How to Choose a Cryptocurrency Wallet

Your cryptocurrency wallet is where you store your coins, so you need it to be secure as well as accessible. There are hundreds of crypto wallets available to choose from, so it is common to wonder how to select the best one for your situation. Keep the following factors in mind, and the decision should become easier.

Know the Types

Start off on the right foot by knowing what type of cryptocurrency wallet you want to use. The main types include hardware, paper, desktop, mobile, and web wallets. The last three of these are connected to the internet, making them less secure but also more convenient. Generally, a smart strategy is to keep the amount of crypto that you want easily accessible in a desktop, mobile, or web wallet. Then, you can store the bulk of your crypto assets in a hardware or paper wallet for added security.

Access

When choosing a crypto wallet, start by considering the various types mentioned above. To figure out the ideal type for your needs, think about how much access you need to the wallet. Balance that out with your desire for security.

Security

It should go without saying that security is a key consideration when it comes to your cryptocurrency wallet. All crypto transactions are final, and there is no way to undo them. This means that if someone gets access to your private key from your wallet, they could steal your funds and you would have no recourse. For added security, always back up your wallet, ensure you use the latest version of the software, and add security with protection like two-factor authentication, complex passwords, and encryption.

Reputation

Do some research on your chosen wallet before you start using it to ensure that it has a strong reputation. You do not want to accidentally be scammed by opting for a wallet that you have not heard of but seems too good to be true; it may be a scam. Look for wallets that have positive reviews with no or limited history of hacks and numerous safeguards in place to prevent them.

Support

While you check the reputation for a given crypto-wallet, you should also check into their customer support. You should pick a wallet that has a support team you can access at convenient times. Ideally, there will be more than one contact method, and the customer service will have good ratings.

Coin Support

It should go without saying that you want to confirm that your chosen crypto-wallet works with the cryptocurrency you want to store. Even so, this is worth repeating. Some wallets will only hold a specific type of cryptocurrency while others hold dozens or even hundreds. The most convenient option will typically be a multi-currency wallet unless you know that you have no plans of owning more than one type of crypto.

Ease of Use

Do not forget to consider how you use the wallet. You want to choose one that you can easily figure out how to use. Ideally, setting it up will be relatively straightforward and simple, as will accessing it in the future.