Wallets play an important role in storing disposable funds — and cryptocurrencies are no exception. Whether you’re investing, trading, or HODLing for the long-term, leaving coins sitting in exchanges isn’t an option, as trading platforms are often the prime target for hackers and other phishing efforts. That’s where dedicated cryptocurrency wallets come in, and there are plenty of options that suit any specifications and preferences.
How crypto wallets can keep your funds safe
It’s been established that leaving funds in online exchanges isn’t ideal, given how buy-and-sell platforms—which are also transaction hubs—are easy targets for attacks that could result in losing all your coins. Among the wallet options on the market, offline wallets in the form of hardware are the best for storing funds for the long term. Some options include the Trezor and Ledger Nano lines, which conveniently connect to any device through a USB port, allowing you to manage funds outside of the internet, subsequently making it impossible for hackers to spy on your activity.
But using an offline wallet for day-to-day trading and transactions isn’t convenient due to the multi-step process of going online—a feature common in cold storages for extra security. Moreover, much like how travelling with a bank card containing your life savings isn’t the best idea, the same risk also applies to travelling with an offline wallet. To mitigate the convenience issue, some choose to utilize cryptocurrency wallet apps accessible through smartphones that run Android or iOS.
Phone storage for cryptocurrencies
In a digitally evolving world, more and more services are making their way to the realm beyond the screen—including basic needs, such as food, banking, and shopping. Smartphones are used by approximately 3.6 out of the 7.6 billion people in the world, or approximately half the global population. As a result, it was pertinent for cryptocurrencies to become accessible through smartphones to remain relevant in the race for mass adoption.
Some cryptocurrencies, such as Terra (LUNA) and The People’s Reserve crypto (TPR), are available on the App Store and Google Play Store, allowing users to send and receive transactions without logging in through a desktop. Meanwhile, general cryptocurrency wallets, such as Coinbase, Gemini, and Exodus, have rolled out mobile apps that can store thousands of coins. Convenience and user-friendliness are two important factors to ordinary consumers and investors alike, so it’s a no-brainer that the ability to store coins in a mobile wallet increases their usability.
Best Android and iOS wallets
One of the most important features to watch out for is whether or not a mobile wallet gives you access to your private keys. Custodial wallets like PayPal and Venmo take ownership of your keys— while okay for short-term use, you’ll eventually have to transition to one where you have greater control over your funds. There’s a saying that goes “not your keys, not your crypto,” and choosing a non-custodial wallet is the first step in ensuring your security and privacy.
Coinomi
Coinomi is a free mobile wallet that supports thousands of coins across over 125 blockchains. It’s an industry leader and one of the first of its kind, with millions of users to back up its credibility. One of its biggest selling points is security—no wallet has been hacked since its inception in 2014, which is a massive feat considering the dangerous wilderness often associated with online cryptocurrency storage solutions. A built-in exchange allows users to stay within the app for almost all crypto-related activities, further enhancing its convenience.
Ethos
The Ethos Universal Wallet is a popular mobile wallet option that gives you full control over your private keys. It’s a blockchain-powered platform that houses a native coin, ETHOS, which covers the gas fees that are incurred on the app. It’s essentially a network that works as a service, like how Ethereum is available for anyone to create decentralised applications—in this case, Ethos’s main purpose is to act as an extremely secure wallet for all cryptocurrencies. The platform is highly rated on the App Store but falls short in the Google Play Store ranks, making it a better option for iOS users.
BRD/Bread Wallet
The Bread Wallet is an extremely simple mobile wallet initially launched to store Bitcoin but has since expanded to support thousands of cryptocurrencies. Its basic interface isn’t clogged with complicated graphics and charts, making it the perfect companion for beginners and casual investors. The open-source network is also home to a native token, Bread (BRD), which was launched as a loyalty rewards program that offers discounts, among other features, on the app.
When choosing a mobile wallet, there are three things to consider: compatibility with your coin of choice, ease of use, and accessibility in your area of residence. Before committing to one, take these into consideration and remember that owning multiple wallets is always an option to take advantage of low fees while accessing options that support your favorite coins and tokens.
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