Top 5 crypto wallets to explore for crypto enthusiasts

Highlights

• A crypto wallet stores the public and private keys for cryptocurrency transactions.
• Besides storing, it also plays the role of encryption and storage of private information, which could be accessed only by the holder of the token or the wallet.

With the crypto market turning volatile these days, investors must ensure that their assets are secured. Therefore, investors must be vigilant enough to store their crypto assets securely.

As trading involves buying and selling assets, one has to make sure that their funds are not being hacked or are scammed of millions. Here, a crypto wallet comes in handy, which, in theory, stores the public and private keys for cryptocurrency transactions. Besides storing, it also plays the role of encryption and storage of confidential information, which should be accessed only by the holder of the token or the wallet.

So, in this world of multiple crypto wallet offerings, how can one determine which wallet provider is dependable and which one is not. Let's explore some of the top crypto wallets that investors worldwide turn to for these critical functions.

Related read: Tether opens up the Latin American market with pesos-pegged stablecoin

Coinbase wallet

Often the challenge for the crypto newbies is their inability to store and support their crypto assets on a reliable platform. Coinbase is a wise solution for crypto newbies primarily due to its intuitive and secure wallet service.

The cost-effective wallet service makes it simple even for those with no experience in cryptoverse. The wallet can connect with central banks and has an interface that consists of a simple three-tab layout and identifiable functions.

The best part about the Coinbase Wallet is that it can even store NFTs and support more than 500 crypto assets, thus making it one of the biggest among the hot wallets. The users can gain access to the Coinbase wallet without opening an account with Coinbase. Being non-custodial, it keeps the user's bay from any form of hacks or attacks.

MetaMask

As another hot wallet provider, MetaMask is primarily used by the DeFi users and those involved with the Web3 economy. Boasting a user base of more than 30 million users, the MetaMask is compatible with almost all major DEXs and DApps.

With seamless installation on the mobiles, the users can either swap or buy cryptocurrencies such as Ethereum, Polygon, Binance Smart Chain etc. MetaMask has limitations as well. Having said that, one backdrop of MetaMask is that it doesn't support cryptos such as Bitcoin, thereby limiting its offerings.

Crypto.com Wallet

Another exchange that offers a top-notch wallet service provider is the Crypto.com Defi Wallet. With Crypto.com wallet, the Defi users get complete access to the digital assets courtesy of a private key, and it manages to secure the wallet.

With the Crypto.com wallet, the users can swap cryptos on a one-to-one basis and access a wide range of tools to earn passive income and other features that are usually unavailable to regular, custodial wallets.

The users can download their Crypto.com Defi Wallet by making an account on the Crypto.com's exchange and managing their assets through the wallet service.

Related read: What to expect from the Terra Luna Classic (LUNC) airdrop?

Electrum

Electrum is one of the oldest and most reputed crypto wallets. Launched in 2011, the crypto wallet is one of few wallets which offer exclusive services in Bitcoin. The user’s fees are dependent on how long they are willing to wait for the transactions to be processed.

Another key feature of the Electrum wallet is that it offers its users security features like two-factor authentication and fund recovery.

As its lightweight in nature, the non-custodial wallet only downloads parts of the blockchain.

Ledger Nano X

The Ledger Nano X wallet, boasting support of more than 5500 digital assets, is primarily a cold wallet. It offers its users private keys and boasts of being immune to hacks or malicious software. Armed with a CC EAL5+ chip for security, the wallet app allows the users to download it to their mobile devices using their Bluetooth app, from where the users can securely manage, lend and stake their cryptocurrencies.

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instruments or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete, or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.