Tag: Crypto Wallets

Omni Wallet review 2020: How Safe is Omni Wallet?

Post author By Edith M.
Post date 10 November, 2020
No Comments on Omni Wallet review 2020: How Safe is Omni Wallet?

On the web wallet website, this crypto storage vault is described as a web wallet dedicated to bridging the gap between “security, usability, and multi-currency support.” It is an open-source web wallet developed by OmniLayer Technology Company in 2013. Originally referred to as Mastercoin, the Bitcoin-based protocol rebranded to Omni in 2016. Since then, Omniwallet’s development team has committed to the continued improvement of this multi-currency wallet’s features and functionalities that the team considers a work in progress.

On the Omniwallet website, this crypto vault is described as a protocol layer that is built on the Bitcoin blockchain. It is a custodial wallet that stores digital assets in highly secure company servers but also allows you to create personalized servers to host your private keys.

In this Omniwallet review, we want to determine if the wallet lives up to its security and usability promise. And to achieve this, we will detail its key features, the safety measures it has put in place, provide you with a step by step guide on how to use Omninwallet, and tell you everything you need to know about this hot wallet.

Omni Wallet key features:

Multicurrency support: Though it is built on the Bitcoin blockchain, Omniwallet is considered a multicurrency wallet that supports both Bitcoin and Omnilayer native tokens.

Built-in exchange: OmniLayer runs a decentralized crypto exchange that it has integrated on the Omniwlalet. It is fast in processing crypto transactions, maintains competitive transaction fees, and introduces wallet users to a wide range of cryptocurrencies, tokens, and stable coins.

Web-based: Omniwallet is purely web-based and compatible with virtually all popular browsers. Therefore, you don’t have to download or install crypto apps to access the wallet or interact with its services.

Own hosting: Omniwallet stores all the data, especially the private keys, in the highly secure OmniLayer servers. You nevertheless are free to create personalized servers like Amazon AWS that you can then use to host your private keys.

Omni Wallet security features:

Password: Like virtually all other cryptocurrency vaults, Omniwallet is secured with a wallet that you set when creating a user account. You will need it, alongside the wallet ID, to access the Omnilayer servers and interact with your private keys.

Open-sourced: According to Omniwlalet, everything about their wallet “is open source from the ground up.” Anyone can, therefore, view and critique their source code that is currently accessible on both the company website and GitHub repository.

Multifactor authentication: You can add a second and even a third layer of protection around your wallet using compatible platforms like Google Authenticator or email address to receive special codes that you can use to log in to the wallet.

Integrates Bitcoin armory: Bitcoin Armory is a specialized online Bitcoin wallet that stores your private keys in offline cold storage. Bitcoin armory also allows you to transact offline and only come online to broadcast the transaction.

Client-side encryption: The fact that Omniwlalet stores private keys on your behalf implies a lot of communication between the wallet and company servers. Client-side encryption here implies that communications between your Omni wallet and Omnilayer servers, as well as third-party systems, are encrypted before they leave your browser.

Hierarchically deterministic: By ensuring that the process of generating new wallet addresses is hierarchically deterministic, Omniwallet helps you mask your online crypto transactions by hiding your real wallet address, effectively throwing off crypto trackers.

Watch-only mode: When logging into your Omniwallet from an unsecured browser or compromised internet connections, you can opt to log in to its watch-only mode. This allows you to view crypto balances and crypto history but makes it impossible to view the private keys, alter the wallet settings, or transfer cryptos out.

How to activate/ setup the Omni Wallet

Step 1: Open the Omniwlalet.org website and click on the “Create Wallet” tab

Step 2: Create a unique password for the wallet and enter a valid email address

Step 3: You will receive your unique wallet ID in your email. You will need it together with the password to log in to your user account.

Step 4: Log in to the Omniwallet. Click on the three bars on the top left corner of the user dashboard, and under wallet options, select Backup to generate the backup for your wallet.

Step 5: You will be prompted to enter the wallet password for verification, after which you can download the wallet backup. Copy it to a USB stick or PC and store it safely offline.

Step 6: Your Omniwallet is now active and ready for use

How to add/ receive Crypto into Omni Wallet:

Step 1: Log in to your Omniwallet and click on the My Wallet tab.

Step 2: Use the My Address tab to see all the wallets hosted on the wallet.

Step 3: Select the coin you want to receive to reveal the wallet address and QR code

Step 4: Copy either and forward them to the individuals sending you cryptocurrencies.

How to send crypto from Omni Wallet:

Step 1: Log in to your Omniwallet and click on the My Wallet tab.

Step 2: Use the My Address tab to see all the cryptocurrencies hosted on the wallet

Step 3: Click on the “Send” button at the far right of the user dashboard.

Step 4: On the “Send from” section, select the wallet address from whence to send the cryptos, then enter the recipient’s wallet address and the amount to send

Step 5: Confirm that the transaction details are correct and hit send.

Omni Wallet ease of use:

The process of creating a user account on Omniwallet is easy and straightforward. The wallet also maintains one of the cleanest, intuitive, and beginner-friendly user interfaces. The fact that it is a web wallet also means that it is easily accessible from virtually any browser and on the move.

The process of sending and receiving cryptocurrencies in and out of the wallet or backing up its contents is also easy and straightforward.

Omni Wallet supported currencies:

Omniwlalet will only support three cryptocurrencies: Bitcoin, Omni token, and Test Omni Token.

Omni Wallet cost and fees:

Omniwallet is free. However, you will be required to pay a small and highly variable transaction fee every time you send cryptos out to another wallet or exchange.

Omni Wallet customer support:

On the Omniwallet website is the FAQ section that hosts how-to guides for the wallet. It also highlights some of the common challenges faced by Omniwallet users and how to overcome them.

You will also find the ‘Contact Us’ page that provides users with the support email and hosts the wallet’s knowledge base. For technical queries, consider direct messaging Omniwallet’s customer support team on Facebook or Twitter.

What are the pros and cons of using the Omni Wallet?

Pros:

It is ultralight and doesn’t require you to download a node or app.
It is highly transparent as it embraces an open-sourced design.
It embraces such advanced crypto security features as client-side encryption and Bitcoin Armory.

Cons:

It stores private keys on your behalf.
It will only support a limited number of crypto.

Comparing Omni Wallet with other Custodial crypto wallets

Omni Wallet vs. eToro wallet

Omni and EeToro are similar because they both are custodial wallets, storing private keys and other sensitive data on your behalf. They have also integrated similar functional and security features, such as a decentralized exchange. They are also free and maintain very competitive transaction fees.

However, while Omniwallet is a Bitcoin-only crypto storage vault, eToro is more versatile and supports 100+ cryptos and tokens. Similarly, Omniwlallet’s customer support team may be considered a little lackluster and sluggish than the highly responsive team maintained by eToro.

Verdict: Is Omni Wallet safe?

The most significant blow to Omniwlalet’s claim of maintaining one of the most secure crypto wallets is that it is a web-wallet exposed to the inherent threats facing hot wallets. It has tried to address this challenge by introducing client-side encryption, self-hosted servers, and even the ultra-secure Bitcoin Armory.

Tags Best Bitcoin-only wallets, Best crypto wallet app, Crypto, Crypto Trading, Crypto Wallets, cryptocurrencies, cryptocurrency, Education, OmniLayer, Omnitoken wallet, Omniwallet

Cryptocurrencies

Qtum Core Wallet Review: Features, Safety, and Setup Guide

Post author By Edith M.
Post date 18 July, 2020
No Comments on Qtum Core Wallet Review: Features, Safety, and Setup Guide

Are you looking for an open-source, public blockchain platform that is capable of leveraging the simplicity and security advantages of Bitcoin’s UTXO protocol while integrating the flexibility and convenience offered by smart contracts? If yes, the Qtum Core wallet might be your ideal option. It enables two virtual machines: Qtum’s native x86 VM and Ethereum’s EVM. Note that Qtum Core is the only cryptocurrency wallet that supports the “Send To Smart Contract” feature. Also, if you want to receive MedCoin (MED), you need to have a valid Qtum Core Wallet.

Even so, what are some of its top features? How does it compare to other desktop cryptocurrency wallets in the market? Read on as this review provides you with detailed insight into everything you need to know about Qtum Core. However, before we go into details, let’s first find out some of its key features.

Key features

OS compatibility: Qtum Core wallet can operate across different platforms such as PCs, Macs, and cloud servers. In PCs, it is compatible with several operating systems, including Windows, Linux, and macOS.

Multicurrency: Qtum can securely support 26 coins and ERC20 tokens.

Proof of Stake (PoS): It features a consensus mechanism that significantly helps the network scale on-chain.

State-of-art security: Qtum Core integrates advanced security features such as Decentralized Governance Protocol (DGP) that allows developers to take control of the consensus parameters.

C programming language support: Qtum Core wallet is capable of supporting programming languages for C++, Python, Rust, and many more.

Proprietary account abstract layer (AAL): It makes handling, executing, and creating contract funds possible by supplementing the Bitcoin script with new opcodes.

Smart contracts engine: The feature executes programs on the network and can operate across different platforms.

Easy-to-use: The best thing about the Qtum wallet is its simplicity. It integrates an easy-to-use interface that is suitable for beginners.

Is Qtum Core Wallet Safe?

One of the best things about Qtum Core is that it does not store your private keys. It provides users with complete access and is entirely responsible for their funds and security. They are only required to update their PCs with the latest antivirus and operating system to enjoy the full benefits of the Qtum Core Wallet. Note that the QTUM wallet uses a checksum technique to detect wrong and corrupted numbers.

It also uses the SHA-256 hash algorithm to come up with unique codes for your Wallet Input Format (WIF) private keys. This is done twice for optimum results. Also, for more accurate results, set the SHA-256 hash input to be in the hexadecimal data format and not ASCII text.

How to Set Up QTUM Core Wallet

Step 1: Visit https://github.com/qtumproject/qtum/releases and download QTUM Core’s latest version

QTUM Core is capable of supporting several operating systems, including Windows 32/64-bits and Mac OS.

Step 2: Install

You can install with either dmg file or .exe.

Step 3: Run Qtum Core

After the installation is complete, start the application by pressing “OK.” Note that during the initial run, the application might take some time to synchronize. Wait until it displays the number of blocks left as “0”. Technically, it will take less than the estimated time.

Step 4: Encrypt your wallet

Go to “settings” and tap on “Encrypt Wallet” to set a new passphrase. It is recommended to set a password of ten or more random characters. Alternatively, you can use eight unique words.

Step 5: Backup your wallet

Open “file” and click on “Backup Wallet.” Also, you will be required to set a wallet name in the “settings” section.

Step 6: Done! You can now send and receive Qtum

Click on “File” to get a list of the addresses you will be using to receive and transfer QTUM. Your receiving address can either be one or many. Pick an address of your choice and click on “copy.” Next, you will want to check whether the address is valid. Paste it on the receiving address input window located in MediBloc’s homepage and click on “check” to find out if the address is valid.

How to Send QTUM

You will find the send menu on the left side of the page. Here, you will find different functions that are quite basic and easy to learn to use. Below is an insight on how to go about sending QTUM:

Pay to: Enter the address of the receiver

Label: Although it is optional, it is recommended that you fill in this category with a name or tag for future reference.

Amount: Enter the desired amount of QTUM you want the recipient to receive.

How to Receive QTUM

Before you receive QTUM, you need to know your address. However, the best thing with this crypto wallet is that you can generate new addresses. It is useful for receiving payments from more than one sender. The wallet also helps you keep track of your transactions.

To get your address, simply tap on “request payment” and pop up dialogue will show up with your unique address. You can receive coins from other users or an exchange using the address.

How to Add QRC20 Tokens to Your Qtum Core Wallet

Normally, the Qtum Core wallet is designed to display your current QTUM coin balance. If you want it to also display your token balance, you will be required to bind your existing QTUM address to your desired contract address. After doing so, you should be able to see your QTUM tokens. Below is a step-by-step guide into adding QRC20 tokens to your wallet.

Step 1: Open the app

You should note the “other tokens” section at the right side of your page will be empty if you have never added a token before.

Step 2: Create new QTUM address

Let’s assume you don’t have a QTUM address yet. Click on “File” and choose to receive addresses. Create a new address by selecting NEW. Enter your desired name for your wallet address and select the OK button to create your new address.

Step 3: Add token

Go to the QRC Tokens section located on the left side of the app and choose the “Add Token” option. Once you have added your contact address, the rest of the information will be automatically auto-filled.

Step 4: Bind

Select the QTUM address you want to bind by expanding the “Token Address” list. Immediately after binding the address, the balance of your transaction history should be updated automatically. That is it! You should have your LSTR tokens listed on your wallet.

Qtum Core Security 101

Now that you know how to create and add tokens to your wallet, it is imperative to understand that the security of your funds might not be guaranteed if you don’t do anything to enhance it. Below are some of the key things you should do to improve the security of your QTUM wallet:

Install the latest antivirus: Hackers are capable of installing malicious software on your computer and use it to access your private keys. Ensure you have the latest antivirus installed on your PC to be safe from phishing activities from hackers.
Back up your recovery phrases: During registration, you are notified that you will be denied access and risk losing your funds for good if you forget or lose your passwords. For this reason, ensure you keep multiple backups of recovery phrases.
Keep your private keys safe: Qtum Core provides users with full access to their private keys. However, if they are not properly stored, they might end up in the wrong hands and, therefore, risk losing your funds. The best way to guarantee their safety is to create a cloud backup.

Although all the above factors will help improve the safety of your QTUM coins, you should ensure you update yourself with the latest security features. Hackers are always coming up with new strategies and, therefore, updating your antivirus, and operating system is critical.

Pros and Cons of Qtum Core Wallet

Pros

Supports sending and receiving QTUM coins
Supports sending and receiving QRC20 tokens
Integrates smart contracts creation and interaction
Features a Regtest mode that enables developers to build their private network
Has a “prune” to minimize disk usage
Supports RPC and API commands used in Bitcoin Core

Cons

Runs in full node
Requires regular updates

Final Verdict: Is Qtum Core Wallet Worth Your Money?

Well, if you are looking for a desktop wallet to store your QTUM, this might be your best option. Besides being the only QTUM wallet that supports the “Send To Smart Contract” feature, it integrates quite a good number of exceptional security features. Additionally, it is quite easy to use. You will find its interface to be quite appealing to everything strategically placed for your convenience.

Tags Crypto, Crypto Wallets, cryptocurrencies, Education, wallets

Crypto Daily Topic

12 Best Crypto Wallet for iOS: The Most Secure Multicurrency Apps

Post author By Edith M.
Post date 19 May, 2020
1 Comment on 12 Best Crypto Wallet for iOS: The Most Secure Multicurrency Apps

About eleven years since we had the first cryptocurrency, the asset class is more popular than ever. Millions of people are using cryptocurrencies as a store of value, as a trading instrument, and still, others are using the asset class as an exchange of value.

Photo by Nab Visuals on Unsplash

Unlike traditional money, cryptocurrency does not exist on a physical medium; neither is it regulated or overseen by a central authority. Transactions are peer-to-peer, control is solely the owner’s, and the safety of your crypto is in your hands.

There’s also another caveat. Crypto transactions are irreversible, meaning once you hit the send button, the funds are gone for good. There’s also the not-so-small matter of digital currencies being a high target for hacking and other types of fraud.

Hence, potential crypto users need to find a reliable wallet that’s secure enough to guard their digital assets against these attacks. Other features to look for in a sturdy wallet are flexibility and the number of cryptocurrencies it supports.
However, it can be a tasking exercise rummaging through the web to look for a wallet that fits these and other relevant needs.

In this piece, we came up with a list of the best wallets in the market for iPhone and iPad users. Looking for an iOS crypto wallet? Read on.

1. Bread Wallet

Launched in 2013, the Bread wallet is a crypto wallet app. The app is one of the most popular crypto wallets and one of the easiest to use. Bread features a minimalist yet functional interface that allows you to send and receive crypto without much hassle.

You can purchase Bitcoin via the app using a variety of methods, including credit card, in-person at Bitcoin ATMs, or at the convenience store. Bread also allows you to convert Bitcoin into cash, Ethereum, or to any of multiple ERC-20 tokens.

Bread also runs a loyalty program called BRD rewards. When you hold tokens at BRD, you get a 50% waiver on all your in-app crypto trading fees.

2. Green Wallet

Launched in 2019, Green is a wallet that puts security at the forefront so that you don’t have to choose between security and convenience.

When setting up a Green wallet, you will be required to undergo a two-factor authentication process via SMS or Google Authenticator, and/or email. A two-step authentication process is also required for every transaction you carry out.

The wallet also does not store your private keys, encrypted or not. This gives you utter control over your crypto funds. Green also ensures complete anonymity for users by allowing them to sign up without KYC procedures and proceed to trade right away.

3. Coinomi

Coinomi is a crypto wallet that lets you safely store, manage, and interact with Bitcoin and other 1770+ crypto assets. Funds are secured with private keys and state-of-the-art cryptography, ensuring your crypto is always under water-tight security.
Coinomi also ensures user anonymity by not having KYC or due diligence procedures or transaction tracking. Also, it doesn’t link your identity to transactions or traces your IP address.

For those users willing to fork out a bit more cash, Coinomi offers more options such as multi-seed support, unspent transaction output (UXTO) control, and cold storage.

4. Jazz Liberty

Jazz Liberty allows you to send and receive Bitcoin, Ethereum, and 90 other cryptocurrencies. On Jazz, you can check your crypto balance anytime as well as track individual coins and their price changes over the last month up to the latest hour. This also includes updates on the performance of the top 100 coins and markets and market trends. You also get access to the latest crypto news and updates from the app’s news module.

Jazz also provides a 12-word mnemonic phrase that you can use to recover your private key, so you never lose your funds. The phrase also allows you to access your funds anywhere in the world, ensuring utter convenience.

5. Abra Wallet

Launched in 2014, Abra prides itself of simplicity, instant investment, and accessibility – with support available in more than 150 countries.

Abra allows you to buy, sell and exchange over 100 cryptocurrencies, including big hitters such as Bitcoin, Ethereum, Bitcoin Cash, Bitcoin SV, as well as other less known ones like Aeon, Ardor, BURSTcoin, and Blackcoin. To get started, simply deposit crypto or Fiat via MasterCard, Visa, or bank transfer.

Abra users can also move between various coins and tokens as well as withdraw to an external wallet at any time.

6. DropBit

DropBit allows you to “send and receive Bitcoin as easy as sending a text or tweet.” It calls itself the “Venmo for Bitcoin” – allowing you to send Bitcoin to friends via text message or Twitter, even if they don’t have DropBit or any crypto wallet at the moment.

DropBit also allows you to maintain anonymity in your transactions by ensuring server requests for sending addresses are signed by your wallet at a ‘derivative path’ unassociated with your Bitcoin address. DropBit also does not keep your contact(s) on their servers. Instead, it uses a cryptographic hash of your phone number when verifying transactions. And in case you lose your wallet, you just need to input your 12-word recovery phrase to recover your private key.

7. TrustWallet

Trust wallet is a multi-coin wallet that allows you to store Bitcoin, Ethereum, Tron, Binance Coin, XRP, and so on. You can instantly trade cryptocurrencies on Trust wallet, thanks to its seamless integration with both Binance Dex and the Kyber Network protocol.
Trust wallet also protects your privacy by keeping your private key only locally and surrounded by many layers of security.

The wallet also supports ERC20 tokens and BEP2 tokens for the Binance Chain. It also allows you to interact with decentralized applications (DApps) on its Web3 browser.

8. Edge Wallet

Formerly known as Airbitz, the Edge wallet allows you to store, trade, and buy dozens of cryptocurrencies. This includes the ability to swap one crypto for another, as well as buy crypto with Fiat.

Edge has also partnered with some of the top blockchain services around the world, e.g., Moonpay, Bitrefill, Wyre, and Safello, to enable you to purchase mobile top-ups, gift-cards, and other services.

Other notable features of Edge include a seed phrase backup feature, PIN code feature for added security, QR code support to allow you to spend funds, an estimation of transaction fees so you can account for every coin, the ability to add ERC-20 tokens and Segwit support for Bitcoin and Litecoin.

9. Copay

Copay wallet is an off-shoot of BitPay, a trusted crypto payment gateway for 10,000+ merchants and businesses around the world. It’s a non-custodial wallet app that’s easy to use, with support for Bitcoin and Bitcoin Cash.

Copay facilitates multi-signature use, allowing more than one user to use the wallet. You can also create multiple private keys in the same Copay wallet, e.g., one for you and another for your friend.

Other unique selling points of Copay include: 150+ Fiat currency denominations for conversion, multiple language support, email and push notifications, and QR code support.

10. Ledger Nano X

This is a wallet by industry favorite Ledger. Nano X features remarkable ease-of-use and flexibility while ensuring your crypto is protected with the highest level of security, with your private key tucked away in a certified secure chip. Ledger Nano is a hardware wallet and, thus, a cold storage wallet – the safest option for storing your crypto funds.

The wallet is Bluetooth enabled, which allows smartphone users to sync the device with the Ledger Live Mobile app to safely interact with your crypto from your smartphone.

11. Blockchain Wallet

Blockchain wallet is one of the most popular crypto wallets, available in 140+ countries, and featuring 25 languages. It currently supports Bitcoin, Bitcoin Cash, Stellar, and USD Digital (USD-D).

Blockchain wallet supports two-factor authentication for maximum security as well as a 12-word recovery phrase that allows you to access your funds even if you lose your wallet.

12. BitPay

BitPay is another wallet app under the purview of crypto-exchange BitPay. The wallet’s apparent simplicity and accessibility, along with its high-level security involving multisig and key encryption, have made it a favorite among crypto users.

BitPay currently supports Bitcoin, Bitcoin Cash, Ethereum, and other tokens. You can create multiple wallets on the wallet, meaning you can share your wallet with family or friends.

You also get to receive instant email and push notifications for any transaction, helping you stay in control of your funds at all times.

Final Words

When looking for a good crypto wallet, you’re looking for one that does more than hold your funds. You want security, privacy, options, and a good user experience. These wallets offer that, and more. As usual, before settling for any wallet, Do Your Own Research; look for user reviews, check its security history, and so on. As well, choose a wallet that suits your personality.

Tags Crypto, crypto payment gateway, Crypto wallet apps, Crypto Wallets, cryptocurrencies, cryptocurrency, Education, iOS crypto wallets

Cryptocurrencies

Exodus Wallet Review 2020: Is it safe & What are its Fees?

Post author By Edith M.
Post date 18 May, 2020
No Comments on Exodus Wallet Review 2020: Is it safe & What are its Fees?

Despite launching its services as recently as 2016, the Exodus Crypto wallet has gained a lot of popularity mainly because it supported multiple currencies and in-app exchange. The crypto wallet is a late entrant into the crypto space, which has mastered the common faults of the established crypto wallets and sought to improve on them. For instance, most crypto wallets that rival Exodus have paid too much attention to the security of their sites at the expense of ease of use. This software wallet seeks to address this by providing one of the easiest sites to use.

In this review, we look at these Exodus crypto wallet features and benefits in detail. We’ll also vet some crucial aspects of the crypto wallet like safety, cryptocurrencies supported, and fees.

Exodus Wallet Key features

Versatile design: One of Exodus crypto wallet’s biggest selling points is its highly versatile design. It is one of a handful of crypto wallets that allow for the full customization of the user interface, including changing theme colors. The information is also displayed in a well-thought-out, organized, and easy-to-use manner.

Mobile app available: Exodus started out as a desktop wallet but has since launched the Exodus crypto wallet app. It has all the features of the Exodus desktop wallet safe for portability.

Pairs app and Desktop apps: The software wallet ensures that you don’t have to create separate user accounts for your desktop and mobile apps. You can easily pair them and gain absolute control over your digital asset portfolio both at home or office behind your desktop and on the smartphone while on the move.

Features a built-in exchange: Most crypto wallets are stand-alone, forcing you to register with two separate entities – the exchange and wallet provider. Exodus, on the other hand, provides you with both a secure wallet and a built-in exchange featuring all the popular coins.

Compatible with popular OS: The Exodus desktop app is available for all types of operating systems. From macOS to Windows and even Linux.

Compatible with Hardware wallets: Exodus is also compatible with some of the most popular and highly secure hardware wallets like Trezor. Integrating your Exodus app with a hardware wallet not only adds an extra security layer over the wallet but also exposes you to 1000+ coins.

Features a portfolio tracker: Most wallets have fallen short of the investment and trade aspect of crypto trading. Exodus hopes to change this by providing wallet users with a portfolio-tracking tool that helps them keep track of their digital assets in real-time.

Lite wallet: Exodus is a lite crypto wallet, meaning it doesn’t download the entire blockchain to your phone or desktop. As such, it won’t drag the performance of either device.

Security features

Password protection: The Exodus crypto app is password protected. You will create the password during account creation, and you will need to provide it every time you want to log into your account or authorize a transaction.

Recovery phrase: In case you forget the password or lose your phone, you can still recover your Exodus crypto wallet account and private keys therein, if you have the recovery phrase. This is a 12-word seed provided to you during account creation.

Semi-Open sourced protocol: Exodus has also open-sourced the most crucial parts of its wallet protocol. Most of the open-sourced aspects of the wallet relate to security, but it holds onto proprietary rights for most of functionality and user interface designs.

Anonymous trading: You don’t need to complete a user profile to open an Exodus crypto wallet. Neither do you need to confirm and verify your identity before making a transaction. The fact that Exodus will only support crypto-to-crypto exchanges leaves much room for anonymous trading.

Biometric Touch and Face ID authentication: Exodus crypto wallet is one of the few web-based crypto wallets that have a biometric security system. You can use the Face ID as well as Touch ID to access your wallet.

Currencies supported

Exodus crypto wallet currently supports up to 102 cryptocurrencies. Among them, the most popular coins and tokens like Bitcoin, Bitcoin Cash, Litecoin, Dash, Ethereum, Ethereum Classic, Ripple, Tether USD, True USD, and more. Integrating it with popular hardware wallets like Trezor or Ledger Nano also boosts the number of currencies you can access.

The wallet company is continually updating its list of supported tokens. Their full and updated list of supported currencies is accessible from their FAQ section, under ‘Assets’ and ‘Supported Assets and Links.

Exodus Wallet cost and other fees

You will not be charged a fee to download, install, and interact with the Exodus crypto wallet. You will nonetheless be charged a small transaction fee when you send coins from the Exodus wallet to another or transact within the Exodus built-in exchange. The transaction fee for both cases varies depending on the transaction amounts.

Setting up the Exodus Wallet:

How to install Exodus Wallet:

Step 1: Download the Exodus desktop app on the Exodus website. The smartphone app is available at the Android and iOS app stores.

Step 2: Install the app, during which you will be required to set up the crypto wallet password.

Step 3: After verifying the password, Exodus will provide you with a 12-word recovery seed phrase. Copy the seed phrase or write it down and store it in a safe place offline

Step 4: Though not advisable, you can also choose to use your email as the backup for your exodus wallet.

Step 5: Proceed to the app customization part where you get to change such factors as the app themes or the base currency for your portfolio.

Step 6: You are now set to start receiving and sending coins and tokens.

Sending and receiving coins:

To receive funds into your Exodus Wallet:

Step 1: Log in to your wallet

Step 2: Click on the receive icon, and the app will display all the available wallets

Step 3: Click on the wallet of the cryptocoins you wish to get the wallet address and QR code that you can send the sender.

To send payments from your Exodus Wallet:

Step 1: Log in to your Exodus crypto wallet

Step 2: Click the wallet icon on the left side of the desktop app screen.

Step 3: Scroll down to find the coin/token you would like to send and hit the ‘Send’ icon

Step 4: Enter the recipient’s address and the amount you wish to send and hit send.

Step 5: On the confirmation window that appears, check if the wallet address and amount are correct and send

Exodus Wallet hardware wallet pros and cons:

Pros:

It has multiple security features, including an email and offline backup for your wallet.
It’s a highly versatile wallet that’s compatible with multiple desktop and smartphone operating systems.
The desktop/mobile app integration makes it easy to access your portfolio while on the move.
The app is highly customizable and easy to use and thus beginner-friendly
Its compatibility with hardware wallets gives it a security boost.

Cons:

One may consider their transaction fees to be relatively high.
The wallet doesn’t support the more secure two-factor authentication feature.
Doesn’t support crypto-to-fiat transactions

Exodus Wallet compared to competitors

In comparing Exodus to both hardware wallets like Trezor or Ledger Nano and online crypto wallets eToro and Coinbase, there are clear differences. The hardware wallets beat Exodus wallet hands-down when it comes to keeping your private keys secure. For instance, unlike Exodus, which only has limited security features and no two-factor authentication, hardware wallets have multiple security layers like keeping your keys offline under passcode. Their devices also have buttons that must be long-pressed to authorize transactions.

The web-based crypto wallet is not any different from most online and exchange-backed crypto wallets like eToro. They serve the same purpose and have pretty similar features. But in addition to making it possible to store private keys offline or copying them on a piece of paper, Exodus has gone a step further and introduced the face and Touch ID features.

Customer support:

Exodus crypto wallet maintains a responsive customer support service that’s available over via the live chat option on the company website. Similarly, wallet users can access help on the site’s FAQ page or by contacting the support team via different social media platforms.

Verdict: Does Exodus Wallet live to its reputation?

Exodus cryptocurrency wallet is a newcomer, and much of this project is still a work in progress. The wallet has already hit impressive milestones in consistent security upgrades and the incorporation of newly supported currencies. Moving forward, one can only expect the wallet to increase the number of its security features and measures taken to keep the wallet contents safe. It is our opinion that Exodus cryptocurrency wallet is appropriate for use by beginners and active traders looking for an online wallet that’s supportive of fast transaction processing.

Tags best crypto wallets, Bitcoin wallet, Crypto, Crypto Wallets, cryptocurrencies, cryptocurrency wallets, Exodus crypto wallet

Cryptocurrencies

Jaxx Liberty Wallet Review 2020: Is It Safe & What Are Its Fees?

Post author By Edith M.
Post date 18 May, 2020
No Comments on Jaxx Liberty Wallet Review 2020: Is It Safe & What Are Its Fees?

Jaxx Liberty, a multi-currency wallet, is the updated and feature-rich version of the Jaxx wallet by Decentral Inc. Launched in 2016 as Jaxx Classic wallet, it has, over the years, been subjected to several updates and operational adjustments, which turned it into a cryptocoin ecosystem.

Jaxx has such advanced features as an inbuilt exchange, real-time news monitors, and market data/portfolio trackers. It also boasts of an experience-laden development team, led by Anthony Di Iorio. The Canadian Entrepreneur was the first executive director of the Chamber of Digital Commerce in Canada, as well as the Ethereum co-founder. His guidance has been instrumental to the ever-growing popularity and reputation of the Jaxx Liberty wallet. And all these distinguish Jaxx Liberty from other multi-currency crypto wallets that only serve as vaults for digital currencies.

In this Jaxx wallet review, we will be exploring some of the wallet’s key operational and security features, pros, and cons, vetting its setup process, and ease of sending/receiving coins into the wallet.

Jaxx Liberty Wallet Key features

User-friendly interface: Jaxx Liberty wallet has one of the friendliest user interfaces. And one of its key features includes a unified dashboard system that makes it possible for users to view and interact with all the key wallet features and digital assets on one screen.

Shapeshift integration: Unlike most of the other wallets -that require multiple transfers in and out of exchanges every time you wish to convert your coins to another currency- Jaxx Liberty integrates shapeshift technology. Shapeshift refers to an in-built exchange that allows Jaxx Liberty wallet users to convert their digital assets from one coin to another within the wallet app.

Multi-platform support: Jaxx Liberty is highly versatile and integrates with virtually all popular operating systems. There are different versions for Windows, macOS, and Linux desktop operating systems. The wallet is also available in both Android and iOS smartphone app versions as well as via a chrome browser extension.

Market data tracker: One of the most valuable additions to the Jaxx Liberty wallet not available with its predecessors, is the market data tracker. This allows you to follow market trends, compare price changes, and monitor the market capitalization for different coins in real-time within the app.

Features a portfolio tracker: The unified dashboard doesn’t just provide a view of your crypto assets but also features portfolio tracking tools. These make it possible to monitor the value of your portfolio in real-time without leaving the wallet app.

Newsfeed integration: Traders and investors don’t have to leave the app to source for the crypto industry news and research. Jaxx Liberty has a special section dedicated to the most recent news and events that relate to and impact the crypto industry.

Integration with third party exchanges: In addition to Shapeshift, the Jaxx Liberty wallet also integrates with the all-popular crypto exchange – Changelly.

Security features

Anonymous trading: Jaxx Liberty collects as little information about their Crypto wallet users as possible. The wallet, for instance, doesn’t ask for any of your sensitive user information like national identification number, full names, or address. This ensures that even if the platform was breached, their user’s privacy is guaranteed.

Password protection: You get to set up a strong password upon activating the Jaxx Liberty Wallet. The password is unique to your wallet, and you will need it every time you want to log into the app or confirm a crypto transaction.

Recovery seed: Like virtually every other crypto wallet, Jaxx Liberty has a 12-word backup seed. You get to generate this during the app setup, and it comes in handy in helping you recover your private keys, should you misplace/lose your device, or forget your password.

Hierarchical deterministic: A hierarchical deterministic wallet is a wallet whose design allows it to generate different random addresses for different transactions. It implies that every time you transact with the Jaxx Liberty wallet, it will generate a random public key. This goes a long way in masking your real public key and swaying off hackers.

Automated updates: You will receive automated wallet patches and updates. The automation is key here, as it provides protection and seals off any wallet vulnerabilities as soon as they are discovered, effectively minimizing the risk of manipulation.

Currencies supported

On their website, Jaxx Wallet claims that their wallet makes it possible for you to send, receive, and manage 90+ cryptocurrencies on their platform. These include all the popular coins like Bitcoin, Bitcoin Cash, Litecoin, Dash, Dogecoin, Ethereum, Ethereum Classic, and numerous other tokens.

Jaxx Liberty Wallet cost and other fees

Both the desktop and smartphone Jaxx Liberty Crypto wallet apps are free to download and install. You, however, will be charged a small transaction fee every time you send coins from your wallet or use the inbuilt exchange to convert your assets from one coin to another.

There are three classes of fees that include low, typical, and higher fees depending on the number of currencies being transacted, and the speed at which you would like the transaction completed. Interestingly, however, these fees all go to the blockchain miners confirming the transactions.

Setting up the Jaxx Liberty Wallet:

How to install Jaxx Liberty Wallet:

Step 1: Start by downloading and installing the desktop or mobile app from the Jaxx Liberty wallet website.

Step 2: Select the ‘Create New Wallet’ option and agree to the wallet’s terms and conditions.

Step 3: Proceed to create a strong and multi-character password for your wallet – the longer the password, the better.

Step 4: Atop the wallet interface will appear the ‘Backup banner’ requesting you to create a backup for your wallet. Click here and write down the 12 seed words provided. Keep these words safe as you will need them to recover your private keys if you ever forget your password.

Step 5: The app will have a default address for bitcoin, and you can proceed to create wallet addresses for other coins you wish to receive.

Step 6: You can start sending and receiving digital coins, monitoring your portfolio, and tracking the crypto markets.

Sending and receiving coins:

To receive funds into your Jaxx Liberty Wallet:

Step 1: Click on the receive icon on the wallet interface page.

Step 2: Proceed to select the coin you want to receive and wait for the hierarchically deterministic wallet to generate a wallet address.

Step 3: The wallet will present you with an address that you can copy and send to your sender as well as a QR code that you can print and send to the person from whom you wish to receive the digital coins.

To send payments from your Jaxx Liberty Wallet:

Step 1: Click on the Send icon on the wallet interface.

Step 2: Select the coin you wish to send.

Step 3: Input the receiver’s wallet address and the number of coins you wish to send.

Step 4: Confirm that the details are correct and hit the send button.

Jaxx Liberty Wallet hardware wallet pros and cons:

Pros:

The wallet is compatible with virtually every operating system.
Jaxx embraces a raft of security features, including the fact that it is hierarchically deterministic.
The wallet is user friendly and easy to interact with, for both beginners and experienced crypto-traders.
The Jaxx Liberty wallet is feature-rich, and you don’t have to leave the app to transact or get market information.
Acquiring the Jaxx Liberty wallet is free and maintains inexpensive transaction fees.

Cons:

Jaxx wallet was breached in 2017, and hackers made away with over $400,000 worth of coins.
The wallet is incompatible with hardware wallets. One may consider the number of digital currencies supported by the broker to be quite low
It’s a hot wallet and, therefore, requires you to maintain powerful antivirus software to keep malware out, which might be costly over time.

Jaxx Liberty Wallet compared to competitors

Comparing Jax Liberty against most other hot wallets like Coinbase, eToro, and Electrum, we note that it has its fair share of strengths and weaknesses. Unlike the smartphone Electrum wallet, for instance, Jaxx Liberty isn’t compatible with the more secure hardware wallets and also supports a fewer number of crypto coins. Similarly, Jaxx is not as secure as the exchange linked hot wallets like eToro and Coinbase, which store their clients’ crypto assets in cold wallets. It can, nonetheless, be said to have more sophisticated operational features compared to most of these other crypto wallets.

Customer support:

Jaxx Liberty has one of the most responsive customer service desk. And while this team isn’t accessible via the phone, they are readily available via email and on all social media platforms.

Verdict: Does Jaxx Liberty Wallet live to its reputation?

Given the wallet’s association with De Iorio, a renowned blockchain specialist, and Ethereum co-founder, one would expect Jaxx Liberty to be one of the most formidable wallets out there. Its support for just handful currencies, a history stained with a significant security breach, and subsequent loss of clients’ funds, as well as the lack of solid security features like the 2FA or face ID, dents its reputation. We, however, would like to appreciate it’s easy to use and feature-rich platform, which makes Jaxx one of the best crypto wallets for beginners and low-volume traders.

Tags best crypto wallets, Crypto, Crypto Wallets, cryptocurrency, Jaxx Liberty wallet

Cryptocurrencies

Coinbase Wallet Review 2020: Is It Different Coinbase Exchange?

Post author By Edith M.
Post date 17 May, 2020
No Comments on Coinbase Wallet Review 2020: Is It Different Coinbase Exchange?

Coinbase wallet is a standalone crypto vault developed by the San Francisco based tech-startup and one of the world’s biggest cryptocurrency exchanges – Coinbase. The wallet is online-based and free to all. The wallet has gained over time a reputation and massive following in the crypto industry not just because of its close association with the Coinbase Exchange but also due to its safety, accessibility, and support for numerous digital coins. Coinbase wallet is also is one of the few hot wallets that have never been hacked.

In this Coinbase wallet review, we take a look at some of its key operation and security features that make it one of the most popular crypto wallets. We also explore the ease of using the wallet – from the registration process to sending and receiving coins to the wallet.

Coinbase Key features:

Straightforward and user-friendly interface: The Coinbase crypto wallet has a friendly and easy to use interface. It is also overly simple, making navigation easy for both experienced and beginner crypto traders.

Seamless transfers to other wallets: Sending digital assets from your Coinbase wallet to another Coinbase wallet or a different cryptocurrency vault is easy and straightforward.

Free to acquire: The Coinbase crypto wallet is free. And unlike the Coinbase exchange that is only available in a handful number of countries, virtually anyone in the world can download and use the Coinbase crypto wallet.

Highly customizable wallet addresses: When creating a Coinbase wallet account, you will need to come up with a unique username. And instead of sending coins to the complex and lengthy wallet addresses, the uniqueness of these usernames has made it possible for Coinbase users to send coins to usernames instead of addresses when exchanging cryptos from one Coinbase wallet to another.

Non-Custodial wallet: Coinbase is a non-custodial crypto wallet implying that the coins aren’t held on Coinbase servers but stored in the app in your device. You, therefore, have real-time access and full control over your private keys.

Integration with other online wallets: The Coinbase wallet easily integrates with some online crypto wallets like MyEtherWallet and Metamask with ease.

Security features:

Password protected with 2FA features: The most important security feature for any crypto wallet is arguably its password. But Coinbase seeks to enhance this further by introducing the two-factor verification security option, which uses your mobile phone number.

Biometric and auto-lock security options: In addition to the passcode and 2-step security protocols, the Coinbase mobile app wallet also supports other biometric security options such as the Face ID and fingerprint security systems. It also has the timed auto-lock system that closes the wallet app after a few minutes or hours of inactivity.

Double encryption: Coinbase further argues that the data held in the Coinbase wallet app, especially the private keys and passwords, are highly encrypted. According to their website, the wallet app employs the 256-bit encryption and has also received the Federal Government approved FIPS-140 certification.

Recovery seed: When signing up for the Coinbase wallet, you will be provided with a 12-word recovery seed. You can use this to recover your private keys if you ever lose the phone or forget the password to the wallet.

Currencies supported

Coinbase wallet is a multi-currency wallet that supports all the popular cryptocurrencies, ERC-20 tokens, and ERC 721 collectibles. These add up to around 100 coins, which include Bitcoin, Bitcoin Cash, Ethreum, Ethereum Classic, Litecoin, Ox, and QTUM.

Coinbase wallet cost and other fees

Whereas acquiring the crypto wallet is free, you will be charged for its use. Sending coins from the wallet to another attracts highly variable transaction fees.

Additionally, the Coinbase wallet doesn’t maintain a transaction fee structure. You, therefore, won’t know how much you will be charged for the coins transfer until after you have initiated the transaction.

Setting up the Coinbase wallet:

How to install a Coinbase wallet app:

Step 1: Start by downloading and installing the Coinbase Wallet App: Google Play Store for Android phone users and the iOS App Store.

Step 2: If you are new to the Coinbase wallet, select the “Create a New Account” option to create a Coinbase wallet app. If you already have a Coinbase wallet app and are you are looking to recover lost private keys, use the “Recover account” option.

Step 3: Choose a unique username.

Step 4: Choose a login option. You can either choose to create a six-digit passcode or the Biometric Face ID login option.

Step 5: The app will then present you with a 12-word recovery phrase as your account backup. Write these words down on a piece of paper and store it safely. You will need them to recover your private keys should you lose access to your phone or forget the wallet app password.

Step 6: You can now start transferring digital currencies in and out of the Coinbase wallet app.

Sending and receiving coins:

To receive funds into your Coinbase Wallet:

Step 1: Open and log in to the Coinbase wallet app.

Step 2: Open the coins and tokens icon and click on the type of coins you want to receive.

Step 3: Click on the receive option and copy the wallet address, or print the QR code provided and present it to your sender.

To send payments from your Coinbase Wallet:

Step 1: Open and log in to the Coinbase wallet app.

Step 2: Open the coins/Tokens tab and click on the coins/token you wish to send.

Step 3: Select the send payments icon.

Step 4: On the send payments tab, enter the receiver’s wallet address, scan their address QR code, or key in their Coinbase username.

Step 5: Enter the number of coins you wish to send, confirm the address or user name, and click send.

Coinbase hardware wallet pros and cons:

Pros:

The Coinbase wallet app has one easy and straightforward registration process.
The wallet has multiple security features that include a passcode and biometric features such as Face ID.
The wallet app is free of charge
The wallet integrates with other third party hot wallets like MyEther Wallet and Metamask
The wallet has the backing of one of the safest and most reputable cryptocurrency exchanges

Cons:

One may consider the number of coins supported by the Coinbase wallet app relatively limited
The wallet doesn’t support anonymous trading
It is hosted online, and this compounds the threat of a possible breach
The wallet is institutionally owned, implying that they may track how you invest and spend your coins
The wallet app isn’t hierarchically deterministic

Coinbase wallet compared to competitors:

Comparison with hot wallets:

The Coinbase wallet app is more secure than most wallet apps. It has many advanced security features like Biometrics, supports two-factor authentication, and is also highly encrypted. Additionally, whereas most hot wallets have suffered varied extents of security breaches, the Coinbase wallet app has never been compromised. The downside to the use of Coinbase is that unlike most crypto wallet apps like Mycelium that integrate with hardware wallets to add a layer of security and broaden the number of cryptos they can support, Coinbase doesn’t.

Comparison with hardware wallets:

Hardware wallets like Trezor and Ledger Nano S are more secure and have hardier security safeguards than Coinbase. The wallet app is, for instance, a soft target for remote hacks where anyone who gains access to your device remotely can easily clear your accounts. Hardware wallets have on-device buttons with the sole purpose of authorizing transactions. Plus, they tend to support more crypto coins than most wallet apps.

Customer support:

Coinbase customer support is relatively average. On their website is a quite elaborate FAQ page addressing some of the most common user queries. You, however, can only contact their support via social media or email. The wallet app doesn’t have phone support or the live chat feature.

Verdict: Is the Coinbase wallet app safe?

Three primary factors make the Coinbase crypto wallet a must-have for a budget cryptocurrency investor/trader. First, it is free to acquire. Secondly, it has some of the most advanced security features, including biometrics: fingerprint, and face ID. Lastly, it is closely associated with one of the most reputable cryptocurrency exchanges in the world. It is mostly ideal for low-volume crypto traders. But ensure that you also invest in solid antivirus software for both your phone and computer before installing the wallet app.

Tags best crypto wallets, Bitcoin wallet, Coinbase wallet, Crypto, Crypto Wallets, cryptocurrencies, cryptocurrency, Crytocurrencies

Cryptocurrencies

Blockchain Crypto Wallet Review: How Safe Is Blockchin Wallet?

Post author By Edith M.
Post date 6 May, 2020
No Comments on Blockchain Crypto Wallet Review: How Safe Is Blockchin Wallet?

On the Blockchain.com website, this wallet is described as the “Safest and Most Popular for Investing and Storing Cryptocurrencies.” Launched in 2011, Blockchain wallet has stood the test of time and gained a solid reputation as one of the safest crypto wallets available today. According to their website, over $200 billion has been transacted through 48 million+ Blockchain wallets since its establishment.

A closer look into the wallet app, and you can narrow down to the three biggest factors that continue to draw in Blockchain wallet users. These include its dedication to the security of the wallet, its resourcefulness about different coins and blockchains, and its ease of use.

In this Blockchain wallet review, we dig deeper into its key operational and security features, its pros and cons as well as ease of use.

Key Features:

Multi-platform: The blockchain wallet is available in both mobile and desktop versions. These include Android and iOS mobile app versions, and also supports all the popular desktop operating systems.

Inbuilt exchange: Blockchain wallet has also partnered with some of the most popular crypto exchanges like Shapeshift, to provide an in-exchange. Here, you can swap, buy, and sell cryptos without having to transfer currencies in and out of the wallet.

Real-time access to crypto markets: The crypto wallet app has also been hailed for its inventiveness, especially when it comes to providing the most attractive crypto market experience. In addition to the in-app crypto exchange provided here, Blockchain wallet will also provide you with real-time access to the global cryptocurrency market.

Resource-based: Blockchain app will also expose you to a wide range of market resources. These include the historical data and statistical information about a particular coin or the Blockchain that helps you make informed buy/sell decisions.

Security features:

Double password: When installing the blockchain wallet, and virtually any other crypto wallet, you will be required to set a four-digit security pin. In addition to the main passcode, the Blockchain wallet allows you to create yet another password required for authorizing crypto transactions.

Biometrics and 2FA: The blockchain crypto wallet app will also support the more innovative biometric security features for smartphone devices. You can, therefore, chose to reinforce the security passcode with a fingerprint or Face ID security feature. Alternatively, use your phone number to activate the two-factor authorization.

Non-custodial: Blockchain wallet is non-custodial and will not keep any of your private keys within its servers. These will be under your control as they are stored in your device.

Hierarchical deterministic: The Blockchain wallet is also hierarchically deterministic, making it possible for you to shake off trackers, and guarantee a level of privacy when crypto trading by creating new wallet addresses for each transaction.

Open-sourced code: The Blockchain wallet code is also open-sourced. It has, over the years, been vetted and audited by different professionals, who have helped identify and seal possible wallet loopholes.

Built-in security center: Blockchain Wallet employs a three-tier security feature that the user can activate at a time.

Level 1: This is specially designed to help you maintain control of your wallet and quickly recover it, if lost, by verifying your email address, coming up with a password hint, and generating the 12 words recovery seed.

Level 2: Designed to keep others from gaining access to your account and involves verifying your mobile number and activating the two-step authorization protocol.

Level 3: Designed to keep away preys by blocking Tor IP Addresses and preventing Tor Network users – that has, for the longest time, been a favorite for hackers – from contacting/accessing your account.

Ease of use:

Blockchain wallet, despite being a feature-rich platform and having some of the stringent security features, maintains a rather simplistic user interface. It is easy to interact with and use, for both beginners and crypto veterans.

Registering a crypto account on Blockchain is also easy, and sending or receiving cash to the crypto wallet app quite straightforward.

The app is also multilingual, supporting over 25 international languages. More

Currencies and countries supported

Blockchain wallet was initially designed to serve as a bitcoin-only wallet and only recently started supporting Ethereum, Bitcoin Cash, and Stellar cryptocurrencies, and the US Digital stable coin.

Though created by a Luxembourg based Fintech Company, the Blockchain Wallet has torn international borders to establish a presence in over 150 countries across the world.

Blockchain crypto wallet cost and fees

Downloading and installing Blockchain crypto wallet apps is free. And so is storing your digital currencies here or interacting with some of its security and operational features.

Crypto transactions that involve transferring cryptocurrencies in and out of the wallet, as well as exchanging one digital coin for another within its in-app exchange, attract variable fees. These are hugely dependent on the transaction volume and the speed with which you would like the transaction confirmed. The faster the transaction confirmation speed, the higher the fees.

Customer support

Blockchain wallet maintains an elaborate FAQ section of its website, which addresses common queries about the app’s security and operational features, or the broad crypto markets.

The company also maintains a highly responsive and multilingual support team that you can access via email or on their different social media platforms.

Blockchain Wallet doesn’t have real-time customer support service, often accessed via telephone or a live chat feature.

Setting up the Blockchain crypto wallet

How to create a blockchain wallet:

Step 1: Head over to the Blockchain.com website and click on the “Create Wallet” icon. Alternatively, download the Blockchain Wallet mobile app from the Play Store or App Store and install it.

Step 2: On the registration window, enter a valid email address and create a super-strong password, then agree to the terms and conditions and click on ‘Continue.’

Step 3: You will need to verify your email address as it serves as your blockchain Wallet’s username.

Step 4: Upon email verification, you will be presented with your wallet address. Write It Down.

Step 5: Your wallet is now set, and you can start buying and selling cryptocurrencies.

How to receive cryptocurrencies into your Blockchain wallet:

Step 1: Log in to your Blockchain wallet and on the user dashboard, click ‘Request.’

Step 2: Click on the cryptocurrency you wish to receive, this will pop up the wallet address and QR Codes.

Step 3: Copy the address or the QR code and send it to the person/entity from whom you wish to receive digital currencies.

How to send cryptos into your Blockchain wallet:

Step 1: Log in to the Blockchain Wallet, and on the user dashboard, click ‘Send.’

Step 2: Choose the currency you wish to send, enter the recipient’s wallet address and transfer amount.

Step 3: The wallet will show you the totals plus transaction fees. Confirm these details and if possible, adjust the fees accordingly, to reflect the speed with which you would like the transaction processed.

Step 4: Click ‘Continue’ to complete the transaction.

Blockchain crypto wallet pros and cons:

Pros:

Blockchain wallet has some of the most advanced security features, from biometrics to 2FA and IP blocking.
The wallet also has highly advanced trading features that include real-time monitoring of the global crypto markets, in-app exchanges, and access to blockchain/cryptocurrency historical data.
It is a hierarchically deterministic wallet that is dedicated to preserving the user’s online privacy.
You don’t have to leave the wallet to exchange or swap your crypto with another or stable coins.
It hosts a very friendly user-interface that is easy to navigate for both crypto beginners and veterans.

Cons:

Blockchain wallet is a hot wallet and therefore more susceptible to online security breaches.
Most of its account security features are tied to identity verification, which makes it impossible to trade or hold coins anonymously on the wallet.
Despite the advancements, it doesn’t support fiat-to-crypto transactions.

Comparing Blockchain Crypto wallet with other cryptocurrency wallets:

Comparing Blockchain wallet with eToro

Blockchain Wallet and eToro have similar features in that you don’t have to leave the wallet to exchange or swap cryptos. They are quite insistent on solid security features around the trading account, and have established presence in every part of the world. eToro, however, carries the day when it to the number of supported currencies, the platform’s registration and regulation, and support for both fiat and cryptocurrency transactions. Blockchain Wallet.

Verdict – is Blockchain wallet safe?

Despite the fact that Blockchain Wallet is a hot crypto vault, we still consider it one of the safest cryptocurrency wallets around. It has introduced more security safeguards against unauthorized access to your account than any other hot wallet. These, plus the fact that their wallet is feature-rich, makes it a good choice for traders and investors looking for a balance between security and ease of use. These make it a good choice for traders and investors looking for a balance between security and easy to use crypto-wallets.

Tags best crypto wallets, Blockchain Crypto Wallet, Crypto, Crypto Wallets, cryptocurrencies, Education

Cryptocurrencies

Coinomi Crypto Wallet Review: Is Coinomi The Safest Wallet?

Post author By Edith M.
Post date 6 May, 2020
No Comments on Coinomi Crypto Wallet Review: Is Coinomi The Safest Wallet?

Coinomi is a multicurrency, feature-rich, and security-oriented cryptocurrency wallet app. It was launched in 2014 and has, over the years, gained undergone significant security and operational improvements. These have seen it attract a massive global membership and an unrivaled reputation. On the Coinomi website, the wallet is referred to as the ‘Popular choice’ that’s ‘Trusted by Millions of Users.’

Coinomi is a multicurrency, feature-rich, and security-oriented cryptocurrency wallet app. It was launched in 2014 and has, over the years, undergone significant security and operational improvements. These have seen it attract a massive global membership and an unrivaled reputation. On the Coinomi website, the wallet is referred to as the ‘Popular choice’ that’s ‘Trusted by Millions of Users.’

The site further lists three of its key selling points: Its support for the “Broadest Range of Crypto,” the “Highest Level of Trust,” and the “Most Versatile App.” These claims are also affirmed on the Coinomi Wallet subreddit, where the company states that none of their “phone-based wallets have previously been hacked or otherwise compromised.”

But how true are these bold claims? Is Coinomi truly the safest crypto wallet app?

We sought to answer these by taking an in-depth look at Coinomi. We have evaluated its operational and security features, fees, supported currencies, and comparing it with equally reputable crypto wallets. Here are our findings:

Key Features:

Multiplatform: Coinomi started out as an Android crypto wallet app. Soon after, the iOS app was developed. In 2019, the Coinomi desktop app, compatible with Windows, macOS, and Linux operating systems, was launched.

Inbuilt exchange: Coinomi wallet partners with some of the leading exchanges to provide its members with an all-round in-app exchange. Key among them are Changelly and several other DEXs that facilitate crypto-to-crypto exchanges at the most affordable rates.

Buy with a card via Simplex: In these in-app exchanges, you can buy crypto and pay directly using your credit or debit cards. The move is made possible by the integration of the wallet with the Simplex platform that facilitates fiat to crypto conversions.

DApps browser: Coinomi integrates seamlessly with some DApp browser allowing Coinomi app members to access some of the most popular decentralized apps and Web3 support without leaving the cryptocurrency wallet.

Cold staking: Coinomi wallet not only helps you store your cryptocurrencies securely for a long time, but also has a cold staking option that allows you to stake the coins in your wallet when offline and get rewarded. Investors boost your earnings on qualifying cryptocoins as one can stake their digital assets while waiting for their value to rise.

Convert coins to gift cards: In an industry first, Coinomi, in partnership with Bidali, will let you convert your digital coins into gift cards redeemable at your favorite shops.

Security features:

Password: Like any other crypto wallet app, Coinomi has the password as the first line of defense. You get to set it up during account installation, and you will need it every time you want to login to Coinomi.

Seed phrase backup: Upon creating a Coinomi wallet, you will be provided with 12 words recovery seed. This comes in handy if you ever forget your password or lose the phone or computer hosting your Coinomi wallet. Write this seed down and keep it safe.

Data encryption: The data stored in your Coinomi wallet is secured with a strong password and is also highly encrypted. Coinomi uses cryptography to encrypt this data and ensure it never leaves your wallet.

Non-custodial: Coinomi is also a non-custodial wallet and will, therefore, not store your private keys on its servers. These are under your full control and are only stored within the app with the option of writing them down on paper.

IP anonymization: To further boost user privacy, Coinomi uses IP anonymization. This randomizes your IP every time you conduct a transaction making it impossible for hackers and trackers to link different pieces of information and trace the transactions back to your wallet.

Hierarchic deterministic: The hierarchical deterministic aspect of Coinomi implies that your wallet generates a new address for each transaction. This further boosts your privacy and makes it difficult to link these transactions back to you and your wallet.

Ease of use:

The Coinomi wallet employs highly advanced and innovative technologies that allow for the creation of a sophisticated platform while keeping its dashboard neat and easy to use. The user dashboard is also customizable to some extent, with dark and light modes.

The Coinomi app is also multilingual and has been translated into more than 25 international languages, including English, French, Russian, Chinese, Italian, German, Spanish, and more.

Currencies and countries supported

Coinomi supports more cryptocurrencies, tokens, and collectibles than any other crypto wallet app and even some hardware wallets. These include 1770+ crypto coins, tokens, and stable coins, and over 125 blockchains.

Other tokens and collectibles supported on the platform include all ERC 20 components, Omni Layer, BEP-2, NEM Mosaics, and TRC 10 collectibles. Additionally, access to the DApps browser and the EOS Ecosystems allows Coinomi wallet holders to create its own tokens.

Coinomi crypto wallet cost and fees

According to the Coinomi, the website and all the transactions carried here are free. Coinomi doesn’t charge you to install and use their wallet and integrated features.

However, you will have to pay a competitive fee to the different network miners for verifying and confirming your transactions. How much you pay to buy, sell, and exchange crypto-to-crypto, therefore, depends on the networks, the transaction volume, and confirmation speeds.

This means that the transaction fees are dynamic and that you can choose to pay a higher than the standard fee to have your transaction given preference and confirmed speedily. All these fees go to the network miners and not the wallet developers.

Customer support

Coinomi maintains a comprehensive customer support department. It starts with an elaborate FAQ section on the company website. Other queries can also be pushed to the support team available 24/7 by raising a ticket or contacting them via such social media handles as Telegram, Twitter, and Reddit.

Setting up the Coinomi crypto wallet

How to install the Coinomi crypto wallet:

Step 1: Start by downloading and installing the Coinomi Wallet app from the App Store or Google Play Store.

Step 2: Click ‘Create New Wallet.’

Step 3: On the next window will appear a string of recovery sees words. Write them down in the order in which they appear and store it safely.

Step 4: The next window prompts you to set up a strong multi-character password of at least eight digits for your wallet.

Step 5: The Coinomi wallet doesn’t have default wallet addresses but prompts you to select the coins you wish to use from a dropdown list and before creating associated addresses instantaneously.

Step 6: Read through the disclaimer and terms and conditions and agree to activate the app.

Step 7: The wallet then directs you to the user dashboard, and you are now set to start buying, selling, and swapping cryptos using Coinomi.

How to receive cryptocurrencies into your Coinomi wallet:

Step 1: Launch the Coinomi wallet user dashboard and tap the menu icon.

Step 2: From the dropdown list, click on the cryptocurrency you wish to receive to get its wallet address and QR code.

Step 3: Copy the address or the code.

Step 4: Send it to the individual, sending you coins, and wait for the balance to reflect on your wallet.

How to send cryptos into your Coinomi wallet:

Step 1: Launch the Coinomi wallet user dashboard and tap the menu icon on the left corner.

Step 2: From the dropdown menu, select the cryptocurrency you wish to send, and click on the send icon

Step 3: On the ‘Pay To’ section, enter the recipient’s wallet address and chose to scan QR code, and on the ‘Amount’ section enter the number of coins you wish to send

Step 4: Confirm that the wallet address and the amounts to be sent are correct before hitting send.

Coinomi crypto wallet pros and cons:

Pros:

The crypto wallet employs highly advanced security features, including Hierarchical deterministic wallets and IP anonymization.
The wallet has integrated shapeshift, Changelly, and other DEXs to facilitate in-app exchanges.
The transaction processing fees are highly competitive and open to customization for speedy confirmation.
The app supports the widest range of cryptocurrencies, collectibles, and tokens.
The app has a solid reputation with no serious customer complaints and enjoys a stellar 4.6/5 star rating on the App Store after over 16,000+ user reviews.

Cons:

The biggest threat to Coinomi is the fact that it is not open-sourced.
The crypto wallet is also not as regulated as similar projects like Coinbase or eToro.
It is a pure crypto-to-crypto network, and you will, therefore, have to use third-party apps like Simplex if you wish to buy crypto using fiat currency.

Comparing Coinomi Crypto wallet with other cryptocurrency wallets:

Comparing Coinomi wallet with Coinbase and eToro

When paired against similar hot wallets like Coinbase and eToro, Coinomi carries the day. Specifically, when it comes to the use of a number of supported currencies, security features, and competitive yet customized crypto transaction fees. We nonetheless believe that eToro and Coinbase have more versatile platforms as they support fiat to crypto transactions and don’t necessarily rely on third-party exchanges.

Verdict – is the Coinomi wallet safe?

Yes. The Coinomi wallet has embraced some of the most innovative security features. These include the use of passwords and recovery seeds to prevent unauthorized access to your wallet, and the possibility of private keys recovery if you lose the phone or forget the password. Others are IP Anonymization and Hierarchical Deterministic features that mask your online activity to keep off trackers and preserve your online privacy. These added to the fact that Coinomi wallets host the widest range of coins, and its versatility makes it most suitable for the highly diversified trader looking for both a highly secure and low fee crypto wallet.

Tags best crypto wallets, Coinomi wallet, Crypto, Crypto Wallets, cryptocurrencies, Education

Cryptocurrencies

Mycelium Wallet Review 2020: Features, Fees & Ease Of Use

Post author By Edith M.
Post date 15 April, 2020
No Comments on Mycelium Wallet Review 2020: Features, Fees & Ease Of Use

On the Mycelium website, the Mycelium wallet is referred to as the ‘Default Bitcoin Wallet.’ Probably because Mycelium is by far the oldest and one of the most reputable smartphone-based bitcoin wallets. Introduced to the market in 2008, Mycelium has undergone a raft of improvements and integrations to make it the safest Bitcoin storage hubs. Over time, the wallet has also gained the title of the most versatile wallet given the numerous third-party services it has safely integrated onto its network. But what sets it apart from the rest of the smart app wallets?

We answer this by looking at some of Mycelium wallet’s security features, ease of use, and proposed updates to the wallet’s functionality. We will also tell you if the mobile wallet truly lives up to its reputation.

Mycelium Key features

Smartphone-based: Mycelium is an app-based crypto wallet implying that it is compatible with both Android and iOS operating systems. It is hosted on a smartphone, effectively making it one of the most portable and easily accessible bitcoin wallets.

Integrates with hardware wallet: Mycelium wallet’s versatility makes it possible to integrate the mobile phone wallet with popular hardware wallets. These include KeepKey, Ledger Nano S, and Trezor.

Hierarchical Deterministic: The fact that Mycelium is an HD wallet implies that one can derive future bitcoin addresses from the master seed, easing the wallet recovery process.

Mycelium local trader: Unlike exchange backed wallets like eToro, Coinbase or BitMex, Mycelium is a stand-alone wallet. It nonetheless features a decentralized exchange-like marketplace that facilitates the exchange of bitcoins for fiat currencies between users. Dubbed the “Mycelium Local Trader,” the marketplace also features an end-to-end encrypted chat service.

Integration with third-party service providers: Mycelium bitcoin wallet partners with three main third party service providers Cashila, Glidera, and Coinpult. Cashila makes it possible for Mycelium users within the Euro SEPA zone to settle their bills. Glidera allows US and Canadian users to buy bitcoins with their bank balances. Coinpult, on the other hand, makes it possible for Mycelium users to hedge bitcoins against popular currencies like USD.

Security features

Pin code protection: After downloading the mycelium wallet app and installing it in your device, you will be asked to set a unique pin code. It prevents illegal access to your wallet and private keys and will be required every time you wish to log in, check balances, and confirm transactions.

12-word recovery seed: During the installation, Mycelium provides you with a 12-word recovery seed that you can use to reclaim your wallet. You will need to recover your bitcoin private keys should you lose the phone or forget the Mycelium bitcoin wallet password.

Watch-Only accounts: A watch only account allows for the storage of just the bitcoin address and not its corresponding private keys. You can then track the receivables into your wallet and monitor the coin balance while making it impossible to send out coins from the wallet even if hackers accessed your login details.

Military-grade encryption: The Mycelium bitcoin wallet encrypts your bitcoin address and private keys therein with the military-grade AES-256 bit encryption technology. The two are also never stored on the Mycelium servers.

It does not collect private data: Mycelium further commits to not collect sensitive personal information from its product consumers. It will only obtain your bitcoin address, location, nickname, and trade history while promising not to share it with any third parties.

Currencies supported

Mycelium is a bitcoin wallet and will, therefore, only support the legacy cryptocurrency.

Integration with different third party services and the introduction of the Mycelium Local Trader have nevertheless made it possible for Mycelium users to exchange Bitcoins for fiat currencies like USD and Euro. If you want access to a huge number of currencies without losing access to your Mycelium wallet, consider integrating it with such hardware wallets as Ledger Nano and Trezor that support 1000+ crypto coins and tokens.

Mycelium wallet cost and other fees

You won’t be charged to download, install, and interact with the Mycelium bitcoin wallet. A transaction fee of between $2 and $7, however, applies every time you send bitcoins or seek to exchange your coins with fiat currency. The fee varies depending on the size of the transaction.

Setting up the Mycelium wallet:

How to install Mycelium one wallet:

Step 1: Download the Mycelium bitcoin wallet from the Google playstore for android users or the App Store for iOS smartphones and proceed to install the App.

Step 2: After the installation, open the wallet and select the “Create New Wallet.”

Step 3: The first step in creating a wallet is setting your PIN. This will be required for all future logins, memorize it.

Step 4: After confirming the PIN code, the wallet will provide you with the recovery seed made of 12 random words. Write them down on a piece of paper and keep it safe.

Step 5: You are now set and can start sending and receiving bitcoins or transacting in the Mycelium local trader.

Sending and receiving coins:

To receive funds into your Mycelium bitcoin wallet:

Step 1: Log in to your Mycelium bitcoin wallet and select receive bitcoins

Step 2: The page will display a QR code and your bitcoin address.

Step 3: Have the sender scan the code or send them the address.

To send payments from your Mycelium bitcoin wallet:

Step 1: Log in to your Mycelium bitcoin account and select the SEND option under the BALANCE tab of the wallet

Step 2: Paste the receiver’s bitcoin address you had copied to the clipboard or type it manually.

Step 3: Choose the currency – Bitcoin, USD, EUR – you wish to send and enter the amount

Step 4: Confirm the details authorize the payout using the PIN code.

Mycelium hardware wallet pros and cons:

Pros:

Mycelium presents its users with a wide range of features that ease its use.
Its open-sourced code has been vetted vigorously to seal all security loopholes.
One of the few wallets with an independent fiat-to-crypto exchange
Integrates with several third-party service providers
Compatible with popular hardware wallets

Cons:

The mobile wallet isn’t as secure as hardware wallets that store private keys offline.
Will only support bitcoin cryptocurrency.
Bitcoin investigators can use the information the wallet collects to reverse-trace a transaction.
Mycelium is a hot wallet and not immune to hacking, phishing, and malware corruption threats.

Mycelium wallet compared to competitors:

Mycelium may be referred to as the default bitcoin wallet, but recent years have seen the offshoot of several smartphone crypto wallets like Jazz and Cryptonator. Unlike the two, Mycelium is open source, which gives an upper edge when it comes to the security and integrity of the mobile wallet. The two, however, take advantage of Mycelium’s rigid approach to the crypto market by supporting multiple digital currencies as Mycelium sticks to Bitcoin. One may also consider the Jazz wallet’s user interface quite friendlier.

Upcoming ‘massive upgrades’

On their website, Mycelium argues that while their wallet has, for the longest time, been a great tool for Bitcoin users, its time to share this goodness with everyone else. To make this possible they have come up with a raft of proposed upgrades to the bitcoin wallet including:

Integrating inexpensive remitters
Introducing wallet-linked and in-wallet-issued debit cards
Escrow protected bets and transactions.
More efficient hedging and investment portfolios

Customer support:

Mycelium’s customer support starts with a relatively expanded FAQ page on their website. Wallet users can also ask for assistance by opening a support ticket or contacting them on the different Mycelium social media pages. Mycelium, however, doesn’t offer phone support.

Verdict: Does Mycelium live to its reputation?

Despite the entry of numerous smartphone-based crypto wallets into the play, Mycelium remains one of the most popular. Some of the factors giving it a competitive advantage include its ease of use, inexpensive transaction fees, and a proven track record of keeping client private keys secure. While we fault its decision to stick to bitcoin transactions despite there being over 1000 cryptocurrencies today, we still believe that it is worth having.

Tags best crypto wallets, Crypto, Crypto Wallets, cryptocurrencies, Wallet

Crypto Guides

These Are The Top Cryptocurrency Wallets In The Market (2019)

Post author By Reddy Shyam Shankar
Post date 20 December, 2019
No Comments on These Are The Top Cryptocurrency Wallets In The Market (2019)

In our previous articles, we have discussed what a cryptocurrency wallet is and its different types. We also understood their purpose and ranked the various kinds of wallets in terms of security. Quick recap – Hot wallets are the ones that have an internet connection, and cold wallets are the ones that are not connected to the internet. Desktop, Mobile, and Web Wallets are the example of hot wallets; whereas, Hardware and Paper wallets are the well known cold wallets. When it comes to convenience, hot wallets have the upper hand, and in terms of security, cold wallets take the front seat.

In this article, let’s understand the top cryptocurrency wallets that are present in the market as of today. Please note that the order of these wallets is not ranked numerically. We found all of the below wallets to be reliable in terms of price, security, and accessibility. You can choose the ones that fit your purpose and budget.

Top Hot Wallets

Exodus is an online cryptocurrency wallet that has both Desktop & Mobile versions. It is a multi-currency wallet as users can store the private keys of different cryptocurrencies in this wallet. The user interface is excellent, with easy navigation. The user experience is brilliant, as a lot of data related to a user’s portfolio is pictographically represented with pie charts. The best part of this wallet is its security. User’s private keys are stored in their local hardware alone. Hence, they have total control over their cryptos. Available versions – Windows, Mac, Linux, Android & IOS.

Download Exodus Wallet here

As the name partially suggests, the USP of this wallet is the number of cryptocurrencies it supports. Users can store most of the top available cryptos in the market in their Infinito mobile wallet. There is no desktop version of this wallet. The transaction processing speed is high when compared to the competitors, and the security is excellent, with regular gateway updates to the blockchain. The private keys of the clients are not stored in their servers hence enhancing the security. Available Versions – Android & IOS.

Download Infinito Wallet here

Jaxx is one of the new-age cryptocurrency wallets with its availability in both Desktop & Mobile versions. There is also a chrome extension where users can see their balance and perform transactions. Jaxx supports more than 70 cryptocurrencies, and the clients control the private keys. Hence there is no worry of your wallet getting hacked while using this wallet. The only drawback is the user interface. It is a bit fuzzy, which might look complicated for novice crypto traders and investors. Available Versions – Windows, Mac, Linux, Chrome Extension, Android, Windows Web Store & IOS.

Download Jaxx Wallet here

Top Cold Wallets

If you are an investor and want to store large amounts of cryptos, Trezor Model T is the hardware wallet that serves your purpose. More than 500 cryptos can be stored in this wallet with tons of security features. Users can connect this device to their computers by entering a secured pin. However, one should be careful while entering their pin because the wallet gets locked out for a certain amount of time, even if they enter the pin incorrectly once. This wallet comes with a seed recovery card using which clients get to backup their coins. With this feature, users will never have to face the risk of losing their coins permanently.

Price – €48.76 for Trezor One & €149 for Trezor Model T

Buy Trezor Wallet here

Ledger Nano is one of the pioneers of hard wallet service providers. They have sold more than a million hardware wallets, and that explains their domination in the market. This wallet is easy to use and has loads of security features as well. Some of them include Two-Factor Authentication, a secured pin to confirm the transactions, etc. With its preparatory operation system Bolos, this wallet can be connected to the desktops which run on Windows, Mac, and Linux.

Price – €59 for Ledger Nano S & €119 for Ledger Nano X

Buy Ledger Wallet here

That’s about the top crypto wallets in the market. Please do your own research before choosing any wallet. Look out for options where there is a mix of security and accessibility for smoother usage. Cheers!

Tags Cold Wallets, Crypto, Crypto Wallets, cryptocurrencies, Exodus, Hot Wallets, Infinito, Jaxx, Ledger, Trezor, wallets

Crypto Guides

A Simple Guide To Cryptocurrency Wallet & Its Different Types

Post author By Reddy Shyam Shankar
Post date 20 November, 2019
No Comments on A Simple Guide To Cryptocurrency Wallet & Its Different Types

What is a crypto wallet?
Crypto wallets are software programs that store a user’s public and private keys. These wallets interact with different blockchain networks to send and receive cryptocurrencies.

What is a crypto wallet?

Crypto wallets are software programs that store a user’s public and private keys. These wallets interact with different blockchain networks to send and receive cryptocurrencies. Many have a misconception that crypto wallets literally store digital currencies, but that is not the case. Cryptocurrencies always reside in the native blockchain network, and their ownership is just signed off to others based on their public keys to the address of the crypto wallet. If the owner of the crypto wants to spend the money, they spend the currency using their private key in the wallet. So when we say, the cryptos are stored in the crypto wallet, essentially, we are storing the corresponding public and private keys in them.

Types of crypto wallets

There are different types of crypto wallets, and they are differentiated based on how they can be accessed. The fundamental classification is online and offline wallets. Online wallets are those wallets that can be accessed by connecting them to the internet. Contrarily, offline wallets are those that can never be connected to the internet. Let’s understand each of the types below.

Online Wallets

Desktop Wallets

These wallets are installable software packs for operating systems like Windows, MAC, and Linux. Any crypto company which is serious about their outreach would start a desktop wallet on day one of their ICO. Since these are accessible only from the installed device, they are considered to be secure, but there is always a risk of virus attacks on a user’s device. Hence it is advisable to always keep up with the security patches of the device to safeguard cryptos. These wallets stand in third place in terms of security.

Exodus, Bitcoin Core, Electrum are few examples of desktop wallets.

Mobile Wallets

Mobile wallets for different cryptos are the most used digital wallets because of the ease and agility they provide. Most of the mobile wallets available in the market support both Android and IOS. The least famous ones at least support the Android version. One needs to seriously consider the security provided by the application while choosing a mobile wallet. These wallets occupy fourth place when it comes to safety.

Mycelium, Coinomi are examples of mobile wallets.

Web Wallets

These wallets run on the cloud and are accessible through any device which has browser access. These are very convenient but also prone to theft, thus needs multiple layers of security. There are hosted and non-hosted wallets when it comes to online wallets, and it is always recommended to use non-hosted wallets. These wallets occupy fifth, which is the last place in the wallet types available, thus making them the least secure.

MyEther Wallet and Coinbase are examples of online wallets.

Offline Wallets

Hardware Wallets

As the name suggests, these wallets are hardware devices that store public addresses and private keys. It is a USB kind of equipment that can be connected to any computing device, and they come with their native apps. These are the most secure as these are not connected to the internet all the time, making them resistant to hacking. Most hardware wallets allow us to store more than 22 cryptocurrencies.

Ledger Nano S, Ledger Nano X, and Trezor are some of the best examples of hardware wallets available in the market.

Paper Wallets

In paper wallets, one must print the public address and private keys of the user on a paper and store them securely. Not all the cryptos offer paper wallets, but most of the famous cryptos do. These are the second safest option after hardware wallets as these are offline as well.

Security is not the only thing one must consider while choosing a wallet. Because convenience also plays a critical role. It is often advisable to select hardware wallets if a crypto trader wants to store huge quantities of crypto for a long term use. Online or mobile wallets can be used to store smaller amounts of cryptos for short term usage.

Tags Crypto Guide, Crypto Wallets, cryptocurrency, Hardware wallet, Mobile, Paper, wallets, Web