Note: This is a guest post written by Jonathan C
The first cryptocurrency, Bitcoin, was introduced to the market in 2009. After its success, alternative coins (Altcoins) were introduced into the fastest-growing financial regime. As this crypto ecosystem grows, many users are interested in purchasing cryptocurrencies and storing them safely. Digital wallets provide users with the means to store and manage their crypto assets. These wallets enable users to receive, spend and trade cryptocurrencies.
While some wallets may store one cryptocurrency, some provide Multi-assets storage solutions. They help a user hold different cryptocurrencies in one wallet. Crypto wallets come with Private keys that the user uses to access their wallets as passwords. Wallets come in two types; cold wallets store crypto offline and in portable devices. Hot wallets are on online platforms and only accessed with internet connectivity. Here are some of the best wallets in the cryptocurrency market.
1. Exodus
It is a hot wallet designed to be used in desktops and mobile phones and best advice for beginners since it has a simple user interface. One of its recommendable features is its ability to swap between a significant number of cryptocurrencies. Currently, it allows this swap between more than 100 cryptocurrencies.
It offers excellent customer service to its users considering the confusing crypto market. As great as it is for beginners, more advanced users may find it unsuitable as it lacks some essential features. Exodus wallet is a closed source and raises security concerns as the code is not visible for everyone to see, considering the cryptocurrency world offers decentralized finance.
The wallet has a mobile app, and a user can set their custom fee that ensures fast transactions. It integrates with wallets like Trezor, which turns all your currencies into a portfolio with graphs and charts.
2. Ledger Nano X
It is a second-generation wallet that was launched in 2014 by a French company. The Nano X wallet resembles a USB drive connected to a device by Bluetooth or using a USB cable. Because of its Bluetooth feature, a user can connect the wallet directly to their Android or IOS smartphones without the need for a computer. It hosts over 1500 cryptocurrencies that continue to grow daily.
It is a cold hardware wallet, and the ledger team created live software that enables you support and an interface for all of your assets. A user can manage their accounts, and the Ledger comes accompanied by a USB Type-C charger.
3. Electrum
It has been around since 2011, 2 years after bitcoin was launched, and it is a hot wallet with an option for cold storage. It is suitable for advanced users because of its complex features. The wallet enables its users to set custom fees for transactions, and one can choose between legacy Bitcoin and Segwit. It gives users security measures to choose from, and this has been one of its outstanding features.
4. Trezor Model T
This is a cold wallet and acts very much like a ledger but gives a user the ability to access third-party exchanges like CoinSwitch. Model T uses a touch screen and a MicroSD slot that enables users to use MSD cards to encrypt PINs and ways to protect their coins.
It comes with a Type-C charger and hosts more than 1,600 different cryptocurrencies. It can be connected to a mobile device or a computer. It is confusing for first-time users and is a bit more expensive than other wallets.
5. Ledger Nano S
It is a cold wallet and the first generation of wallets built by Ledger. It is compatible with more than 1,500 cryptocurrencies. This wallet does not connect to a USB Type-C cable, so it is more difficult to use for users with modern Smartphones. It does not have Bluetooth connectivity.
If the user was to delete the Nano S Ledger, add a cryptocurrency, or for any other reason, it affects their assets. The assets can still be viewed on the live Ledger but not on the specific wallet. It is ideal for beginners.
6. Mycelium
It is a hot wallet with cold storage options, a mobile-only wallet for Bitcoin. It is an open-source wallet currently supporting ERC-20, ETH, and FIO tokens. It has a built-in exchange, and you can customize transaction fees and was among the first few wallets to be introduced to the market.
7. KeepKey
A hardware wallet launched in 2015, and one of its outstanding features is that it has a high-end security system. It lacks an Operating System (OS), which makes it malware-proof. It is nearly impossible to hack because of this fact. A drawback, though, is that it holds 35 cryptocurrencies and is used on computer desktops.
Cryptocurrency wallets are only essential for digital currency users. A tip: when choosing a wallet, choose a secure wallet with ease of use and hosts various cryptocurrencies you find suitable. Are you looking to trade cryptocurrencies in 2021? Join the Bitcoin Era today and enjoy a seamless trading experience.
