As cryptocurrency grows in popularity, so does the need to own a crypto wallet. Whether you intend to trade, or just hold your coins for future investments, a crypto wallet is a necessity.
The two main types of wallets are hot wallets and cold wallets. But there are other divisions under this. For Android and iOS users, a mobile wallet is a type needed.
There are several mobile wallets to choose from but some can be dangerous and you could easily be scammed. This article will tell you about the 10 best mobile wallets to store your cryptos.
Best Mobile Wallets To Store Your Crypto
A common misunderstanding about crypto wallets is that they actually store cryptocurrency but this is not true. Cryptocurrencies are decentralized which means they are not stored in a single location but recorded as transactions in a digital ledger and stored on the blockchain.
Crypto wallets store your private and public keys only and allow you to make transactions from any location. There are no ‘real’ coins exchanged during transactions.
A private key is extremely important because if it is lost, you cannot access your funds. Thus, you must choose a mobile wallet that is very secure and trustworthy.
Choosing a wallet is quite difficult because there are hundreds of wallets and picking the wrong wallet is easy. Here is a list of the 10 best mobile wallets to make your selection easier.
- Trust Wallet
- DeFi Wallet
Widely regarded as a trustworthy platform, Exodus is designed to make crypto trading easy for beginners. It has a simple user interface, built-in exchange, and 24/7 support service. It has a huge variety of cryptocurrencies and also includes live charts.
However, Exodus is faulted for being a closed source software. This means its source code cannot be seen by the public. Critics argue that this goes against the ethics of Bitcoin and puts its security at risk.
Launched two years after Bitcoin was introduced, Electrum is one of the oldest wallets in existence. Its user interface is popular for prioritizing the immediate task over visual appeal. This bare-bones approach suits advanced users due to the complexity of its options.
Electrum is built solely for Bitcoin and is open-source software. It allows users to choose multiple security options making it more secure than most hot wallets.
Currently, Mycelium supports only Bitcoin, ETH, and ERC-20 tokens. It is open-source and quite similar to Electrum. However, it differs in having a better user interface, built-in exchange, and being mobile-only.
The transaction fees on the wallet can be customized by users. This advantage is crossed out by its user interface which is confusing to first-time users.
It supports over 160 assets and 40 blockchains. The wallet has a simple user interface and puts user privacy first. It requires little user data and allows users to keep their private keys on their devices rather than the wallet’s servers.
Trust Wallet enables user access to Decentralized apps (dApps) on the Ethereum blockchain. However, there is difficulty in withdrawing coins that have been converted to fiat currency.
Crypto.com launched Defi Wallet in May 2020, marking their first foray into Decentralized Finance (DeFi). DeFi Wallet hosts over 100 cryptocurrencies and grants users’ access to Crypto.com’s financial services.
The crypto wallet was initially created to support ERC20 tokens.
Users trying to make use of DeFi projects will find the wallet useful. It provides a secure means of accessing DeFi projects. DeFi Wallet also has strong security, needing users to create 12 recovery phrases for each account.
Investors feel comfortable using the Coinbase Wallet because it is backed by a reputable Coinbase crypto exchange. The wallet supports dApps and is compatible with popular cold wallets like Trevor and Ledger.
Coinbase uses two-factor authentication and multi-signature access for security. The company is well-funded to compensate for stolen assets though it has never been hacked.
However, the fact that it supports a low number of cryptocurrencies, which includes Bitcoin, is a huge disadvantage.
Paxful was founded in 2015 and seeks to be the “Uber” of the crypto world. The Paxful wallet has over 300 payment options, making it ideal for the international marketplace.
It uses biometric verification which gives it tough security. It has fixed trading fees and a good support service but has high trading fees. It also supports only three cryptocurrencies: Bitcoin, Ethereum, and Tether USD.
The most interesting feature of ZenGo is that users do not need a private key to access their accounts. The ZenGo wallet splits your private key into two parts to be stored on both phone and server. A transaction can only be done when both parts are connected.
It uses facial recognition for security and enables you to recover your key through a facial scan. Besides its strong security, ZenGo also has excellent customer service.
Unfortunately, ZenGo does not support ERC-20 tokens and its keyless technology confuses beginners.
Good for both beginners and experienced traders alike, Gemini wallet provides a well-designed user interface for customers. It is a regulated wallet and has insurance against security breaches.
Unlike many of its competitors, it is available in every state in the US. The first ten withdrawals are free, but any withdrawal after comes with a fee.
Coinbase’s main competitor Kraken, is a well-known name in the crypto space. Although it is known as an exchange, it has strong wallet capabilities.
Kraken stores 95% of its users’ assets in cold storage devices and the devices are safely stored in multiple locations. It is a safety measure to prevent online breaches.
Because it is built into an exchange, the Kraken wallet also enjoys crypto exchange privileges. But its capabilities are limited because of this.
Picking the right mobile wallet is a matter of personal preference. It is an important decision that should be taken seriously.
Search for a wallet with a built-in exchange if you intend to trade. A wallet with a simple user interface would be better for beginners while experienced traders should consider transaction fees.