Like cash, you need a wallet to store your cryptocurrency. Traders buying cryptocurrencies from exchanges can leave the keys to their tokens on the exchanges or move them to a crypto wallet.
While they share the storage with cash wallets, crypto wallets don’t store actual cryptocurrencies. Your cryptos remain on the blockchain, but your private keys used to access them are stored in a wallet.
The private keys are proof of ownership of digital assets, and if you lose them, you also lose your coins. Trading cryptocurrencies is already risky, and the last thing you need is to lose your investment due to poor storage.
Unfortunately, some traders don’t understand how critical taking proper precaution is for the safety of their digital assets. With information on the available best crypto wallets, you can increase the security of your digital assets.
There are several cold, online, and hot wallet options you could leverage to increase the security of your digital assets.
1. Electrum
Electrum is one of the best wallets owing to its numerous customization features and security. It is also one of the oldest Bitcoin wallets and among the few wallets that work with Bitcoin only.
The wallet has security features that you will not find with most other wallets. You can also change your fees to align with the time you want to complete your transactions. For instance, if you want to complete your transactions fast, you pay more fees. If you are in no hurry and flexible, you can pay less for moderate transaction speed.
The wallet does not take too much space on your computer and only takes a few minutes to set up. Other features that stand out include integration capabilities which allow users to integrate with cold storage wallets like Ledger and Trezor. Electrum is an open-source wallet, and users can review the code to enhance safety.
Two-factor authentication in the wallet adds an extra layer of protection for your cryptocurrency keys. The wallet comes with an in-app crypto exchange and offers online transactions and educational materials.
The only drawback is that it only supports Ether, ERC-20, and Bitcoin; the bright side is that it has advanced features to support the cryptocurrency.
2. MetaMask
MetaMask is a new technology crypto wallet that is also very popular in De-Fi. It is a hot and web-based wallet with over 30 million users, something that speaks volumes about the wallet’s reliability.
It is an excellent choice for adventurous blockchain investors as it is compatible with multiple exchanges and applications. You can install it effortlessly on your phone or as a browser extension on your computer.
Whether buying or swapping cryptocurrencies, MetaMask offers you a seamless way to do it.
If you are looking for a crypto wallet that can provide you with multi-chain access and support transactions in a broad range of networks, MetaMask is a great choice. However, note that the wallet does not support Solana and Bitcoin; if you send the keys to your MetaMask wallet, they will get lost.
3. Crypto.com
Crypto.com is yet another wallet that stands out as a decentralized finance crypto wallet. It features a robust security framework, a seamless onboarding process, and multiple decentralized finance tools.
If you are a beginner in decentralized finance, the Crypto.com wallet would be a good place to start. The wallet will give you full control over your assets and allow you to swap cryptocurrencies one-to-one.
Using several tools, you can make passive income from your digital assets; these are not features you will find with most conventional wallets.
You can download this wallet and use it for your crypto transactions without creating an account on the Crypto.com exchange. The wallet’s security is robust and features two-factor authentication and biometric authentication. If you use an iOS device, you also get the Secure Enclave technology for added safety.
Other things that stand out about Crypto.com is that you can connect to decentralized applications, import other wallets, and even set up multiple digital assets.
4. Atomic Wallet
Atomic wallet stands out due to its support for over 300 tokens and coins. If you are interested in in-wallet exchanges and credit card purchases, you can get that with Atomic Wallet.
The wallet provides hot storage with multiple uses. The best part is that users don’t even need to open accounts to use it. The customer support team is available 24/7 to help you if you get stuck or with questions.
It offers an Atomic Swap feature that allows users to exchange cryptocurrencies within the wallet without the intervention of third parties.
Take Away
There are many crypto wallets, and to get the right one, you have to identify the kind of wallet you will need to narrow down your choices. Some of the key highlights to consider include the user interface, security, tokens support, customer support, inbuilt features, and convenience.
