In order for something to have value, it must be able to be stored in easy, efficient, and safe ways. This is no different with cryptocurrencies. As mass cryptocurrency adoption picks up, so too does the demand to securely store these digital assets in the safest way possible. This is where crypto wallets come in. Essentially, cryptocurrency wallets are just accounts that you store your crypto in. You can think of them as the equivalent of bank accounts for traditional money, with the only difference being that the individual is the true custodian of the funds. Without cryptocurrency wallets, we would not be able to store, manage or use our cryptocurrencies at all. This means that ensuring the market is provided with the best products is super important.
So with that being said, let’s take a look at some of the best cryptocurrency wallets currently on the market.
Top 5 Best Crypto Wallets
Exodus is a wallet application for laptops, desktops, and now mobile devices. It offers an extremely attractive and easy-to-use interface that provides access to multiple different applications, including an exchange that allows users to trade directly in their wallets. What makes Exodus unique is that it automatically generates graphs and charts based on the user’s portfolio. This makes it super easy to track and manage funds at all times. There is also no need for KYC verification which makes the application inclusive for all. Exodus also provides its users with live price updates which allows them to monitor the markets and trade a wide range of cryptocurrencies all under one easy-to-use platform. Users can enhance their security by integrating their Exodus and hardware wallets for added protection and they can even stake certain cryptocurrencies, to earn interest, directly from their Exodus wallets.
Ledger wallets are hardware wallets that store users’ cryptocurrencies in an offline device. These devices are about the size of a USB flash drive and they connect to mobiles, computers, and laptops to access stored digital assets. Ledger wallets are very durable and because they’re disconnected from the internet when they’re not plugged into a device, they’re the safest way to store cryptocurrencies and other digital assets. These wallets support over 1,800 different cryptocurrencies, offering the widest range of storage options on the market. While these wallets might be too expensive for new investors, for people looking for the safest and most secure wallet on the market, Ledger is the best option.
AABB Wallet is a cryptocurrency wallet that enables users to send crypto instantly, securely, and privately with exceptionally low transaction fees. Whereas the majority of crypto wallets require users to share QR codes or a long string of letters and numbers, AABB Wallet allows users to send and receive crypto via email, SMS, and social media thanks to the iTransfer feature. AABB Wallet is also extremely secure as it requires a pin code to be entered every time a transaction is made. This means that in the already unlikely event that someone is able to access your wallet, they will not be able to steal funds without knowing your pin code.
TrustWallet is a mobile-only cryptocurrency wallet. This makes it super easy to use on the go. Currently, it supports over 160 digital assets and allows users to stake certain cryptocurrencies to earn interest. While it was originally developed to only store ERC-20 tokens, TrustWallet has since been improved to also store non ERC-20 based tokens such as Bitcoin, Litecoin, XRP, and Polkadot. Users also have the option to purchase and trade supported cryptocurrencies through the integrated exchange directly in the platform allowing individuals to manage their finances in a convenient and timely manner.
Coinbase’s wallet is one of the most used cryptocurrency wallets on the market. While Coinbase is primarily a cryptocurrency exchange, they also have their own ecosystem of cryptocurrency products. Here, users are able to store over 500 different cryptocurrencies including Bitcoin, Ethereum, USDT, USDC, and ChainLink. On top of that, the Coinbase wallet also has a browser extension that allows individuals to use their crypto in browsers, such as Google Chrome, enabling them to interact and transact with merchants and decentralized applications. The Coinbase wallet is easy to use and it has a strong security track record. Because Coinbase is one of the most used exchanges in the cryptocurrency industry, this wallet is ideal for those who regularly use Coinbase or are already heavily integrated into their ecosystem.
Factors To Consider
The most important factor that should be considered when choosing which cryptocurrency wallet to use is whether that wallet supports the token you intend on storing. Not all cryptocurrencies are supported on every wallet. If an attempt is made to store a cryptocurrency on a wallet that does not support said cryptocurrency, then the funds will be lost forever without the possibility of revoking the transaction.
Secondly, the time frame for holding a cryptocurrency should also play a major role in which wallet you decide to use. For instance, investors that are planning on holding a cryptocurrency for multiple years might benefit the most from using an offline, cold wallet like the Ledger wallet. But for individuals who are planning on using their cryptocurrencies to transact day-to-day, using an offline wallet probably isn’t the best idea. Instead, they would be much better off using a fast and cheap hot wallet such as the AABB Wallet.
Finally, the last important factor to consider is security. You should pick a wallet that has a faultless history of preventing hacks and malicious activity. Of course, cold storage is always the safest option for large sums of money, but for those who need to transact more regularly, hot wallets would be more ideal. Applications like the AABB Wallet, that also have enhanced safety measures to keep your funds doubly safe, are great cheap and efficient alternatives to hardware wallets as they enable quicker and easier transactions without compromising on security.