Even experienced investors have lost a lot of cryptocurrency due to their own mistakes. For example, in May 2020, a Reddit user (a popular forum in the West) said that he lost $1.2 thousand worth of Ethereum because he accidentally uploaded a cid phrase, which is necessary to restore access to the cryptocurrency wallet, to the GitHub portal.
A special attacker bot detected the passphrase and within a minute and a half gained access to the wallet and withdrew the funds. And another equally experienced user shared how he lost 1.4 thousand bitcoins in one action. The investor stored funds on the Electrum wallet. He decided to update the application. After the new version was installed, unknown people withdrew all the coins from the wallet.
That’s why storing and using cryptocurrency wallets wisely is one of the main steps for safety in the world of crypto. So that you can maximize the safety of your investments, we have prepared for you the top 5 reliable cryptocurrency wallets!
What is a cryptocurrency wallet?
All tokens and koins circulate in blockchains – distributed registries in which information about transactions is entered. A cryptocurrency is a record in a decentralized database of that the owner of an address has digital assets in an account. The first step in working with tokens and coins is to choose a reliable storage. And the best of them are cryptocurrency wallets.
A cryptocurrency wallet is an application or device that ensures the safety of private keys, user access to the blockchain and the formation of requests for transactions in the network. Each type of cryptocurrency wallet has pros and cons. Some applications and devices provide security, others attract users with a convenient interface, the ability to work with multiple assets. When choosing a device or online service, you need to consider the level of protection, availability and other factors.
Cryptocurrency wallets that we can recommend
LEDGER
Manufacturer of hardware wallets on par with identical brands Trezor, SafePal, KeepKey, CoolWallet, Digital BOX, whose security is beyond competition. Non-custodial storage virtual analog of the Swiss bank in terms of reliability, uses special chips (flash drives), maximally resistant to all kinds of attacks, viruses. To carry out any operation, it is necessary to confirm the action by entering a PIN-code.
Mnemophrase is used to restore access to the electronic safe. The most popular device is the Ledger Nano S series – it supports more than 1000 cryptoassets. The listing is constantly increasing. The only disadvantage is that the hardware wallet must be purchased. However, the security of digital assets is worth it.
Advantages:
- A large number of supported cryptocurrencies;
- Practically full-fledged work on mobile devices;
- Maximum reliability against hacking;
- Possibility to store large amounts.
Disadvantages:
- Working with buttons on the wallet;
- Inability to install the desired number of cryptocurrency applications;
- Confusing Ledger Live interface and support for not all claimed cryptocurrencies in the backend;
- High cost;
- Relatively difficult to acquire.
TRUSTWALLET
The DEX mobile app is the official software of Binance, the largest CEX crypto exchange. Gives a seamless way for users to store, transact, and convert digital assets.
Benefits:
- Security is superior to many systems of leading centralized banking entities. Keys are locally stored in the user’s device;
- Supports over 160,000 cryptoassets on over 50
Blockchain; - The e-wallet is integrated with the decentralized trading platform of the Binance crypto exchange, which makes it possible to convert altcoins operating within the BSC (Binance blockchain) ecosystem;
- The possibility of steaking;
- Quality tech support.
Disadvantages:
- No PC version;
- The storage is decentralized, so if you lose access or make a mistake when transferring, you can’t cancel the transaction.
It is impossible to single out one best cryptocurrency wallet. Each option has its pros and cons. When choosing one, you should be guided by your goals.
