If you have digital currencies, it is certain that you want to have them in cryptocurrency wallets because you may not trust the more centralized traditional platforms, such as the usual cryptocurrency exchanges . And it is possible that this distrust is due to the fact that these portals are highly vulnerable to being hacked. For this reason, investor funds will never be completely safe. In addition, we must highlight the enormous privacy offered by wallets .
Basically, a wallet or wallet is a space in which you can store your cryptos, and which generally have high levels of security, which makes it impossible or decreases the chances of being hacked. Now, we must distinguish between different wallets (cold and hot wallets) , then we will talk about the best of each type.
Top 6 Hot Cryptocurrency Wallets
It should be noted that there are multiple types of cryptocurrency wallets , although the most prominent are hot wallets. It is possible that this is because they are easy to use, and that unlike cold wallets, they do not have an investment cost.Here are some of the most secure hot wallets for storing and holding (long-term holding) cryptocurrency .
1. Coinbase Wallet
In the first place, Coinbase stands out, since, since its launch in 2012, it has proven to be widely secure and that it can comply with the demands of various regulatory entities in the United States; which seek to guarantee the safety of investors at all times.It is currently listed on the stock market and is recognized as one of the main investment platforms in the world; even when they list a new crypto it can double its market price for the amount of public it is exposed to.
It is worth noting that it currently has a wide list of cryptocurrencies compatible with its wallet , as well as various withdrawal methods; where PayPal, transfer, deposit, among others, are included.
2.Trust Wallet
In second place, Trust Wallet stands out for being one of the most popular today due to its usefulness . Cale points out that it is the official hot wallet of Binance, therefore, it can be intuited that it has high levels of security; like the largest exchange globally.It has various functions and high compatibility with tokens, making many prefer it and point it out as one of the best cryptocurrency wallets. However, some have reported failures of "fake tokens" mysteriously appearing in their wallets; a negative point to consider.
Beyond this small problem, Trust Wallet stands out because it offers the possibility of accessing different DApps through it; such as PancakeSwap, UniSwap, SushiSwap, among others.
3.MetaMask
Among the hot web wallets, MetaMask stands out, which offers compatibility with ERC-20 tokens from the Ethereum network . This has made it one of the most used wallets; In addition, since its launch in 2016 to date, it has not suffered from hacks, attacks or technical problems that harm users. Therefore, it is considered one of the best wallets in terms of privacy and security .One of the highlights of this wallet is that it can be installed as if it were a plugin; through an extension that is located in the browser's application store. For this reason, the number of users who use it also continues to grow, since DApps and blockchain games , such as Axie Infinity or others, ask the various users to link their accounts with a wallet, and with this extension the process is facilitated.
4. Exodus
Designed for beginners due to its interface and mode of use, it makes it totally easy to transfer or receive cryptocurrencies. Due to this, it is classified as one of the most intuitive wallets among the competition, which also has wide compatibility with tokens, we are talking about more than 1,000 digital currencies.However, it may be too "short" for experienced users in the crypto world, since it has a limited number of functions . Therefore, any investor specialized in the subject may need these "absent" features that can easily be found in Trust Wallet or Coinbase.
5.Bitcoin Core
Bitcoin Core is the native wallet for BTC , it is one of the most secure wallets, it is open source and changes can be made by the community.It stands out for being versatile for investors who have advanced knowledge in cryptos, such as whales (strong investors) and miners. In addition to this, one of the main differences of Bitcoin Core compared to other cryptocurrency wallets is that it can be downloaded to the computer or laptop .
The same fact mentioned makes it not only a common wallet, but also useful to contribute to security improvements in the Blockchain; since the PC will act as one more node.
6.Blockchain Wallet
Blockchain is one of the classic wallets that can be found in the industry, which also stands out for being widely secure and multifunctional . Cale points out that it is easy to use and quite intuitive, it will only be enough to register, choose one of the available cryptos and it will show the Receive and Withdraw options .It has 3 levels of identity verification, so that the user can enjoy increasingly prestigious benefits or qualities, such as being able to withdraw or deposit large amounts of money in crypto, link a smartphone, block IP addresses from the Deep website, among others.
The 3 best cold wallets for cryptocurrencies
This type of cryptocurrency wallets are exclusive for investors who have large sums of money in digital currencies; although this is not a mandatory requirement, since it can also be used by retail investors who simply want to have their funds safe.They are known as cold wallets because they are hardware or physical wallets, which are not connected to the Internet . For this reason, they are more secure than hot wallets, since in this way hacking attempts or password theft are prevented.
It should be noted that there are various wallets of this type. Some of the most recommended are:
1. Ledger NanoX
The Ledger Nano X is one of the best cold storage devices on the market, which initially stands out for its wide compatibility with cryptocurrencies; which makes it versatile and useful for almost any investor. In addition to this, it has high security standards and its own operating system that was patented by the same company.It should be noted that in case it has been lost or stolen , you can always count on the security support offered by this cold wallet . To restore cryptocurrencies or send them to another device, you only have to use the 24 security words.
In addition, it also stands out among the best cold cryptocurrency wallets for allowing you to easily sell, buy, deposit or send cryptocurrencies ; all from the application for the smartphone or the PC.
2.KeepKey
On the other hand, there is the Keep Key wallet, which initially stands out from its competitors for having a small OLED screen that allows all procedures to be carried out easily and quickly. However, based on many customer reviews, this wallet is limited in terms of usability.Since, they point out that there are many compatibility problems , and that new coins from the market cannot be stored. However, it counteracts this small problem with its security levels; which far exceed other models of cold wallets .
It is a wallet model that can be used to store some of the classic cryptocurrencies that we all know; those looking for versatility with regard to the tokens they can store will be more inclined to use a Ledger Nano X or Trezor wallet.
3. Trezor model T
Like the previous ones, the Trezor model T is a device similar to a USB memory that will allow the storage of cryptocurrencies. With the difference that it is quite intuitive in operation , as well as being quick to configure and offering backup cards in case of loss or theft .It should be noted that it is compatible with ERC-20 tokens, as well as some of the most used, where it stands out: Bitcoin, Ethereum, Litecoin, Dogecoin, among others. In addition to this, it is easy to transport due to its light weight, although its dimensions of 15 centimeters can attract the attention of third parties .
What is better a cold or hot wallet?
Without a doubt, cold cryptocurrency wallets are better in terms of protection. Since, these have high levels of security against hacking, viruses or bots that aim to steal the owner's cryptos. However, it can become a problem to have them.Generally, with cold wallets the user will have to investigate how to configure and use them; In addition to verifying compatibility with cryptos on the official websites. And, in case the recovery words are lost it will be impossible to extract the tokens from the wallet ; which can be a problem.
However, they are minimal problems when compared to the weaknesses of hot wallets . Since the latter are more susceptible to hacking, attacks on services, security vulnerabilities, among others. Therefore, the investor will be more likely to lose their cryptos if there is a major problem.
| Wallet type: | Cold | Hot |
| Security: | ⭐⭐⭐⭐⭐ | ⭐⭐⭐ |
| Easy to use: | ⭐⭐⭐ | ⭐⭐⭐⭐⭐ |
| Token Support: | ⭐⭐⭐⭐ | ⭐⭐⭐⭐ |
What to keep in mind before choosing a digital wallet?
It is important to consider a few factors when choosing the type of cryptocurrency wallets to use. Since, depending on it, the user experience could be pleasant or perhaps not. Some of the points to consider include:Availability of capital : It is important to take this point into account. Because hot or hot cryptocurrency wallets are totally free , while a cold one can have a considerable price.
Internet access level : Internet access is another point to remember, since depending on it, it is likely that there will be more inclination for a cold wallet than for a hot one. This is because the hot wallet will require an internet connection to send funds.
Amount of cryptos : If you have a large amount of cryptocurrencies, it is recommended to purchase a cold wallet, since the tokens will be more secure. On the other hand, if you are starting to invest, a hot wallet is more likely to be the one.
Types of cryptocurrency portfolios
Although the most commonly used types of cryptocurrency wallets are categorized by hot and cold, there is more than one type of wallet within these groups. Each of them is labeled according to its mode of use, platform where it runs, ease of use, among others.Here is a list of cryptocurrency wallets that you can use to hold or protect your funds:
1.Paper wallet
This is a type of cold wallet that basically saves the address where the cryptocurrencies are located in a QR code that can be scanned through a specific software or platform.2. Wallet for mobile
Wallets for mobile phones or smartphones are the most common type today due to their usefulness and the quick access they offer to funds. It is an application that is downloaded to the device's memory, and the investor's cryptocurrency addresses are stored there; It is one of the types of hot cryptocurrency wallets .3. Wallet for desktop
This type of wallet is downloaded and installed on the hard drive of the computer or laptop, and unlike other types of wallets, these can be versatile in terms of security. Since, they can connect and disconnect from the network with ease.4. Hardware wallet
Covered here are cryptocurrency wallets that store private and public addresses in memory . It should be noted that these units are easy to transport, very safe because they are disconnected from the network and easily accessible.5. Web wallet
Finally, there are the cryptocurrency web wallets; They are the ones we talked about at the beginning. Unfortunately, they are the most vulnerable of all those mentioned, since being connected to the Internet increases the chances of being attacked by hackers.In addition to this, these types of platforms are managed by third parties, so there will never be a total guarantee that the private keys or addresses are really secure.
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