Top Things to Consider before you Choose your Cryptocurrency Wallet
Whether you are engaged in crypto mining, or you are thinking about investing in cryptocurrencies, you are going to need a wallet for keeping your digital assets. Since it is meant to keep your cryptocurrencies safe, you have to choose a wallet that’s reliable and secure and has all the right features you need. A quick search on Google will show you that there are numerous crypto wallets that you can find in the market. Yes, this includes different types of wallets, but even these types offer a variety and this can often make it a challenge to choose one wallet over the rest.
How do you do that? The good news is that you can make the right decision by considering some important things. What are they? Let’s take a look:
- Reputation of the company
When you check out the crypto wallets that exist in the market, make sure you also take a look at the company behind the said wallet. What kind of reputation do they have? How long have they been around? What are their security measures? Do they have insurance? Who will be responsible for your private keys? Check out their reviews and make sure you do your homework in order to choose the right cryptocurrency wallet for keeping your digital assets safe and sound.
- Technologies used
You will find open source wallets that permit third parties to review their code, which means anything amiss will be identified and reported widely. Crypto wallets that have proprietary code and don’t allow a look under the hood are riskier. New wallets often have bugs and are not ready for widespread use. Furthermore, you also want to know how they will store your private keys, whether they hold them on the server or let you hold it. The former is riskier, so go for one that supports the latter. Also, make sure two-factor authentication is available.
- Backup features
It is essential to ensure that the potential crypto wallet you are considering has a proper backup mechanism. This is because personal computers, laptops or whatever device you are using, can die out any time and you may end up losing your cryptocurrencies if you don’t have a proper backup in place.
- Multiple cryptocurrencies
When you are hunting for a good cryptocurrency wallet, it is recommended that you look for one that offers support for multiple cryptocurrencies under one roof. There are some wallets in the market that are purpose-built i.e. just for a single cryptocurrency, but there are also those that can support multiple wallets and make it easier for people to manage their crypto holdings. For instance, Mycelium is an excellent wallet that only supports Bitcoin, while Coinomi offers you support for multiple cryptocurrencies.
- Cryptocurrency conversion
These days, you can find a variety of cryptocurrency apps that serve different purposes and this also applies to crypto conversion. However, wouldn’t it be more convenient if your wallet could have this capability? Indeed, it would make things a lot easier if you were to choose a wallet that can convert one crypto into another. For instance, Exodus is one option that has this feature integrated into it and it offers a great deal of ease and convenience.
- Platforms
Do you want a single wallet that you can use on multiple platforms? Yes, these options do exist, but it is recommended that you use different wallets on different devices because this ensures that you wouldn’t lose all your savings if one wallet is compromised.
- Customer service
One important aspect you should take into consideration is the kind of customer service you can expect from the wallet provider. Since the crypto market moves very quickly, you don’t want to be stuck waiting for a solution to a technical problem or any other query you may have. Therefore, look for a wallet that can offer robust and professional support at all times.