When it comes to selecting the right cryptocurrency wallet to store your funds, there are a few factors you ought to consider. These include ease of use, security, and interaction with other wallets and exchanges. You don’t want to make mistakes because this could cause you to lose your money fast.
We’ve analyzed various crypto wallets and compiled a list of the best cryptocurrency wallets to use for free. But before we delve into the topic, let’s get familiar with what a crypto wallet is and the types of crypto wallets we have.
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What is a Crypto Wallet?
A crypto wallet is a software program that stores your private and public keys, allowing you to send, receive and store digital currency, as well as check your balance.
Each cryptocurrency has its wallet and can store that virtual currency, though some wallets support more than one currency. The wallet will generate your address (a string of letters and numbers), which you can use to send or receive money from others.
When you send someone some cryptocurrency, a transaction record is added to the blockchain ledger. The wallet also allows you to control how much currency you have in store. Unlike banks, there’s no cap on the amount of crypto you can have on a digital wallet. That could lead to some big wins if the value of a particular cryptocurrency suddenly goes up.
📖 Read more about: How to create a crypto wallet
Types of Crypto Wallets
We have two basic types of cryptocurrency wallets: a hardware wallet (cold storage) and a software wallet (hot wallet). A hardware wallet or cold wallet stores your private keys oﬄine on a device (such as a USB drive) not connected to the internet. Because they’re oﬄine, hardware wallets are the most secure wallets for keeping your crypto holdings.
On the other hand, a software wallet runs on your computer or smartphone, or web browser, so the keys are stored online. This makes it easier to send, receive, and use your crypto. Hot wallets, however, are more vulnerable to hacking attempts since they leave your keys connected to the internet.
Paper wallets also act as an oﬄine cold storage method of saving cryptocurrency. For paper wallets, you will have to print out your public and private keys on a piece of paper. The paper can then be stored and kept in a secure place. To access your crypto, you can simply scan the QR code that contains the keys.
Best Free Hot Wallets
Here’s a list of the top free wallets to store your crypto:
1. MetaMask Wallet
The MetaMask wallet is a browser extension that allows you to interact with decentralized applications (DApps) on the Ethereum network. It is not a wallet in the traditional sense but rather an interface that allows users to connect with the blockchain.
When you install MetaMask, you will receive an account address, which you can use to log into your wallet. The wallet provides you with a seed phrase ( a randomly generated string of words) for added security. It’s important to ensure you store your seed phrase in a safe place known by only you. If you lose your seed phrase, MetaMask won’t be able to help you recover your wallet, and you will lose your funds.
2. MyEtherWallet (MEW)
MyEtherWallet is a hot wallet and a tool that allows users to generate new wallets and manage their private keys. This feature makes it an excellent option for those just getting into crypto. It’s also user-friendly, making it simple to send and receive digital currency.
A leader in the digital currency industry, Coinbase is an online digital currency exchange that gives you access to buy and sell digital currency using ﬁat currencies like USD from anywhere in the world. You can also use this site as a digital wallet for storing your cryptocurrencies securely. It is one of the most secure online cryptocurrency wallets around.
4. Electrum wallet
Electrum is currently recognized as one of the most popular desktop wallets for storing cryptocurrency. It’s fast and easy to use, which is why it supports hardware wallets like Trezor. Electrum is so popular because it has a central server that operates as a Blockchain explorer and Bitcoin node; this means it can generate addresses inside the wallet while keeping all your private keys oﬄine. This feature makes it diﬃcult for hackers to attack your system and steal your funds.
5. Exodus wallet
Exodus is a multi-cryptocurrency desktop wallet that stores the private keys to your cryptocurrency in a secure oﬄine environment on your computer. It gives you complete control over all your funds at any time. In addition, It also protects your account from hacking and the loss of funds. Exodus also encrypts your private keys and transaction data locally for your eyes only.
Best Paid Cold Wallets
Trezor is a hardware wallet that allows users to store their coins and tokens oﬄine. Trezor claims to be unhackable, which is why it’s one of the most popular hardware wallets on the market today. It supports numerous cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. Trezor comes with the most robust security features and a solid track record of any hardware wallet. It costs USD115.
2. The Ledger Nano S
The Ledger Nano S is another hardware wallet similar to the Trezor wallet. It is the most secure and aﬀordable option to store cryptocurrencies. Unfortunately, it is not free. The Ledger Nano S retails for USD 59.
Create your hi wallet for free to start earning hi Dollars.
hi makes it easier to buy and trade hi Dollars, allowing you to earn crypto passive income by holding hi Dollars. Here’s a step-by-step guide to help create your hi wallet to begin earning with hi.
- Access hi via Whatsapp or Telegram. Next, type “hi” in the chat, and a menu will open, allowing you to create an account. Follow the instructions to complete the signup and access your hi wallet. When you create an account, your hi wallet is automatically created.
- To see if it’s working, transfer some amount of crypto to your wallet. Tap on the hi logo on the main screen to summon the menu, and click on Deposit.
- Select the cryptocurrency that you’d like to deposit from the drop-down menu.
- Once you’ve selected the crypto you are depositing, let’s say USDT, copy the Deposit Address to your clipboard and conﬁrm. Congratulations, you’ve just transferred crypto to your hi wallet.