One of the best places to store Phala Network (PHA) is in an encrypted hardware wallet like those made by Ledger or Trezor. Hardware wallets use extremely high end encryption techniques to keep your funds safe and secure from sophisticated network attacks or even simple phishing scams that users keeping their funds in a software or website wallet may encounter. Hardware wallets even allow users to recover funds via a mnemonic seed phrase just in case the wallet is stolen, damaged or otherwise compromised.

Both Ledger and Trezor have entry level models available for around $50-$60 USD with the Ledger Nano S and Trezor One being the best all-round performers in terms of features for the price. Both hardware wallets are capable of storing Phala Network (PHA), keeping it offline and secure.

Phala Network (PHA) can be stored in Atomic Wallet, a wallet with Android, iOS and several desktop versions available. Atomic Wallet supports over 300+ cryptocurrencies including PHA and all other ERC20 and BEP2 tokens. Atomic Wallet also offers Atomic Swaps and a built-in Exchange which Users can utilize to swap back and forth between all of the assets supported, including Phala Network.

Wallets that offer both mobile and desktop versions are extremely convenient but can also be less secure simply due to the Team having to ensure no exploits are present on all versions. In our opinion it is essential that you only install a desktop wallet on a clean, secure machine that has little to no access to the Internet. Mobile wallets are often regarded by some as safer due to malware not being as prevalent on mobile operating systems.

Phala Network (PHA) can be sent directly to your Atomic Wallet along with any other ERC20 coins you with to keep safe and the Team are constantly adding support for new coins. Visit the official Atomic Wallet Knowledge Base in case of any issues.

If you’re an active Trader who requires quick access to funds, you can also store Phala Network (PHA) on an Exchange that supports it. While we cannot recommend leaving any funds on Exchanges at any time, Exchanges such as Binance, Kucoin and Huobi have a long history of security and have been reliable to their Customers even after an attack.

Exchanges such as Binance and Kucoin do offer staking services to Customers who rely on them to keep their funds safe which has made this a more attractive option for those who wish to run less wallets or cannot meet the full requirements to stake.

While we’ve seen funds returned to Customers after hacks in the past, keeping any amount of Phala Network (PHA) in the care of a third-party will always inherit a certain amount of risk, which can be avoided with some of the previously listed solutions.