How to Choose the Most Secure Crypto Wallet

[Mary Ann Callahan]

Having trouble finding the best crypto wallet for storing cryptocurrency? Finding them is no easy task because there are so many options to choose from. How is a customer supposed to figure out which is the best? This is an especially big problem for people who have never bought a crypto wallet before. There are a lot of new terms to learn, and there are concerns about the wallet’s security and usability. Luckily, there are a lot of online resources from which to learn, and anyone with some gumption can figure out the basics. This guide details everything someone seeking out a wallet needs to know before making a purchase. 

Different Kinds of Wallets You Can Get

Before buying a cryptocurrency, it is necessary to get a wallet. There are several kinds available. Some of them available via a browser, some are physical devices the user can keep in his desk drawer, and others are software installed on a computer. 

Hardware

Hardware wallets look like USB thumb drives, but the difference is that they hold a cryptocurrency. The advantage of these wallets is that the coins are kept in what is called “cold storage”, meaning they are less vulnerable to hackers. While they are safer than software and online alternatives, they also tend to be significantly more expensive. Some cost upwards of $2,000! The price of these wallets, combined with the high price of cryptocurrency makes this a bad investment for many crypto traders. Also, considering that this is a device, not software, it can be lost or stolen quite easily. To mitigate the risks of loss or theft, buy a lockbox, and always keep the drive inside when it is not in use. 

Software

Software wallets can be downloaded onto a computer’s hard drive for holding coins and private keys. There are several advantages and disadvantages to choosing these wallets. The two biggest advantages are better usability and lower price compared to hardware wallets. However, they are highly vulnerable to hacking. 

Web Wallets

Web wallets are completely online and can be accessed through a web browser. The user’s coins and keys are kept on the wallet’s website. Web wallets are the most vulnerable wallets in existence. They are easier to hack than hardware or software wallets, and the user does not control the keys. Whoever runs the website controls the keys. Potential customers should ask themselves if they can trust someone they do not know with their investment. 

 

Before choosing a web wallet, make sure the company is reputable and has extensive security features. Even if the company is reputable and secure, hackers are more likely than not to find a way in. 

What Kind of Features Should a Wallet Have?

Regardless of the wallet type, there are several features it should have. The keys should be private, it should be easy to use, there should be accessible customer service, and it should be compatible with the user’s software. 

Private Keys

A company’s website usually has a lot of content dedicated to explaining its security features. A company can have the best cybersecurity in the world, with Lassie guarding the office to boot, but all that is moot if they have the keys and the customer does not. The investor should always control his keys, not someone else. Having someone else controlling the keys is like buying thirty gold sovereigns, putting them in the safe, and then giving the keys to the neighbors down the street. The neighbors might be Ward and June Cleaver, or they could be Fagin and the gang. That is a hell of a chance to take. 

Ease of Use

Wallets should be user-friendly. No one wants to spend a lot of money on a wallet, and then learn it is near impossible to use. To avoid this trouble, do a lot of background reading on different wallets. The best way to do this is to go on Reddit. There, people discuss different wallets in frank detail, stating what they like and do not like about them. Interested people can even participate in these discussions if it is still active.

Customer Service

Undoubtedly, at some time, the owner of a wallet will encounter problems, which is why buyers should make sure the company that sells it has responsive customer service. The best way to do this is to call them or contact them by email. It is a good sign If they respond promptly and give direct answers to questions. Also, check their social media feeds and see if they are frequently updating their social media accounts and interacting with the audience.

What is the Best Wallet on the Market? 

There are many good wallets, but here we will mention WLX Crypto Wallet for several reasons. For one, it has airtight security. Their data is encrypted, and they routinely check their system for security vulnerabilities. WLX wallet also allows the use of multiple currencies, and they can conduct transactions quickly. Moreover, users of WLX can use their bank cards for making transactions without any fuss. With state-of-the-art security and user-friendly features that make trading crypto easier than it has been in the past, WLX wallets could be the next big thing. 

Closing Thoughts on Finding the Best Crypto Wallet

The internet offers a bunch of opportunities for finding a wallet. However, traders should remember that some are better than others. Always keep in mind that a wallet should allow users to control their keys and provide excellent security, ease of use, and responsive customer service. Avoid any wallet that does not have these three key features.