Guarda Crypto Wallet Review 2023: Pros, Cons and How It Compares
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The bottom line: Guarda’s cryptocurrency wallet gives you a lot of options if you want to store your cryptocurrency on an internet-connected device, supporting thousands of cryptocurrencies using mobile, desktop and browser-based applications.
Pros & Cons
Pros: Large selection of supported cryptocurrencies; useful tools across desktop, mobile and browser apps.
Cons: Closed-source code; limited NFT support.
Table of Contents
Where Guarda shines
Selection: Guarda can store a vast number of digital assets. Its developers say the overall selection is close to 400,000.
Functionality: Guarda allows users to buy, trade and earn rewards on cryptocurrency without leaving it in the custody of a centralized exchange.
Where Guarda falls short
Closed-source: Self-custody wallets like Guarda can have advantages over third-party storage options, such as exchange-based services that can be vulnerable to theft or loss. However, Guarda lacks some advanced security perks competitors offer, such as open-source coding that allows users to look under the hood at how it works.
Limited support for non-fungible tokens: While Guarda says additional functionality for NFTs is coming soon, users have few options for transactions using NFTs at the moment.
Guarda is best for:
Ease of use.
Storing many kinds of cryptocurrency.
Guarda at a glance
Guarda offers multisignature support. It’s not an open-source product, and it does not feature two-factor authentication.
Guarda says it supports about 400,000 digital assets, but NFTs are not among them. It also has features including purchases and swaps.
Guarda is a hot wallet that can connect to dedicated offline storage devices made by Ledger.
Guarda has desktop, mobile, and browser-based applications.
Guarda has helpful educational content along with features to help you review the performance of your crypto portfolio.
Full details about Guarda's ratings
Security: 3 out of 5 stars
Self-custody crypto wallets like Guarda avoid some potential pitfalls of leaving your crypto on an exchange. For instance, you can't lose your crypto if an exchange fails or suffers a devastating hack. However, there are tradeoffs when keeping digital assets in your care. For instance, if you get hacked, you're on your own. And if you lose your password and recovery phrase, your crypto could be locked forever.
Guarda has some features that add security, including multisignature support for Bitcoin and Ethereum. Multisignature requires multiple users to approve a transaction, adding a hurdle for anyone trying to drain your holdings.
However, Guarda lacks some other features that competitors have. Notably, it's not fully open-source, so you have to trust the developers when they say their code is secure. Even if you're not a coder yourself, having a project's code open to general review makes it possible for people who understand programming to highlight potential issues. Guarda says it has made as much of its information public as possible without compromising trade secrets.
Guarda also lacks two-factor authentication, a helpful tool if you lose your password. However, some wallet developers argue that 2FA is redundant for wallets because they offer a security phrase that you can save in case you get locked out. If you lose that, though, you may be without recourse.
Integration: 5 out of 5 stars
Guarda allows users to carry out most transactions directly from their wallet software. In addition, cryptocurrency purchases and trades are available (for a fee), and the product supports staking for 15 assets.
According to Guarda's website, the wallet supports about 400,000 different cryptocurrencies. These range from established cryptocurrencies such as Bitcoin to obscure and rarely used tokens supported by Ethereum's network. Note, however, that while Guarda can store certain kinds of NFTs, it has fewer options than competitors for viewing and making transactions with these one-of-a-kind digital assets.
Storage: 5 out of 5 stars
Guarda is a hot wallet; it stores the keys to your cryptocurrency using software on an Internet-connected device. You alone (not the creators of Guarda) have custody of the information needed to spend or transfer your crypto.
Suppose you're interested in another layer of security for your crypto. In that case, you should consider a cold wallet, which stores your cryptocurrency on a device like a thumb drive that is not connected to the Internet. Guarda has a feature that allows users to convert cryptocurrency to cold storage devices sold by the wallet maker Ledger.
Functionality: 5 out of 5 stars
Guarda has several ways to access your crypto wallet, including desktop, mobile and browser-based applications. Keep in mind that you'll need to enter your security/recovery phrase each time you set up your wallet on a new device.
Tools: 5 out of 5 stars
Guarda has a library of information about cryptocurrency, and its content is designed to answer questions users may have as they navigate the storage process. The company's desktop and mobile apps also offer basic tools for tracking and managing the performance of your crypto portfolio.
Other details you should know about Guarda
Pricing: Guarda is free to use, though you'll have to pay for some of its optional services. For instance, trading crypto carries a fee of about 0.5% per transaction. And buying or selling cryptocurrency with fiat currency will cost you about 2%. You'll also pay fees assessed by the blockchain networks that support your cryptocurrency, and these can vary significantly depending on market conditions and which asset you're using.
Guarda notes that these fees go not to its creators but to the third-party partners it works with. There's no readily available explanation on Guarda's website for how the company makes money.
Is Guarda right for you?
If you're looking to store a wide variety of cryptocurrencies across multiple devices, Guarda could be a good option.
How we review crypto wallets
NerdWallet's comprehensive review process evaluates and ranks products that allow U.S. customers to store, send and receive cryptocurrency. We aim to provide our independent assessment of providers to help arm you with information to make sound, informed judgments on which will best meet your needs. We adhere to strict guidelines for editorial integrity.
We conduct firsthand testing and observation, and the results fuel our proprietary assessment process that scores each provider's performance across more than 15 factors. The final output produces star ratings from poor (1 star) to excellent (5 stars).
For more details about the categories considered when rating wallets and our process, read our full methodology.