We use wallets throughout our lives to keep our cash and cards safe and handy for the times we might need them. In the same way, crypto wallets are required to safely store cryptocurrencies away from the grips of a hacker or computer-based malware. Unlike traditional wallets, these are your digital wallets that do not only hold your digital currencies but also the vital private keys that you need to access. The market is full of options if you are interested in getting one of the best crypto wallets. But only a handful of them deserves this title and by the end of this article, you would know why.
As you might know, there are different kinds of crypto storage options available for crypto enthusiasts and they can be categorized as a hot wallet (with internet connectivity) and a cold wallet (without internet access). But the first question that newcomers think about before getting any kind of crypto wallet is “why do I need one?” The answer for that is quite simple and somewhat obvious. It is not recommended to keep your digital assets in your trading account on some exchange because unfortunately, every single crypto exchange irrespective of its security protocols has been hacked once. Now, if you are a trader who frequently needs access to his digital funds in order to buy crypto such as bitcoin then you must keep it in a safe and password-protected crypto wallet.
Here are the 5 things that you need to keep an eye on:
- Security is one of the priorities that one cannot compromise when they are looking for such wallets. Each such wallet requires a unique private key to gain access to it and the addresses stored in it so this private key must never be shared with anyone. But some crypto wallets take protection a step further by implementing two-factor authentication and encryption. The presence of these steps allows you to control that no one else could access your wallet.
- A good wallet would allow people to store not one but several types of digital currencies with ease. If you find yourself using a crypto wallet that does not give you the option to hold more than 1-2 types of digital currencies including Bitcoin then it is probably time to switch to another crypto wallet that accepts a wide variety of coins. Being stuck with the former type of digital wallet could have a negative impact on your trading experience because you would avoid certain cryptos only because your wallet doesn’t support them.
- Some crypto wallets that are backed by top-tier crypto exchange platforms allow users to not only their digital assets safely within the wallet but also buy various cryptocurrencies directly from the wallet using a credit/debit card. This feature is not readily found on just any crypto wallet on the internet because there is a lot of legal and precautionary procedures involved in this. Hence very few yet famous crypto wallets provide users an easy option to buy crypto.
- Another must-have feature for a wallet to be called one of the best crypto wallets available should be enabling the use of international payment systems preferred by people around the world for a quick and easy payment process. Systems like SEPA or SWIFT are two international payment systems that can be used to buy cryptos within a crypto wallet directly if a user wants to do so. But of course, all legal requirements must be completed before adding a feature like which makes it so hard to find.
- Nowadays, people want a reliable system that allows them to perform not one but many tasks using a simple and easy interface. The same goes for crypto enthusiasts who want their digital wallets to do more than just storing safely but also buy crypto and send crypto to friends and partners with just one click. Fortunately, now it is possible to do so through some of the wallets available in the market for a reasonable price. Their advanced platform allows users to send and receive crypto from their acquaintances easily.
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