People use crypto wallets to store and transfer cryptocurrency, giving them control over their crypto assets. Wallets are applications that keep the passkeys used to authenticate ownership of crypto assets. The principle behind introducing crypto wallets is mainly the thorough protection of digital assets and the rigorous prevention of crypto-related risks. The two main kinds of crypto wallets are hot and cold wallets. The former is the one that is always linked to the internet, whereas the latter is kept offline.
There are various crypto wallets suitable for users such as traders, holders, and investors. Some wallets are designed for desktop, and some are apt for Android & IOS use, like the Ownr crypto wallet app that is designed for both. Apps like these allow you to manage and store your cryptocurrency securely through the convenience of your mobile phone.
The Best Crypto Wallets for Traders
Crypto traders are those who buy and sell cryptocurrencies at the best market price to maximize their profit margin. For successful trade, crypto traders use various crypto wallets; two of the popular ones are Coinbase and Atomic.
1. Coinbase Wallet
Coinbase wallet is one of the hot wallets many crypto experts recommend. It is a self-custody wallet that gives you ultimate control of your cryptocurrency and what you choose to do with it using your private key instead of a centralized brokerage. In addition, traders can conveniently trade the currency in their wallets with the help of the crypto conversion feature of the Coinbase wallet’s decentralized exchange.
2. Atomic Wallet
Being a decentralized wallet, the Atomic wallet facilitates different cryptocurrencies for trade purposes. Thanks to its simple user interface, the Atomic wallet is apt to secure buying and selling currency directly from the wallet. An exceptional feature offered by the Atomic wallet is that, after obtaining the paid membership, you can earn rewards on every transaction you make using the platform.
The Best Crypto Wallets for Hodlers
What hodlers do is similar to the work of crypto-traders, except that hodlers tend to buy and hold on to the crypto-currency for extended periods for long-term value appreciation. The two best wallets for hodling are Ledger Nano X and Cobo.
1. Ledger Nano X
Nano X is a cold storage wallet that supports the storage and holding of 5,500 crypto tokens and assets. It easily connects to desktop, Android, and iOS devices. Nano X is one of the best platforms for security-minded crypto hodlers who look for high-end protection for their crypto assets on a budget. The platform’s most significant feature regarding the stored currency’s safety is the Secure Element Secure Chip.
2. Cobo Wallet
The Cobo wallet enables users to securely store and hold digital currencies by providing them private keys for maximum safety. It is the first-ever platform to pioneer Proof of Stake (PoS) to facilitate crypto hodlers to securely use, store and hold crypto assets for as long as they please. It also supports the import of mnemonic seeds from other crypto platforms you may use.
The Best Crypto Wallets for Investors
Cryptocurrency investment has multiple forms, including purchasing and investing in crypto assets. Potential investors use reliable crypto brokerages or wallets such as Trezor and Exodus for buying purposes.
1. Trezor Wallet
Trezor is a hardware wallet through which potential investors can easily buy or exchange cryptocurrencies to an address they own – as frequently as they please. Trezor offers cold storage to eliminate security and cyber risks, and this allows the platform to be extremely reliable and secure. One of the features of the Trezor wallet is the protection and scope of recovery in the event of your wallet being stolen or destroyed.
2. Exodus Wallet
Exodus is another authentic platform for potential investors looking for hassle-free investment in cryptocurrencies. Exodus provides the facility to plug into more than one crypto exchange while storing multiple assets in one place – except for Bitcoin. Exodus completes transactions through the wallet without having to connect outside the exchange.
A wide range of crypto wallets are available for safe trading, hodling, and investing of crypto assets. To choose the most suitable crypto platform, you must have a clear vision of why you need a crypto wallet. In addition, you must also analyze your wallet choices in terms of cost and convenience.