Finding the best wallet for the cryptocurrency is more of a “how” than a “what.” With the fast innovation and updates on cryptosystems, a better wallet for your digital coins might not be the best one the day after. Also, a not-so-recommended platform could be the perfect one after some time. That’s why in today’s article, we have gathered the ways to know which wallet you want to have, along with five suggestions that you can look into storing your investments. Hopefully, at the end of this quick read, you can answer the question yourself – what is the best wallet for cryptocurrency?
How To Know Which Platform And Wallet To Invest In?
There are a lot of exchange platforms for cryptocurrency, and each is almost different. If you decide to get into cryptocurrency trading, you need to analyze the platforms on the following criteria:
How secure is it?
Even though the crypto trade has been steadily getting popular over the past years, there is a problem that the industry can’t yet cope with – it is hacking. According to Chainalysis, an entity that helps governments and financial institutions fight money laundering, about $282.6 million was stolen from exchange sites in 2019.
Although this is well below the $875.5 million stolen a year earlier (partly because of the higher value of the crypto monitors themselves), there is still insufficient assurance that the money stored in the wallets on the exchanges is safe.
Is it transparent?
Crypto-exchange platforms are not always transparent. For example, many of them have been found to distort the volume of trades largely. Honest company services usually do not hide their data.
Are your crypto coins protected?
Many exchanges are showing off their security systems to their users. The worst thing that can occur is hacking, causing the loss of customer funds. Some exchange systems have started to accept insurance assuring reimbursement in case of such a mishap.
Does it support other cryptocurrencies?
Usually, Bitcoin and Ethereum are always available, but there may be problems with less capitalization with other altcoins. Therefore, at this step, it is essential to study which cryptocurrency pairs are available on the site in the inquiry. This will help you learn what assets you can invest in.
Does it accept fiat money?
Of course, be attentive to the sites that work with your national currency. It will help save on commissions, especially if you pay with a credit card.
5 Best wallets for cryptocurrency
Next on our list is Binance – an excellent choice for your mobile device wallets. As most of us know, Binance is a cryptocurrency exchange platform. But it keeps up as it provides its official app named Trust Wallet.
Binance’s crypto wallet, Trust wallet, is available for about 40 blockchains. This means that it also works with thousands of other cryptocurrencies. With these being said, if you can’t find a wallet for your specific token, missing out on Trust Wallet is the last thing you want to do. Plus, this digital wallet is decentralized, meaning it won’t gather any of your personal data. Aside from that, it also has numerous card payment processors built into the wallet. With this, you can buy cryptocurrencies without leaving your mobile app.
Second on our list is the Exodus wallet. It is a digital wallet that is suitable for multiple cryptocurrencies. Exodus started only on desktop versions, then is now accessible for Android and iOS devices, too. Being different from other digital wallets, Exodus prides its services on a user-centered design for beginners in the crypto realm. Plus, the platform has an excellent interface due to its developers’ effort in its UI to make it more user-friendly.
A great feature of Exodus is its support for an array of different altcoins – and of course, including Bitcoin. A user can also exchange via the wallet crypto coins for another one, with no registration. With all these in mind – you should always include Exodus in your options. This is great for handling and trading some of your cryptos without any in-depth knowledge of the process.
- Ledger Nano X
Next, we recommend you check out Ledger Nano X. Do you have any crypto coins? We highly suggest purchasing your personal Ledger Nano X to keep your cryptocurrency at its safest place. This digital wallet has been developed by the French company Ledger, which has cemented its place in the industry. The company’s first product is the Ledger Nano S. As a pioneer of hardware wallets for cryptocurrency – it reigned supreme way back for a few years.
Ledger Nano X, as a hardware wallet, provides support for over a thousand cryptocurrencies which also continue to grow each year. As a reminder, Ledger Nano X is a cold storage hardware wallet that comes with Ledger Live, including a user interface for your holdings.
Coinbase is a crypto wallet that you can utilize to sell, purchase, transfer, and store digital currency. You will be worry-free as it can securely keep an array of digital assets offline. This digital wallet is available in more than a hundred countries.
With Coinbase, you can easily trade any cryptocurrency and handle all of it in a single place. The company also offers an app for both Android and iOS devices. Plus, you can also schedule your currency trading at your personal pace. Lastly, it keeps your funds in a vault that is safer than anywhere else. Indeed, one of the best cryptocurrency exchanges and wallets out there.
- BitGo Wallet
BitGo is one of the leading service providers on digital assets, finance, security, and liquidity solutions. Just in 2013, BitGo released the pioneer in cryptocurrency’s multi-signature hot wallet for investors. Currently, the company is the largest processor of on-chain Bitcoin transactions. They handle almost a fifth of the entire Bitcoin transactions and a monthly $15 billion across other cryptocurrencies. BitGo is suitable for over a hundred tokens and is worth about $2 billion.
Why is crypto getting popular?
As a finisher, it is good to know why crypto is getting more and more popular. Here are some of that:
- Users, miners, and supporters see cryptocurrencies as the future’s currency. Like any other investment, they are racing to buy them now, probably before becoming more valuable.
- The technology behind cryptocurrencies, blockchain, is truly remarkable. It is a decentralized recording and processing system that is safer than the typical payment systems.
- On the other hand, some speculators like cryptocurrencies as they are blowing up in value. They have no interest in its widespread and long-term acceptance as a way for the economy.
- Some users love that cryptocurrency can oust central banks from managing the money supply. Over time, these banks tend to lessen money’s value via inflation. Learn more about cryptocurrency wallets here!
Did you find the answer to – what is the best wallet for cryptocurrency? It can take some time before you can honestly know which wallet you want to have. That’s why you can always come back to this article to review it yourself. Remember that your cryptocurrency only deserves the best digital wallet out there.