If you are new to the world of cryptocurrencies, you should know the types of wallets and some basic terms before you choose your digital wallet.
Best Cryptocurrency Wallets
I think, dear reader, that after learning about the different types of digital wallets… the question on your mind now is how do I choose the right type of cryptocurrency wallet for me? You will now answer that question.
In fact, what determines the right type for you is your activity and your goal of owning cryptocurrencies:
- If you own cryptocurrencies for trading or buying and selling operations, you will most likely choose software wallets of various types, because they are the easiest and quick to use when conducting trading or buying and selling operations, and in this case, traders usually choose to use over the safety factor.
- If you are an investor and your goal in owning cryptocurrencies is a long-term investment, then most likely you will need a safe method such as cold wallets; Whether these wallets are hard or paper, and any form of cryptocurrency storage in general preferably through cold offline wallets.
Specialists advise that the owner of cryptocurrencies if he is trading, keep some currencies in hot wallets, and others in safe cold wallets, to secure his money.
And to guarantee part of his savings in the worst-case scenario, which is to lose cryptocurrencies on hot wallets.
We will now review the most important cryptocurrency wallets and their various characteristics, whether advantages or disadvantages.
But choosing the best cryptocurrency wallet will be your responsibility.
As you will see, no one can make this choice on your behalf, because it depends on your use, the means available to you, your budget, and the advantages and disadvantages of each of the many available wallets.
Best software cryptocurrency wallets
Exodus Wallet is one of the best and most popular cryptocurrency wallets out there.
Lots of experts recommend it as the best hot wallet because it supports both desktop and mobile wallets.
Hard wallets are also free, but take a fee of around 2-5% of the value of transactions and transfers.
Exodus Wallet has earned this reputation due to its 24/7 customer service its support for many cryptocurrencies and the powerful statistics it provides.
And you may wonder why it supports hard portfolios and wonders how?
But the reason for this is that it has partnered with Trezor, and there is a protocol for using their hard wallets to trade, buy and sell.
The Electrum wallet is one of the most popular Bitcoin wallets, it was created just two years after the emergence of Bitcoin.
This wallet is gaining a lot of respect in the world of crypto wallets, and this is because it supported cold storage and its support for different hard wallets like Ledger, Trezor, and KeepKey which we will talk about shortly.
The wallet also supports third-party add-ons and multi-signature, and offers its services through the desktop or mobile phones, which makes it very practical besides being free, and does not require any additional expenses.
The only two drawbacks you may have with the Electrum wallet are that it is Bitcoin-specific.
They also do not offer telephone customer service, but instead, the FAQ provides answers to frequently asked questions users encounter and provides several text-based platforms for support.
Mycelium is the most popular mobile wallet in the cryptocurrency world.
As about 8% of those who own bitcoin have a Mycelium wallet, this is because it was created in 2008.
In addition to being highly secure, providing useful educational content, supporting many cryptocurrencies, and you can trade with them.
4. Trading platforms
Although experts do not recommend keeping cryptocurrencies in trading platforms, because then you do not own the private keys for your currencies, but rather entrust them to a third party who owns them on your behalf, which poses a great risk in which you may lose your cryptocurrencies.
But with this, many cryptocurrency owners do this, and among the most popular trading platforms in the world are:
5. Other digital wallets
Dear reader, these wallets are only a small part of something countless, there are hundreds of wallets and trading platforms.
But we have collected for you the most popular and reliable in each type of wallet, but we will not feel that our message is complete without attaching alternatives to other popular wallets that you can check out if you like:
Best Hard Cryptocurrency Wallets
1. Ledger Wallet
2. TREZOR Wallet
Trezor hard wallet is always the second alternative to Ledger wallets, and it is very popular due to its good reputation and support for many currencies and digital assets.
The only big difference between the two wallets is that the Trezot one does not support XRP while its counterpart supports it.
The other differences are insignificant, the most important of which is that the Trezor Model T has a large practical touch screen, and supports cloud storage in addition to storage on a small memory card and FIDO2 authentication.
Now you may be wondering why Treazor is in second place then, and the reason is that when updating your wallet data may be completely erased which will make you panic especially if you are a beginner, but it is easy to then enter the Seed Phrase to restore your wallet.
KeepKey Hard Wallet is one of the popular wallets out there, but it doesn't compare to Ledger wallets nor Treazor wallets because it doesn't support many cryptocurrencies.
But its $49 price tag is very competitive, especially with the large touch screen.
4. Other lesser-known hard wallets.
Besides the first three wallets in the market, there are many lesser-known wallets, such as: