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What Wallets to Choose to Store Cryptocurrency?

06/07/2019
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  • Cryptowallets
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Ways to store cryptocurrency come in several forms. The main thing is to choose a safe and secure way. You can use the installation of special software on your computer, phone, or create an online one on the website. Any crypto exchanges will provide you with a wallet for storing after registering an account. There are hardware devices and paper wallets for generating a private key and address, these methods are referred to as “cold storage”. This article provides a list of the best local and online cryptocurrency wallets for storing coins: Bitcoin, Ethereum, ERC20, Ripple, Bitcoin Cash, Litecoin, Stellar Lumer, Dash, Iota, EOS, Cardano, Neo, Tron, Monero, Token , Tether, Qtum, OmiseGo, Binance Coin, as well as multicurrency wallets.

Which wallet to choose? It depends on many conditions. The most important thing is security, the ability to save a private key or seed phrase. If you want to store a large amount, it is better to buy a hardware wallet. If you trade on the stock exchange, then you can store the cryptocurrency on it, so as not to pay a commission for the transfer and quickly make transactions. It is more convenient to store and ERC 20 tokens on a crypto exchange, rather than downloading a separate wallet for each token.

Local wallets are suitable for day-to-day use, payment, and acceptance of transfers. Online services are suitable for those who are just starting to understand cryptocurrencies, but storing large amounts on them is not recommended. You can create and try to work with all the proposed options, combining both hot and cold methods. Do not forget, you can buy or exchange cryptocurrency on exchanges (rating of cryptocurrency exchanges) or in exchange offices.

Hardware Wallets

Hardware wallets are considered the safest for storing cryptocurrency. Private keys in them are generated locally and not transferred anywhere. To protect against hacking and viruses, specially protected chips are used, transactions are confirmed by entering a PIN code, and mnemonic phrase is generated to restore access. Well-known manufacturers of hardware wallets are Ledger, Trezor, KeepKey, Cool Wallet, Digital Box. We recommend purchasing any of them, as they provide maximum protection for cryptocurrency assets.

The most popular device is the ledger Nano S. Cost at the time of writing the review is 59 euros. Delivery is from France within 2 weeks. They accept plastic bank cards Visa / Mastercard, Qiwi, PayPal; Bitcoin and Bitcoin Cash cryptocurrency. Warranty - 2 years. The official website for ordering a wallet: www.ledger.com.

On January 7, 2019, the company introduced a new ledger Nano X hardware wallet. Its cost is slightly higher - 119 euros, pre-order is now available. Another well-known manufacturer is Trezor. It produces two types of hardware wallets - One and Model T. Delivery time from the Czech Republic is 1-2 weeks. You can buy the device using a credit card or for Bitcoin. Wallet supports cold storage of 600+ cryptocurrencies.

Local Wallets

Local wallets are one of the most reliable ways to store cryptocurrency. At the same time, you have complete control over your coins, since private keys are generated and stored locally on your device without access to this information by third parties. Download a local wallet only from the official website of the developer in order not to get on phishing or fraudulent sites. Before downloading, you will need to select a version for your operating system (Windows, OS X, Linux) or a mobile application.

There are two types of wallets for local use:

  1. Thick (heavy) - after installation and launch, the network blockchain is loaded. They take a lot of space on the computer and require a long time. They include Bitcoin Core, Ethereum Wallet, and other official cryptocurrency wallets.
  2. Thin (light) - fast online synchronization occurs with servers without loading the blockchain. These include Exodus, Electrum, Jaxx.

Exodus the Best Local Wallet

Exodus is a multicurrency local wallet for PC. You can store most of the popular coins: Bitcoin, Ethereum, Bitcoin Cash and Gold, EOS, Ethereum Classic, Litecoin, and others. ERC20 standard tokens supported: Binance, Qtum, Revain, Tron, Vechain, TenX, Storm, Kyber and many others. You can add them like this: "Setting" - "Assets" or "Wallet" - "Add more". Download wallet on the official website: exodus.io/releases. The wallet has the ability to change cryptocurrency through the section "Exchange". To do this, use the ShapeShift service.

Private keys are created, stored locally on your computer and are not transferred to third parties. To see and export the private key, open the developer panel. This can be done in two ways:

  1. Press Shift + CTRL + D at the same time;
  2. Go to the "Help" section and at the very end of the list of questions, select "How do I open the Developer menu" and click on the button;
  3. The top menu opens with all possible advanced wallet settings. To export keys, go to "Exodus" - "Developer" - "Assets";
  4. Select the desired cryptocurrency, click "Export Private Keys" and confirm the action "I'm sure". You will see the path to the CSV file format. It contains data in the following format "ADDRESS, PATH, BALANCE, PRIVKEY". After saving, delete the file;
  5. After replenishing the balance through the "Backup" there is an opportunity to set a password, email, get a seed phrase of 12 words. Make a small transfer to activate these security options;

To restore access to the wallet later, go to the developer menu, select "Exodus" - "Developer" - "Restore" and decide on the appropriate method:

  • "Restore from the 12-world phrase" - recovery by CID phrase;
  • "Restore from recovery link" - using a password, e-mail, and links in the letter.

To receive or transfer a cryptocurrency, you need to go to the "Wallet" and choose a crypto-coin. Click "Receive" and see the public address in the form of a QR code and an alphanumeric character set. "Send" - transfer of cryptocurrency to another address. The status of each cryptocurrency can be traced at the link: www.exodus.io/status.

The advantages of the wallet are:

  • Attractive design, portfolio, changing themes;
  • Full control over private keys;
  • The ability to store most of the popular cryptocurrencies and ERC20 tokens;
  • Backup and restore using seed or e-mail + password + link;
  • No commission for replenishment. For the transfer, the network commission is charged to the nearest unit. The service does not charge extra.

Disadvantages:

  • No two-factor authentication;
  • Closed source code, although some components are open;
  • There is no mobile application (planned).

Jaxx multicurrency wallet

Jaxx is a free cryptowallet, supporting a large number of virtual coins and platforms. Mobile and local for PC are available, an extension for Chrome. The private key is generated on the side of the user who controls it completely. Go to jaxx.io and download the latest version to your device.

  1. During the installation, select "Create New Wallet" - create a new wallet. If you have a recovery file, specify "Pair / Restore Wallet";
  2. Select "Express Setup" and tick the desired cryptocurrency. In the future, the list can be changed. This will open the main window of the Jaxx wallet. At the very top is the switching area between cryptocurrencies. The operation area consists of the tabs "Receive" (receipt), "Send" (transfer), "Exchange" (exchange of coins);
  3. In the upper right corner, the three horizontal bars are the settings section. To set a password, select "Menu" - "Setting" - "Setup Security Pin" and specify a four-digit number. Each time you enter a wallet, you will need to enter it;
  4. In the "Wallet" you can add or remove cryptocurrencies;
  5. To back up, go to "Tools" - "Backup Wallet", check your consent and click "Continue". In the new window, you will see a seed phrase of 12 words. Write it down and save it in a safe place;
  6. To complete the procedure, click "Continue" and repeat the seed, inscribing it in the form. The copy and paste function does not work, type all words manually;
  7. If everything is correct, a "Success" notification will appear. Click "Finish" to complete. Seed can always be viewed in the section "Menu" - "Tools" - "View backup phrase";
  8. To view private keys and export them, go to "Menu" - "Display Private Key" - "I understand" and select cryptocurrency;
  9. Each public address has its own Private key. Click "Export", "Copy all" and save the information in a safe place. You can write to a USB flash drive or print. This is the cold storage of cryptocurrency;
  10. To import private keys in Jaxx, select "Menu" - "Transfer Paper wallet", specify the cryptocurrency and enter the key.

Benefits:

  • Control of private keys, their export, and import;
  • Large amounts of cryptocurrency for storage in a wallet;
  • Supported by most known platforms;
  • Attractive interface;
  • Confidentiality of personal data, you do not need to use the wallet provide information about yourself;
  • Recovery using seed phrases;
  • Sync on all devices;
  • No commission to receive, to transfer - network commission is taken;
  • Built-in sharing through ShapeShift.

Disadvantages:

  • Closed source code;
  • The inability to set a complex password, only 4 digits are available.

Reliable Electrum Wallet

Electrum Wallet Bitcoin is one of the most popular Bitcoin wallets for cryptocurrencies. The wallet has an open source code, as a result of which there are versions for forks: Litecoin, Bitcoin Cash, Dash. It has the ability to make mass payments and use offline cold storage. Two levels of encryption are used. Electrum belongs to light wallets. Downloading the blockchain network is not required, and the installation itself will take several minutes. Private keys are created and stored locally, without access by third parties and are not transferred anywhere. To download it, go to the official website of electrum.org and download the installation file for the desired operating system. There are separate sites for forks. For example, Electrum for Litecoin is located at electrum-ltc.org.

For Windows, you can choose the Portable version - it can be copied and run from a USB flash drive or another device. Run the installation file and follow the instructions of the installation wizard. On Windows, you may receive a notification that the SmartScreen filter has blocked startup. To disable the filter, go to the Security Center, select "Application and Browser Management", turn off the scan of files and applications. After installation, this option can be turned back.

Cryptocurrency Online Wallets

Online wallets are special sites and services that allow you to store, receive and transfer cryptocurrency. This category should include cryptocurrency exchanges. Online crypto shooters are suitable for beginners and those who want to understand the topic. They do not require installation, network blockchain loading and have all the necessary functionality for receiving and transmitting cryptocurrency. When choosing, you should pay attention to reliability, reviews, ways to protect your account, hacking facts. One of the main parameters is the ability to export private keys or get a seed phrase. Not all online wallets provide such an opportunity, and this means that the service will have full access to the funds on the client’s wallet. If it disappears, the coins will disappear. Consider this moment and do not keep large sums on wallets without having control over it. Choose wallets that generate a private key on the client side and do not transfer information to others. These include GuardA, Coinfy, Lumi, MyEtherWallet, etc.

Blockchain.info Online Wallet

Blockchain.info is an online wallet for storing cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH). There is an application for both Android and iOS. ShapeShift is also integrated into the system and private keys are stored on the servers of the service. The wallet itself is open source, for security, you can enable two-factor authentication and multi-signature. Be careful not to fall on the phishing site, the official site has the address: https://blockchain.info. Addition: the wallet is available on the new domain com.

To create a wallet you will need to specify an email and a strong password. Therefore, you need to take care of the security of the e-mail address: set a complex password and enable two-factor authentication. The blockchain web wallet is simple and straightforward to use, so we recommend beginners to start with it. The main thing - do not forget about the security of an e-mail and account on the service.

Coinfy Wallet

Coinfy is an open source online wallet. You have full access to private keys that are generated by the seed on your computer. Supports Bitcoin, Ethereum and some ERC20 tokens: Tron, Eos, Qtum, BNB, and others. Provides the ability to receive, send crypto nets to another address, import private keys. The official site of the cryptographic coinfy.com. Coinfy is a fully anonymous wallet that does not require the input of personal information and email address.

Guarda Online Wallet

Guarda is an anonymous online HD multi-slot for cryptocurrencies and tokens: Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Litecoin, Bitcoin Gold, Qtum, Dogecoin, Ripple, Zcash, BitShares, Decent, Callisto, tokens ERC20. The advantage is open source and full control over the Private Key with the ability to import and export them. Processing of all data and generation of public keys occurs locally in the browser on your device and is not transmitted anywhere.

Encryption is performed using the Advanced Encryption Standard algorithm. Guarda does not collect or store any information on its servers. Therefore, you should keep files for recovery in a safe place, making sure to export the private keys. Guarda allows you to send, receive and exchange virtual coins. Mobile version and hardware cryptographic version available. To work with it, go to the official website guarda.co and select in the top menu the type of wallet: Web Wallet, Mobile wallets, Hardware wallets.

Lumi Multiwire

HD Lumi Wallet allows you to store Bitcoin, Ethereum cryptocurrency and ERC20 EOS, Tronix, Ethbits, Loopring, Populous VeChain, ICON, OmiseGO, Binance, Status, Network tokens. Available as an online cryptoscore and applications for Android and iOS. Private keys are created and stored in your browser, which is a big advantage. The code closed is a minus. Official website: lumiwallet.com. Registration is completely confidential and takes no more than a minute.

Cryptocurrency Bitcoin BTC and Ethereum ETH are initially available. To add an ERC 20 standard token, click "Pick Tokens", select the token and click "Okay, I am Done". His address will be the same as the Ethereum wallet since they function on the same blockchain.

Holy Universal Cryptocurrency

Holy Universal Cryptocurrency is an online multi-currency wallet for Pivx, Synereo, Tether, Game, Faircoin, Dogecoin, Dash, Creativecoin, 0x, Zcash, Vertcoin, BLOCKv, Syscoin, Augur, RibbitRewards, Peercoin, MaidSafeCynt, Zysh, Augur, RibbitRewards, Peercoin, MaidSafeCein, Zn, Zyoin , Ethereum, Eos, Decred, Attention token, BlockCoin, Bitcoin.

Of the minuses should be noted:

  • closed source code;
  • unavailability of private keys;
  • low level of anonymity, as during registration additional information is requested.

To get a wallet, go to holytransaction.com and fill in the registration form. To complete the procedure, you need to confirm the e-mail by clicking on the link in the received letter.

MyEtherWallet Online Wallet

Myetherwallet is a popular Ethereum cryptocurrency wallet, ERC20 open source tokens with full access to private keys. The official website of the cryptographic wallet: www.myetherwallet.com. Be careful not to go to a phishing site, which may have a similar name, but differ in one or more characters. Very often phishing sites are located in a block of advertising in Google and Yandex search engines.

Rahakott Web Wallet

Rahakott is a multi-currency wallet for Bitcoin (BTC), Dash, Litecoin (LTC), Zec, Bitcoin Cash (BCH). The service is completely confidential, registration does not require entering personal information, including e-mail. Available operations: receiving and transmitting cryptocurrency. Official website: rahakott.io.

When opening a wallet, a mnemonic phrase is generated, which is indicated at the entrance. Record and store it in a safe place, if necessary, print it out. Without a phrase, you will lose all the coins in your account, as private keys are created and stored on the side of the Rahakott service. To protect your account, you can use a password or enable two-factor authentication. The wallet is very easy to use. We Recommend before starting work, read the section "FAQ", which shows the minimum amount for transfer, commission, the number of confirmations in the network for enrollment of cryptocurrency.

Bitgo Wallet

BBitgo wallet supports HD (BIP32) and multi-sig (P2SH) standards. Available as a web wallet. You can store cryptocurrencies: Bitcoin, Litecoin, Bitcoin Cash, Bitcoin Gold. To protect your account, two-factor authentication is available Google Authenticator, the inclusion of which is a prerequisite of work. Official site - bitgo.com. To register, click Sign In, select the Individual account and enter the email box, password, first name, last name. Then connect 2FA, download and save BitGo Keycard.

Best Bitcoin Wallets (BTC)

The largest number of wallets created for Bitcoin cryptocurrency. This is not surprising since it is the first and most popular virtual coin.

Wallets for storing Bitcoin are different:

  • Local for installation on PC, on phone, tablet;
  • Online services;
  • Cryptocurrency exchanges;
  • Hardware;
  • Paper.

All of them have different degrees of protection, purpose, and functionality:

  • Wallets installed on a computer are divided into "heavy" or "thick", for their work requires the download of the entire blockchain chain. This is the safest way to save cryptocurrency. For the Bitcoin network, the blockchain size is 150 GB. The "heavy" wallets include the official Bitcoin Core purse for the cryptocurrency. “Light” (“thin”) do not require the blockchain to work, and synchronization occurs with the servers online. Local wallets have the ability to import, export private keys and restore access using seed-phrases.
  • To create online or web-wallets do not need to install software and download the blockchain. All you need to do is to register on the site, record passwords, set up the necessary account security settings. It is not recommended to store large amounts for a long time. In some wallets, it is possible to extract the private key.
  • A wallet on the cryptocurrency exchange is one of the simplest options. You can buy, sell cryptocurrency and store it on the exchange site. Access to private keys is not available.
  • A hardware wallet is considered the most reliable way to store cryptocurrency. It is designed as a flash drive and allows you to store not only Bitcoins, but also other coins. The most popular companies are manufacturers: Ledger and Trezor. Such devices are paid, for example, Ledger NanoS can be purchased for $ 79.
  • Paper wallets are cold storage. They generate a public Bitcoin address, a private key in the form of a QR code and a set of numbers, letters. A private key (Secret) is created on your device, third parties do not have the opportunity to recognize it. You can create such a wallet at bitaddress.org.

Any wallet stores a private key and public address. For long-term storage, it is safest to use "cold storage", in which the private key is stored without access to the Internet. To do this, you can write a private key on a piece of paper or a flash drive and put it in a safe and secure place. To carry out operations with a cryptocurrency private key, you just need to import into a wallet that supports this function (Electrum, Bitcoin Core and others). For example, you have installed an Electrum wallet, transferred bitcoins to it. You have plans to keep them for several years and then sell them. In the functions, you export a private key for the address where the cryptocurrency is located and save it.

Conclusion - which cryptocurrency wallet is right for you?

The simplicity and convenience offered by the additional functions of different online wallets, of course, are serious arguments, but in any case, when choosing a service for transactions with your investments on the Internet in the form of cryptocurrency, you should adhere to the principle of "trust but verify".

First of all, it is recommended to pay attention to the place of storage of private keys to the “wallet” and the possibility of saving coins in case of a sudden closure of the service or any claims from the operator. The best choice would be a service that does not store user keys on its server and uses a combination of several modern technologies to ensure the security of the wallet: 2FA, HD wallet, multi-signature, backup keys. When using such a service, as in the case of local wallets, the responsibility for the security of their cryptocurrency is more on the shoulders of the user.

The second parameter when choosing an online wallet should be its reliability - the duration of full functioning, financial performance, reputation, availability of other services and products. But there are some nuances here too since large operators often differ in conservatism and are in no hurry to introduce new technologies. In our opinion, the most secure at the moment is hardware wallets, their cost usually ranges from $ 60 to $ 100, which is a very small fee for security. If you keep the money for a long time, then physical hardware wallets are the best choice. If you use cryptocurrency for fast and small transfers, for example, to an exchanger, then you can do with regular online wallets. In the case of choosing a “traditional” online wallet, with operator control over private keys, it is very important to have the ability to export a backup copy of a file with keys.

Of the “wallets” discussed above, BitGo provides the safest and most flexible operation. But on the other hand, Blockchain is the “whales” of the cryptocurrency business, and its reputation is beyond doubt. However, the latter is somewhat outdated technology. For example, negative responses often originated on the last one, the origin of which is often based on full-service control over users' private keys.

It is also necessary to take into account the fact that the work of large companies is governed by the laws of the country where they are registered, as a result of which they have to comply with numerous requirements, including AML policy. Therefore, using the services of such companies, it is worth remembering that you may be required to undergo identification at any time and even provide a justification for the origin of the cryptocurrency on the wallet account - all by analogy with ordinary banks.

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