Crypto wallets are essential tools for any trader or investor. These wallets help store and trade crypto – buying and selling cryptocurrencies. Traders need to choose a good crypto wallet to store their digital assets securely. There are crypto wallets supported across different platforms and devices. Mobile wallets are quite convenient as users can access and manage their funds from any place, at any time.
Are you looking for a mobile crypto wallet? Let’s take a closer look and learn more about the different types of cryptocurrency wallets and how they work.
What is crypto wallet app?
A crypto wallet app is computer program, running on your smartphone or tablet, that allow users to receive, store and send digital assets. Crypto wallets do not store digital coins literally. Instead, they interact with a blockchain network of specific digital currencies. They keep track of keys used to sign cryptocurrency transactions on the respective digital ledger. The keys prove the ownership of the digital assets.
How to choose the best mobile crypto wallet?
Before you invest in cryptocurrency, you should have the best crypto wallet app that will secure your tokens and enable you to manage them easily. The following are some factors to consider when choosing a mobile cryptocurrency wallet.
1. Security
A secure wallet should be the top priority for any crypto owner when choosing a crypto wallet. A good wallet must deploy top security features are to save users’ funds, so there are the lowest potential risks of exposure to threats. Preferably select a wallet with no history of hacking or other vulnerability issues. The wallet should offer a secure login via multifactor authentication (MFA). This way, you minimize the risk of theft or other losses in case your device falls into the wrong hands.
You may also consider a wallet that gives you full control of your private keys (non-custodial wallets). However, if the wallet’s convenience is a worthy compromise for your crypto activities, select a good custodial wallet with the least security risks.
2. Wallet Features
Apart from the standard receipt, storage and transfer of crypto assets, different wallets offer contrasting features to users. Some features offer additional layers of security, enhance ease of use among other functions.
Other wallets offer built-in cryptocurrency swapping, support direct crypto purchase using credit cards, among other features. Evaluate your preferred wallet features and choose a crypto wallet that checks the most boxes for your list of features.
3. Supported crypto
Most digital currency wallets support more than one crypto. Before signing up for a new wallet, ensure the wallet supports your favorite coins, so you don’t have to get more wallets to store different coins. You can confirm if the wallet supports your coins through the wallet provider’s online resources.
4. Cost
Opting for a cold wallet? You may have to consider the cost of buying and using the cryptocurrency wallet. Purchase prices for cold wallets often vary depending on the brand. Consider an affordable wallet, but do not compromise security and other essential features for a low-budget wallet. Keep in mind that wallets may charge dynamic fees for usage. Ensure you understand these hidden fees, if any, on your wallet before you sign up.
Top Mobile Crypto Wallets
1. hi - Best Crypto Wallet App
hi is a crypto wallet service offers convenient and reliable services, accessible across mobile, PC, and web apps. hi recently launched IBAN and crypto debit card that allows users to easily convert and spend fiat and crypto.
hi is one of the best coins as it offers various services like buying and selling cryptocurrencies through its built-in exchange. Supported digital currencies include Bitcoin (BTC), HI, Litecoin (LTC), Binance Coin (BNB), Tether (USDT), and Dai. As a hi wallet user, you get to send and receive crypto instantly across the globe at no extra cost.
2. Coinomi - Best for Storage
Coinomi is a top cryptocurrency wallet supported on desktop and mobile devices. It is recognized as one of the best mobile crypto wallets, given its state-of-the-art features like integration with third-party exchanges.
Coinomi now supports more than 1770 cryptocurrency assets that users can receive and send in their wallets. Users can receive and send cryptocurrency assets through its flexible desktop and mobile interface.
Coinomi’s user interface (UI) is available in over 20 languages across the globe. A few of the languages supported include English, Spanish, Chinese, French, and Russian.
3. Trust Wallet - Best for Trading
Trust wallet is a DeFi wallet app offered by Binance. The software wallet supports over 40 blockchains, meaning you can use it to store even the rarest altcoins.
The Trust Wallet app is decentralized, meaning no personal data is collected from wallet users. This wallet stores public and private keys locally to ensure maximum security and protection for your funds.
Members can use Trust wallets to earn interest from their cryptocurrencies and play blockchain games. Trust wallet is easy to use, fast, secure, and one of the best in keeping crypto assets.
⭐️ You might find this useful: Connect Pancakeswap with Trust Wallet
4. Exodus - Best Digital Wallet App for Desktop
Exodus Mobile wallet is designed to run on Android and iOS devices. It supports multiple cryptos like Waves, Cosmos, Cardano, Ether, Bitcoin, and Dogecoin. The mobile application version enables users to buy BTC using USD.
The user can exchange assets in the wallet with other supported assets. The Exodus wallet is free to use, but it charges a small fee for dealings made through its exchange. Exodus is a hot wallet, meaning the member’s digital assets are stored online. Members have access to their assets using their private keys; hence the wallet is non-custodial.
The user can buy and sell an asset directly to other traders in the Exodus wallet, unlike centralized exchanges. By not giving control of their private keys to centralized wallets and exchanges, users limit the risks of getting hacked and losing their funds. At Exodus, your private keys and transaction data are encrypted such that no other person but the user can access their crypto.
5. Coinbase - Best for Beginners
Coinbase mobile wallet can be accessed by downloading it as an app on Android and iOS. It is fully incorporated with its company exchange, enabling it to conduct transactions with traditional currency quickly. The integration between Coinbase exchange and Coinbase wallet ensures that users transfer funds back and forth.
Members can receive and send cryptocurrencies to any place worldwide. To prevent losing access to their wallet, users can back up their private keys to the cloud when they have lost their device. It is designed to enable users to see the present prices of the assets in their wallets in the user’s local currency.
6. Mycelium - Best for Mobile-Only Users
Mycelium is one of the best digital wallets for mobile devices. It’s fast, easy to use, and supports a variety of cryptocurrencies. You can store, send, and receive coins with ease using Mycelium.
Plus, Mycelium is one of the most secure wallets available. It uses multiple encryption techniques to keep your data safe. So you can rest assured that your coins are in good hands with Mycelium.
If you’re looking for a top-quality mobile wallet, Mycelium is an excellent choice. It offers all the features you need and more.
Best Crypto Wallet App Summary
To identify the best crypto wallet, the user is subjective depending on the means and needs of the users. The user wants to be satisfied with the services given to them or the effectiveness of the products they get to use or buy.
Satisfying all your crypto in one crypto wallet is exciting for beginners or other continuing wallet users. Be assured of getting value for your continued use of a specific cryptocurrency wallet. hi wallet is such a mobile crypto wallet that offers users the opportunity to earn passive crypto income through staking, send and receive crypto quickly and instantaneously to and from anywhere globally.
FAQs on Mobile Crypto Wallets
Is Cryptocurrency Wallet required to Trade Crypto?
Yes, a crypto wallet is required to store your crypto holdings. You can choose between a custodial and non-custodial wallet. If you want to buy, sell, and receive crypto, a custodial wallet (hosted wallet) is the easiest solution. Examples of hosted wallets include those available at cryptocurrency exchanges like Coinbase, Binance, etc. Non-custodial wallets typically don’t allow you to buy crypto using fiat.
Is Crypto Wallet Necessary?
Cryptocurrency wallets are not necessary, but they provide several benefits. For example, wallets make it easy to keep track of your cryptocurrency transactions. They also make it easy to store your cryptocurrency in a secure offline environment. This is important because it protects your cryptocurrency from theft and hacking. Finally, wallets provide a convenient way to spend your cryptocurrency.