Different Types of Crypto Wallets
HARDWARE WALLET
A Hardware wallet is a device specifically designed to securely store cryptocurrencies. These devices store your private keys(which should NEVER be shared with anyone).
Hardware wallets can be used in conjunction with some web wallets in order to make them more secure.
With a hardware wallet you are in control of your crypto assets and responsible for not forgetting your login details. If you cant log in then you can consider your crypto assets lost.
Ledger Hardware Wallets
- Top pick for the best hardware wallet on the market
- Ledger Nano X has a bluetooth feature to connect to mobile or desktop, and its larger storage is capable of holding multiple cryptocurrencies at once.
- Ledger Nabo S has not Bluetooth functionality and has a limited amount of cryptocurrency apps it can hold at once.
- Visit the Ledger Official store for latest info and products available.
SafePal Hardware Wallets
- Great alternative hardware wallet on the market and our second top pick.
SOFTWARE WALLET
A Software wallet is used on either your desktop computer or an app on your mobile devices. The private keys are usually held in the software, app or on a cryptocurrency exchange.
For people who are not tech savvy this might be the right option as the software provider will hold the private keys and keep them safe.(Unless they are hacked themselves). These software companies mostly have security measures both front end and back end to protect your funds. So make sure you use one that has many security measures in place and a good reputation.
Binance Wallet
- Top pick for the best software wallet on the market
- Two Factor Authentication (2FA) via email, sms or authenticator app.
- Stake and earn interest on your crypto.
- See our Binance Review and wallet info.
FTX Wallet
- Great alternative software wallet on the market and our second top pick.
- Two Factor Authentication (2FA) via sms or authenticator app.
- Stake and earn interest on your crypto.
- See our FTX Review and wallet info.
Etoro Crypto Wallet
- Dedicated crypto wallet separate from the main Etoro platform.
- Well known and trsyted exchange.
- Operates in accordance with FCA, SySEC and ASIC regulations.
- See our Etoro Review and wallet info.
CEX.IO Wallet
- Based in the United Kingdom and one of the first cryptocurrency platforms to make fiat to crypto transactions.
- Buy instantly with Credit or Debit card.
- Withdrawals can be made via debit/credit cards or via direct bank transfer.
- See our CEX.IO Review and wallet info.
WEB WALLET
Web wallets are hosted by third parties. They are plugins on your browser where you can interact with cryptocurrency sites, send, receive crypto and store NFTs. There are also apps on mobile for convenience.
Some web wallets can be used in conjunction with hardware wallets in order to secure your private keys and protect your funds.
Software wallets are also referred to as burner wallets, as you should not hold large amounts of crypto assets on them as they are not very secure and can be compromised by simply interacting with the wrong link or website.
METAMASK Wallet
- Compatible with Chrome, Brave, Firefoc and Edge browser extensions.
- Compatible with IOS and Android devices.
- Interact on the Ethereum blockchain. (Other networks can be added)
PHANTOM Wallet
- Compatible with Chrome, Edge, Forefox and Brave browser extensions.
- Compatible with IOS and Android devices.
- Interact on the Solana blockchain.
