Have you just decided to invest in cryptocurrencies? Hold your horses because you must take the necessary security steps to safeguard your investment, and one of those measures is acquiring a cryptocurrency wallet.
Crypto wallets are digital storage devices that keep the codes needed to access and exchange your crypto assets safely. You can choose a cold or hot wallet depending on your preference. A cold walletis a specially built hardware device that you can use to store cryptocurrencies. A hot wallet, on the other hand, is connected directly to the cloud infrastructure and provides a plethora of features that are not available in hardware (cold) wallets.
Not every hot wallet out there provides the same features and it can become a hassle to research and find the right fit for you. Here’s a list of the top 10 hot wallets for crypto beginners which you can go through and compare the features before making the important decision of acquiring the right hot wallet for you.
Join us in showcasing the cryptocurrency revolution, one newsletter at a time. Subscribe now to get daily news and market updates right to your inbox, along with our millions of other subscribers (that’s right, millions love us!) — what are you waiting for?
MetaMask is a digital wallet that allows you to manage, send, and receive Ethereum and ERC-20 tokens. You can also add the Binance Smart Chain network manually on Metamask to store and exchange BEP-20 tokens. Aaron Davis and Dan Finlay designed it back in 2016 intending to assist crypto traders. The MetaMask wallet connects a regular browser like Google Chrome or Firefox to the Ethereum blockchain by acting as a browser extension.
MetaMask has the advantage of allowing users to fully engage with Ethereum without having to download the complete blockchain. You can, in fact, operate an Ethereum DApp without having to host a complete Ethereum node.
How To Use MetaMask
When transmitting tokens, you may need to modify the gas price (the charge you pay to miners). With MetaMask, the proposed gas price has been ridiculously high on a few occasions (even taking into account that some tokens need more gas to send). Going to EtherScan.io to see what others are paying to transmit the token you would like to send, and then adjusting the gas price and gas limit to that, is a smart practice.
While using MetaMask, you have to authorize each action. If you wish to engage with a smart contract, go to the MetaMask page and click 'Verify' to confirm the action.
MetaMask has served as an accessible entry point into the burgeoning dApp industry since its inception. The number of users is increasing as new dApp products and services are emerging, with the Chrome extension reaching a million users in 2020, where the number has only increased in 2021 exponentially.
MetaMask's first smartphone app, MetaMask Mobile for Android and iPhone, was released in September 2020. Users can set up new profiles or log in with their existing MetaMask accounts using the smartphone app, which has the same features as the browser-based version.
Just two years after the launch of the world’s first cryptocurrency, Bitcoin, a cold wallet, Electrum, was launched in 2011. Electrum excels at its core purpose of securing cryptocurrency, despite its bare-bones user interface and devotion to just Bitcoin.
According to the official website of Electrum, its key features include:
Encryption of private keys
Offline storage of private keys
Support for third-party plugins
Exporting private keys
Decentralized service with no downtime
Verification of transactions using SPV
Secret phrase to recover funds
Electrum makes efficient use of storage space and bandwidth by verifying transactions with the simple payment verification (SPV) method. It doesn't download the whole blockchain since it utilizes SPV. Instead, it queries servers on the Bitcoin network to follow transactions. It also allows Electrum to verify transactions faster than the competitors.
Electrum, like other decent wallets, runs on all major desktop operating systems, including Windows, macOS, and Linux. It is also accessible for Android users to download from the Play Store, however, it is not available for iOS devices.
It installs just like any other software, however, its setup is more complicated than other wallets. You must first choose the sort of wallet you wish to make. While some of the settings will make sense to seasoned users, newcomers to cryptocurrencies may be perplexed.
The procedure begins with the creation of a wallet seed, which includes choices that may be confusing to new users. Electrum produces a Segwit wallet by default, which offers several benefits (including cheaper fees), but isn't supported by all Bitcoin wallets and exchanges.
In terms of the number of features it provides, the wallet outperforms most of its competitors. It does, however, have certain drawbacks. It places a lot of control in the hands of the operator, implying that it is exclusively for advanced users. The team assumes that its userbase understands what it is getting into and what it wants from the wallet.
Electrum is a versatile Bitcoin wallet that is easy to set up if in the hands of a seasonal cryptocurrency user. Anyone unfamiliar with cryptocurrencies, on the other hand, will be unable to make use of their advantages.
Due to its complex structure, Electrum is best suited for experienced users in the crypto world, although beginners can also use it. However, new users may take some time to get accustomed to it.
Coinbase Wallet is a bitcoin wallet that is entirely under the user's control. This implies that your wallet's private keys (which reflect bitcoin ownership) are held on your mobile device rather than on a centralized crypto exchange. A unique thing about Coinbase Wallet is that it serves as an independent entity and doesn't require you to sign up for an account on the Coinbase crypto exchange.
However, those who understand how to use Coinbase may take advantage of a number of features that the exchange offers.
The Coinbase Wallet is widely regarded as one of the most secure mobile wallets available. It was created to support Ethereum and ERC20 tokens, but it has since extended to include several other cryptocurrencies, including Bitcoin. This software makes it simple to transfer, receive, and store money, even if you're new to cryptocurrency trading.
Beyond cryptocurrency transactions, the Coinbase Wallet offers several advantages. It allows you to take part in airdrops and initial coin offerings (ICOs), as well as access Decentralised Apps (DApps), purchase online using cryptocurrencies, and acquire rare digital art, also called NFTs.
The Coinbase Wallet's dependability is a significant advantage, especially during peak usage periods. You can communicate and transact with your peers without knowing their wallet addresses, thanks to the wallet's user-friendly interface.
While the Coinbase Wallet is free to download and set up, there are costs associated with specific transactions and use. Receiving and depositing money is likewise free, however, transferring crypto will cost you. Fees apply when converting currencies, such as when trading Bitcoin for Ethereum. Fees typically vary from 1.49 percent to 3.99 percent, although they can possibly go higher in some circumstances.
Most cryptocurrency traders will be able to easily add the new ERC20 tokens to their Coinbase Wallet. Even while hardware wallets are more popular among seasoned and experienced investors, the Coinbase Wallet is still a good option for new traders.
Many crypto traders think this wallet is ideal for storing digital collectibles like NFTs. Investors may also quickly locate and participate in the newest ICO token sale events to acquire ERC20 tokens, thanks to the wallet's integrated DApp browser.
Coinbase wallet holds the majority of cryptocurrencies online, based on features of hot wallets in the crypto sector. It does not make use of cold storage services like hardware wallets or secure data storage devices. Being a hot wallet, nonetheless, it is vulnerable to cyber threats and crypto hacking.
Image Source: edge.app
Edge is a smartphone wallet that makes it easier to store and trade cryptocurrencies. The wallet encrypts all of the user's private data on their smartphone using client-side encryption, ensuring that only the user has access to their digital assets.
Edge encrypts all of your private data on your device using client-side encryption. This means you keep full ownership of your digital assets and don't have to give Edge your phone number, ID, or any other personal information.
Edge is available for free download on mobile devices. You won't be charged any fees if you receive crypto into your wallet, but you will be charged mining or network costs if you transfer money. These payments, however, do not go to Edge, but rather to the network's miners.
If you wish to buy Bitcoin, Bitcoin Cash, Ethereum, and much more using Simplex inside of Edge, you'll have to pay a total of 6%, with 1% being the Edge charge and 5% being the Simplex fee. Alternatively, users all across the globe can buy via Wyre or 15 other integrated exchange partners inside of Edge based on the user's location and fee preferences. With Wyre, fees are as low as 1%, with .5% going to Wyre and .5% going to Edge.
The Changelly integration makes it easier for you to trade your cryptocurrencies for one another within the Edge wallet application. Edge has integrated six exchanges similar to Changelly and hunts across these exchanges to find the user the best price when making a trade. Without needing to send their bitcoins to an exchange, users can be among the first to respond to market developments via this feature. Because your crypto assets never leave your wallet, it is the safest way to swap them. With exchange functionality available within the wallet, your crypto is kept safe.
Edge Wallet's user interface is simple to use and has a pleasing and clean design. “Wallets,” “Buy,” “Sell,” and “Exchange” are the only four primary displays. This makes things simple so you don't have to move from tab to tab to get to where you want to go.
The procedure of establishing a new account and using the wallet takes less than a minute as only a username, password, and PIN are required.
You can begin receiving, sending, or exchanging any of the supported tokens and currencies as soon as you log in for the first time.
The “standard fee” charged by the platform when sending a crypto transaction is used to validate a transaction in two to five blocks (larger amounts will aim for two blocks, while smaller amounts will aim for five blocks). It is possible to modify the fee to a greater or lower figure based on how quickly a user would like to have their transaction confirmed on the network.
Edge does not impose any additional costs for moving bitcoin out of the wallet on top of the mining fees, and users are not charged any fees for importing cryptocurrency into their wallet. It only charges a standard fee for all currency transactions made through the in-app exchange functionality.
The Edge wallet is completely private since no user data or personal information is sent to the company's computers. Users are completely anonymous, and users don’t have to provide an email address to create an account.
Ultimately, the Edge wallet for mobile devices is a robust bitcoin wallet as it is safe, secure, and easy to use, leading to an excellent user experience. The wallet does not support a large number of cryptocurrencies and plans to continue expanding its support into the future.
The Edge wallet has a number of distinct features, such as an exchange function, and plans to introduce more in the future. Overall, we recommend the Edge wallet as a reliable mobile cryptocurrency wallet.
Trust Wallet is a decentralized open-source mobile crypto wallet that offers over 160,000 assets and blockchains and enables traders to accrue interest by staking their coins. The wallet was initially designed to only support ERC20 and ERC223 tokens, but it has subsequently been modified to include other major cryptocurrencies such as Bitcoin.
The Trust Wallet comes with a Web3 browser that allows users to buy cryptocurrencies directly via the Kyber Network's native DEX (decentralized exchange). It also allows users to use the Trust Wallet app to connect to other Ethereum-based DApps.
Both iOS and Android users can download the Trust Wallet app for free. Its code was initially written in the original languages of both the platforms: iOS' Swift and Android's Java. The software requires iOS 10.0 or above, as well as Android 5.0 or higher.
The code is completely open-source, so developers, security professionals, and anybody else who wants to poke around may do so to analyze the security of the wallet before using it to store their crypto assets.
Trust Wallet's user interface is basic, intuitive, and quick to download and install on your mobile devices. This has enabled the platform to reach over five million active users and secure a relationship with Binance, one of the world's biggest cryptocurrency exchanges.
Though Trust Wallet is a software wallet and cannot provide the same level of security as hardware wallets, the platform makes every effort to guarantee that the funds of its users are secure. It hires Stateful, a top security consultancy, to undertake regular audits.
Other security methods, such as pin code scanning or fingerprint scanning, are also used to give an extra degree of security to the Trust Wallet infrastructure. Users may manually activate these protections by modifying the app's "Settings" feature as soon as they sign up for the wallet.
The collaboration between Trust Wallet and Binance Smart Chain attracts users from all over the world, which is expected to stimulate the development of sophisticated and innovative features on the mobile app in the future.
Tron (TRX), VeChain (VET), Callisto (CLO), Cosmos (ATOM), Kava (KAVA), and several other tokens can all be staked on the Trust Wallet platform. More cryptocurrencies will be available for staking in the future.
Trust Wallet solves the problem of backups by including a 12-word recovery phrase when users set up the wallet on their mobile devices. Users must write down these words and store them in a secure location to retrieve and regain entrance to the wallet if something goes wrong.
Because Trust Wallet is a non-custodial official crypto wallet software that does not keep any user data on its servers, it does not require its customers to fulfill any KYC requirements when they create an account.
Trust Wallet has a strong customer support team that can be reached through a ticketing system. Any trader who submits a ticket receives a fast response. A thorough Help Centre with a dedicated FAQ section is also available to answer all of the traders' likely questions.
Users of Trust Wallet are not charged any fees when they install or set up their accounts. There are no fees associated with utilizing the wallet's services. As a result, the wallet application can be downloaded for free from the Google Play Store or the Apple Store. The only costs levied on the app are gas fees, which are fees for executing transactions (network fees) on the app that are paid to miners or PoS (Proof-of-Stake) chains that collect them.
It's difficult not to appreciate Trust Wallet, as its pros overshadow its minor flaws. It is simple to download and get started with, and the user interface makes utilizing it as simple as these things should be.
JP Richardson and Daniel Castagnoli designed the Exodus wallet as a software application. Richardson has already created code for a number of cryptocurrency projects, while Castagnoli has served as a designer for major corporations, such as Apple, BMW, and Nike.
Exodus is a multi-cryptocurrency wallet with a user-friendly interface. It may be used to hold a variety of crypto assets as well as any presently unsupported and custom ERC-20 tokens.
Exodus is a free mobile and desktop wallet, and also fully compatible with hardware wallets like the Trezor One and Trezor Model T. It has been well-received by many in the crypto world due to its built-in exchange and the fact that it is one of the few software wallets that supports hardware wallets. The wallet stands apart from other crypto wallets by focusing on users who have never used cryptocurrency before. It features a user-friendly design, and its creators have spent a lot of time and effort refining it to make it more intuitive.
Support for a variety of altcoins, as well as Bitcoin, is one of Exodus' most popular features. You may also use the wallet to swap tokens without having to register.
The design is appealing and reasonably intuitive once you're within the Exodus wallet application. This is quite an accomplishment, given that the software is meant to provide both crypto exchange and portfolio management services, allowing you to store, manage, and trade cryptocurrencies from a single interface.
The procedure for sending bitcoin from your Exodus wallet is equally simple. Simply press the send button and type in the address of the public wallet to which you wish to send the cryptocurrency. You may also hover over the QR code option to scan the receiver's QR code using the camera option on your smartphone.
While security will always be the most essential aspect of a bitcoin wallet, it is worth noting that Exodus' killer app is itself a stunning software. The app performs an excellent job at displaying your crypto assets. A decent user interface may really save you money in the crypto world, so don't discount the value of good software.
Its user-friendly interface and visually attractive design make one-click bitcoin and token trades a breeze. Exodus has no access to its users' blockchain assets, and all keys and transaction data are kept locally on the user's device, ensuring privacy and security.
Another significant benefit of Exodus is that it provides crypto prizes directly to the user's wallet, posing no risk to the user. That implies that you may invest in a cryptocurrency like Cardano (ADA) and get a part of the profit back. Exodus gets a tiny cut of the profits, but it's a wonderful method to make money off your crypto with no risk.
The biggest disadvantage of utilizing Exodus Wallet is that it does not let you make the first bitcoin purchase directly from the wallet. Users must instead utilize a centralized or decentralized exchange to convert their FIAT currencies (USD, CAD, EUR) to digital money. The bitcoin can then be transferred to their Exodus wallet.
This is true of many cryptocurrency wallets, but some have begun to provide direct access to exchanges within the wallet, reducing the number of steps necessary to acquire and store bitcoin.
Exodus is a fantastic choice, particularly for people who are new to cryptocurrencies. The wallet is an excellent choice for managing and trading modest quantities of cryptocurrencies without delving into the nitty-gritty of the process, thanks to its appealing design and straightforward layout.
Robinhood began as a free stock trading website, but it has now grown to incorporate Bitcoin and other cryptocurrencies. Everything is in one place with Robinhood, which offers both a wallet-type service (so users can store cash) and exchange, like Coinbase (to buy/sell currency). You can't use another wallet to withdraw or transfer coins to and from Robinhood.
Robinhood provides web and mobile trading, however, some investors may find the selection of tradable assets and account choices to be limited (the broker does not offer retirement accounts). In the recent past, Robinhood has been reprimanded for unexpected outages and trading limitations due to market volatility, as well as being fined by authorities for deceiving clients, which resulted in huge penalties.
One of the first things you'll notice about the Robinhood crypto wallet is that it supports all of the major cryptocurrencies, making it a highly appealing choice for individuals seeking to enter into the world of crypto but only want to invest in the most well-known and talked-about coins. That's great news if you don't like to experiment and prefer to keep your money in only the most renowned coins.
When it comes to users keeping their cryptocurrencies in a hot wallet, safety becomes a huge concern. You don't own your currencies on centralized exchanges in the first place, which isn't exactly comforting. However, when it pertains to the Robinhood crypto wallet, it's on the right track when it comes to security. If you utilize the app version of the platform, you'll be able to enable two-factor authentication and add unique PIN numbers to assure even higher levels of security.
While 2FA should be the industry standard when it comes to safeguarding your bitcoin wallet, this does not appear to be the case. To this day, many crypto wallets do not let their users employ two-factor verification, making some of the most advanced security features unavailable.
You'll only be allowed to move your crypto coins to another wallet or swap them for fiat money on the Robinhood platform after you've verified your identification.
On the one hand, this isn't all that surprising, given that most cryptocurrency exchanges, including some of the best and most well-known, demand authentication.
As a capital asset, cryptocurrencies are also subjected to taxes under the section of capital gains. During tax season, Robinhood sends the user their tax paperwork. A dedicated tax center has been established for this purpose.
Overall, the Robinhood crypto wallet is easy to use and best suited for beginners in the crypto industry.
Mycelium has been operating since the dawn of the cryptocurrency age, and its wallet is one of the most well-known Bitcoin wallets. This is a mobile-only wallet that is supported by both Android and iOS. There is presently no desktop version.
The Mycelium wallet features a pleasingly basic UI, however, it only accepts a few types of cryptocurrency compared to the others included here: You may send and receive Bitcoin, Ethereum, and ERC-20 tokens, like Tether USD, USD Coin, and Binance USD, but not the hundreds of meme currencies created in recent years. Mycelium allows you to purchase and sell crypto directly from the app, and you may buy it with ordinary fiat cash.
The Mycelium wallet is popular among users because of its quick connection and ability to connect with popular hardware wallets such as Ledger and Trezor. Others like it for its attractiveness and simplicity of usage. Its simple interface allows you to quickly move between accounts, review transaction history, add payment addresses, and perform a variety of other tasks.
The wallet's inability to sign messages appears to be a source of dissatisfaction among users. Others are dissatisfied with the wallet's lack of a desktop interface. We should also mention that this wallet may not be the ideal option for novices.
MyCelium is quite simple to use, however, there are a few complicated features that a beginner user may find challenging to manage. If you're searching for a smartphone wallet to use for day-to-day BTC transactions, this is the wallet for you.
When you first launch the app, you'll see why consumers appreciate it. You will notice a clean and clear layout with your wallet and easily readable tabs. In addition to its ease of use, the MyCelium wallet is highly accessible, making it possible to utilize Bitcoin in a practical manner. BTC may be sent and received at any time and from any location.
With the QR code placed directly on the main page of the wallet, you can pay for products and services in seconds and receive cash from others fast and effortlessly. In addition, the wallet enables the usage of your phone's camera, making scanning QR codes and making payments a breeze. You can also turn on the camera light from inside the wallet, allowing you to scan a QR code in the dark, such as a club or even in a cave (pun intended).
For accessing the wallet, transmitting funds, and exporting private keys, the MyCelium wallet provides the anticipated PIN protection. This should be enough to prevent someone from picking up your phone and having easy access to your assets.
The “Watch Only” feature in the MyCelium wallet allows you to keep track of the amount of any other address while keeping your private keys offline. So, if you keep most of your money in a paper wallet or a hardware wallet, you can keep track of your balances without revealing your private keys.
MyCelium is more than a simple mobile wallet for sending and receiving currencies. You may also use the built-in Local Trader function to buy and sell coins from other Bitcoin users in your neighborhood. Consider it a local Bitcoins wallet in your pocket.
This is a completely decentralized system, and the coins will stay in your wallet until you transfer them to some other address. The MyCelium local trader servers are exclusively used to facilitate trades, handle transfers, and compute seller reputations.
MyCelium could be a good option if all you need is a crypto mobile wallet. It has a simple and easy-to-understand interface, making it a suitable match for beginning users, but it also includes complex functionality for more experienced users.
Binance Chain Wallet
With Binance wallet, you can send or receive funds on Binance Chain, Binance Smart Chain, and Ethereum, as well as cross-chain transfers across both of Binance's blockchains, using the Binance Chain browser plugin.
The extension can also be used to authenticate and sign transactions with other Binance Chain products without exposing your private keys, which are safely stored within the extension's storage area and encrypted with your password. To enable this connection, the extension must have code to manage communications between web apps you open in tabs and the extension itself.
Using the Binance wallet app or the web browser version of the wallet, you'll have access to the whole platform's capabilities including 24/7 access to a crypto exchange.
By storing your coins in this wallet, you will be able to swap and trade them at any moment, in real-time. This is a great thing for both long-term investors and day traders.
Binance is, without a doubt, one of the most popular crypto-related sites in the whole business. This fact alone should indicate that the platform's wallet functionality must be excellent. But talk is cheap; let Binance's security features speak for themselves!
You'll be able to enable frontline security measures like two-factor authentication (2FA) after creating an account. Many bitcoin exchanges and hot wallets now provide this functionality; nevertheless, this should not diminish its importance! 2FA is frequently the most effective approach to safeguard your valuables from the vast majority of hacker attempts.
Binance, which is primarily a crypto exchange, charges its consumers transaction fees. As a result, the platform dedicates a portion of those revenues (about 10%) to a fund with a defined purpose - insurance.
To put it another way, if anything bad happened to Binance and its security mechanisms (for example, in an event of hacking), there's a strong possibility you'd be compensated for your losses. That is truly incredible assurance and one that is appreciated by multiple Binance wallet reviews as well!
Many additional,= smaller features that Binance gives to its consumers in terms of the protection of their crypto assets include multi-signature capability, unique PIN numbers, and a seed phrase-based recovery mechanism.
Whether you're a seasoned crypto trader or a total beginner, you'll want to pick a wallet that supports a diverse range of cryptocurrencies. Binance Chain Wallet is a perfect option for you.
One of the most prevalent complaints about the walletappears to be that it is a little difficult to use. This is especially true if you're just getting started with cryptocurrency and haven't yet acquired your first coins.
The platform's "difficulty" stems from the fact that Binance provides its customers with a large number of features and customization choices, as well as the exchange's pricing scheme, which is a little complicated.
Customer service is, without a doubt, one of the most crucial elements of any crypto-related platform. This is particularly true with exchanges and wallets, since these platforms are at the forefront of the revolution of various crypto assets, and consumers must be confident that they will be able to obtain assistance whenever difficulties arise. In this area, the Binance Chain Wallet excels due to Binance’s continuous efforts towards its customer support services.
Overall, the Binance Chain Wallet is a great start for beginners who don’t want to move back and forth with a third-party wallet and a crypto exchange.
Last, but not least, the Blockchain wallet is simple to use and understand. Your wallet is stored on the company's servers, which exposes you to third-party risk. The company has a strong reputation for security, and the product is both extensive in features and simple to use.
In early 2016, the company upgraded its wallet to incorporate better security features by making it hierarchical deterministic, which offers further protection by preventing addresses from being used twice.
Blockchain is integrating trading functions into its wallets and has just included the option to buying BTC on Android wallets, in addition to supporting some of the most frequently used fiat currencies.
The major feature of Blockchain.com is its non-custodial main wallet. Nobody else can access the funds since the wallet is fully under the user's control and ownership.
This wallet is also open-source, which implies that anyone can inspect the code to ensure it is real and secure.
The non-custodial wallet is basic and easy to use, allowing users to send, receive, and keep a limited amount of coins safely.
Blockchain.com now provides a custodial trading wallet in combination with the non-custodial wallet. However, unlike the main wallet, the trading wallet's funds are held in the custody of Blockchain.com.
Transactions can be conducted off-chain, which avoids the long waiting times and high transaction fees associated with on-chain transactions.
The trading wallet is comparable to a traditional cryptocurrency exchange account in the sense that it is excellent for trading but not ideal for keeping bitcoin.
The trade wallet also accepts fiat currency in the form of USD, GBP, and EUR cash wallets, which may be used to deposit and withdraw fiat currency.
The wallet's phone version is well-optimized and works perfectly. The app allows you to send and receive cryptocurrency wherever you go. You can just scan someone's QR code and send them a payment within seconds. For further security, it includes an embedded finger touch ID.
Your Blockchain wallet app will be safeguarded by a PIN number if you lose your phone. All your cryptocurrencies will be kept in an online database even if you uninstall the application from your phone.
It is completely free to use the Blockchain wallet. It is compatible with both Android and iOS devices and can be downloaded easily. All desktop operating systems may use the web-based wallet as well.
All thе nесеssаrу tооls tо еxесutе a trаnsасtiоn саn bе соmfоrtаblу fоund on the default homepage for both web-based and mobile versions of the wallet. In addition, rather than providing your wallet address as a long string of characters to request cash, you may share a QR code for quick access. It also allows generating a shared request link for the Bitcoin wallet.
Wаllеt security is a crucial consideration for users, since having one's account illegally accessed may result in the user losing their cash. Users can benefit from multiple layers of security provided by the blockchain wallet:
Lеvеl 1 security is designed tо рrеvеnt usеrs frоm losing their access to their crypto account. It allows users to verify their email addresses, create a 12-word backup recovery phrase that may be used if a password is forgotten, and establish a password hint (Blockchain does not save the password).
Level 2 Security is intended to prevent unauthorized access to the wallet and includes linking a phone number to the account to get a one-time password (OTP) when the account is logged in, as well as establishing two-step authentication.
Users with Level 3 Security can block TOR queries.
Overall, the Blockchain wallet is the perfect choice for users who don’t want to use complicated crypto wallets and are new to the crypto world.
Built by open-source technology provider Komodo, AtomicDEX is a non-custodial multi-cryptocurrency wallet and cross-chain, cross-protocol decentralized exchange rolled into one app. It is compatible with 99% of cryptocurrencies in existence and native support for dozens of blockchain protocols, including both Layer 1 and Layer 2 networks.
Users can add their own custom ERC-20, BEP-20, and QRC-20 tokens. The AtomicDEX app is a software wallet available on mobile, desktop, and web browser (internal alpha as of April 2022).
AtomicDEX is free and open-source, meaning developers can fork the source code to create their own wallets and branded DEXs. SmartDEX, FiroDEX, ShibaDEX, and MarmaraDEX are a few apps that use the underlying AtomicDEX API, with all apps on the network sharing a unified liquidity pool. As more DEXs use the network, all users enjoy added liquidity.
AtomicDEX uses a unique, cutting-edge decentralized exchange technology called atomic swaps. Atomic swaps are designed such that the trade takes place and both parties receive the funds they desire, or nothing happens at all and both parties retain the funds they started with.
Users trade peer-to-peer (P2P) from their own AtomicDEX wallet. The network uses order books to match market makers and takers. No AMMs, centralized liquidity pools, or trusted third parties are needed for cross-chain swaps. AtomicDEX has fewer possible attack vectors since user funds aren’t locked in smart contracts. Therefore, many consider it one of the most secure options among DEXs and cross-chain bridges.
The app supports cross-protocol trading. Users can trade cryptocurrencies across UTXO-based protocols (e.g. Bitcoin, Dogecoin, and Litecoin) and EVM-based protocols (e.g. Ethereum, Binance Smart Chain, and Avalanche) without requiring wrapped tokens or proxy tokens.
One cool feature is the Liquidity Pool Multiplier, which enables users to place several simultaneous limit orders against any number of trading pairs at any number of price levels.
Another innovative feature is simple trading view, which provides a smart trading engine with real-time price feed information to the user, ensuring maximum simplicity when trading.
For each trade, AtomicDEX users only pay a small platform fee + gas fees required for the two blockchains involved. This makes AtomicDEX an excellent, cost-efficient option for trading top altcoins. In terms of cost per trade, it’s quite competitive compared to centralized exchanges.
AtomicDEX Mobile generates a 12-word recovery phrase for each new wallet and AtomicDEX Desktop generates a 24-word recovery phrase. Users must write down these words and store them in a secure location in case they forget their password or something happens to their device.
The app is non-custodial, meaning no user data is kept on any servers. Only users themselves have control of their private keys, which are used to access funds stored in their wallets.
Flexibility is the biggest strength of AtomicDEX. Users don’t need to move funds back and forth between another wallet or a centralized exchange. They can simply use one app to seamlessly HODL and trade cryptocurrencies from different blockchains.
Which Hot Wallet Is Best for You?
The real question you should be asking yourself is the type of features you want in a hot wallet. Do you want a wallet that is attached to a crypto exchange, like Binance Chain Wallet? Or do you want a wallet best-suited for mobile use, which is Mycelium as explained above?
Based on your individual use and preferences, you should select a crypto wallet that is affordable and, most importantly, a safe option to store your hard-earned crypto assets. At the end of the day, a hot wallet is only as secure as the cloud or infrastructure that it is built on. This is why many crypto experts recommend everyone to use cold wallets to keep a majority of assets. You may also check out our list of the best crypto cold wallets.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.