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What are Cryptocurrency Wallets? 

Crypto wallets are an essential tool for buying, storing, and selling cryptocurrencies. Crypto users need wallets to store crypto safely, as well as to send and receive crypto funds. Think of a crypto wallet as your online bank account to which only you have access, and all transactions are made without intermediaries.

 

What are the main types of Crypto wallets? 

There are 3 main types of crypto wallets: a web wallet, a software wallet, and a hardware wallet.

Web wallets and software wallets are commonly referred to as hot wallets because they are stored online, whereas hardware wallets are known as cold wallets because they are stored offline. Let us explore these types of wallets in more detail.

 

Web Wallets

Web wallets are cloud storage-based wallets; they are highly accessible which makes them easy and convenient to use. However, as web wallets require an internet connection, they are more vulnerable to security threats.

We recommend the following web wallets:

-Coinbase.com

-Blockchain.com

-Bitgo.com


Software Wallets 

Software wallets are convenient to use and the most popular type of wallets because they can be downloaded onto your computer, tablet, or smartphone. Software wallets are typically hot wallets, meaning they’re connected to the internet when the device is used. The main difference between a web wallet and a software wallet is, that software wallets give you full control over your funds as your private keys are stored locally on your device. Software wallets are considered more secure than web-based crypto wallets, but less secure than hardware wallets.

We recommend the following software wallets: 

-Mycelium (Mobile) 

-Trust Wallet (Mobile) 

-Metamask (Mobile) 

-Exodus (Desktop)

 

Hardware Wallets

A hardware wallet, otherwise known as a cold wallet, is a physical device. The main benefit of a hardware wallet is that your private key is stored offline, and therefore cannot be hacked. For this reason, hardware wallets have been deemed to be the most secure method of storing cryptocurrency.

We recommend the following hardware wallets: 

-Ledger

-Trezor

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