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What level of community trust does the wallet have? Check out independent online reviews to gauge how other users rate the wallet and whether they’d recommend it.Ĭompare cryptocurrency wallets Using your cryptocurrency wallet Read the fine print to see what you’ll pay. Some wallets also charge a fee for every transaction you make. Consider the upfront price and shipping costs when making your decision. While most crypto wallets are free, choosing a hardware wallet means parting with some cash.
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What qualifications do they have? Are they continually working to upgrade and improve the wallet? See what you can find about how long the company’s been in business. Are you looking for a wallet that stores just one crypto, like bitcoin, or are you in the market for a multicurrency wallet? Make sure the wallet you choose is compatible with the cryptocurrencies you need to store, and remember that some coins and tokens can only be held in an official wallet. Does your wallet include the ability to exchange among currencies in your wallet or provide easy access to live fiat exchange rates or other market information. Will your private key be stored online or offline? Has the wallet ever suffered security breaches? Find out what security features the wallet includes, such as two-factor authentication and multisig functionality. While crypto novices might focus on finding a wallet that’s simple to set up and use, experienced holders might look for advanced features, like an in-wallet exchange and multisignature transactions. Your wallet should suit your tech knowledge and crypto experience. Sending, receiving and storing cryptocurrency can be complicated and confusing, particularly for beginners.
But if you want to quickly and conveniently access your coins, a mobile or web wallet may be your preferred choice. This factor comes down to personal preference. To choose the right wallet for you, consider your needs and compare wallets based on key factors that include:
Popular desktop wallets: Electrum, Exodus, Copay Known as your recovery seed or sentence, these words map with your private key, so you’ll need to store them somewhere safe in case your computer dies or you need to format the operating system and reinstall your desktop wallet. Most desktop wallets provide you with a long string of words to install.
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The biggest disadvantage is that they also rely on you to keep your computer secure and free of malware, so antivirus and -malware software, a strong firewall and a common-sense approach to security are required to keep your coins safe. Many cryptocurrencies offer a desktop wallet specifically designed for its coin.ĭesktop wallets provide a relatively high level of security, since they’re only accessible from the machine on which they’re installed. Easy to set up and maintain, most are available for Windows, Linux and Mac, although some are limited to a particular operating system. The most common type of wallet out there, desktop wallets are downloaded and installed on your computer.
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