Where Do I store my Ethereum – Top 5 Crypto Wallets
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Despite being introduced in 2009, the crypto market has recently sprung up with many investors willing to invest in the increasingly popular sector. It is now that people can see the importance of investing in the crypto space. With a variety of currencies to invest in, crypto trading is becoming a universe of its own.
Unlike fiat currencies, where the money is kept in wallets and purses, crypto uses cryptocurrency, which needs to be stored in a crypto wallet. Once you purchase cryptocurrency from an exchange platform, you will need a wallet to store your holdings. As a new trader in the cryptosphere, we recommend the bitcoin-circuit.co for all your crypto trading activities.
This article will guide you to choose a wallet that will suit you as an investor or a crypto enthusiast in order to have the best experience in crypto trading. Before diving into different wallets, you have to consider a few things.
Factors to consider before Choosing a wallet
- Safety – A big concern in crypto trading is security. It is always an investor’s joy knowing that their holdings are safe, and they have an assurance that only themselves or their trustees can access their holdings.
- Reliability – Always choose a reliable wallet. For example, if you prefer a phone over a desktop, you will probably opt for a wallet that is accessible via a mobile phone.
- Accessibility – As an investor, you will most likely opt for a wallet since you can control your valuables, unlike wallets that might make you feel not possessive to your assets.
- Cost – This is a significant concern, especially if you decide between a hardware and software wallet . We will compare these two wallets later.
Let’s go through some wallets with their details, advantages, and disadvantages to help you pick the best.
These are wallets in the form of flash disks and USB drives which are suitable for traders who have a large amount of cryptocurrency that they are holding. Hardware wallets are generally expensive to acquire. These wallets store information offline. However, they are safest since they are not always connected to the internet. Below are some of the hardware wallets;
Ledger nano x
Arguably this is the most prescribed hardware wallet. These devices look like a flash disk that is connected to a computer by insertion through the USB port or by Bluetooth. This feature makes this device usable in all operating systems and can also connect to tablets and smartphones.
Security is a significant concern in this wallet. It has an inbuilt operating system and chip for security purposes. Cybersecurity experts from France have verified the security system. Also, the information is stored offline, and hackers are not a threat when it comes to this wallet.
When it comes to reliability, it facilitates the storage of over 1000 cryptocurrencies. It is embedded with software with a user interface where users can view their holdings.
- Ideal for beginners due to its simplicity to use
- Security is enhanced, making it safe
- Support a vast number of cryptocurrency
- On mobile, it is supported only on Android.
- Only stores a limited number of assets
Trezor Model T
This wallet can be classified among the oldest hardware wallets since it was released back in 2014. The best thing about it is that it supports even the latest cryptocurrencies.
Crypto exchanges, for example, shapeshift, can be accessed from this wallet, making it convenient even in trading. This wallet is equipped with an sd card slot for pin encrypting, thus adding security to the wallet and preventing hackers.
- Supports a variety of cryptocurrency
- Built-in exchanges for smooth trading
- Users can open an unlimited number of wallets in it.
- The price of acquiring one is high.
- The small screen on the device can be an inconvenience, especially while typing.
This wallet is accessible through a phone or a computer. Most of the information is stored in servers, and an internet connection is necessary. They are suitable for small-scale investors, and as seen earlier, hardware wallets are ideal for large amounts of cryptocurrencies.
Most of these wallets can withhold a sizable amount of cryptocurrency, hold different currencies, and are less expensive than hardware wallets.
Exodus wallet can withhold multiple currencies. Exodus was only available as a desktop version in the early stages but is currently available on mobile versions. This advancement in technology has favored investors since mobile phones are portable compared to computers and laptops.
Exodus stands out from its rivals because of its interface, which is simple and welcoming to crypto newbies since it is easy to use and has an intuitive user experience.
The multi-currency characteristic of this wallet has helped traders in storing different currencies. Exodus has a feature where a user can exchange a currency for another without needing to register.
Supports over 100 cryptocurrencies
The user interface is intuitive
Suitable for beginners
Has embedded trade platforms facilitates trade
It is a multi platform-It is supported on AndroidAndroid, iPhone, and also desktops.
The wallet is not open-sourced hence causing security worries.
Mycelium is indeed one of the oldest crypto wallets. Mycelium began on the android platform but later ended up on iPhone too.
Mycelium is open source, which is considered a feature of a suitable crypto wallet. Mycelium also uses a Simplified Payment verification method that facilitates transaction processing without downloading a whole blockchain. This technique saves time for a transaction to happen.
It is an open-source wallet
Ability to use multiple accounts
Consolidated marketplace for users to sell their currencies
The user interface is complex, especially for beginners
Suitable for bitcoins only
Electrum was developed in 2013, making it among the oldest software wallets. Electrum is supported on Android, Linux, and Windows operating systems only.
Electrum is also considered a “thin wallet” because it processes payments and verifies balance by connecting to alternative servers rather than downloading an entire blockchain.
Electrum software is straightforward to set up and also takes minimal storage space. During installation, Electrum prompts the user to encrypt their wallet in the setup process. After all, it is up to the user to decide. It also advised that users should configure the application to their liking, for example, by setting their currency. This platform is suitable for advanced users since it consists of complex options which might overwhelm new users.
Electrum allows its users to customize their transactions and perform several transactions once hence saving on transaction fees.
Security-wise, Electrum uses a 2-factor authentication system; it also generates a 12 word key on installation, which will later be used to send Bitcoins.
Users can customize their transaction fees in their favor.
Simple to install, and the setup
Security has been enhanced
Not suitable for beginners
Supports Bitcoin currency only
Generally speaking, the wallet of your preference depends on your priorities and needs as a crypto investor or trader. You should pick a wallet that will suit your investment needs.