What to look for when choosing a crypto wallet?

Whether you’re looking to buy your first crypto or you’re already a retail investor, it’s essential to deal with a crypto wallet you’re comfortable with. We’ve put together some general information to help you choose which wallet is right for your needs.

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What is a crypto wallet?

A cryptocurrency wallet is a secure address on the blockchain where crypto holders can store their assets digitally – think of it like your bank account number! By not being connected to an online platform, crypto wallets allow users to take complete ownership of their holdings via the use of private keys.

If you don’t plan on trading or staking your crypto on the exchange, you can move your funds to a hot or cold wallet for mobility and improved security of your funds.

Hot Wallets
Popular hot wallets (also known as DeFi wallets) include the Exodus, Coinbase, Metamask, and the Crypto.com wallet! While they all serve the same purpose, each has different features and access to the DeFi platforms. These wallets can only be accessed via the internet.

Cold Wallets
Hardware wallets, known as cold wallets, are physical devices that users can store their cryptocurrency in. These are never connected to the internet and are fully protected from unauthorized access, cyber hacks, and every other vulnerability that comes with connecting to the internet. Popular wallets include Ellipal and Trezor.

It’s important to do your own research so that you can choose the right crypto wallet for your needs.

What are some things to consider?

Whether you’re a beginner or an experienced crypto investor, here are a few things to be mindful of when choosing a crypto wallet.

Easily Transferrable
Cryptocurrencies can be moved easily from one wallet to another! If you’re unhappy with your chosen wallet, you can always find another crypto wallet that better suits your needs – you’ll just have to pay a network fee when you transfer.

Secure Private Keys
With both wallets (hot or cold) it is important that you store your private keys in the safest way available to you. If you lose this code associated with your wallet, you will lose all your crypto funds.

DeFi Apps
Apps such as NFT marketplaces and other smart contracts based platforms can be accessed through a hot wallet. If you plan on exploring the crypto world and making crypto purchases online, a DeFi wallet is a more suitable choice.

Connect to an Exchange
Wallets like Exodus, Coinbase, and crypto.com lets users connect their crypto wallets with it’s crypto exchange platform. This is a much more secure and convenient method for users to move funds in an out of an exchange – avoiding errors with entering wallet addresses or choosing an incorrect network.

APY Rates
DeFi wallets give users exposure staking pools with higher APY rates than most crypto exchanges. If you’re planning to HODL your crypto, this can be a great way to earn interest and grow your funds!

NFT Marketplace
Having easy access to an NFT marketplace directly from your chosen crypto wallet offers a simpler user experience for digital collectors

Explore your options with Coinfall

Coinfall has a range of popular crypto exchanges to choose from, designed to look out for you with lots of great benefits. Compare, choose, and sign up through us today!

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  1. By publishing this guide, we are not recommending or suggesting in any way or form that Cryptocurrency is a suitable investment.
  2. We published and routinely update this guide to help people decide what’s best for them – Coinfall is conservative – Bitcoin has proven to be highly volatile in 2021 and 2022 and we strongly suggest reading this guide from the FMA before making any investment. Like the FMA, Coinfall is also cautious.
  3. We present this information in good faith and remain objective at all times. ​By including this guide, we are not advocating that cryptocurrency is an investment. We may earn a referral bonus for anyone that clicks on some of our links – see our disclaimer for more details.