6 Best Crypto Wallets of June 2022
People store their money in bank accounts. Similar to that, crypto wallets are used to safeguard digital assets. Generally, there are 2 types, software (hot wallets) and hardware (cold wallets). The key difference lies in the fact that hot wallets are connected to the Internet while cold wallets operate offline. Let us take a look at the 6 best crypto wallet for investors.
The popular crypto wallet also acts as a gateway to decentralized applications. MetaMask is available for use as a browser extension and a mobile app. Moreover, the hot wallet gives utmost priority to privacy and security. It generates passwords and keys directly on the device of users.
The key features of MetaMask are token swapping, slippage protection mechanism, EIP-1559 integration for gas fee estimation, a crypto purchase option, and NFT storage. It also offers round-the-clock support for issues related to token swapping, gas fees, access to Decentralized Applications (DApps), processing of transactions, and depositing of tokens.
It is a self-custodial crypto wallet. Users can also store coins, NFTs, and explore the decentralized web. Coinbase Wallet also supports multiple blockchains like Polygon and Solana. The notable features are a DApp browser, one-tap access for asset swaps on Decentralized Exchanges (DEXes), multiple payment methods, a crypto borrow option through liquidity pools, and real-time tracking of balances. Users can also participate in Initial Coin Offerings (ICOs) and join Decentralized Autonomous Organizations (DAOs).
Ledger Nano X
Investors can manage their digital assets securely in the hardware wallet. Ledger Nano X is a Bluetooth-enabled crypto wallet. Hence, users can store around 5500 coins and tokens offline. The major features are a crypto purchase option, instant exchange of tokens, access to DeFi apps, a staking mechanism, stablecoin lending, a password manager, and multi-platform compatibility. It operates in the form of a USB connector, includes a LED display, an interface with 2 buttons, and is Secure Shell Network (SSH) enabled.
Trezor Model T
Investors can store Bitcoin, tokens, keys, and passwords in the crypto wallet. Trezor Model T is a hardware wallet that supports more than 1200 coins. Users can also protect their digital identity through a password manager, Secure Shell (SSH), and Universal 2nd Factor (U2F).
Trezor Model T also follows industry standards for recovery seeds (BIP32, BIP39, BIP44, and SLIP39). It implements Shamir Backup (a private key security system). The main features are a magnetic dock, a USB-C cable, a recovery seed card, a touchscreen display, and native Altcoin support. Even if users lose their device, they can recover the wallet by entering the 12-word recovery phrase.
The crypto wallet is primarily used for storing Bitcoin (BTC). Electrum uses a decentralized server, encrypts private keys, and also verifies transactions using Simple Payment Verification (SPV). The noteworthy features of the hot wallet are fund recovery from a secret phrase, export of private keys, two-factor authentication (2FA), and multi-platform compatibility.
It enables trustless escrow transactions through multi-sig (splitting of Bitcoin spending between several wallets). Electrum also supports 3rd party plugins. Thus, it integrates seamlessly with hardware wallets like Ledger, Trezor, and KeepKey.
The crypto wallet supports more than 200 digital currencies and seamlessly integrates with the leading mobile, desktop, and hardware wallets. The important features of the Exodus wallet are a crypto purchase option, multiple payment methods, live charts for efficient portfolio management, real-time market movement, a QR code scanner, a desktop sync mechanism, storage of transaction history, integration with DeFi exchanges, and 24x7 technical support.
Users can also transfer their crypto assets between Trezor and Exodus seamlessly. Moreover, the private keys and transaction data are fully encrypted. Further, users can access decentralized apps, stake crypto and earn interest on their holdings.
Similar to Electrum, Exodus also utilizes Simple Payment Verification (SPV). Investors can also buy and sell NFTs from the Solana network from their Exodus wallet. Users can also customize their fees while processing Bitcoin and Ethereum transactions. Generally, the recommended fees will vary depending on the level of traffic and the network congestion.
How to choose the best crypto wallet? Every wallet has certain pros and cons. Investors can select any of the above-mentioned wallets after considering the features, security measures, transaction processing fees, and the user interface. Want to protect your digital assets? Use a crypto wallet that perfectly suits your requirements.