How To Keep Your Cryptocurrency Safe: 7 Must Have Wallets

How To Keep Your Cryptocurrency Safe: 7 Must Have Wallets

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Updated on: April 6th, 2022 2022-04-06 11:21:13
This content has been Fact-Checked.
References are made wherever possible. All statements are based on the author’s experiences. I take pride in informing the public and helping as many as I can through sharing my experiences with my re

References are made wherever possible. All statements are based on the author’s experiences. I take pride in informing the public and helping as many as I can through sharing my experiences with my readers. That said, no one except you can take responsibility for your investment decisions, so do think it through before investing. If you are looking for more detail on how cryptocurrencies actually work, take our course on it.

 

How To Keep Your Cryptocurrency Safe: 7 Must Have Wallets

With the current merciless run of the bull market, it is only a matter of time before your crypto holdings surge in value. When it does, like it or not, crypto will unavoidably receive much-unsolicited interest from hackers. To not repeat the tragic Mt. Gox incident, holders are removing cryptocurrency from the exchange and decentralizing their storage.

The question of why you should purchase a wallet becomes the more pertinent question of which wallet should a cryptocurrency investor use. As do all forms of insurance, security comes at the cost of money and convenience. How should we balance it in a way that suits our risk profile?

In this post, I will summarize the unique features of the top 7 cryptocurrency wallets that an experienced holder must know of.

Desired traits of a Cryptocurrency Wallet

What are the desired traits of a crypto wallet and how hard can choose a wallet to be? This seemingly easy answer, unfortunately, does not have a satisfying answer: convenience may come at the cost of security; additional features may come at the cost of a steeper learning curve. More importantly, what are the traits that, ultimately, you value over the others? See the list below, not in order of importance:

  1. Cost. Is it free? What are the drawbacks of using this wallet?
  2. Security. Does the company have a track record of security excellence?
  3. Mobility. Is it easy to keep and difficult to lose? Is it accessible anytime, anywhere?
  4. User-friendliness. Is the wallet UI intuitively designed? Can I store a range of altcoins?
  5. Convenience. Am I able to make a fast purchase when the time calls for it?
  6. Style. Do I have a weakness for cool tech gadgets?

You may want a wallet that offers the best combination of the above-mentioned traits. Remember, all wallets have their edges and shortcomings.

7 Must Have Wallets: How To Keep Your Cryptocurrency Safe

 

Atomic Wallet 

Atomic Wallet is a new multi-asset, non-custodial solution with an actively growing user base. Atomic Wallet already supports 300+ top coins and tokens that can be managed in the intuitive, user-friendly interface. The list of available assets is updated on a weekly basis, so if you didn’t find your favourite coin here — you can be sure it will be added soon.
Atomic Wallet is available for all major OS: Windows, Mac and Linux. Mobile apps for Android and IOS will be released in October, 2018.

Apart from the intuitive UI, Atomic Wallet has offers a wide range of features, such as decentralized storage for private keys, a built-in option to buy crypto with a bank card, Atomic Swaps, instant exchange via Changelly or Shapeshift and an interface for custom tokens. What makes Atomic Wallet so unique is the support of Atomic Swaps, a relatively new decentralized exchange technology based on hash timelock contracts. Currently, this feature is available for bitcoin, Litecoin and QTUM. In the nearest future, Atomic Wallet plans to make ethereum available for the swaps, as well.

KeepKey – Hardware Wallet

The coolest looking tech gadget to show off to your friends. Made by a relatively new company, KeepKey offers a hardware wallet of a polished design. KeepKey is said to be a port of Trezor’s code and firmware, so their main difference is the material. KeepKey feels like a ‘premium’ wallet but might be a little on the heavy side and hence more susceptible to drops. It comes with a standard, simple to use client UI.

Guarda Wallet— Software Wallet

Guarda wallet has been around for almost three years – the cryptocurrency storage that started out as open-source single-currency wallets in the times of market needs has now turned into a flourishing ecosystem of products and crypto management services. Many novelties have been implemented during these times of productivity, but the main idea was kept clean as ever – the team is striving to make a convenient, fully decentralized and versatile crypto wallet suitable for both beginners and advanced users.

Currently, the wallet supports more than 45 major blockchains (along with their tokens), including the ones that are not usually to be found in multi-asset wallets – the best example is Monero XMR that is supported on the Web version. Even though it might sometimes be challenging to fulfill the tasks presented by the market itself and the crypto community, Guarda is doing the best to both remain user-friendly and implement top-notch solutions for making the wallet stand out.

Nano Ledger S – Hardware Wallet

Nano Ledger S is just as secure as the other two hardware wallets. It is popular because of its relatively low price of $65 compared to its competitors. Being smaller than KeepKey, it is more portable and easier to carry around. It is a hardware wallet that comes at a very competitive price.

Trezor – Hardware Wallet

Trezor is one of the first movers in the hardware wallet industry and sets the gold standard for crypto security. Trezor has a reputation for providing top-notch security, protecting against both virtual and physical theft. What Trezor lacks in style, it more than makes up in the security department. Even if your PC is compromised with malware, your private keys will still be safe with Trezor. In this sense, Trezor is more of a vault than a wallet.

Coinbase – Hot Wallet

Coinbase is an online web-based wallet and is the beginner-friendly version of GDAX. As a hot wallet, you can easily transfer to the GDAX exchange instantly, and for free. In the same interface, you can make quick purchases with fiat. What’s more, 100% of your crypto holdings on Coinbase is insured. You can activate 2-Step Verification and Google Authenticator for more protection, and Coinbase even has a vault available if you wish to trade convenience for an added layer of security. The only drawback is that Coinbase only offers Bitcoin and Ethereum wallets.

MyEtherWallet – Paper Wallet

Paper wallets are for those who wish to have their own private wallets without forking out cash for hardware wallets. The money saved could be invested in their coins. Simply generate your wallet online at myetherwallet.com and note your private keys. The website does not store or transmit any of your private information. If you don’t trust the online version, you can even download it from GitHub and run it offline. Paper wallets are free but require an in-depth knowledge to set it up properly. In short, this type of wallets generally take a lot of hassle and are not advised for novices.

 

Electrum – Software Wallet

Electrum is a fast, lightweight wallet for desktop and mobile users. It has a long list of supported features to make it the most flexible wallet today. It offers cold storage solutions, integration with hardware wallets (KeepKey, Nano Ledger S, Trezor) and able to achieve anonymity (with Tor). On the security side, Electrum enables multi-sig support, and it is not tied to a centralized server, so server downtime will not be an issue. Overall, Electrum is the established software wallet solution out there that warrants a try-out.

An all-in-one package wallet does not exist. It is important that you manage to find the wallet that addresses your greatest concern, be it security from theft, ease of transfer, convenience, monetary cost, or even style. A wallet may turn out to be your greatest investment decision, financial wise and emotional health-wise.

 

 

Andrew Zapotochny
Andrew is the CEO of Blockgeeks and is the founder of AZ Blockchain, a boutique blockchain marketing company and consultancy. With 10 years of international experience in blockchain technologies, Andrew is known for launching tech ventures, leading marketing strategy development across dynamic fronts, and driving teams in executing digital campaigns, and creating successful new products. His entrepreneurial goal is to make blockchain accessible to all and create a mainstream hub for everyone to learn about blockchain technology. Andrew is super proud to have worked with global giants like KFC, Budweiser, Unilever, TD Bank, and government institutions. You can connect with Andrew on Linkedin.

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M
MR Jaims

A wallet may turn out to be your greatest investment decision, financial wise and emotional health-wise.

S
Stark T

This article alerts how to keep one’s cryptocurrency safe and analyzes why it is critical for users to be extremely picky about the wallets they use. Andrew Zapotochny! Very useful information! Despite security being a prominent promise of blockchain, there had been reports of investors and traders losing their valuable crypto savings for many a reason. Unlike traditional banking, the main disadvantage is that once digital currencies leave your wallet, there is almost always no way to get them back. There is no coverage.

Therefore, staying alert is critical to ensure the safety of your cryptocurrency holdings. Users must understand that the threat to their cryptocurrency comes not from the blockchain, but from their wallet or exchange. At the provider level, information, including your private key, can be tracked and stored leaving a loophole for hackers. Here is an analysis of seven wallets users can look at.

J
Julia Veng

Hi, Suji! Thanks a lot for such a compilation/review, really comes in handy. I’m now struggling with choosing a crypto wallet. There are lots of them on the web and can’t get, which one is really worth it… Heard about Coinbase, they are just giants. But their reviews on Facebook are just horrible 2.3 out of 5 stars. Seems like they focus only on businesses, not individuals. Coinmama seems to have really high processing fees. Also bumped on Elegro wallet(https://elegro.io/wallet). These guys are not very popular, but look legit. Did you ever hear anything about them?

J
Julia Veng

Hi, Suji! Thanks a lot for such a compilation/review, really comes in handy. I’m now struggling with choosing a crypto wallet. There are lots of them on the web and can’t get, which one is really worth it… Heard about Coinbase, they are just giants. But their reviews on Facebook are just horrible 2.3 out of 5 stars. Seems like they focus only on businesses, not individuals. Coinmama seems to have really high processing fees. Also bumped on Elegro wallet(https://elegro.io/wallet). These guys are not very popular, but look legit. Did you ever hear anything about them?

J
Julia Veng

Hi, Suji! Thanks a lot for such a compilation/review, really comes in handy. I’m now struggling with choosing a crypto wallet. There are lots of them on the web and can’t get, which one is really worth it… Heard about Coinbase, they are just giants. But their reviews on Facebook are just horrible 2.3 out of 5 stars. Seems like they focus only on businesses, not individuals. Coinmama seems to have really high processing fees. Also bumped on Elegro wallet(https://elegro.io/wallet). These guys are not very popular, but look legit. Did you ever hear anything about them?

A
Anna Jones

Wow, I also use Elegro Wallet. My funds are safe with it and it is very convenient.

A
Anna Jones

Wow, I also use Elegro Wallet. My funds are safe with it and it is very convenient.

A
Anna Jones

Wow, I also use Elegro Wallet. My funds are safe with it and it is very convenient.

J
Julia Veng

I use Elegro Wallet. Easy crypto and fiat asset management also they have low fees for money withdrawal. App Store and Google Play versions are available- my wallet in my pocket.

J
Julia Veng

I use Elegro Wallet. Easy crypto and fiat asset management also they have low fees for money withdrawal. App Store and Google Play versions are available- my wallet in my pocket.

J
Julia Veng

I use Elegro Wallet. Easy crypto and fiat asset management also they have low fees for money withdrawal. App Store and Google Play versions are available- my wallet in my pocket.

T
Tata Nakipric

That’s really good wallets, but i think in near future Orangecoin will be best.

T
Tata Nakipric

That’s really good wallets, but i think in near future Orangecoin will be best.

T
Tata Nakipric

That’s really good wallets, but i think in near future Orangecoin will be best.

W
Win Stone

I think on the 1st place should be Ledger. but if you don’t want to pay it’s better to use guarda wallet

W
Win Stone

I think on the 1st place should be Ledger. but if you don’t want to pay it’s better to use guarda wallet

W
Win Stone

I think on the 1st place should be Ledger. but if you don’t want to pay it’s better to use guarda wallet

J
Jane Rin

Hey! do you have any thoughts about guarda wallet? they have a chrome extension and i was looking for something like it right in the browser

J
Jane Rin

Hey! do you have any thoughts about guarda wallet? they have a chrome extension and i was looking for something like it right in the browser

J
Jane Rin

Hey! do you have any thoughts about guarda wallet? they have a chrome extension and i was looking for something like it right in the browser

alex kkees
alex kkees

I use only citowise wallet because they have only full integration with Trezor and Ledger.

alex kkees
alex kkees

I use only citowise wallet because they have only full integration with Trezor and Ledger.

alex kkees
alex kkees

I use only citowise wallet because they have only full integration with Trezor and Ledger.

John White
John White

(Edit) I’ve gone through the website and found a good post which covers what this article missing:
https://blockgeeks.com/guides/cryptocurrency-wallet-guide/

John White
John White

(Edit) I’ve gone through the website and found a good post which covers what this article missing:
https://blockgeeks.com/guides/cryptocurrency-wallet-guide/

John White
John White

(Edit) I’ve gone through the website and found a good post which covers what this article missing:
https://blockgeeks.com/guides/cryptocurrency-wallet-guide/

John White
John White

Interesting Article. I personally prefer hot wallets as I don’t store big amounts of crypto on each one and it gives me high mobility so I can quickly do some operations with my coins from every place in the world.
As for your article, I guess it has a lack of description of each type of crypto wallets (hot, paper, hardware, etc.) I also didn’t understand how I can keep my crypto safe. From what you wrote it looks like everything depends on the wallet and its provider, but the problems usually appear because of people who don’t know how to use the wallet safely.
I would recommend you to take a look at this article if you were looking for a few tips about safe cryptocurrency storage. Interesting Article. I personally prefer hot wallets as I don’t store big amounts of crypto on each one and it gives me a high mobility so I can quickly do some operations with my coins from every place in the world.
As for your article, I guess it has a lack of description of each type of crypto wallets (hot, paper, hardware, etc.) I also didn’t understand how can I keep my crypto safe. From what you wrote it looks like everything depends on the wallet and its provider, but the problems usually appear because of people who don’t know how to use the wallet safely.

John White
John White

Interesting Article. I personally prefer hot wallets as I don’t store big amounts of crypto on each one and it gives me high mobility so I can quickly do some operations with my coins from every place in the world.
As for your article, I guess it has a lack of description of each type of crypto wallets (hot, paper, hardware, etc.) I also didn’t understand how I can keep my crypto safe. From what you wrote it looks like everything depends on the wallet and its provider, but the problems usually appear because of people who don’t know how to use the wallet safely.
I would recommend you to take a look at this article if you were looking for a few tips about safe cryptocurrency storage. Interesting Article. I personally prefer hot wallets as I don’t store big amounts of crypto on each one and it gives me a high mobility so I can quickly do some operations with my coins from every place in the world.
As for your article, I guess it has a lack of description of each type of crypto wallets (hot, paper, hardware, etc.) I also didn’t understand how can I keep my crypto safe. From what you wrote it looks like everything depends on the wallet and its provider, but the problems usually appear because of people who don’t know how to use the wallet safely.

John White
John White

Interesting Article. I personally prefer hot wallets as I don’t store big amounts of crypto on each one and it gives me high mobility so I can quickly do some operations with my coins from every place in the world.
As for your article, I guess it has a lack of description of each type of crypto wallets (hot, paper, hardware, etc.) I also didn’t understand how I can keep my crypto safe. From what you wrote it looks like everything depends on the wallet and its provider, but the problems usually appear because of people who don’t know how to use the wallet safely.
I would recommend you to take a look at this article if you were looking for a few tips about safe cryptocurrency storage. Interesting Article. I personally prefer hot wallets as I don’t store big amounts of crypto on each one and it gives me a high mobility so I can quickly do some operations with my coins from every place in the world.
As for your article, I guess it has a lack of description of each type of crypto wallets (hot, paper, hardware, etc.) I also didn’t understand how can I keep my crypto safe. From what you wrote it looks like everything depends on the wallet and its provider, but the problems usually appear because of people who don’t know how to use the wallet safely.

B
Bendert de Kloe

Hi, guys we are Denarium. We have an excellent physical bitcoin cold wallet available. We think cold wallets are safer since we don’t deal with a recovery seed…

B
Bendert de Kloe

Hi, guys we are Denarium. We have an excellent physical bitcoin cold wallet available. We think cold wallets are safer since we don’t deal with a recovery seed…

B
Bendert de Kloe

Hi, guys we are Denarium. We have an excellent physical bitcoin cold wallet available. We think cold wallets are safer since we don’t deal with a recovery seed…

T
Tom Bunz

Why I don’t see Infinito wallet here? It’s a trend recently. Personally I’ve just started using for 3 months and it’s really good as people said.

T
Tom Bunz

Why I don’t see Infinito wallet here? It’s a trend recently. Personally I’ve just started using for 3 months and it’s really good as people said.

T
Tom Bunz

Why I don’t see Infinito wallet here? It’s a trend recently. Personally I’ve just started using for 3 months and it’s really good as people said.

j

I feel that you are CLEARLY leaving out AIRBITZ. Our 2FA, private wallet takes the cake on usability. As well as we are developing it to take more coins.

j

I feel that you are CLEARLY leaving out AIRBITZ. Our 2FA, private wallet takes the cake on usability. As well as we are developing it to take more coins.

j

I feel that you are CLEARLY leaving out AIRBITZ. Our 2FA, private wallet takes the cake on usability. As well as we are developing it to take more coins.

o

What if you want to buy altcoins and cannot find a wallet that holds them? I want to buy THC, OMG, NEO, ZRX, and i’m not sure which wallet supports those altcoins.

Bruno Frank
Bruno F

Hi rhughes,
Have you found the right wallet? I’m looking for that as well. Please let me know.
Regards

o

What if you want to buy altcoins and cannot find a wallet that holds them? I want to buy THC, OMG, NEO, ZRX, and i’m not sure which wallet supports those altcoins.

Bruno Frank
Bruno F

Hi rhughes,
Have you found the right wallet? I’m looking for that as well. Please let me know.
Regards

o

What if you want to buy altcoins and cannot find a wallet that holds them? I want to buy THC, OMG, NEO, ZRX, and i’m not sure which wallet supports those altcoins.

Bruno Frank
Bruno F

Hi rhughes,
Have you found the right wallet? I’m looking for that as well. Please let me know.
Regards

Saarah Rasheed
Saarah Rasheed

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Saarah Rasheed
Saarah Rasheed

[…] wallets. This way there less possibility of losing all your investment at once. Here are some cryptocurrency wallets to keep them safe and […]

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Saarah Rasheed

[…] wallets. This way there less possibility of losing all your investment at once. Here are some cryptocurrency wallets to keep them safe and […]

Kas_Dibiase

Great read.. I currently have the Nano S and Trezor wallets.

Kas_Dibiase

Great read.. I currently have the Nano S and Trezor wallets.

Kas_Dibiase

Great read.. I currently have the Nano S and Trezor wallets.

Saarah Rasheed
Saarah Rasheed

[…] story was shared from this […]

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Saarah Rasheed

[…] story was shared from this […]

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Saarah Rasheed

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