Cryptocurrencies are always in news because of their high prices. But trading in digital currency requires some essential things. Having a digital wallet is one of them.
What is Cryptocurrency Wallet?
A cryptocurrency wallet is just like a bank account which is used to store, receive and send your digital currency to another wallet account or use it for the shopping purpose. Whether you want to trade in cryptocurrencies or want to have them as your asset, you must need to have a wallet account.
5 Best Cryptocurrency Wallets:
There are dozens of online wallet options available for crypto but some of the best are:
“As you know that the digital currencies are not registered under the law of any country. So, you have to be very careful when you are choosing a cryptocurrency wallet for your digital currency. Because if you choose a wrong wallet for your Digital Currency, you may lose all of your money in no time. Spending time to getting an understanding of different Cryptocurrency wallet is important to protect yourself from the scam and fraud. To help you with this, I bring the review of 5 best Cryptocurrency wallets.”
Read Also: 5 Tips To Protect Your Digital Currenies
1- Ledger Nano S:
Ledger Nano S is a USB sized hardware wallet specially designed for the cryptocurrency. As I have mentioned previously, the hardware wallets are expensive, so do this one but in return, you get a lot of features which are hard to find in any other type of cryptocurrency wallets, especially in terms of security and backup of your private key for the digital currency.
Ledge Nano S is not a plug and play type device. This means that you do not need to have a computer to use this wallet. The small LCD screen in the front of the wallet will allow you to operate your cryptocurrency wallet easily. It will allow you to do functions like transaction, exchange your digital currency, use the related apps and transfer money from one account to another account within seconds. The small size of Ledge Nano S will allow you to make it secure from the hackers or the thieves. Even in case of any lost; you can always get the backup and block the thief to get access to your cryptocurrency account.
The features of Ledge Nano S include:
Multi-currency support: This wallet support almost all the popular cryptocurrencies and allow you to store more than one at the same time in the same wallet.
Built-in Display: This means that you can physically see the transaction for the confirmation and verification purpose because of the LCD screen on the top.
Easy to operate: While the size of this beautiful hardware wallet is small but still there are buttons to operate which are very easy and comfortable.
Security: For the security purpose there are multiple options available including the option to lock your wallet with a PIN code.
Backup and restoration: Do not worry about your cryptocurrency money if you have Ledge Nano S because it comes up with recovery sheet while the restoration process is easy and fast.
The Ledger Nano S comes up with a box in which you will get Nano S device, USB cable, instruction manual, recovery sheet and other accessories etc.
2- Ledger Blue:
This is another hardware wallet by the same company who has made the Ledger Nano S. This one is more advanced than the previous one. It is not only bigger in size but has a lot of new options which we have never seen in any other cryptocurrency wallet yet. Due to its stylish look, advance feature and specification, this is one of the most expensive hardware wallets available in the market. But it is totally worth because you are not just getting a wallet to secure your digital currencies but complete personal security devices which also features the touchscreen, Bluetooth, and USD connectivity.
At first sight, it may look like a mini iPad or tablet but when you explore it you will find that this wallet is quite different from the ordinary tablets which have been designed for the entertainment purpose. Also, it is smaller in size as compared to devices like iPad so do not mix or mistake it with them. There is onboarding option to control the wallet, setting option to set which suits you most and make backup easily and simply by tabbing few times etc. If you are looking for an advanced version of hardware wallet for your digital currency then you must check this wallet right now.
The feature of ledge blue is included:
Instead of the main features of Ledge blue, I will talk about the security features which are important and you must know about them:
Secure elements: I am sure that you have heard about the dual chip architecture technology. The Ledge Blue is based on that and also integrated with the firmware to protect your digital currencies.
Malware proof: A device can easily get hacked or its software can be damaged by an online virus but Ledge blue is completely Malware proof which means that it is completely secure from virus and hackers and cannot be exposed to someone else.
Pin code: Yes, you can set who is allowed to view your wallet by setting the 4 to 8 digit PIN code every time you unlock the wallet.
Multiple currencies: The Ledge Blue supports more than 1 dozen digital currencies while you can store multiple currencies at a time.
Coinpayments is a web-based digital currency wallet. It becomes popular when they allowed more than 75 currencies to be stored in their online wallet account. It is free and there has no charges on the registration. The website only cut the transaction fee when you transfer your digital currency from one place to another place through their wallet account. The best thing which makes me use Coinpayments is their visibility. It is one of those online wallets whose payment has been now accepted by hundreds of online stores. This means that you can simply use your digital currency from your Coinpayments wallet account to purchase online things other than just use it for the trading purpose.
Features of Coinpayments:
It is true that the web-based online wallet has chances to get hacked but only if there is no security has been provided by the company. The Coinpayments has several excellent features and security is one of them. The main features of Coinpayments are:
BitGo integrated: Coinpayments has integrated BitGo to provide a secure online wallet to their users where this also makes the payment very fast especially related to the Bitcoin.
Mobile App: While Coinpayments is a web-based online wallet for the cryptocurrencies but it does have mobile apps too which makes it a semi-mobile wallet. You can use it on all major OS.
Vault: To protect your money from hackers the company included the vault feature. This will make the process of money difficult and require having a specific amount in the account for withdrawing.
Multi-Coin wallet: There is no need to create multiple accounts on different wallet websites because Coinpayments allows you to store multiple digital currencies without any limit set.
Acceptable: Yes, the money which is stored in Coinpayments wallet is acceptable by hundreds and thousands of online stores for shopping purpose.
The first impression of Exodus was just WOW. I mean you just need to check that how advance the online web-based cryptocurrency wallet they are offering to the users. If you are looking for a wallet for your digital currency which has graphics features, reporting system, colorful and easy to use then Exodus needs to be on your list to use because it has all of this in a very sensible way. The other online wallets do provide almost the same features but their presentation style is not exclusive as the design of Exodus. They have shown also the screenshot of their wallet account for those who want to see how does their wallet account looks like.
The design is not the only thing which you should look for and ignore the other features. Exodus has all the advanced features which you expect to have in any advanced level web-based online wallet.
Features of Exodus:
There is a long list of features which Exodus is offering to their users. The complete list of features is listed on their website. Here I will talk about only exclusive and security-related features which you must know about before making an account on their website.
One click exchange: There is not any verification or identification required to operate your Exodus wallet account. You can simply exchange your digital currency simply by one click only. This makes the transaction fast.
Multi-currencies: Exodus allows you to store multiple digital currencies and other digital assets in your Exodus wallet without asking for extra subscription fee etc.
Complete security: Exodus is not an online web-based cryptocurrency wallet but an offline wallet. Yes, through a website, you will create your own digital currency wallet which means that the information about your cryptocurrency will be stored on your computer, not on the Exodus server.
100% free: Exodus is 100% free for all users. Yes, they do have some premium services but in general, you can enjoy their wallet’s entire feature for free.
Great design: The design of the wallet is the main reason which makes Exodus popular. It makes it very easy for a non-technical person to understand the complete details about his/her cryptocurrencies.
I wouldn’t be wrong in saying that Jaxx is a mobile-based wallet for the digital currency but it also works on the Windows and other operating systems in the same way as it works on the mobile devices. Jaxx is not specifically created for the cryptocurrencies but for all digital assets to store and make them secure from the hackers. Now digital assets could be anything including regular currencies or digital currencies etc. So, Jaxx works for the multiple digital assets at a time without any limit set by the company, but mostly known for the cryptocurrency only.
Usually, it is a myth that mobile wallets are not good because the person can lose the mobile. Well, it is true but today the mobile-based wallets are providing several security features which will allow you to get your digital assets in another account in case of an accident including if the person lost the mobile.
Features of Jaxx:
Most of the features, which Jaxx is offering, are same as any other wallet but some of the features are exclusively offered by Jaxx for their premium users. These features are mostly related to the mobile devices. The features of Jaxx include:
You are in control: When you create the private key for the digital currency, it will not be saved on the Jaxx server or any other places online but it will be saved only on your local device wallet. Even the Jaxx will not able to see your holding or your funds etc.
Easy to use: The online wallet account requires so many steps to make the transaction but Jaxx is free from all of this. They have not added the requirements like verification, personal information of using an onboarding questions etc. The privacy model of Jaxx is based on Nada privacy model.
Exclusive design: Jaxx is not just another mobile wallet account for digital assets but it is easy for users, the company has added dozens of new features and options which can be easily seen because of the simple but stylish design of the Jaxx mobile app. It will satisfy all of your need.
Jaxx is everywhere: Jaxx is not limited to Android and iOS only but it works on all the major operating systems like Windows, Linux and much more etc.
Different Types of Cryptocurrency Wallets:
There are basically 5 different types of cryptocurrency wallets. They all have their own advantages and disadvantages. Following, I am sharing the basic information about all of them:
1- Hardware Wallet: (Best Cryptocurrency wallets available for Security)
The concept of hardware wallets is not new but the cryptocurrency has boosted its market in the past couple of months. The hardware wallet is same as your regular wallet except it consists of a digital device to operate your account. And yes, its fancy and stylish too as compared to any other type of cryptocurrency wallets. They are stronger in security, easy to carry and have a screen to see your transaction and great option to store your digital currency for a long term. There is only one reason, because of it, people are hesitating to purchase hardware wallets which is their price. They are quite expensive as compared to other available options in the market.
2- Online Wallet:
The online wallets for cryptocurrency are the most common type of wallet which has been used by many people because they are cheap, easy to use and can be accessed from anywhere around the world easily. all you need to have is an internet access. You can operate online wallets through the computer, laptop, and mobile devices like iPad, tablets, and Smartphone as long as they have an internet connection. The main reason which attracts people to use the online wallet for their cryptocurrency is that it is fast, easy to access, cheap in price, manage multiple currencies at a time and use VPN for the further privacy.
Read Also: 5 Tips To Protect Your Digital Currenies
3- Mobile Wallet:
Note: “We have read several reports on Reddit about fraudulent apps that steal your bitcoin wallet and all of its contents so please be sure to use a well known Mobile crypto wallet”
The concept of the mobile wallet is the same as online wallet except for it works only on mobile devices. Basically, there is cryptocurrencies wallet application in Google Play store and Apple store which works on mobile devices only. The mobile wallet is getting famous day by day because of the mobile traffic. We all know that the majority of people are already shifting from computer to mobile, that’s why people now prefer to have the mobile wallet for cryptocurrencies. The benefits of the mobile wallet are the same as online wallet except there is QR code scanning option and mobile is much easy to carry as compared to the computer, laptop or even a hardware wallet.
4- Desktop Wallet:
I wouldn’t be wrong in saying that the Desktop wallet is the same as you are having a file in your computer. Majority of desktop wallets are totally free because you do not use any hosting space of the company which allows you to create a desktop wallet for cryptocurrency website. People like it because it has the minimum risk to get hacked by the hackers because no internet connection exists to operate a desktop wallet where the private keys have not been saved on a third-party website. While it has many benefits but there are drawbacks too. For example, what would you do if you mistakenly remove the file or your computer got damaged by a virus?
5- Paper Wallet:
The paper wallet means that you will get the private key of your cryptocurrency. To make the transaction, you need to type the complete key. I know that this sound weird and old way thing but because of its operation, it makes paper wallet one of the most secure way to store cryptocurrency. There are almost zero risks of hacking, required no digital device to store your digital currency and no private keys have been stored on anything including the third-party server. The only drawback of using paper wallet is that you required time to operate and technical understanding.