We use wallets throughout our lives to keep our money and cards safe and on hand for when we might need them. Likewise, crypto wallets are necessary for securely storing cryptocurrencies away from hacker or computer malware. Unlike traditional wallets, it is your digital wallets that not only contain your digital currencies, but also the vital private keys that you need to access. The market is full of options if you are interested in get one of the best crypto wallets. But only a handful of them deserve this title and by the end of this article you will know why.
As you may know, there are different types of crypto storage options available for crypto enthusiasts and they can be categorized as hot wallet (with internet connectivity) and cold wallet (without internet access). But the first question newcomers think about before getting any type of crypto wallet is “why do I need one?” The answer is quite simple and somewhat obvious. It is not recommended to keep your digital assets in your trading account on some exchanges because unfortunately every crypto exchange, regardless of its security protocols, has been hacked once. Now, if you are a trader who frequently needs access to their digital funds to buy cryptos such as bitcoins, you should keep them in a secure and password protected crypto wallet.
Here are the 5 things you should watch out for:
- Security is one of the priorities that one cannot compromise when looking for such wallets. Each of these wallets requires a unique private key to access them and the addresses stored in them, so that private key should never be shared with anyone. But some crypto wallets go even further by implementing two-factor authentication and encryption. The presence of these steps allows you to control that no one else can access your wallet.
- A good wallet would make it easy for people to store not one but several types of digital currencies. If you are using a crypto wallet that doesn’t give you the option of holding more than 1 to 2 types of digital currencies including Bitcoin, it’s probably time to switch to another crypto wallet that accepts a wide variety of coins. Getting stuck with the old type of digital wallet could negatively impact your trading experience as you would be avoiding certain cryptos just because your wallet does not support them.
- Some crypto wallets backed by leading crypto exchange platforms allow users to not only store their digital assets securely in the wallet, but also purchase various cryptocurrencies directly from the wallet to the using a credit / debit card. This feature is not easily found on any crypto wallet on the internet, as it involves a lot of legal and precautionary procedures. Therefore, very few famous crypto wallets offer users an easy option to buy cryptocurrency.
- Another must-have feature for a wallet to be considered one of the best crypto wallets available is to enable the use of international payment systems preferred by people around the world for a quick and easy payment process. Systems like SEPA or SWIFT are two international payment systems that can be used to directly buy cryptos from a crypto wallet if a user wishes. But of course, all legal requirements must be met before adding a feature like what makes it so hard to find.
- Nowadays, people want a reliable system that allows them to perform not one but several tasks using a simple and easy interface. The same goes for crypto enthusiasts who want their digital wallets to do more than just store safely, but also buy cryptos and send cryptos to their friends and partners with just one click. Fortunately, it is now possible to do this through some of the wallets available in the market at a reasonable price. Their advanced platform makes it easy for users to send and receive crypto from their acquaintances.
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