Best Crypto Wallet
Best Crypto Wallet. A crypto wallet is the first step towards using Bitcoin and other cryptocurrencies. Here we describe what a crypto wallet is, the differences between different variants and rank the ones we think are the best. A bitcoin wallet is an app, website or device that manages your private Bitcoin keys for you.
Why do you need a Crypto Wallet?
Without a crypto wallet, you cannot receive, store or spend bitcoins. You can think of a bitcoin wallet as your personal interface to the Bitcoin network, similar to how your online banking is a link to the mainstream monetary system. Bitcoin wallets include private keys; secret codes that allow you to spend your bitcoins. If you want to keep track of your cryptocurrencies, you should buy a Trezor or Ledger wallet and store them in a so-called "hard wallet". Then remember your password ... because without it you will never access your hard-earned cryptocurrencies again if you happen to forget the password. Nowadays, all good crypto exchanges have their own solutions with wallets, which means that you can store them safely and securely with them. We recommend Binance wallet which is absolutely fantastic in every way, just like the entire Binance platform.
In reality, it is not your Bitcoin that needs to be kept safe but the keys that allow you to use them.
How to store your cryptocurrencies
How do you keep your Cryptocurrencies safe? Whichever crypto wallet you use, you need to know the following:
- Don't share your private key with anyone - When you use an online crypto wallet, you allow a third party to protect your private key. If you forget your password, you can easily get a new one. But if you are storing cryptocurrencies yourself, never forget your password.
- Never store large sums on a software/online wallet - It is important that your Bitcoin and cryptocurrencies are kept safe. An online wallet and software wallet are not secure enough for large sums. All Bitcoin wallets connected to the internet are vulnerable to malware and hackers.
- Use a secure crypto wallet - The most secure crypto wallet is a hardware wallet. It is encrypted hardware that is not connected to the internet, also known as cold storage. Your private keys are isolated on a hard drive which protects your cryptocurrencies from computer viruses and hackers. Trezor has the best hardware wallets on the market.
- Always back up your wallet - Since some wallets use internal hidden keys, backing up your private key linked to the public address is not enough. To make sure you can recover your Bitcoin, you need to back up your entire wallet. We recommend ordering a CryptoSteel.
- Do not keep your wallet and copy in the same place - Once you have backed up your Krypto wallet, keep your copy in a different place. Lock it up and don't tell anyone where it is.
- For maximum security use multiple wallets - We recommend everyone to use multiple Bitcoin wallets to spread the risks. For maximum security, order at least 2 hardware wallets. The same with online. Having an account on for example Binance or Crypto.com is a good setup, also because you can have fun with arbitrage trading between different exchanges. (Arbitrage = you may buy Bitcoin on Crypto.com one day while you see that the price is higher on Binance, then you quickly transfer them from Crypto.com to Binance and make a profit of x percent immediately).
How do I choose the Best Crypto Wallet?
Bitcoin works like digital cash and you need a wallet to store your money. There are a variety of different types of Bitcoin wallets with different advantages and disadvantages. We help you choose the best crypto wallet for all your crypto currencies in the comparison table. By far the best and most used in the world is Trezor.
The purpose of a Bitcoin wallet is to protect your cryptocurrencies. In other words, security is the most important thing when choosing a wallet. But there are other things that are good to check and compare. To choose the right wallet, look at the following:
- Popularity - The popularity of a Bitcoin or Crypto Wallet is an important factor for several reasons, not least of which is security. A digital wallet is secure using unique hardware and software. If the wallet is popular and has many users, the software will be updated more frequently. High popularity = high security.
- Reliability - How reliable is the manufacturer? You should not take unnecessary risks with your money. NOTE! Only buy a crypto wallet from a reliable manufacturer and well-known company. We regularly update our comparison table. Use it to choose the best crypto wallet.
- User Experience - Apart from security, what determines our rating most is the user experience. The most important thing is that the crypto wallet is secure. But it must also be easy to use.
- Cryptocurrencies - Which cryptocurrencies should you keep in your wallet? The popular crypto wallets in the table to the right can store all major cryptocurrencies. This is not something you need to worry about unless it's a small unknown crypto currency.
- Security - Cryptocurrencies give you more freedom but also more responsibility for security. IMPORTANT! Read this beginner's guide to secure your Bitcoin and avoid common mistakes. For example: Never store cryptocurrencies on a trading site, buy a secure wallet and you'll be in control and protected from exchange hacks. Only use a wallet that is unopened and ordered from the company's official website. An opened or used wallet is not secure!
- Price - All the best crypto wallets in the UK are sold for the same starting price. The price only becomes relevant when you are buying a premium wallet or a package deal. For example, some manufacturers offer more expensive touchscreen wallets and a lower price when you order multiple wallets at once. Your crypto currencies are most secure with 2 Bitcoin hardware wallets.
READ ALSO: Cryptocurrencies - follow our simple guide to get started and start investing in Bitcoin and other cryptocurrencies.
The best Crypto exchanges
The above reviewed exchanges are all safe & secure. Choose your favorites.