10 BEST Crypto Wallet Apps (May 2022)

A Crypto wallet is a software/hardware application to store your cryptocurrency. However, cryptocurrencies do not exist in any physical shape or form. Crypto can’t technically be stored anywhere except coin wallets. This type of software is easy to use while also being secure and fast.

There is a plethora of Crypto wallets in the market, and choosing one can be difficult. Following is a handpicked list of Top Crypto Wallet App & software, with their popular features and website links.

Top Cryptocurrency Wallet Picks


#1 Best Overall

Coinbase

✔️ Coins Supported: BTC, ETH, LTC, BCH, DOGE, etc.

✔️ Type of wallet: Hot storage

✔️ Price: Free

Learn More

#2 Top Pick

Zengo

✔️ Coins Supported: ETH, BTC, DOGE, USDC, SHIB, etc.

✔️ Type of wallet: Non-custodial

✔️ Price: Free

Learn More


Crypto.com

✔️ Coins Supported: BTC, DOGE, DOT, ETH, LTC.

✔️ Type of wallet: Hot wallet

✔️ Price: Free

Learn More


Ledger Nano X

✔️ Coins Supported: BTC, ETH, LTC, DOGE, etc.

✔️ Type of wallet: Cold wallet

✔️ Price: $175

Learn More


Binance

✔️ Coins Supported: BTC, ETH.

✔️ Type of wallet: Hot wallet

✔️ Price: Free

Learn More

1) Coinbase Wallet

Best for Beginners who have little to no experience in the crypto market.

#1 Best Overall
Coinbase
5.0

Coins Supported: 500+ cryptocurrencies, including BTC, ETH, LTC, BCH, DOGE, etc.

Type of wallet: Hot storage

Price: Free

Learn More

Coinbase is a hot crypto wallet that can sell, transfer, buy, and store digital currencies. You can store all your NFTs and crypto coins in one place in Coinbase Wallet.

It supports more than 100 countries and more than 35 million people who trust Coinbase to sell, buy, store, and earn cryptocurrency. This Crypto wallet can store digital collectibles and NFTs and supports 500+ crypto assets.

Are my coins secure?

Coinbase Wallet is non-custodial, which means you have access to your wallet’s private key. It is generated with a 12-word recovery phrase on your sign–up. It also provides Two-step verification, Biometric logins, FDIC-insured USD balances, and AES-256 encryption for digital wallets.

What if the exchange is hacked?

Like everything, nothing is perfect. Even FBI headquarters can be hacked/infiltrated. Even with the best security measures, Coinbase was hacked in 2021. The good thing is that they proactively disclosed the event, took steps to prevent future breaches, and reimbursed the victims.

👍 Pros 👎 Cons
User-friendly interface High transaction fees
Multi-signature and 2-factor authentication support. Limited trading types
Provide optional cloud backups which can protect your digital keys.

Key Statistics:

Coins Supported: 500+ cryptocurrencies, including BTC, ETH, LTC, BCH, DOGE, etc.
Type of wallet: Hot storage
Available Countries: 100+ countries like North America, South America, Europe, Asia, Oceania, Africa, etc.
Mobile App: Android and iOS.
Insurance: Coinbase maintains crypto-insurance and all USD cash balances covered by FDIC insurance, up to a maximum of $250,000.
Staking Support: Up to 8% APY in crypto savings
Blockchain Support: It supports various blockchains like Arbitrum, Avalanche C-Chain, BNB Binance Smart Chain, Gnosis Chain, Fantom Opera, Optimism, Polygon, xDai.
Customer Support: Coinbase help page, emailed support, an automated phone system, and a chatbot.
Regulations: Coinbase is also registered as a Money Services Business with FinCEN.
Signup Bonus: $5 For US Citizens
Price: Free

More Information >>


2) Zengo

Best for beginners and intermediate crypto investors who like quick purchases.

#2 Top Pick
ZenGo
4.5

Coins Supported: 70+ coins, including ETH, BTC, DOGE, USDC, SHIB, etc.

Type of Wallet: Non-custodial

Price: Free

Learn More

Zengo is the non-custodial wallet that uses the next generation of security protocols using facial biometrics technology. This is a platform where you can buy, sell, trade, and invest in cryptocurrencies within the ZenGo wallet.

It is one of the easiest Cryptocurrency wallets in terms of setup. It is an innovative company holding a fresh product that solves a huge problem of private keys and passwords.

ZenGo is a keyless mobile crypto wallet developed by an Israel-based company KZen Networks. KZen Network has built products for the blockchain space, having a strong focus on security, UI, and UX. ZenGo was founded by Omer Shlomovits, Ouriel Ohayon, Gary Benattar, and Tal Be’ery in

Are my coins secure?

ZenGo uses a high level of security which makes it nearly impossible for hackers to intervene in your wallet. It uses 3FA level security when you are signing up.

Then you need to confirm your registration by the link in your email. After that, a decryption code will be saved on your cloud storage, lastly, you need to set your facial biometrics.

It also combines all these 3FA with MPC-based cryptography technology, making your wallet hack-free.

They also have implemented a guaranteed access solution, “Chill Storage™,” allowing you to access your funds in extreme cases.

What if the exchange is hacked?

There are no cases of ZenGo being hacked as their security processes are robust. They even organized a competition to invite hackers to hack accounts holding 1BTC. However, having such a high and secure level of security, all the hackers failed to hack into the wallets.

👍 Pros 👎 Cons
Allows to sell or buy within the bitcoin wallet app Small range of cryptocurrencies
Provide 3FA security Not fully non-custodial crypto wallet.
Easy to use interface
Earn interest on holding without lockup

Key Statistics:

Coins Supported: 70+ coins, including ETH, BTC, DOGE, USDC, SHIB, etc.
Type of Wallet: Non-custodial
Available Countries: Supports 70+ countries, including the USA, UK, Canada, Germany, Australia, Russia, France, Philippines, Nigeria, India, etc.
Mobile App: Android and iOS.
Insurance: No federal FDIC insurance policy exists to protect users from loss as with fiat.
Customer Support: Twitter Profile, Email Support, Live chat, Blogs
Regulations: Regulated by EU laws under GDPR.
Staking Support: Earn up to 8% APY on USDC, USDT, and TUSD, in addition to 4% APY on your BTC, ETH, LINK, etc. deposits
Blockchain Support: Bitcoin, ERC20, BEP2
Price: Free

More Information >>


3) Crypto.com

Best for active traders and anyone interested in using crypto as an actual currency and not just for investment.

#3 Top Pick
Crypto.com
4.5

Coins Supported: BTC, DOGE, DOT, ETH, LTC

Type of wallet: Hot wallet

Price: Free

Learn More

Crypto.com offers 250+ coins and is one of the fast-growing crypto exchange platforms. It allows users to sell, hold, buy and trade an extensive list of coins and enjoys low trading fees. Besides this, it also offers decentralized exchange, cryptocurrency credit cards, an NFT marketplace, and a standalone crypto wallet.

You can also hold your crypto for a set period of time and earn up to 14.5% interest on it.

Crypto was founded in 2016 in Hong Kong by Bobby Bao, Rafael Melo, Kris Marszalek, and Gary Or. It currently has 10M+ users from 85+ countries

Are my coins secure?

Crypto.com is peer-reviewed and uses static and dynamic source code analysis tools. It uses two-step verification, cold storage, and a rewording bug bounty program.

If you are a U.S. resident, your USD balances are held at Metropolitan Commercial Bank, an FDIC member, and an insured up to $250,000. You will have ownership of those funds means Crypto.com or its creditors can’t claim your fiat funds.

What if the exchange is hacked?

On 18th Jan 2022, Crypto.com was hacked, and around $15 million was robbed. However, the team reassured all the users who lost their money during the robbery and reimbursed them.

👍 Pros 👎 Cons
It offers an extensive list of supported cryptocurrencies Higher fees unless you hold and use CRO
Easy to use interface with robust features Trading fee discounts can be confusing to navigate
Support for an ecosystem of cryptocurrency products
There are certain added benefits for staking CRO.

Key Statistics:

Coins Supported: 250+ cryptocurrencies are available like Bitcoin (BTC), Dogecoin (DOGE), Polkadot (DOT), Ethereum (ETH), and LiteCoin (LTC), and much more.
Type of wallet: Hot wallet
Customer Support: Help page, email, 24/7 live chat
Available Countries: 83+ countries are likely available: Argentina, Austria, Australia, Bahrain, Barbados, Belgium, Bermuda, Brazil, Virgin Islands, British, Bulgaria, Canada, Cayman Islands, Chile, Colombia, Costa Rica, and much more
Mobile App: Android and iOS.
Staking Support: You can earn up to 8.5% interest per year on cryptocurrencies and up to 14.5% interest per year on stablecoins
Blockchain Support: BSC, ERC-20, Arbitrum, AVAXC, BEP2, etc.
Price: Free

More Information >>


4) Ledger Nano X

Best for those who want to store 5500+ crypto in one location.

#4 Top Pick
Ledger Nano X
4.5

Coins Supported: Bitcoin, Litecoin, Dogecoin, Ethereum, LINK Chainlink, etc.

Type of Wallet: Cold wallet

Price: $175

Learn More

Ledger Nano X is the advanced cold wallet by Ledger company. It supports over 100+ crypto apps and coins. It is bundled with features like Bluetooth and USB-C cable connectivity. It allows you to easily manage the cryptos and NFTs. It strikes a good balance of accessibility and security. Ledger Nano X is packed with the most convenient form factors and uses micro-LCD.

For the setup, you need to start with setting up a PIN, then a 24-word seed phrase, which acts as your wallet’s private key. It works best when paired with Ledger live smartphone app. Using the app, you can easily and quickly view your balance with or without the device.

Are my coins secure?

Ledger Nano X uses certified Secure Element chips (tamper-resistant) to store all your private keys, preventing them from being exposed. The chips themselves are also certified with CC EAL5+.

The French National Agency for the Security of Information Systems has also audited Ledger Nano X. They verified it as the only Ledger product in the market that uses a Secure Element with a custom Operating System. This makes it more secure, reducing the cyber risks.

What if the exchange is hacked?

No reported hacks to date. No Cryptos were stollen.

👍 Pros 👎 Cons
It supports 5500+ coins and tokens. It is expensive
It offers Bluetooth connectivity Does not offer touch screen support.
There is no need for an OTG kit. It has a USB-C cable.
It has 8-hour battery life.

Key Statistics:

Coins Supported: 5500+ coins, including Bitcoin, Litecoin, Dogecoin, Ethereum, LINK Chainlink, etc.
Type of Wallet: Cold wallet
Available Countries: Delivered to all the countries
Mobile App: Android and iOS.
Size: 72mm × 18.6mm × 11.75mm
Battery: Lithium-ion 100mAh battery that gives 8 hours of extended battery life.
Connectivity: Bluetooth and USB-C cable
Customer Support: It has a vast knowledge-based page, live chat, and email chat
Certification: It is certified by CC EAL5+
Staking Support: Yes
Blockchain Support: ERC20
Price: 175 USD

More Information >>


5) Binance

Best for crypto traders looking for multiple features in their wallets.

#5 Top Pick
Binance
4.5

Coins Supported: 1000+ including BTC, ETH.

Type of wallet: Hot wallet

Price: Free

Learn More

Binance is a central cryptocurrency exchange platform with a robust selection of crypto trading features. Binance was founded in 2017 by software developer Changpeg Zhao.

This crypto wallet offers leading crypto features like Auto-invest, staking, Defi, Futures and Options, and P2P trades. Their average 24-hour trading volume is worth $100 billion, crediting users’ trust in their system. Their native coin, BNB, is among the Top 5 crypto globally. This crypto exchange has a Blockchain called the Binance Chain.

Are my coins secure?

Binance has a super-safe security system that ensures your coins are safe. It uses two-factor authentication (2FA) verification, device management, addresses whitelisting, and cold storage. 95% of coins are stored in cold storage.

What if the exchange is hacked?

In 2019, Binance faced a large-scale security breach, and hackers stole 7,000 bitcoins which is equivalent to over $40 million. The prudent thing is that the Binance team closed all the deposits and withdrawals during that period. The company returned all the money to the users whose account was hacked.

👍 Pros 👎 Cons
Over 1500 cryptocurrencies for trade and Over 65 cryptocurrencies for U.S-based investors Not a good customer support.
Affordable fees
Wide selection of trading options and order types
Provides comprehensive charting feature

Key Statistics:

Coins Supported: 1000+ including BTC, ETH.
Type of wallet: Hot wallet
Available Countries: USA, UK, Belgium, France, Italy, and 100+ countries.
Mobile App: Android and iOS.
Insurance: All U.S. dollar deposits at Binance.us are held at custodial bank accounts and insured up to $250,000 for bank failure by the Federal Deposit Insurance Corp.
Staking Support: It launched the “High-Yield Center,” where you can stake and earn up to 104.62% APY.
Blockchain support: BNB, Polygon (MATIC), SOL, Polka dot (DOT), Cardano (ADA), ERC-20, BTC, ETH, LTC, etc.
Signup bonus: Use Referral ID C2NIWDDM and get 5% commission kickback
Price: Free

More Information >>


6) Bitcoin IRA

Bitcoin IRA is one of the largest and most secure cryptocurrency IRA platforms used by thousands of clients. You can easily buy & sell crypto on this 24/7 self-trade platform. It is a crypto trading platform that connects consumers to qualified custodians, digital wallets, and cryptocurrency exchanges.

#6 Top Pick
Bitcoin IRA
4.5

Coins Supported: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Cardano, Solana, Polygon, etc.

Type of Wallet: Hot 

Price: Free

Learn More

Features:

  • You can maximize your retirement growth in a tax-free IRA.
  • It offers unique features like price tracking, portfolio performance, chart analysis, and more.
  • It provides SSL secure trading
  • Enables you to self-trade crypto anytime, anywhere

Key Statistics:

Coins Supported: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Cardano, Solana, Polygon, etc.
Available Countries: USA
Mobile App: Android and iOS
Customer Support: Chat and Mail.
Type of Wallet: Hot
Price: Free

More Information >>


7) Trezor Model T

Best for those looking for a digital security solution that transcends cryptos and easily controls your funds.

#7 Top Pick
Trezor Model T
4.5

Coins Supported: 1800+ including Bitcoin, Ethereum, Ripple, HEX, etc.

Type of Wallet: Cold wallet

Price: 189 EUR

Learn More

Trezor Model T is one of the most advanced and secured cold wallet in the market for your crypto traders. Trezor company is a subsidiary of Satoshi Labs. Trezor has two products Trezor One and Trezor Model T. Trezor Model T was released in 2016.

With Trezor wallet, you can protect your cryptos, digital assets, and passwords from hacks. It supports more than 1800 coins and tokens. The next-generation hardware wallet has several features, including a touchscreen display, a faster processor, and top-notch security.

Are my coins secure?

Trezor T is the first hardware that implements Shamir Backup (SLIP39), making it more secure for you. It also contains a passphrase for additional security to your recovery seed (BIP32, BIP39, BIP44, SLIP39).

It is not saved anywhere in the device, making it more theft free. The Trezor T firmware constantly gets updated. It supports several other security levels like PIN setup, U2F, etc. It also has a feature like device recovery where you can recover all lost data.

What if the exchange is hacked?

No reported hacks to date

👍 Pros 👎 Cons
It offers a color touchscreen. Quite expensive tool
Trezor T is an Open-source firmware. Needs good customer care support
Easy to set up
Provides top-notch security

Key Statistics:

Coins Supported: 1800+ including Bitcoin, Ethereum, Ripple, HEX, etc.
Type of Wallet: Cold wallet
Available Countries: Delivered to all the countries
Mobile App: Android
Compatibility: Linux, Android, Windows 10+, macOS 10.8+
Size: 64 mm x 39 mm x 10 mm
Connectivity: USB-C connector
Staking Support: Trezor hardware wallets do not allow cryptocurrency staking. Users can, however, link the Trezo Model T or Trezor One wallet to a third-party validator or staking pool. They can also use the Exodus wallet as a staking interface
Customer Support: email, Trezor wiki page, FAQ section
Certified: Trezor devices are clearly CE and RoHA certified.
Blockchain Support: ERC20
Price: 189 EUR

More Information >>


8) Kraken

Best for experienced and new crypto investors.

#8 Top Pick
Kraken
4.5

Coins Supported: Bitcoin, Polkadot, Ethereum, Dogecoin, Cardano, etc.

Type of Wallet: Hot and Cold

Price: Free

Learn More

Kraken is a cryptocurrency exchange platform where you can sell, buy, invest, exchange, set limit orders, and much more on crypto-assets such as Bitcoin and Ethereum. It is one of the oldest Bitcoin exchange places. It supports more than 120+ different coins in 150+ countries, making it one of the biggest crypto marketplaces. Kraken also supports spot trading and cryptocurrency futures.

Kraken was founded in 2011 by Jesse Powell in San Francisco. It also supports several institutional and individual investors with competitive prices in cryptocurrency trading. Kraken was launched after two years of development and rigorous testing.

Are my coins secure?

Kraken offers several security checks like SSL encryption, precise API key permission control, 2FA withdrawal email confirmation, strict surveillance, and air-gapped cold storage. It does stand out for its security measures. It nearly holds 95% of deposits in air-gapped cold storage.

What if the exchange is hacked?

Kraken has lived up to its performance and has never been hacked in the last 8 years. Breaching through its security level is a tough nut to crack.

👍 Pros 👎 Cons
Great security It demands Higher fees when not using Kraken Pro
Gives high liquidity exchange
Nice customer care service
Straightforward user interface

Key Statistics:

Coins Supported: Coins Supported: 120+ coins are supported, namely: Bitcoin (BTC), Polkadot (DOT), Ethereum (ETH), Dogecoin (DOGE), Cardano, etc.
Type of Wallet: Hot and Cold
Available Countries: Africa, Asia, Europe, North America, Oceania, South America
Mobile App: Android and iOS.
Staking Support: Yes. The APY ranges from 4% to 12%
Blockchain Support: ERC-20, TRC-20, Polkadot, Solana (SPL), Cardano, Ripple, + 20 other networks.
Customer Support: Available 24/7 via live chat, phone, and email.
Regulations: Kraken is regulated by FinCEN.
Price: Free

More Information >>


9) CoinSmart

Best for beginners who have never tried cryptos

#9 Top Pick
CoinSmart
4.5

Coins Supported: CoinSmart currently offers 16 Cryptocurrencies

Type of wallet: Cold wallet and Hot wallet

Price: Free

Learn More

CoinSmart is a platform where people with zero knowledge of cryptocurrency can begin with. It accepts SEPA, E-transfers, and other cryptocurrencies as funding methods. You can easily track all your activities like deposits and withdrawals.

CoinSmart is a Toronto-based cryptocurrency exchange where you can quickly sell, buy, and track your cryptos. It was established in 2018 by Jeremy Koven and Justin Harzman. The motive behind creating CoinSmart was to make the exchanges of the cryptos easy and much more reliable to anyone in Canada.

Are my coins secure?

CoinSmart uses SmartSecurity to prevent fraud and keep your coins safe by running a comprehensive identity verification process. It helps pin out the fake identities using a database offered by data collection agencies. Uses 2 Factor Authentication.

What if the exchange is hacked?

No hacking attempts to date

👍 Pros 👎 Cons
Easy to set up with quick account verification. Available in very limited countries
Fast and same-day deposits. It currently only offers 16 coins.
It offers a referral program

Key Statistics:

Coins Supported: CoinSmart currently offers 16 Cryptocurrencies, including BTC, ETH, LTC, BCH, EOS, XLM, ADA, DOGE, DOT, etc.
Type of wallet: Cold wallet and Hot wallet
Available Countries: Canada, Austria, Belgium, Cyprus, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Turkey
Mobile App: Android and iOS.
Insurance: Their cold wallets are insured by BitGo for 200 million.
Customer Support: CoinSmart provides 24/7 omnichannel customer support, SmartRep, via email or live chat.
Regulations: Canadian Securities Administrators’ (CSA), Investment Industry Regulatory Organization of Canada (IIROC), and Ontario Securities Commission (OSC)
Staking Support: No
Blockchain support: ERC-20 and standard BTC wallets.
Price: Free

More Information >>


10) Mycelium

Best for mobile users

Mycelium

Mycelium is one of the best mobile crypto wallets that is non-custodial. It gives you complete control over the transaction fees and integrates with major hardware wallets. It enables investors to securely manage Ethereum, Bitcoin, and ERC-20 tokens.

Mycelium provides advanced features like cold storage integration, spending accounts, and even single address savings accounts. It is a platform for investors to send, store or trade Bitcoin and other cryptocurrencies. It also supports different account types like Single Address, HD, Bit ID, Watch Only, and Hardware accounts.

Founded in 2008, Mycelium is one of the popular bitcoin wallets that offers a range of storage services. Since it is a non-custodial wallet, you have sole control over the private key and PIN. It is an open-source wallet and has partnered with Glidera, Cashila, and Coinapult to provide financial services.

They also have their own decentralized in-person exchange marketplace called “Mycelium Local Trader,”. In this marketplace, users connect with each other and facilitate the selling and buying of Bitcoin in a secure environment.

Are my coins secure?

Mycelium provides several levels of PIN protection and pattern sniffing protection and allows TOR network support to mask IP address and location, protecting your digital assets from hackers.

At signup, you need to set up a code that will lock all the essential functions like exporting a single address account, sending Bitcoin, adding new accounts, and buying and selling. It also has a backup feature that requires a 12-word backup phrase which will help you retrieve your account if lost or stolen.

What if the wallet is hacked?

If your wallet gets hacked, there’s no reason to panic as your funds are still safe. Hackers won’t be able to decrypt your private keys as your wallet is PIN protected. Being non-custodial, it doesn’t save anything on the device. Even your private keys are encrypted using AES-256. So, the hackers won’t get anything from your wallet in the end.

👍 Pros 👎 Cons
It is compatible with popular cold storage solutions (Ledger, Trezor, KeepKey) Supports very few cryptocurrencies
Offers an easy-to-use interface Only available on mobile.
Provides an In-app crypto exchange
Offers offline transactions

Key Statistics:

Coins Supported: 22+ BTC, USDT, BUSD, USDC, ETH, ETC
Type of Wallet: Hot storage
Available Countries: USA, Canada, Latin America, Europe, Africa, and Asia
Mobile App: Android and iOS.
Staking Support: No
Customer Support: Email customer support
Price: Free

More Information >>


11) Exodus

Best for desktop users

Exodus

Exodus is one of the most famous crypto wallets used to securely sell, buy, hold, and manage cryptocurrencies/NFTs. Its easy-to-use interface has made it very popular amongst new and experienced crypto traders. It gives access to more than 160+ cryptocurrencies.

It was founded in 2015 by JP Richardson and Daniel Castagnoli, with their headquarters in Nebraska. The U.S. Securities and Exchange Commission (SEC) approved it’s Class A common stock offering in April 2021. It is compatible with hardware wallets.

Are my Coins Secure?

Exodus is a self-custodial wallet. This means that you are the sole owner of your asset wallets, and everything is encrypted and stored on your system locally.

Unlike centralized services, you will have complete control of your assets and their private keys. Exodus doesn’t have access to your data unless you choose to share it. They also do not offer any interaction method with your wallet/funds or stop you from using the wallet to store cryptos.

What if the exchange is hacked?

Exodus is a non-custodial wallet and does not store any of your funds, private keys, and information. You are thereby entirely safe from hackers. Even if the company gets hacked, your cryptos and keys are thoroughly safe with you and are not exposed to hackers.

👍 Pros 👎 Cons
Compatible with various devices like Trezor Model T, Trezor One, Linux, iOS, Android The lack of native 2-factor authentication may bother some users.
It supports a wide variety of cryptocurrencies Does not provide multi-signature support.
Easy- to use interface
Built-in portfolio and trade functions
Gives you total control over your crypto assets.
Great customer support

Key Statistics:

Coins Supported: 160+ including Bitcoin, Tether USD, Bitcoin Gold, Ethereum, Litecoin, etc.
Type of wallet: Cold Wallet
Available Countries: Exodus can be accessed from anywhere in the world
Mobile App: Android and iOS.
Insurance: Exodus, unfortunately, does not have any insurance policy, as they are an utterly non-custodial wallet, simply providing you with software to hold your funds yourself so that you can keep 100% control over them.
Staking Support: Yes. The APY range from 1.24% to 13.88%.
Blockchain Support: Polygon, ERC20, etc.
Customer Support: It supports a help page, email support, 24/7 customer support, toll-free service number, and online chat.
Regulations: As a U.S. company, Exodus must comply with US regulations.
Price: Free

More Information >>

FAQ:

⚡ What is Cryptocurrency?

Cryptocurrency is a digital currency classified as a subset of alternative currencies and virtual currencies. It is a medium of exchange like traditional currencies such as USD. However, it is designed to exchange digital information through a process made possible by certain principles of cryptography. Cryptocurrency is a bearer instrument based on digital cryptography. If you want to learn about Cryptocurrency and Blockchain Technology, here’s a free tutorial you’ll want to check out: Cryptocurrency Tutorial for Beginners

🏅 Which are the best and safest Bitcoin wallets?

Following are some of the best and safest Bitcoin wallets:

💲 How to Add Funds to a Crypto Wallet?

First, you need to determine the amount of Bitcoin you want to buy. After that, you need to enter an amount that you want to deposit to your bitcoin address. Then using ACH, Wire, and credit card, the amount will be transferred to the bitcoin wallet.

💻 How does Bitcoin ATM works?

Bitcoin ATMs, also called Bitcoin Teller Machines (BTMs), are not ATMs in the true sense of the term. It is a center where you can buy Bitcoins with fiat money. Some machines also allow you to sell Bitcoins.

🌟 What are the safety measures used in cryptocurrency wallets?

Here are some safety measures you need to understand while using a cryptocurrency wallet:

  • Keep a small amount in your Bitcoin wallet.
  • A backup of your wallet helps you protect yourself against computer failures and many human mistakes.
  • You should encrypt any backup that is exposed to the network
  • Use a strong password that must contain letters, numbers, and punctuation marks and be at least 16 characters long.
  • You need to make sure you never forget the password, or you may lose your fund.

💲 Can you pledge/take a loan against coins stored in crypto wallets?

You can pledge or retake a loan coin stored in a bitcoin wallet. It is known as a bitcoin loan, which is similar to a traditional loan offered by banks. Most of the risk is not on the lender in the bitcoin loan. Still, the borrower is putting up more than enough Bitcoin to cover the loan and interest payments.

🚀 What are some essential types of Crypto wallets?

Here are some important types of Crypto Wallets:

  • Hot wallets: These types of wallets use keys (a type of cryptography, kind of like a password) that were created or stored on a device that should have access to the internet. Hot wallets provide high utility, but they are considered less secure than cold wallets.
  • Cold wallets: These types of wallets use keys created on a device that should have access to the internet. They are also known as hardware wallets. Cold wallets are stored on physical devices.
  • Hosted wallets: These live on another server which you don’t have control of. Hackers use host wallets as they hold the data of all the funds from the wallets on the server. Hosted wallets offer various levels of protection as third parties insure some hosted wallets.
  • Decentralized wallets: In a decentralized wallet, you are the only person that holds the keys to your crypto wallet. A decentralized wallet never gives you a guarantee of complete privacy. However, it also means you don’t rely on a 3rd party to send, receive or store your cryptocurrency. This helps you to ease some security risks associated with hosted wallets.
  • Hardware Wallets: Hardware wallets are physical items (like a USB drive). The Ledger Trezor, Nano X, and KeepKey are popular names in hardware wallets. They are considered a highly secure type of wallet. It is the best choice for you to invest large amounts at a time and don’t plan to trade regularly.
  • Software Wallets: Software wallets are also called hot wallets. This type of online crypto trading platform doesn’t require to be downloaded and can be accessed through an internet browser.

Also, Check: Best Anonymous Bitcoin Wallets

❗ What should you look for in a Crypto Wallet?

Here are some important factors that you should

  • Usage: The biggest factor you should consider when selecting a crypto wallet is how you intend to use your crypto. So, If you are planning to buy and hold your investment for the long term, a hardware wallet is surely the best choice for you.
  • 2-factor authentication: 2-factor authentication, also known as 2FA. This feature allows you to verify your identity when logging into the crypto wallet. If someone had your password or could crack your password through a number of methods, they would still require passing the second level of authentication. Most exchanges send a verification code to your mobile, which must be entered into a sign-in field before granting access.
  • Multi-signature support: Sometimes, a crypto wallet is owned by several people, like business partners. At that time, multi-signature support needs to help you set the security for the wallet. This is needed for multiple keys before access is granted. This also prevents any one person from spending the funds unauthorized or from transferring the funds to another wallet.
  • Exchanges as crypto wallets: Many cryptocurrency users are using Coinbase as it offers a variety of tokens and allows you to make payments, buy, selling, and trade with the help of the GDAX platform.
  • Multi-currency vs. single currency: Many cryptocurrency owners own multiple cryptocurrencies. Therefore, managing a separate wallet for every currency can be complex. Therefore, you should select a bitcoin wallet that supports multiple types of currency.
  • QR Code Scanner: A QR code scanner is necessary if you want to access the mobile crypto wallet. This allows mobile crypto wallets to generate and scan a QR code for coin transfers.
  • Backup Option: Your select Bitcoin wallets should provide an option for backup. So, when your laptop, pc, or phone device stop working, you have data to back up immediately. Therefore, some mobile crypto wallets like Coinbase provide a handy feature to restore your wallet.

Also, Check: Best Crypto Wallet in India

🏅 What is a Bitcoin address?

A Bitcoin address is like an account number. Just like the address, it denotes which wallet the coins should be sent to, like a bank account number, where the major difference lies in the wallets having numerous addresses. You can customize your Bitcoin address by including payment request details like an amount and a date of expiration.

❓ What happens if the hardware wallet company is shut down?

If Microsoft went out of business tomorrow, you could still play your XBox with some or no issues. Hardware wallets are the same as you don’t need a company to remain in business to continue using your hardware wallet. However, you need to run your own node to send and receive the transaction.

Let’s say you use TREZOR wallet, so if they go out of business and no longer support my hardware wallet and it gets shut down.

You can perform this by following these steps:

Step 1) To do this, you just need to download Electrum on your computer.

Step 2) Once installed, you had set up your TREZOR. After that, all of your trading transaction history and balance would get imported exactly the same in your migrated platform.

That’s because Electrum wallet uses the 24-word seed you generated with TREZOR on setup.