The list of some of the best hot and cold crypto wallets for 2022 has been shared below. Do check them out.
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| Best Crypto Wallet |
To be able to select the best crypto wallet for yourself, firstly, you need to be aware of what “hot storage” and “cold storage” is. No, this has nothing to do with food. The latter is essentially a method through which you can hold physical crypto tokens. The former, on the other hand, is on the internet. You have access to them through a mobile device, desktop computer, or cloud service.
None of them can be said to dominate over the other. Hot storage has greater accessibility. If you are actively involved with your wallet, then this should be your preference. Trading crypto becomes easier with this. However, the drawback of hot storage crypto wallet is its vulnerability to theft. Cybercriminals target these more than cold storage.
Cold storage crypto wallet means you can disengage completely from the internet. You get digital devices that are in your physical possession. They are usually USB devices. And it’s super easy to get crypto off these devices. As long as you don’t lose it, the USB drive is safe with you. Plus, what has not connected to the internet has no way of being hacked.
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The need for a good crypto wallet
We need security for our money. Crypto is digital gold. It’s valuable and yet has surprisingly little protection. If you have money in a bank, then the Federal Deposit Insurance Corporation (FDIC) has got your back. If you have assets in a brokerage account, the Securities Investor Protection Corporation (SIPC) will protect you. Where are the people protecting cryptocurrency? That is where crypto wallets come in.
An exchange account at a crypto exchange, like Coinbase, is susceptible to hackers peeking in and carrying off our precious crypto. A wise person, then, should make the wise decision of ensuring extra security. You can the passwords regularly. You can employ a two-factor authentication method. Password managing apps could also work. This is all good. But there remains that Achilles’ heel that must be missed. So the best option would be to take said precious crypto and transfer it to a wallet.
Crypto wallets store the cryptocurrency in a safe place until you wish to withdraw it. They provide extra security despite the amount you have – it could be $10 or $100,000; it’s the same thing for the wallet.
Top hot storage crypto wallets
We will first discuss the top three hot storage crypto wallets that you can make use of. Keep in mind that this is not the most secure your cryptocurrency can get. But still, for many people, this might be the only option.
- Coinbase Wallet
Yes, this is the same Coinbase through which you buy crypto. Apparently, they also have a hot storage service. Not only that, it is the most secure a hot storage wallet could get. Easy-to-use and intuitive, you can send and receive crypto with the click of a button with this service. Plus, it’s free to register and deposit crypto coins.
However, there are several newer and less popular cryptocurrencies that are not supported in the Coinbase wallet. But that’s not to say that the base of supported cryptocurrencies is not big in this wallet. If you are an informed investor, then you most probably have purchased cryptocurrencies that find support here. For the record, the Coinbase wallet supports more than 5,000 different tokens.
- Electrum
Around since 2011, Electrum in one of the most secure crypto wallets you can find. It makes use of two-factor authentication, and information is not stored on the Electrum servers. Plus, it’s user-friendly. Unfortunately, this wallet supports only Bitcoin. With more than 12,000 currencies out there, this is a laughable status. An update is long overdue. Even then, this is a great crypto wallet.
- Exodus
Exodus is simple yet powerful. You can set custom fees to expedite transactions. Moreover, the customer support is awesome. It supports a lot of cryptocurrencies, though not all. One complaint against this service is that it’s not an open-source wallet. So you can’t research the code yourself. Also, for native crypto exchanges, the transaction fees are admittedly high.
Top cold storage crypto wallets
If you want the highest security the world can offer to your cryptocurrency, then cold storage is it. Here, we list three of the top cold storage crypto wallets.
- Ledger Nano X
You can manage Ledger Nano X from your mobile device. Supporting more than 5,500 cryptocurrencies, it is the size of a thumb size, meaning you could hide it anywhere. It is expensive, however. There’s a less expensive wallet called Nano S. Both of these are the best options.
- Trezor Model T
The Trezor Model T guys aren’t messing around when it comes to security. That’s the reason they are almost always back-ordered. Hence, delivery times can be long. There is also a helpful and user-friendly touch screen interface. The supported coins are not as many as Ledger. Trezor is a little bulkier too, mostly because of the interface. As for the price, it is even more expensive than the Ledger Nano X. However, you won’t regret spending your money on this one.
- KeepKey
Bulkier than the other options, user-friendly, and robust security features describe KeepKey. But most probably you won’t be touting it around with you. So it is all good. It’s the cheapest cold storage crypto wallet on the list but doesn’t support as many altcoins. However, security-wise, KeepKey is second to none.
You might not feel the need for a crypto wallet if you have just started the crypto journey. However, once you become a seasoned professional, you know the importance of security. In most cases, having a crypto wallet is absolutely necessary.
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