Choosing a cryptocurrency wallet isn’t quite as straightforward as buying a standard wallet. For holding hard cash and cards, most wallets are pretty similar. Your choice will probably come down to preference and style and not much else. Crypto wallets, on the other hand, are not created equal when it comes to securing your money.
Some wallets are more secure than others, some function better on certain devices, and others allow for easy transactions. The wallet you choose will still come down to your personal preference, but there’s a lot more risk and uncertainty if you pick a subpar crypto wallet. To help you make an informed decision, here are our favorite wallets for every type of cryptocurrency owner.
Coinbase: Best Cryptocurrency Wallet for Beginners and Ease of Use
Coinbase is the most-used bitcoin exchange in the world, and it offers the ability to buy, sell and store more than a dozen other altcoins. Cryptos are easy to buy and sell and Coinbase’s interface is very intuitive. It’s perfect for anyone trying to get into crypto. To start trading all you need to do is create an account and verify your identity.
Security is always a question with crypto wallets, but Coinbase is one of the safest options out there. The site offers two-factor authorization to ensure that nobody but you can gain access to your account, and while other major trading platforms have suffered hacks in the past Coinbase never has. Even in the unlikely event that Coinbase was attacked, the FDIC insures up to $250,000 of deposits.
The biggest knock on Coinbase is its reliability. During past price spikes or high traffic times, Coinbase has struggled to handle the number of transactions coming through. Also, because your private key will be generated on a computer or phone that’s connected to the internet, there’s no guarantee that it’s 100% secure.
It’s not a perfect program, but it’s a great way to dip your feet into the crypto pool.
Ledger Nano X: Best Cryptocurrency Wallet for Security
To avoid the natural security concerns that come with storing your coins in an online wallet, you can opt for a hardware wallet. Compared to Coinbase, which operates as an exchange as well as a wallet, hardware wallets like the Ledger Nano X are primarily for safely securing your coins. The “wallet” itself looks like a USB drive and you’ll need to connect it with your smartphone or computer to activate it.
The device comes with an instruction manual and will guide you through the installation step-by-step. Hardware wallets are so alluring because without access to the wallet itself, it’s impossible to gain access to your crypto. Your private key will never be shared with any other platform or application, and you set a private pin to get into the wallet.
MyCelium: Best Cryptocurrency Wallet for Android Users
MyCelium has more history in cryptocurrency than almost any other service. The parent company was founded in 2008 and following the release of Bitcoin in 2009, MyCelium Wallet was introduced almost immediately. MyCelium’s team has been finetuning the software for a decade, and the results speak for themselves.
MyCelium offers some of the best security available from a mobile wallet, fast speeds, and a spotless reputation within the industry. The app also supports Ledger and Trezor – another leading hardware wallet developer – meaning you can integrate your mobile wallet with a physical one for security.
The wallet currently only supports bitcoin, but that’s one of its only drawbacks. In addition, MyCelium offers so many features that it might not be a good fit for beginners. You don’t necessarily need to use the advanced features, but they can be overwhelming for newbies.
Best for Cryptocurrency Wallet for iOS
Similar to MyCelium, DropBit currently only supports bitcoin but it’s very user-friendly and simple to use. DropBit makes transferring bitcoin easy, one of it’s most attractive features. You can text or even tweet coins to any of your friends. DropBit’s interface feels like Venmo’s with memos for each transaction and an easily viewable log.
DropBit’s simplicity makes it great for beginners, but it also provides all the security of an advanced wallet. The app doesn’t even require registration because it doesn’t store any of your personal data. The only information that matters are the recovery words that are generated on your device.
The Final Word
When choosing your crypto wallet, you’ll have to decide what’s most important to you. If you value security above all, hardware wallets are a safe bet but don’t give you a ton of versatility. Most online wallets provide instant transactions but sacrifice some level of security. If you plan to trade from your phone exclusively, MyCelium and DropBit give you convenience, access, and some excellent features. For your first wallet, however, nothing can beat Coinbase.
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