Which Cryptocurrency Wallet Is The Most Trusted One?
The most complex thing a crypto investor comes across is storing his crypto funds safely. As if investing in crypto was less complicated, its storage options will wiggle your mind.
Cryptocurrencies are digital money secured by blockchain technology. Unlike physical money, you of course cannot store crypto in any bank, FD, locker or wallet.
Similar to physical purses and bank lockers, you have a cryptocurrency wallet to securely store your crypto investments.
There are several types of crypto wallets with different features and frameworks. All have their own pros and cons. It is you who has to decide according to your needs which one suits you the best.
However, to help you out we have analysed a few cryptocurrency wallets. Based on their security features, privacy, set up process and usability we picked the most trusted crypto wallet.
With 30 million users and a non-custodial private key storage feature, MetaMask is one of the most popular and credible wallets.
Before we go one to discuss the features of MetaMask, there are a few things you should know about crypto wallets. These factors will help you analyse and decide which crypto wallet can be trusted with your investment.
What Does A Cryptocurrency Wallet Store?
Unlike fiat currencies, you cannot feel or touch cryptocurrencies. They are digital cryptographic money which is actually a series of alpha numeric codes.
The only way to access and control your crypto is through your keys. There are two types of keys — private keys and public keys. Public keys are like your bank account number which is used to receive the crypto.
While private keys are like passwords. Anyone with access to your private keys can control your crypto as he wishes.
Imagine someone gets hold of your bank account password. Now he is in control of all your money and can do what he wishes. In most cases, he will steal all your money.
A similar case is with private keys. That is why you should never share your private keys with anyone. You must always keep it safe.
It is where the cryptocurrency wallets come to your rescue. These wallets safely store your private keys, so that you don’t have to worry about it. Moreover, you can even securely send and receive crypto directly from these wallets.
To sum up, crypto wallets securely store your keys and facilitates safe transactions as well.
Hardware Vs Software Wallets
Software wallets are those that are managed and run by crypto exchanges, institutions or third party businesses. These wallets store your private keys online on their servers. Thus the third party is in control of your private keys.
Storing private on online servers makes it prone to hacks, thefts and malfunctions. In any one of these cases, you might end up losing all your crypto.
However, software wallets do have security features like 2FA, biometric logins etc. Moreover, with software wallets, you can easily recover your account and keys. Additionally, you do not have to worry about losing your private keys which is the whole purpose of the wallet.
Hardware wallets store your private keys offline. Storing offline gives you more security. Hardware wallets are like USB drives where you store all the info (in this case keys). You also get a seed phrase for account recovery which you must keep safe. The only way you can lose your crypto with hardware wallets is to physically lose the device.
Custodial Vs Non-Custodial Wallets
Custodial wallets are those where the control of your private keys is in the hands of a third party. They are the ones who are responsible to keep it safe.
Non-custodial wallets are the ones where the company provides you with the software assistance but you are in charge of your keys. You are the one responsible for keeping your private keys securely.
There is a saying in the crypto community — You own nothing if you don’t own your private keys.
Giving the authority of your private keys to a third party is very risky. While you enjoy your life thinking your private keys are safe on the company’s servers, someone might hack into the servers and run away with your crypto.
With non-custodial wallets, you are in charge of the safety of your private keys. It gives you full control of your private keys and funds. Your keys will be stored on the computer whose security is your responsibility.
Which Is the Safest & Trusted Cryptocurrency wallet?
Considering all the security, user-friendly features, usability and privacy factors, we found MetaMask as the best and safest cryptocurrency wallet.
MetaMask is a non-custodial wallet that stores your private keys locally on your browser. It is not only a crypto wallet but also a web plug in. As a browser extension, it is a bridge between your browser and the Ethereum network.
The wallet only supports Ethereum and ETH based tokens. It means that you can use MetaMask only for storing ETH, ECR-21 tokens and ECR-721 tokens. It also supports Polygon and BNB chains.
The best thing with MetaMask is that it securely stores both crypto and NFTs. That is why it is widely used to mint, sell and buy NFTs.
Another advantage of MetaMask is that it ensures your privacy. Unlike other wallets that ask for lots of identification details, MetaMask does not require any ID details.
All you need to set up the wallet is to download and install it on your computer. The system or customer care will never ask for any personal identification details. MetaMask never asks for or stores any user data.
Moreover, you can easily recover your wallet with the seed phrase. Once your seed phrase is generated, you must keep it very safely. The only way you can recover your wallet and funds is through seed phrase. Most importantly, unlike other wallets, the MetaMask customer care cannot assist you with recovery in case of a lost seed phrase.
With MetaMask, you have full security and control of your crypto, NFTs, crypto transactions and seed phrase. However, it is you who must ensure that your computer and the browser are well protected.
The only downside of MetaMask is when you carelessly fall prey to phishing frauds and give away your seed phrase. You can also lose your crypto if you carelessly visit malicious websites, click bugged links and unintentionally put a virus into your system.
Pros Of MetaMask
· Non-custodial wallet
· Stores private keys locally on your browser
· Easy set up process
· User privacy and anonymity
· Create multiple wallets in one app
· Acts both as wallet and web interface
· Supports ECR-20 tokens and NFTs
Cons of MetaMask
· Does not support top cryptocurrencies like Bitcoin
· No password reset feature
A Final Thought
No single cryptocurrency wallet can ensure 100% security. It is you who has to be always alert and cautious.
Indeed MetaMask is a user-friendly, flexible and secure crypto wallet as long as you keep your system and browser safe. It is the best and most convenient NFT wallet to connect and use.
In case you are looking for a cryptocurrency wallet to support your NFT venture, MetaMask is the best option. You can easily connect it with our NFTICALLY platform to launch your white label NFT store and sell NFT under your domain name.
