The best crypto wallets should offer a range of features and simple clients across multiple platforms. Most importantly, it should provide a secure place for your digital currencies, away from prying eyes and people with nefarious intentions. But picking the best crypto wallets can be tricky if you are new to the cryptocurrency world.
Before you venture into cryptocurrency trade and purchase your first Bitcoin, Ether, or USDT, you need to have a crypto wallet. But you can’t have what you don’t know. A crypto wallet is a place where you will be storing all your crypto keys which will be helping you retrieve your digital currencies for use. This wallet is such that anyone can deposit crypto into them, but only you with the keys can get the crypto out.
Hardware vs. Software Wallets
Once you get into the world of crypto-currency, you will begin to understand the technical aspects of crypto. In crypto terms, a crypto wallet is a hardware device, online program, or software you use to hold the keys you use to send or receive cryptocurrency tokens.
But unlike the wallet in your pocket or your purse, a crypto wallet doesn’t actually store money. And it is different from online money accounts, such as PayPal and Skrill. The crypto wallet only stores the keys, both public and private, which you use to access and use your crypto.
You won’t be able to invest in crypto without a crypto wallet, and an initial deposit into an exchange, so you can buy the different crypto available. You will have to choose between hardware and software wallets.
Hardware wallets use physical devices, such as a special type of USB drive, to grant you access to your crypto assets. Though the most secure, they are not appropriate for the regular trader dealing in small amounts. If you will be investing large sums of crypto, you will have to purchase a hardware wallet.
Small crypto traders would do well with a software wallet, which you download to your computer or mobile device. It uses encryption to secure your keys, and you need to connect to the internet to use them. This is why you will hear crypto geeks refer to them as hot wallets.
Top Crypto Software Wallets
Since you’ll just be starting out, it’s a good idea to trade small amounts of money regularly and see how it goes. The crypto world is very volatile: you make millions today, and tomorrow you lose substantially due to fluctuations. Starting small means software wallets would be the most appropriate for you.
Here are the top 6 best software crypto wallets you may want to consider:
1. MetaMask
This crypto wallet only works with Ethereum, and you can use it on Chrome, Brave, and Firefox browsers. It also works as a browser extension, meaning it acts as a bridge between normal browsers and the Ethereum blockchain. This blockchain allows users to create their own digital apps and cryptocurrencies. You can also buy and sell your crypto directly from this platform.
Pros
- MetaMask provides easy access to the Ethereum blockchain
- It’s open-source
- Easy to use
- Stores private keys on the browser, hence, easy to access them
Cons
- Only works with Ethereum and ERC-20 tokens
- Since it’s a hot wallet, it may raise security concerns
2. Dapper
This is a mobile-based crypto wallet that lets you send, receive, and store your FLOW on any mobile device based on Android or iOS. It allows for fast and easy payments, but it works well with hardware crypto wallets which make it the most secure.
Pros
- Secure – you own and control your private keys
- Active developer community
- Has backup and security features, such as backup keys and pin codes
- Easy to use
Cons
- Risk of loss of phone
- Needs hardware wallets
3. Coinbase
This software wallet considers crypto as the future of decentralized money around the world. You can join the more than 35 million other users around the globe to sell, buy, store and earn crypto on Coinbase. It is the best wallet for new crypto traders interested in exchanging major pairs on a simple platform.
Pros
- Easy to operate the platform
- The mobile app mirrors all features of its desktop app
- Easy way to earn free crypto by learning about available coins
Cons
- Charges higher fees compared to other crypto wallets
4. Gemini
Perhaps, it may interest you to know that the co-creators of Facebook, Cameron and Tyler Winklevoss, are behind the creation of Gemini, a 2015 crypto wallet popular among people already into Bitcoin. It offers an easy way to trade and store your coins, with a certain level of security arising from its association with Facebook.
Pros:
- Free to register an account and open a Gemini wallet
- Gives a sense of more security because of its association with Facebook
- One of the biggest and popular wallets for storing Bitcoin
- Easy to use, hence beginner-friendly
Cons
- Lacks a mobile application
- Buy and sell methods on this platform are restricted to bank and wire transfer
5. BlockFi
If you are ready to begin your evolution as a crypto trader, BlockFi may be your next stop. This crypto wallet avails institutional-grade financial products to the crypto market, some of which often face restrictions. The platform gives you a low-cost medium for simple applications designed to increase the potential of your crypto assets.
Pros
- Largely free platform
- Provides the best interest rates in the market
- Allows you to trade, earn interest, and even borrow from a centralized hub on the BlockFi application
Cons
- May require base knowledge of cryptocurrency to operate
- No connection with crypto advisors
6. Exodus
Make an exodus from the centralized financial world to the gripping world of crypto through the Exodus desktop app. It is a multi-currency wallet offering in-app trading via ShapeShift. Developed by JP Richardson and Daniel Castagnoli, Exodus was launched in 2015 and has since gained lots of traction for its user-friendly design.
Pros
- Supports multiple currencies
- Easy to use, beginner-friendly user interface
- Mobile app available
- Offers in-app crypto-to-crypto exchange
- Lets you retain your private keys
Cons
- Attracts high transaction fees
- No 2-Factor Authentication, hence, less secure
- No support for multi-signature addresses
Conclusion
Getting the right crypto wallet isn’t too difficult if you know what to look for. Thus, choose a wallet that supports your crypto, and provides enough security for your digital assets. Contact us if you need more information on the best crypto wallets.