Learn how to choose the best crypto wallet in this post.
If you're involved in the world of crypto, chances are that you have to look for a wallet at some point. Having your own wallet is an integral part of dealing with any sort of digital asset, and we'll go on to impact your experience.
Needless to say, the choice of a crypto wallet should not be taken lightly, but instead, should be made with a lot of consideration.
In this article, we'll touch on the different types of crypto wallets, as well as the things to consider when making your choice.
Table of Contents
The Types of Crypto Wallets
At their core, crypto wallets are essentially the stored details of where tokens are kept on a specific blockchain, as well as the power to move them from one point to another. Just like a bank account doesn't have the physical cash in it, but instead, details of the amount of money and authorization to move it.
With this in mind, there are three basic types of crypto wallets. The first is paper wallets, which essentially means writing down the details of these funds on a piece of paper. This includes the password, recovery phrase, the wallet address, and so on. These are the cheapest crypto wallets to acquire, though they carry the risk of loss and theft more than others.Â
Then there are hot wallets, which refer to digital crypto wallets that are connected to the internet. These are very convenient to use, but must be kept very secure to avoid hacks. Cold wallets are the final type of crypto wallets and refer to physical devices where these details are stored.
As a crypto user, you'll have to decide which of these wallets to opt for. In this case, here are a few things to consider:
A Secure Custody Solution
One of the most popular phrases in the crypto industry is ‘not your keys, not your coins’. This essentially means that any tokens that you do not have the private keys to are not fully under your control. This is why you're generally advised not to keep your tokens on crypto exchanges.
Instead, you'll want to get the best non custodial wallet that you can find. This ensures that your tokens are fully under your control and that no one, not even the wallet provider, can take them away from you.
Token Compatibility
The term crypto wallets can be quite broad, as it refers to storing virtually every token you can imagine. But because different tokens are based on different blockchain protocols, not every wallet will be compatible with them.
Some wallets can store ERC20 tokens but not those based on other blockchains, for example. So, when choosing a crypto wallet, consider the type of tokens you intend to use. Make sure that the wallet supports those tokens and, ideally, a host of other tokens you might want to use in the future.
Customer Reviews
These days, consumers hardly buy any products without first looking at the reviews, and a crypto wallet should be no different. Once you're considering a wallet from a specific provider, look up its consumer reviews to make sure it is of good quality.
Do users generally enjoy the features? Is customer support efficient? Make sure to go for the ones with the best reviews and apply caution to those that have poorer reviews.
Price
Every consumer situation is different, and this means that you'll have to keep your budget in mind when choosing the best crypto wallet for you. A paper wallet can be obtained for free online, and several hot wallets cost little to nothing to set up. A cold wallet, while often recommended, can cost anywhere from under $100 to several hundred dollars, depending on the brand you choose.
Ultimately, consider not just the amount of money you have to spend on a wallet but also how much money you plan to store. If you have thousands of dollars in cryptocurrencies you want to keep safe, you might not want to go cheap on your wallet.Â
User Interface
Because blockchain can feel confusing to some people, you want to go for a cryptocurrency wallet with a simple and easy user interface to engage with.
Whether it is a hot wallet or cold wallet, choose the one with the layout that makes the most sense to you, navigation you can easily use, and much more. The last thing you want is to be confused when trying to deposit or withdraw money, so it is best to keep this in mind.
Conclusion
A crypto wallet can be one of the most important purchases you make as a digital asset user. Choosing the wrong wallet could mean a bad experience or even losing your money.
In this article, we've noted some of the things to consider when choosing your wallet. Apply these diligently, and you should have the best experience possible.
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About the Author:
John Raymond is a cybersecurity content writer, with over 5 years of experience in the technology industry. He is passionate about staying up-to-date with the latest trends and developments in the field of cybersecurity, and is an avid researcher and writer. He has written numerous articles on topics of cybersecurity, privacy, and digital security, and is committed to providing valuable and helpful information to the public.
