Best Cryptocurrency Wallets Available 2022

Best Cryptocurrency Wallet

Best Cryptocurrency Wallets Available 2022

 

To begin, not all investors need their own wallet. You can use banks that have access to purchase and hold cryptocurrency which we have outlined HERE. But if you are looking for the best wallets to use, look no further!

Coinbase Wallet – Best wallet for beginners

If you are new to cryptocurrency, it is recommended that you get a simple wallet that is free, easy to use and connected to an exchange so they support a large number of coins. Coinbase wallet from the coinbase exchange is the best bet for beginners, it’s simple, supports thousands of currencies and is noncustodial so you can maintain control over your private keys.

More often than not, coinbase is the winner for beginners and experts alike.

Electrum – Best Bitcoin Wallet

If you primarily trade bitcoin, you should consider a special wallet that is designed to work with bitcoin. Electrum is easy to use and has been around for more than 10 years which not many wallets can boast, and is built bitcoin specific for the bitcoin blockchain. This gives it speed and security advantages, but beware this wallet is not as beginner friendly as coinbase for example.

Exodus – Best wallet for altcoins

Altcoin is a term for any cryptocurrency that isn’t bitcoin, and there’s thousands out there. Exodus supports more than 180 different types of cryptocurrency, and you can transact from inside your wallet without having to make use of an exchange. Whilst coinbase and other wallets have direct access to many more coins, Exodus’s benefit is that it has access to many more exchanges internally making it the best for altcoins.

Metamask – Best wallet for Eth and Web3

A ‘cold wallet’ is what you should look to open if you’re looking to buy and hold in the long term. If you want to trade and sell your cryptocurrency, a ‘hot’ wallet like Metamask is what you open if you want to be able to quick trade, and with Metamask being Ethereum and Web3 based it has a lot of benefits over other wallets.

Do you need a crypto wallet to hold cryptocurrency?

You don’t specifically need a crypto wallet to own cryptocurrency, especially if you don’t hold much or aim to hold much. But if you want security, safety and better access to your cryptocurrency then you should look at opening a wallet, and above are the best 4 wallets you should be choosing between.

 

How to choose the best cryptocurrency wallet for you

When you’re at the point of choosing, you’ll want to choose between whether the wallet is hot or cold, custodial or non-custodial and what coins it can hold mainly. You’ll also want to keep the cost in mind, some wallets are purchased outright but others just take a fee for moving your crypto in and out, although miniscule if you plan on trading for a long time it would be best to purchase with a one time fee.

The best choice for beginners who are making small purchases is Coinbase, it’s a hot wallet, low transaction fees and supports thousands of coins.

Protecting your Cryptocurrency Wallet

Regardless of which coin you choose, make sure you keep security at the forethought of your choice from the start. You will get a ‘seed phrase’ which is a series of words generated by your wallet that allows you access to your wallet, a password to get into your wallet. Do not save this in a word document or Excel on your computer as if you let anyone access it, or a keylogger gets access to your PC you could lose everything. We would recommend you physically write the password down, and lock it up somewhere safe that you have access to, should you ever change computers or need to access your wallet.

Some final advice to conclude, something that 90% of cryptocurrency traders fail on – buy in the dip and hold, do not sell your assets for less than they will be worth, trust in the process and be confident in your purchases.

 

 

 

 

 

 

 

 

 

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