It’s not enough to buy crypto coins; you need a secure place to store them. Just as we store paper currency in our wallets, it’s possible to store cryptocurrency in digital wallets.
Crypto wallets are one of the most important tools for trading and investing in crypto.
An overview of the safest and best wallets:
Traders use wallets to store their coins safely and to protect and validate data about transactions. Wallets can be software (online wallets) or hardware (offline wallets) and are referred to as “hot” or “cold” storage.
Now, how do you know which wallet is right for you? Depending on how you invest you can choose a suitable wallet.
Here are the top-rated wallets that you can choose from:
- Exodus: This crypto wallet is recommended for altcoins and you can use this on different exchanges. Altcoins refers to coins other than Bitcoin and you will find thousands of them out there. So, it’s a great wallet for securely storing your altcoins and facilitates easy trades. Exodus supports 180 and more cryptocurrencies and you get to keep all your coins in one location while using different exchanges.
- Electrum: This is by far rated as the best Bitcoin wallet out there which supports only the BTC. Transaction fees can apply and it’s perfect for someone keen to invest only in Bitcoin.
- MetaMask: Metamask is recommended for Ethereum and has an intuitive design. It supports thousands of decentralized apps and offers quick access to a variety of tokens and dApps in the Ethereum network. Because of its ease of use, it caters to more than 30 million users. The design is perfect for beginners and anyone using Microsoft Edge or Google Chrome can download its app on iOS and Android devices.
- Ledger Nano S Plus: This wallet is easy to use; it can install almost 100 apps simultaneously and verify transactions using a two-button press. It’s a hardware crypto wallet that is compatible with nearly 50 wallets and supports multiple assets. It has excellent trading features through an integrated app and boasts robust security.
- Trezor Model T: If security is your biggest criterion for choosing a crypto wallet, then Trezor fits the bill. This is a “cold” hardware storage wallet that is hard to compromise. It’s perfect for investors who may be paranoid about their funds getting stolen. It’s a tad costlier than other wallets but makes up for this in features. Even if the wallet gets stolen or damaged, you can recover it using the recovery seed.
- Ledger Nano X: This is an affordable cold storage wallet that supports more than 5.500 coins. Its prioritizes security and is less expensive than the Trezor. It isn’t connected to the Internet throughout and this makes it less prone to hacks. The Nano X model has more features compared to the Ledger Nano S and is fitted with Bluetooth; this means you don’t need to plug it in! It supports many crypto coins and tokens and almost 100 apps.
- Coinbase: This custodial wallet is designed for beginners in the crypto world and is an online wallet or “hot” storage. It supports many crypto coins for trading and is user-friendly. When you have no prior experience in crypto trading it’s probably better to opt for a simplistically-designed hot wallet.
- Crypto.com: This is a custodial wallet and exchange that offers more than 250 coins. It allows you to hold, buy, or sell a wide range of coins for low trading fees. Besides, it provides crypto credit cards, decentralized exchange, a standalone wallet, and an NFT marketplace.
When choosing any of the aforementioned crypto wallets, it’s important to ask yourself how frequently you will trade. For instance, online wallets are better suited for active traders because they are more practical and speedy. You must also consider the type of crypto you will buy; there are different wallets designed for specific cryptocurrencies. For a free consultation, get in touch with GoCrypto NYC.