- Crypto wallets are needed to store the public/private keys and digital assets of a user.
- The rise of cybercrime has led users to migrate to crypto wallets to keep their tokens safe and secure.
Crypto wallets are used to hold cryptocurrency, much like real wallets, which we use to retain our cash and change. Users really keep their public and private keys safely in their wallets, giving them access to all of their digital possessions. Seeing a large number of hacks and cyberattacks, it’s high time users started taking adequate measures to secure their crypto assets.
Wallets can be of two types based on the storage platform, namely hot and cold wallets. Hot wallets are connected to the internet, which accounts for their high convenience but also hints at their safety. Cold wallets are physical devices like pen drives, hard disks, etc., that are not connected to the internet, making them highly secure. Based on responsibility, wallets can be custodial (third-party owned) or non-custodial (self-owned) wallets.
The Top Crypto Wallets To Watch Out
- Coinbase Wallet
The wallet is quite safe and is supported by a well-known brand in the business. It is the perfect option for newbies who are just beginning their cryptocurrency adventure due to its basic user interface (UI), readily accessible features, and recognizable functionality. The wallet is highly secure, and the inbuilt Enclave chip provides biometric authentication to the users. It is connected to all the major banks and supports Bitcoin, Dogecoin, ERC-20 tokens, and others, amounting to more than 5500 digital assets.
Users can go with a Coinbase wallet without opening an account on the Coinbase exchange, one of the oldest and most prominent in the crypto space.
The easy user interface has already helped the platform support the visits of 30 Million+ monthly active users. The wallet is considered the best for Ethereum owing to its ability to support nearly thousands of Ethereum tokens and decentralized apps (dApps). Users can easily navigate to several dApps through the simple navigable functions.
Metamask has also earned its name in being compatible with other blockchain platforms like Binance Smart Chain, Avalanche, and Polygon. It is a desired wallet to trade non-fungible tokens (NFTs) in NFT marketplaces like Opensea. It can be easily downloaded as a web extension on popular browsers like Chrome, Mozilla Firefox, Edge, and Brave, as well as Android and iOS apps.
- Trust Wallet
The crypto wallet is the official mobile application of Binance, one of the most prominent crypto exchanges. The wallet has strong built-in support for dApps, which makes it ideal for enthusiasts and investors. Trust Wallet also has a built-in Web3 browser, which helps users navigate several NFT projects before settling on one. Although it is linked to Binance, the wallet is non-custodial and does not ask for your private keys. It is compatible with nearly 65 blockchain platforms, making the application support more than 4.5 Million digital assets.
- Ledger Nano S Plus
Ledger is already a reputed brand in the crypto space, and its products are known for their high security. The Nano S Plus is the upgraded version of the Nano S, which now has an improved display, more storage, and additional USB-C type support. The company is known to use chips, as found on passports and credit cards, to provide unmatched security to their hard wallets. Users can also have a trading experience through the integration of the Ledger Live platform.
There are several other crypto wallets, such as Electrum, Exodus, Crypto.com, Trezor, BlueWallet, and several others. Each wallet comes with its pros, cons, and unique features. Users must perform thorough research regarding authenticity, security, and convenience, before resting on a particular wallet. Moreover, the selection of a particular wallet largely depends on the personal taste and requirements of the user.