If you’re mining or buying cryptocurrency, you need a wallet for storage. Think of your wallet as a bank account for your digital currency. You can use it to make payments, check your balance and generally stay in control of your funds.
However, there are several options available right now, and they all offer their own unique combination of benefits and features. The simple truth is that the best cryptocurrency wallet for you depends on your needs. How much you mine, invest and make payments with your cryptocurrency will determine which option is the best for you.
Choose the Right Type of Wallet
Before you start looking at specific wallets, it’s a good idea to think about the type of wallet you need.
Hardware wallets — A physical drive that allows you to store private keys and process transactions offline. This option is best if you want added security and protection from malware designed to steal your holdings.
Mobile wallets — These wallets are designed for use on leading smartphones, allowing you to manage your holdings on the move. There are currently wallets available for both iOS and Android.
Desktop wallets — This is a piece of hardware that sits in your own computer. It runs independently from the Internet, so you can store your details in a way that stops them from being stolen from hackers and malware.
Online wallets — These are still the most popular wallets right now, as they are simple to set up and use. Online wallets can be accessed from anywhere in the World, and they are often linked to leading mining software packages and cryptocurrency networks.
Paper wallets — These allow you to store your digital currency offline and away from the clutches of potential thieves. You type in a key or scan a QR code to perform transactions.
7 of the Best Cryptocurrency Wallets on the Market Today
Here are seven of the best selling cryptocurrency wallets on the market right now:
- Coinpayments
This web-based wallet is particular effective when used to store several different digital currencies online. Registration is free, but there are transaction costs when transferring funds from one place to another. If you’re looking for a wallet that is being used widely in the real world, this is a good choice. Coinpayments offers visibility, security and ease of use.
- Jaxx
Jaxx is a mobile wallet that also offers functionality for desktop computers. Keys are stored locally on the handheld device, which means the user retains full control at all times. No details are held on any third-party server, including those of Jaxx. This hugely popular wallet delivers streamlined transactions without the need for verification or onboarding. A high level of privacy is guaranteed with Jaxx, as well as an interface that is incredibly easy to understand and use.
- Exodus
This desktop wallet is a one-stop-shop for all things cryptocurrency. Users can manage their funds, perform transactions and access exchanges in one place. There are also some very stringent security measures in place that protect a wide range of blockchain assets. All keys and local transaction data are automatically encrypted with Exodus. This wallet isn’t reliant on any third-party servers, which gives users added peace of mind.
- Electrum
The Electrum wallet offers an almost unrivalled level of versatility. All keys are automatically encrypted for added security, and users are able to retrieve funds through the use of a secret phrase. There is also the option of exporting keys to other wallets with relative ease. Electrum allows users to split permissions between a few wallets, and offers zero downtime. This is one of the most popular cold storage wallets on the market today.
- Copay
Copay is a multisignature wallet that relies on open source software. Primarily aimed at Bitcoin owners, Copay allows users to protect their funds with a series of different signatures — providing added security. This increasingly popular wallet bypasses all third-party applications, which is why it’s the wallet of choice among experienced Bitcoin investors and miners.
- TREZOR
TREZOR is one of the biggest selling hardware wallets on the market today. This is a small external drive with LED display that allows you to store cryptocurrency and make secure transactions in one place. Keys are generated offline, keeping them away from the reach of hackers and fraudsters. And at a price of less than $100, TREZOR offers a cost-effective method of protecting crypto holdings.
- Ledger Nano S
Ledger Nano is specifically designed for the secure storage of Altcoins, Bitcoins and Ethereum. Advanced security measures also facilitate the safe transfer of funds. This hardware wallet connects to a computer via a USB connection, and gives the user the option of approving transactions with a double-click of a physical button.
How do you want to manage your cryptocurrency holdings? Understand this, and you’ll be able to choose the best wallet for your needs.
