Cryptocurrency wallets are modern applications that allow you to manage your funds in cryptocurrency. That is, with their help you can accumulate, save, and also make transfers, as you are used to doing with ordinary bank payment cards. However, crypto wallets are designed exclusively for working with digital currency. In the era of mining boom and gradual transition to the third generation of the Internet called Web 3.0, cryptocurrency has become incredibly popular. As a result, means of its storage and protection from intruders became necessary. Crypto wallets are the most reliable option. There are many different programs and ways to save, but we have collected the TOP-7 safest wallets and exchanges to which you can trust your funds.
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What are the cryptocurrency repositories?
Users are offered several crypt storage options to choose from:
- Online wallets located on websites and accessible from a PC.
- Mobile wallets used on mobile devices.
- Wallets located on crypto exchange resources.
- Special extensions for the Chrome browser.
- Paper crypto wallets with a QR code to access transactions.
- Portable hardware gadgets with personal software.
- Software wallets with individual login for owners. As a rule, they are installed on a PC, but they can take up a lot of disk space, which, in turn, must be securely protected.
All cryptocurrency wallets have a certain degree of reliability, which is very important to pay attention to when choosing a crypto safe. There are hot and cold options. In the first case, these are online repositories located on network resources. This includes mobile applications, exchanges and other services that are not immune to various hacks and leaks of user information. Therefore, they are more suitable for temporary storage of your funds.
It is better to permanently store crypto in cold wallets. Perhaps it is not as convenient as in the case of applications that you can use at any moment from your smartphone, but their degree of protection is much higher. These include hardware, paper and desktop, which we will consider further.
ТОП-7 recommended crypto wallets
Hardware devices are the most proven and most secure wallets. Funds are managed online, but personal access to them is stored on physical devices, outwardly similar to ordinary flash drives. To use them, you need to confirm your action by pressing a button on the device. This guarantees complete protection and preservation of the crypt against hacking of a smartphone or PC.
Here are the three best hardware wallets for storing cryptocurrency:
Ledger
This brand is popular among advanced crypto users thanks to its line of devices with different functionality. The basic device allows you to work with the largest digital currencies, such as Bitcoin and Ethereum.
To use a device from Ledger, you should install the official application and go through all the registration steps, setting a personal password that will allow you to restore access in case you lose your authorization token. A small screen on the device will allow you to monitor the latest operations with savings, which is quite convenient when there is no time to connect it to a computer. The wallet connects to the desktop via USB. Works with macOS, Windows, Chrome OS and Linux platforms.
Trezor
Trezor Basic USB keys allow you to work with a wide range of cryptocurrencies, namely Bitcoin, Litecoin, Zcash and others. It can be launched from a personal computer running on Windows, Linux and macOS, as well as mobile devices based on Android.
When activating it, you will also need a code to restore access from a PC. It is interesting that these wallets can be connected to hot wallets to perform replenishment, transfer or other necessary action.
SafePal
Another hardware wallet for all cryptocurrency transactions. The SafePal brand has several devices, including the most budget among competitors.
The media works autonomously, without connection via NFC, Wi-Fi or Bluetooth. Importantly, unlike the two main rival companies, SafePal devices can self-destruct. Such an option will come in handy if you lose the device or it is stolen.
Software wallets are, most often, programs that require installation on a computer or smartphone, and are also found in the form of browser extensions. All information about the operations performed by you remains on the developers’ servers and is sent to you in the form of a report. Such wallets work directly through the Internet. They are convenient to use thanks to quick access via smartphones or desktop, so today it is an extremely relevant thing among those who are waiting for the transition to WEB 3.0. Nevertheless, this type of asset storage is more vulnerable than hardware, because it is more likely to be hacked. Also, these programs can take up a lot of space on devices, which is not always acceptable for users.
What would we like to recommend among software wallets:
MetaMask
It can be installed as an application and as a browser plugin. MetaMask works freely with blockchain-related resources and software.
But it does not work with all systems, for example, Bitcoin is not available here, but you can use other popular currencies.
Trust Wallet
It exists only as a mobile application. Mainly works with Binance assets, but can also be used for other cryptocurrency. To activate Trust Wallet, you should go through Google authentication, confirm your login via a message to your phone number or by email.
To protect user funds, the company uses cold servers. Wallet services are free, but you will have to pay a percentage for transactions. It is easily linked to various online resources, it is easy to log in to the profile and confirm financial actions. Users can also use it to buy crypto through sites like Simplex or MoonPay, which is also convenient.
Blockchain Wallet
This popular online wallet allows you to work with Bitcoin, Ethereum, Tether and other assets. It is available both for the web and as a handy app for Android and iOS. With Blockchain Wallet, you can farm, exchange, send and receive crypto, and you can choose from three available wallet tiers that each have their own set of features.
The user needs to complete registration, verification and personal identification to use it. The program has a built-in exchanger for comfortable use.
Phantom Wallet
A convenient web wallet that supports Web3 and is compatible with the Ledger devices we talked about earlier. This extension enables users to receive, store and exchange Solana tokens. But in addition, Phantom Wallet works with USDC, allows you to manage NFTs, and also allows you to join staking at 10% per annum.
You can easily install one of the wallets listed above on your smartphone or use a browser plugin to manage your cryptocurrency funds. But first decide on the necessary functions, which we have tried to briefly describe, so as not to overpay, and choose a platform to which you can entrust your assets.
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The three best crypto exchanges
Cryptocurrency exchanges are special platforms where any virtual currency is traded. Here, users can sell, buy, exchange, convert and even invest their ‘digital money’. These are large trading platforms that allow you to conduct all kinds of market transactions. We offer the three most common exchanges that you can safely join. We will note the advantages of each of them in the format of a checklist.
- mobile application format
- a large selection of markets
- opportunity for investments
- user-to-user trading
- personal mining pool
- system of bonuses and discounts for users
- training for beginners
Among the disadvantages, it should be noted that the platform can be complicated for new users who are not familiar with its functionality.
FTX
- work with a large set of currencies
- the possibility of customizing the user interface
- convenient menu of trading operations
- low commission and discounts under the loyalty program
- fast withdrawal of funds
- guaranteed technical support
Among the disadvantages: the lack of peer-to-peer transactions, the impossibility of withdrawing funds to other cards or current accounts, as well as mandatory confirmation of the person, without which access to the platform will not be granted.
- a convenient mobile application with an accessible interface
- protection of user funds when stored on platform wallets
- working with a large crypt database
- affiliate program
- issuance of physical cards for payments as needed
- technical support 24/7
Obvious disadvantages: the program is not available in Eastern European countries, mandatory multi-level verification and access to personal data of US tax users.
Having objectively evaluated all the advantages and disadvantages of the three best cryptocurrency exchanges, it will be much easier to decide where to work with digital funds. We hope that our recommendations will help you start actively using cryptocurrency and keep your money safe.
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