Which Wallet is Safe for Cryptocurrency?

Cryptocurrency users should ensure that the wallet they choose is compatible with the coins they trade with because not all wallets support all coins.

The availability of good wallets to keep cryptocurrencies safe is at an all-time high, especially with the rise in cryptocurrencies. Moreover, to make things easier, most investors want to keep all of their crypto assets in one place, so multi-cryptocurrency wallets are present nowadays. In this article, you will list the most popular cryptocurrencies wallets in the market so you can manage your cryptocurrencies assets easier.

1. Ledger Wallet

If you want top-notch protection and complete control over personal coins, hardware wallets are a must-have. They are usually defined as cold storage, are device-based. They keep private keys on storage mechanisms such as USB drives, making it harder for intruders to retrieve the key from an online location. They're encrypted devices that keep your private keys safe and secure if you are not using them. In addition, they give a layer of security against the increasing risks that come with being linked to the internet, unlike digital or hot wallets.

However, the internet is not the source of all threats. Hardware wallets were not perfectly secure just because they are offline. Then there is the fact that not all hardware wallets are created equal.

The quality of the protection layers determines the security level of a hardware wallet. Remember that cryptocurrencies are valuable assets that require special security measures. One of the most critical security factors to examine in hardware wallets is their operating systems. Although they are not explicitly built to secure crypto assets, off-the-shelf operating systems may contain security issues. Hardware wallet services are also fast expanding support for more crypto assets and intelligent interfaces and Bluetooth connectivity that are tough to reconcile with traditional operating systems.

The safest solution to secure your cash is to use a Ledger hardware wallet in conjunction with the Ledger Live software. Your private key would be kept safe on a certified secure chip in your hardware wallet at all times. You are the only one who has access to it.

The Ledger is a USB storage wallet that lets users do a range of things, such as transmit and receive cryptocurrencies from blockchains and run third-party programs on the device. The Ledger products include a Secure Element and a proprietary operating system that is designed to safeguard a user's cryptocurrencies assets.

Almost all major coins are supported by Ledger and they're also included in the Live version. Furthermore, Ledger also keeps staking features for long-term investors.

2. Trust Wallet

Trust Wallet is the official cryptocurrencies wallet from Binance. One of the most significant advantages of Trust Wallet is how simple it is to use. Trust Wallet can store many coins and tokens. It also supports dApps (decentralized applications), which is a relatively new blockchain technology. DApps browser allows you to search for other businesses that take cryptocurrencies in exchange for their goods and services.

The vendor would give you a private access key, ensuring that you are the only one who has access to your confidential financial information. Trust Wallet encrypts all assets' private keys to form a single master secret key, which is then passed through an algorithm to generate a unique 12-word phrase known as the Recovery Phrase for ease of use. When you sign up, you will be given a wallet, which you must immediately back up using your recovery phrase.

It is critical to the security of your wallet since whoever has your recovery phrase has access to all of your funds. You also would not be able to access your funds if you lose your device without it.

After backing up the recovery phrase, apply a passcode to add an extra degree of security. In case your phone goes missing, you can add a passcode to make it more challenging to access your wallet, send crypto, or alter your pin.

Trust Wallet also allows their users to stake several cryptocurrencies to gain interest which is one of the most exciting features provided. You can also do coin swapping, play blockchain games, collect NFTs, and buy brand-new released tokens.

By staking your assets with a variable interest rate, Trust Wallet makes your coins work for you. Moreover, the wallet gives you a certified proof-of-stake (PoS) certificate that allows you to collect interest on your digital assets, which will keep you earn money. For BNB holders, Trust Wallet gives 14.08% APY if they stake their BNB in the wallet.

Beware of the scammers. A scammer may establish a fake Trust Wallet website or social media account and encourage you to fulfill tasks, including exposing your recovery phrase in exchange for an illusory reward. Others will text you directly, posing as administrators seeking solutions to your problems.

Trust Wallet is, without a doubt, the most secure mobile crypto wallet currently available. However, to ensure maximum fund protection, it is still necessary to follow the wallet's security recommendations. So make sure to write down the recovery phrase and store it safely.

3. Safepal

Safepal is the fastest-growing mobile wallet app, and it's one that anyone would want to use as a multi-crypto wallet. So you can have numerous portfolio wallets, possibly one for investment and another for trading.

SafePal is supported by Binance Labs, the research department of cryptocurrency exchange of Binance. The SafePal S1 Hardware Wallet, SafePal Cypher Seed Protection Board, SafePal Leather Protective Case, and the SafePal Token (SFP) are the company's most essential goods and services.

SafePal is reasonably priced. On Amazon and SafePal's official site, the SafePal S1 hardware wallet is now out of stock. However, you can still pre-order the hardware wallet because a new batch will be available soon. The SafePal S1 hardware wallet was originally offered at $59.99, but it can be discounted for only $39.99. To protect your hardware wallet from scratches, you may also purchase the SafePal Leather Case. The Leather Case will set you back around $10. Meanwhile, the SafePal App is available for download for free.

Due to its products and services, the company gains popularity in the crypto world. Another aspect boosting the company's growth is its capacity to forge relationships with other crypto-based or crypto-supporting platforms, such as Rarible, a crypto ecosystem NFT marketplace, and Travala, a travel booking platform that accepts crypto payments.

4. Exodus Wallet

Exodus is a well-known multi-currency wallet for keeping track of your blockchain assets. Exodus lets you test out the wallet before following it up. It now supports over 100 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Dogecoin, Dash, Golem, and Augur. In addition, the Exodus will support additional coins in the future.

Backing up your money once you have decided Exodus is suitable for you is quite critical. This process is to ensure that you never lose access to your hard-earned cash. You can make a backup before transferring any coin to your new Exodus wallet.

The Exchange app is one of Exodus' most popular features. Directly from your wallets, you can use your coins securely and conveniently swap assets. You can choose from more than 70 fully supported blockchain assets to trade. There is no need to register or create an account, as Exodus makes it simple to swap your favorite assets from the privacy and efficiency of your wallet using the exchange app.

5. Trezor

Trezor is a lightweight, key-sized gadget that uses a USB cable to connect to your computer. It signs transactions and maintains your private keys for Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash, Ripple (XRP), Cardano (ADA), Ethereum Classic (ETC), Monero, Zcash, and other cryptocurrencies. It is even safe to use on a computer that has been infected with malware.

Trezor is generally a security device that protects against both physical and virtual thefts. It is an elevated wallet in which you can control the private keys, enabling you to back up a full wallet using the 24 words produced during setup.

The device's and computer's RNG are used to generate the initial 24-word seed. The seed is created offline and presented on the Trezor's screen, ensuring that it is never stored on any internet-connected device. A PIN code is required for both setup and spending.

You can add a pass to the 24-word seed, which functions as a 25th word as an extra security element. Because the seed without the pass is insufficient to restore the wallet, you must remember it. A pass provides extra security, but you cannot fix the wallet if you forgot the seed phrases.

If one Trezor is lost or destroyed, users can restore the full wallet using the 24-word seed and passphrase if the user is using them. Then, another Trezor or other wallets (such as Electrum or Mycelium) can be used to recover the funds.

Conclusion

Choose the wallet wisely and according to your needs. It is crucial to have a good wallet with several benefits and security layers for protection. Never rely on keeping digital assets on an exchange, since exchanges are vulnerable to a hacking attempt. If you choose to use the digital wallet, always keep the recovery phrase in a safe place.