With the widespread adoption of cryptocurrency, individuals seek genuine information that will help them make the right decision as they venture into the crypto world. As a beginner, the next thing to tick off your list of information acquisition would be determining the right wallet for you to use.
That’s right. You cannot participate in the crypto world except with a crypto wallet to transact and store your digital assets. However, individuals are concerned about storing their crypto assets on an online platform known as a hot wallet. As such, we created a guide informing you of the best non-custodial cryptocurrency wallets you can use to store and secure your crypto assets.
What is a Crypto Wallet?
Think of a cryptocurrency wallet like your traditional bank account. The only difference lies in what they store and how they store it. Unlike traditional wallets, crypto wallets are used to store your digital currency, such as Bitcoin, Ethereum, and Tether (USDT). Instead of keeping your assets as fiat currency, they are stored as digital cash.
Comprehensively, a cryptocurrency wallet is a digital wallet—like an app, website, or hard drive—crypto users employ in storing and securing their digital assets. One great importance of a crypto wallet is having all your digital currencies in one place. Meanwhile, you need two things to conduct transactions with your crypto wallet.
First is the public key which can be regarded as your bank account. This is the wallet address you share with others to receive cryptocurrencies from them. And the second thing is your private key. See this as your debit card pin. It is not advisable to share with individuals or institutions because your crypto wallet may be emptied when a party has access. Thus, you have to safeguard your private key.
What to Look for in a Crypto Wallet – Factors to Consider
When you are getting your first crypto, you want to ensure you have a safe place to hold them. Many platforms are developed as a crypto wallet, but it is crucial to consider a few things before choosing which crypto wallet you would opt for. We discussed a few—but critical—factors to consider before registering with a crypto wallet provider.
Wallet security is the most critical factor for every considered wallet. It is your wallet’s first defense system should your device land in the hands of the wrong people. Ordinarily, your wallet should require that you unlock it whenever you want to use it.
Most often, you may need to input your PIN. As a result of inconvenience that may come with that, some wallet integrated facial, or fingerprint unlock. Likewise, some security levels, such as Two-Factor Authentication (2FA), may serve a genuine security purpose for your prospective wallet.
2. Private Key Access
Having access to your wallet’s private keys translates to the wallet provider handling your digital asset custody to you. Private keys are also regarded as passphrases that are randomly generated. These wallets are considered non-custodial crypto wallets. So, make sure the wallet provider gives you absolute control over your wallet by handing over the private keys to you.
3. Backup Features
As with the unforeseen that may happen with life, it is essential to prepare ahead. One way to prepare against disasters—such as computer damage—that may occur to your crypto wallet is to leverage the backup features of your crypto wallet. These backup features may be regarded as “password management” practices.
Your prospective wallet should make it easy for you to retrieve your backup data if you lost your smartphone or your PC got damaged. Some crypto wallets without cloud backup will require you to write down your backup details. But those with cloud backup will only require logging in again to your wallet via Apple or Google cloud services. And boom, you have your digital assets retrieved.
4. Customer Service
It is inevitable to have issues with your crypto wallet once in a while. Often, individuals want to know the exact problem and are assured that experts are doing the backend jobs. An instance is when your transaction speed is slow, as unusual. During this time, you may want to contact your wallet customer service to ensure everything is alright and not just you.
Thus, include customer service as a key while researching the kind of wallet to use to manage your cryptocurrencies.
Best 5 Crypto Wallet to Store and Secure Your Crypto
Now that you want to get started with the crypto space, you will embark on a hunt for the best crypto wallet to use. We critically examined different crypto wallets available in the crypto space. As such, we created a list of the best cryptocurrency wallets you can use to store your digital assets. This will ease your stress and save you time for other productive tasks.
If you are entering the crypto world, Coinbase is one of the most popular and frequently-used crypto exchange platforms. The icing on its cake is having a crypto wallet of its own. Its user interface makes it very easy to navigate, and its security is one of the best when considering which crypto wallet to use.
Conibase Wallet can store non-fungible tokens (NFTs) and other digital collectibles in one place. While you will need to register an account with Coinbase exchange, you don‘t need an account before using Coinbase Wallet. Due to its security flexibility, you can save your private key details to your cloud servers as a backup method.
If you are looking for the best hot wallet, Exodus should be your choice. Hot wallets are crypto wallets that store your digital assets securely online. However, the Exodus wallet is non-custodial. As a result, you are the only person who has access to the private keys to complete transactions.
Exodus is built to be compatible with different devices. You can run it on your PC or mobile devices. One of the best things about Exodus is its exchange integration. With this integration, you can trade cryptocurrencies without stress. It is a good start for a crypto beginner, and its support system makes it easy to use should you encounter difficulties.
PTPWallet is placed as third on the list because of the unique benefits it offers aside from the general benefits of using a crypto wallet, which include holding your digital assets safely with maximum security. PTPWallet is regarded as the best crypto wallet because it offers users low transaction fees when making a crypto withdrawal or transacting their digital assets.
PTPWallet supports more than 100 cryptocurrencies and the platform offers various White Label Solutions for companies that want to issue cryptocurrencies under their own brands. Those white label solution include White Label Crypto Wallet, Crypto Wallet for ICO or Crowdfunding, White Label Crypto Exchange, and White Label Public Offering Solution.
There is a business integration for every PTPWallet user. As a way to boost customer loyalty, you can create a loyalty reward campaign for your customers. With this kind of system in place, you can ensure that your customers will keep coming back for more businesses. Another benefit is the cashback earning you receive when you purchase products from local merchants that use PTPWallet.
Mycelium has proven over time to be the best crypto wallet for users that prefer having access via their smartphone. Its inbuilt exchange is another feature that makes it more appealing to users. Mycelium’s focus on security wins over its users by compatibility with some cold storage like Ledger and Trezor.
Its available education material makes it easy to navigate the platform and gain insight into the crypto world. One of the significant highlights of using this cryptocurrency wallet is having the control to determine your transaction fees. With the watch-only mode, you can observe your trade while disabling all outgoing transactions.
If you want to get the best offline crypto wallet, Ledger Nano X is your best choice. An offline crypto storage medium is regarded as cold storage wallet. This hardware wallet is designed to be used as a USB drive that connects directly to your PC. Plus, it has a Bluetooth feature that allows you to connect it to your smartphone, be it Android or iPhone devices. It has a small LED display with indicators for different functions.
Unlike hot wallet or online crypto storage, you have little concern about cyber-attacks or theft of your device. That’s because you are the only person aware of your private keys. And without your private keys, you or any other person cannot transact crypto from your wallet. It is effortless to set up. You only need a PIN and a 24-word passphrase that acts as the wallet’s private key.
Do I Need a Crypto Wallet?
If your goal is to invest in cryptocurrency, it is pertinent that you have a crypto wallet. A crypto wallet will save you from the stress of losing your digital assets to cyber-attacks or thefts. Meanwhile, you should consider the edge benefits that each wallet provides. The best you want to consider is a non-custodial wallet like PTPWallet that gives you leverage as a business owner and helps you retain your customers.
We recommend a non-custodial wallet because you don’t want to wake up to the news of your hot wallet being hacked or involved in fraud. Overall, security and easy usability should be a priority when choosing the right crypto wallet.