There is no single best option available for everyone. One size doesn’t fit all and when it comes to cryptocurrency wallet, it’s important to consider the following variables:
· Which cryptocurrencies do you trade? Bitcoin or altcoins? How diversified is your portfolio?
· Are you a short-term or a long-term trader?
· How secure are your trading tools and devices and what is the security record of your considered wallet?
· What are the wallets associated costs?
· Is the wallet UI intuitive and user-friendly?
· How mobile and accessible is your wallet? Is it difficult to keep and easy to lose?
· Does it allow you to make quick purchases or sell-offs whenever needed? What is its latency?
Here are some popular wallets that are considered to be safe and reliable in different situations.
Single currency wallets. As a rule of thumb, going for an official currency’s wallet is always a good option. Here are the official wallets of major cryptocurrencies:
Bitcoin: Bitcoin Core Wallet, Mycelium or Electrum.
Ethereum: Ethereum Wallet or MyEtherWallet (Paper Wallet).
Litecoin: Litecoin-QT.
Dash: Dash Core.
NEO: Neon Wallet, NEO-CLI, NEO-GUI.
Most of the time, official wallets are easy to find on the company’s website.
Multicurrency wallets (software). Here are some of the popular multicurrency online purses.
Jaxx Wallet. An optimal crypto wallet software that offers both mobile and desktop applications. Use it to store your Bitcoin, Bitcoin Cash Ethereum, Ethereum Classic, Litecoin, Dash, Zcash and dozens of other cryptocurrencies.
Coinomi. Coinomi supports 64 cryptocurrencies and is one of the best mobile wallets on the market. The only downside is that at the moment it currently works with Android only.
Exodus. Exodus is a solid desktop wallet which lets you store Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, OmiseGo, Qtum, Dash, Bat, Aragorn and many other coins.
Fast Invest Wallet. Fast Invest is a quickly-growing European P2P loan operator established in 2012. Currently, the company is moving into P2P crypto loans and crypto trading markets and will launch a solid multicurrency crypto wallet for Bitcoin, Ethereum, Ripple and Fast Invest token (FIT) holdings. The wallet is set to start on December 4th together with Fast Invest ICO.
Hardware wallets. Although more expensive, hardware wallets are considered to be one of the safest options for crypto investors.
KeepKey. Supports Bitcoin, Ehtereum and majority of other altcoins.
Ledger Blue. Supports Bitcoin, Ethereum and majority of other altcoins.
Trezor. Supports Bitcoin, Litecoin, DASH, Zcash, Bitcoin Cash, Ethereum, Ethereum Classic and other ERC-20 Tokens.
Digital Bitbox. Supports Bitcoin, Ethereum, Ethereum Classic and other ERC-20 tokens.
Cloud wallets. Although we stressed that online wallets can be dangerous, storing your coins on Coinbase and GDAX are safer than others. Coins in these exchanges are insured, thus providing a guarantee that you will be compensated even if the company is hacked.
A digital wallet may be the most important investment decision. Therefore, it’s worth to invest time and effort into choosing the right one. Although hardware wallets may seem expensive at first, at the moment, they offer the most complete cryptocurrency storage option, combining both safety and functionality. Nevertheless, there are some decent hot wallets as well. The final decision is always yours and you should stick with the wallet which lets you get a sweet good night’s sleep.
Most of wallets are similar, so it is the question of taste. For example, some people like my ether wallet, while others consider it as one of the most inconvinient solutions they have ever come across.
