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How to Choose a Crypto Wallet

30 Jun, 2023 7.5 min read
Choose Crypto Wallet

Cryptocurrency wallets are an indispensable tool for accessing, storing and managing crypto assets and are essential for anyone dealing with cryptocurrencies. However, with the growth and development of the crypto industry, the market has been flooded with different options, each with its own features and capabilities. But how do you navigate this sea of choices and select the right wallet for your needs? This article will guide you through the process of selecting the best crypto wallet for your needs, highlighting the essential factors to consider.

What is a crypto wallet?

A crypto wallet is a tool that allows individuals to store and manage their crypto assets securely. It doesn't actually store the cryptocurrencies themselves. Instead, it stores the private keys that grant access to specific addresses on the blockchain. These private keys are required to sign transactions and prove ownership of the associated digital assets.

Hot and cold crypto wallet — what's the difference?

Hot and cold wallets are two types of crypto wallets that differ in terms of their connection to the internet and the level of security they provide.

Hot wallets are connected to the internet and are designed for frequent and convenient access to cryptocurrencies. They include software and online wallets. Cold wallets, most of the time, are disconnected from the internet. They offer a higher level of security but are less convenient for frequent transactions. Hardware and paper wallets fall under the category of cold wallets.

Types of crypto wallets

Crypto wallets come in various forms, each with its own features, security measures, and accessibility options.

  • Hardware wallets. A crypto hardware wallet is a physical device designed specifically for storing cryptocurrencies offline. These devices provide an extra layer of security by keeping the private keys isolated from potential online threats. Hardware wallets are widely considered one of the most secure cryptocurrency storage options.

Ledger Nano X hardware crypto wallet

  • Software wallets. Software wallets are applications installed on your PC or mobile phone. They offer the convenience of accessibility from various devices and some degree of control and security by keeping the private keys stored locally on the device.
  • Online wallets. Online wallets are browser-based wallets accessed through the internet. These crypto wallets are considered the most suitable for beginners. They offer easy accessibility from any device with an internet connection. While online wallets provide convenience, they also pose a higher security risk as the private keys are stored online, potentially exposing them to hacking attempts. A separate type of online wallet is an account wallet. This is a wallet you get when you register an account on a cryptocurrency exchange. The obvious advantage of this type of wallet is that you can use the crypto in it for trading whenever you want.
  • Paper wallets. Paper wallets are printed physical copies of private and public keys. They are considered highly secure as long as the physical copy is kept safe from damage or loss. At the same time, it's also the most inconvenient way to store cryptocurrencies.

Factors to consider when choosing a crypto wallet

There's no single best crypto wallet. Each has its own combination of advantages and disadvantages. There are certain considerations to keep in mind when choosing a crypto currency wallet.

Security

Security is one of the top priorities when selecting a crypto wallet. Consider the following aspects:

  1. Private key control. Ownership of private keys is an essential aspect of wallet security. Wallets that allow users to exclusively possess and manage their private keys without relying on a third party are commonly regarded as more secure. However, it should be noted that in such a case, if a user loses a private key, access to the wallet can't be restored.
  2. Two-Factor Authentication (2FA). 2FA adds an extra layer of security by requiring a second verification step, such as a code from a mobile app or a hardware token, to access your wallet.
  3. Multisignature. It's an additional security feature offered by some crypto wallets. It involves requiring multiple signatures or approvals to authorise transactions adding an extra layer of protection against unauthorised access and fraudulent activities. Multisignature wallets are commonly used in organisations where multiple individuals are involved in managing and authorising transactions.
  4. Backup and recovery options. These are crucial aspects of a crypto wallet. In the event of device loss, damage or application failure, having a reliable backup and recovery option ensures that you can regain access to your funds.
    Software crypto wallet backup
  5. Security features. Evaluate the security features implemented by the wallet, such as encryption protocols and secure key storage. Robust security measures can safeguard your cryptocurrencies from unauthorised access and potential breaches.
  6. Reputation. Research the wallet provider's reputation and consider whether they have a proven track record of maintaining high-security standards. Trustworthy and reputable wallet providers prioritise security.


Choose your wallet
 

Compatibility and accessibility

Ensure that the crypto wallet you choose is compatible with the cryptocurrencies you own or plan to acquire. Not all wallets support all types of cryptocurrencies, as different blockchain networks may have their own wallet requirements.

Ease of use

A wallet with an intuitive and user-friendly interface can greatly enhance your overall experience. Look for wallets that offer easy navigation, clear transaction processes, and a well-designed interface that aligns with your preferences.

Development and support

Active development ensures that the wallet remains updated with the latest security patches and features. Additionally, a strong customer support system can assist and address any concerns or issues you may encounter.

Evaluating Wallets

Before choosing a cryptocurrency wallet, it's important to research and evaluate the various available options.

  • Know your requirements. Determine what exactly you'll be using your crypto wallet for. How much funds will you be storing in the wallet? What cryptocurrencies will you be storing in it? How often do you intend to make transactions? Are you willing to invest in the purchase of the wallet? What devices do you intend to use the wallet with? The answers to these questions will influence which wallet is the most suitable for you.
  • Reading reviews and user feedback can provide valuable insights into the experiences of individuals who have used a particular crypto wallet. Pay attention to both positive and negative feedback to get a balanced perspective. This will help you understand the strengths and weaknesses of the wallet you are considering.
  • Assessing security features. When evaluating a crypto wallet, security should be a top priority. Pay close attention to the security features implemented by the wallet provider.
  • Examining wallet provider's reputation. The reputation and history of the wallet provider play a significant role in determining the reliability of a crypto wallet. Consider factors such as the time the provider has been in operation and any previous security incidents.


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What does StormGain's crypto wallet offer?

StormGain's built-in crypto wallet has many benefits that will be particularly appreciated by those intending to make frequent transactions and especially by those planning to trade cryptocurrencies.

  • Top-level security. Two-factor authentication, industry-leading security protocols and strong encryption keep your funds safe. Hot wallets are used to store a portion of crypto assets for day-to-day operations, while the bulk of the funds is securely held in cold wallets.
  • Accessibility. Your wallet is accessible 24/7 worldwide from any device.
  • Convenience. With StormGain's crypto wallet, you can easily exchange, store or transfer your crypto assets.
  • It's free. StormGain's wallet is completely free of charge.

The wallet supports the most popular cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP). Its ease of use, security and other advantages make this crypto wallet a good choice for both beginners and experienced users.

StormGain crypto wallet's web page


Choose your wallet
 

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Want Bitcoin for free?

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FAQ

What devices does the crypto wallet work on?

StormGain's crypto wallet is accessible from any device, including mobile devices running on Android and iOS, as well as desktops or laptops running on Windows, Mac OS or Linux.

What is the best way to add funds to my wallet?

StormGain makes it easy to deposit cryptocurrencies into your account using a 

debit/credit card or SEPA bank transfer. You can add funds to your crypto wallets using fiat currency, such as US dollars, British pounds or euros.

How can I make a 12% profit on my deposits?

StormGain users can enjoy up to 12% annual interest on any cryptocurrency they hold in their crypto wallets and get discounts of up to 20% on commissions, depending on their wallet balance.

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