |
| MyTonWallet | Cross-platform | Non-custodial | Software (Mobile/browser extension) |
| Coinbase Wallet | User-friendly interface | Non-custodial | Software (Mobile/browser) |
| Ledger | Offline storage | Non-custodial | Hardware |
| OKX Wallet | Advanced trading features | Non-custodial | Software (Mobile/web extension) |
| YouHodler Wallet | Crypto loan approval | Custodial | Software (Mobile/browser extension) |
| Bitget Wallet | Futures trading options | Non-custodial | Software (Mobile/browser extension) |
What is The Open Network?
The Open Network (TON) is a decentralized blockchain platform initially developed by Pavel and Nikolai Durov, the brothers who founded Telegram’s popular messaging app. The platform was created to provide a scalable and user-friendly blockchain environment. It’s designed to offer fast and scalable transactions and advanced, user-friendly features to promote broader adoption of blockchain technology. As a multi-blockchain system, TON supports various decentralized applications (DApps) and smart contracts.
While the team behind Telegram originally developed the platform, it has since transitioned to an open-source approach and is now managed and enhanced by a community of independent developers. This ensures the platform remains decentralized and not under the control of any single entity.
Toncoin at a glance
Toncoin (TON) is the native cryptocurrency of The Open Network. As the primary digital currency of TON, Toncoin plays a critical role in the network’s operations. It is used to facilitate transaction fees and as a means of exchange within the ecosystem.
Additionally, Toncoin is instrumental in the governance of the TON network, enabling holders to participate in decision-making processes and contribute to developing and adjusting network protocols. This helps ensure the network’s decentralized nature while aligning its users’ interests with its growth and evolution.
Toncoin has a maximum supply of 5 billion. As of May 7, 2024, the cryptocurrency is trading at $5.82, with a market capitalization of $20,220,305,511, as per CoinMarketCap data. The crypto reached an all-time high on April 11, 2024, hitting $7.65.
Interested in the price potential of TON? Check out our short and long-term price projection tool here.
Does TON have a future?
The future of The Open Network (TON) looks bright, thanks to its advanced technology and strong community support. In March 2024, the TON Foundation launched The Open League, a long-term incentive program for TON users, projects, teams, and traders. The project aims to distribute 30,000,000 Toncoin in three months, highlighting the network’s commitment to growth and community engagement,
The launch has thus far been a success, with a 70% increase in total value locked on its decentralized exchanges and a 370% surge in daily active addresses during the pilot phase. With high scalability, efficient transaction processing, and ongoing development, TON’s enhanced features may lead to wider adoption and new applications, cementing its long-term viability.
Choose the best Toncoin wallet for you
When choosing a wallet for storing Toncoin, it is important to consider security, ease of use, and specific functionalities that align with your requirements. Importantly, always conduct your research to understand the nuances and updates associated with each wallet. Doing so can help you make an informed decision that best suits your needs in managing and securing your TON.
Frequently asked questions
Toncoin is the native cryptocurrency of The Open Network (TON). It serves multiple purposes within the network, including facilitating transaction fees and participating in governance decisions. As a cryptocurrency, Toncoin plays a crucial role in the functionality and decentralization of the TON ecosystem.
Toncoin has a promising future due to its integral role in a growing blockchain network that supports scalable and efficient digital transactions. Its utility within the network and its participation in governance processes suggest it will remain relevant as the network expands. The community-driven approach to its development could also lead to further innovation and adoption.
Toncoin can be securely stored in several wallets, which supports its blockchain technology. Popular choices include Coinbase Wallet, which is known for its ease of use; Ledger, a hardware wallet offering high security; OKX Wallet, which provides a gateway into web3; YouHodler Wallet, known for crypto loan offerings and its user-friendly interface; and Bitget Wallet, which supports a variety of cryptocurrencies including TON.
While the founders of Telegram initially developed Toncoin, it is not directly part of the Telegram messaging platform. An independent community of developers handles the development and governance of Toncoin and the TON blockchain. This ensures that cryptocurrency operates under a decentralized model separate from Telegram’s control.
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