There are many types of cryptocurrency walletsin the market today. These include mobile or app-based digital wallets, hardware or cold wallets, and hot or web-based wallets. You should be able to choose a suitable cryptocurrency wallet service depending on your needs.
You may consider asking yourself these questions upon choosing the best cryptocurrency wallet for you:
- Do I need quick access to my crypto assets?
- How many cryptocurrencies will I buy or hold?
- Will I buy or hold huge amounts of these assets?
Mobile phone wallets are preferable for easily accessible wallets. As these are connected to the web, the security of assets is somehow vulnerable. Therefore, holding a huge amount of crypto assets may not be advisable. But with advanced security features such as a mnemonic phrase and two-factor authentication, it is upon your discretion to keep your crypto assets on this type of wallet.
On the other hand, for crypto users who hold a huge amount of Bitcoin, Ethereum, and other altcoins, storing your assets on a cold or hardware wallet might be a better option. These wallets work perfectly offline, removing any risk of getting hacked or stolen personal information. Although, beginners might find it hard to set up this type of wallet initially. Not to mention that it may be a bit expensive as well.
Best cryptocurrency wallets
The two most popular and best Bitcoin and cryptocurrency hardware wallets are Ledger Nano X and TREZOR T. These cold wallet storages support over 1,000 different cryptocurrencies. Both cost over $100 dollars. The Nano X is built like a USB drive and connects to your device via USB or Bluetooth. On the other hand, the TREZOR T utilizes a touch screen, a MicroSD card slot, as well as a web-based user interface with built-in exchanges.
Additionally, among the best hot wallets, either for mobile or desktop, are Electrum, Blockstream Green, Coinbase Wallet, Exodus, Jaxx, and Edge. These are compatible with iOS and Android devices and as well as Windows, Mac OS X, or Linux.