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In the UK, we’re seeing a rapid increase in the number of people using cryptocurrencies. But as well as buying and selling bitcoin and other coins, it’s important to think about what you’ll do with your cryptocurrency once you’ve bought it.
Luckily, there are plenty of wallets to choose from that will help keep your coins safe and secure. But first, let’s take a look at:
What is a crypto wallet?
A crypto wallet is a piece of software that allows you to store and send cryptocurrencies. It can be either an online (hot) or an offline (cold) wallet, depending on the type of device you choose to use.
Cold storage vs. Hot storage
Cold storage wallets are not connected to the internet. This means that it cannot be hacked by cybercriminals, thus making your crypto coins more secure.
In comparison, hot storage wallets are connected to the internet and allow you to store your crypto coins in an online device such as a laptop or smartphone. But, this connectivity makes them vulnerable to cyber attacks.
Hence, if you are planning on holding onto your crypto for long periods of time (i.e., 5+ years), it’s best to use cold storage wallets because they come with greater security features.
If you plan on trading frequently or making frequent payments (i.e., daily), then hot storage wallets might be better suited for your needs as they offer far more convenience when compared with cold storage methods
1. Coinbase Wallet
According to Tezro, Coinbase is one of the popular wallets in the UK. Coinbase Wallet is a mobile wallet available for iOS and Android. It’s a good choice for beginners because it’s easy to use, secure, and free. Coinbase also offers its own exchange so you can trade cryptocurrencies in-app.
2. Exodus
Exodus is a desktop wallet. In order to access your cryptocurrencies, you’ll need to download the desktop application and run it on your computer.
It provides an intuitive interface that makes it simple for even novice users to send, receive, and exchange cryptocurrencies.
Besides that, Exodus is also one of the most secure cryptocurrency wallets around. Exodus uses two-factor authentication (2FA) in order to ensure that only authorized individuals can access funds stored within a user’s account. It does this by requiring them to enter another piece of information like an email address or phone number before being allowed into their account.
As Exodus is open-source, anyone can view its source code for auditing purposes. This prevents developers from inserting any lines of malicious code into the wallet.
3. Coinomi Wallet
Coinomi is a multi-coin, multi-asset wallet that supports over 300 blockchains and thousands of tokens. It’s also one of the few wallets out there that allows you to hold multiple coins without carrying around a bunch of different apps or addresses. This makes it ideal for those who want to keep their funds in multiple currencies, but still have a single place for everything at the end of the day.
Coinomi does not support custodial wallets (where someone else holds your private keys). Instead, Coinomi uses non-custodial wallet technology which means that users can be sure that no one else has access to their cryptocurrency holdings except themselves. This improves security tremendously because if anyone got access to your private keys they could easily steal all your money!
One more reason why we recommend Coinomi is because it has an integrated exchange built into its interface so all transactions are instant and seamless—no need for switching between apps just to buy or sell some crypto!
Conclusion
The crypto market is still in its infancy, so there are many wallets that are not yet on the market.
But, if you’re serious about crypto, then you’ll want to find a good wallet that will keep your coins safe from hackers and other malicious actors.
