Earlier in the Cryptocurrency wallets article you were introduced to their general concept, but this article is a guide to choosing the best digital currency or cryptocurrency wallet to store your currencies.
Guide to choosing the best cryptocurrency wallet
Specifically, there are several things you should consider when choosing a cryptocurrency wallet:
- Do you have full control over your wallet?
- Can you manage all your popular cryptos in one wallet?
- What group or company is developing that wallet?
- How long has the wallet been in development and does it have a large community?
- How quickly have security issues or wallet bugs been fixed in the past?
These are the minimum questions you should ask yourself, but we will provide the acceptable answers to each one!
Control over your wallet
Obviously, this is very important in choosing the best cryptocurrency wallet, which is why it is at the top of the list.
Wallets are usually classified into two categories, non-custodial and custodial wallets.
In the first type, complete control of the wallet is in the hands of the creator, and in the second type, control is in the hands of the service or another person.
This means that if you use a custodial wallet, the person or company that created it has complete control over the wallet!
You can see examples of this type of wallet on centralized exchanges such as Binance, etc.
These types of wallets are not a good option for storing your assets.
If you do not intend to exchange on exchanges, do not store your currencies in their wallets under any circumstances.
The reason is obvious, at any moment you may lose your assets due to hacking, bankruptcy, fraud, and other reasons.
Support for multiple cryptocurrencies
Today, most popular wallets have this feature, and you can manage multiple currencies using one wallet.
Of course, if you only hold one currency and for whatever reason create a separate wallet for each currency, this option may not be important to you.
Developers of the best cryptocurrency wallets
This option is also purely a matter of taste; in general, some companies have a longer history in blockchain development than others, and
They may be a better option for some.
(Suggested Article: Everything About Blockchain)
Development process and the larger community
This is also very important, you can find this out simply by following the news or joining the communities of that brand in question.
Whether the wallet you want to use has had multiple major security flaws and how quickly those issues have been resolved
And whether you can quickly find a solution if you have a problem.
Guide to Choosing the Best Cryptocurrency Wallet – Some Options
Below we have listed several cryptocurrency wallets with the above in mind:
Metamask (non-custodial)
If you use EVM networks such as Ethereum, BNB Smart Chain, Polygon, Avalanche, etc., the Metamask wallet is a good option for you.
Of course, you can add any ERC20 token, for example Tether USDT, to this wallet if you wish.
It is also easy to change the node in this wallet and is a good option for all users.
Download metamask wallet from it's website – Available for mobile and desktop.
Trustwallet (non-custodial)
Trustwallet supports almost all popular currencies, including Bitcoin, Ethereum, Dogecoin, etc., and is one of the best cryptocurrency wallets.
Like MetaMask, it is possible to add ERC20 tokens and NFTs or desired networks to it.
Download metamask wallet from it's website – Available for mobile and desktop.
Coinbase (non-custodial)
You are probably familiar with the Coinbase exchange. By Coinbase wallet, we mean the non-custodial wallet that Coinbase released as software.
The Coinbase wallet also supports multiple cryptocurrencies and is a good option.
Download metamask wallet from it's website – Available for mobile and desktop.
Coinomi (non-custodial)
The Coinomi wallet is one of the wallets that has been under development for a long time, and its addition to this list is no surprise.
The Coinomi wallet also supports multiple cryptocurrencies and is a good option.
Download metamask wallet from it's website – Available for mobile and desktop.
Summary of the guide to choosing the best cryptocurrency wallet
In this article, we have tried to provide you with brief and useful information as a guide to choosing the best cryptocurrency wallet.
Of course, this article will definitely be updated over time and other useful information will be included.
