To manage your Bitcoins and other cryptocurrencies, you need a secure place to store them, send and receive. A cryptocurrency wallets are used for this purpose. It is very important to use proven, recommendable software.
Remember that storing your cryptocurrencies on online crypto exchanges involves the risk of losing / blocking funds. Cryptocurrency exchanges in history have shown beyond doubt that each of them can fall victim to a hacking attack, company collapse, death of people responsible for access to wallets … etc.
I divide crypto wallets into 4 categories:
Hardware wallets (physical devices similar to flash drives that enable crypto storage);
Software wallets (applications with data encryption that will allow you to manage your assets using a computer or smartphone);
Web wallets (wallets that are operated via a browser, with data stored on third-party servers);
Paper wallets (mainly used to hold cryptocurrencies for a long time);
Depending on their working mechanism, they can also be referred to as hot or cold wallets.
You can find a lot of cryptocurrency wallets on market. In this article, I would like to introduce you to the ones that I use myself and which I think are the best. They have been created by highly trusted companies and give you a guarantee of the safety of your funds.
Due to this security, I will omit from this list web wallets that do not provide their users with private keys, and their owners decide what balance and when to show you, which in my opinion is not transparent from their side and safe for you.
Trezor Model T
Trezor is a crypto cold wallet storage. Its Model T is the second generation of hardware wallets they have created. The Trezor Model T gives user the ability to access third-party exchanges, like Changelly and Shapeshift, directly in its website interface or in desktop App. The price is about $220
The Model T utilizes a touch screen, which can be easier to use for beginners than the buttons the previous model used. The Trezor also has a MicroSD card slot, allowing you to use the MicroSD cards to encrypt the PIN and further protect your device from attacks.
Trezor Model T also comes with a USB Type-C cable so that you can connect to either your smartphone or desktop computer. Currently, the Trezor Model T supports nearly 1,400 different cryptocurrencies. Some consider the Model T to be a bit more secure than the Ledger Nano X due to the X’s Bluetooth connectivity. That said, Ledger users can simply avoid using Bluetooth if they so choose.
Official website: https://trezor.io
Exodus is a desktop and mobile wallet with a very simple user interface and an exchange built-in. One of Exodus’s most popular features is the ability to swap between a growing number of cryptocurrencies. Exodus currently allows for swaps between over 100 different cryptocurrencies.
With its simplicity, this wallet is great for beginners just getting into the crypto space. It also has great support, which is an essential feature for beginners getting into what many would consider a confusing market.
While it is great for beginners, more advanced users may find it lacking in some features. First, Exodus is a closed source wallet. This goes against the ethos of the idea of Bitcoin and blockchain and can create some security concerns as its code is not open for everyone to see. Instead, users rely on the Exodus team to ensure there are no holes in the security of its wallet.
Exodus has an option to set custom fees in addition to automatically setting a fee that ensures the transaction completes quickly.
Official website: https://exodus.io
Electrum is one of the original Bitcoin wallets. It has been around since 2011, two years after Bitcoin’s creation, and has changed little since. While this wallet is bare-bones in terms of its user interface and its commitment to only Bitcoin, it excels at this primary function. Electrum is also more suited for advanced users due to its complex options.
Electrum is open source, allows its users to set custom transaction fees, and has the option to choose between legacy Bitcoin and Segwit. It also offers users the ability to determine the level of security they wish to use. For example, you can create a standard wallet, one with two-factor authentication, or a multi-signature wallet. You can also elongate your seed phrase with custom words.
Electrum is perfect for the more advanced Bitcoin holder who wants great security features and customizability all in a simple layout.
Official website: https://electrum.org