One item that should never be overlooked by cryptocurrency investors is the wallet they choose to hold their digital assets in. When it comes to storing cryptocurrencies, smart investors know that online crypto exchanges are not a replacement for an actual crypto wallet. Many cryptocurrency exchanges have fallen victim to hacking in the past, meaning that your holdings are not completely secure if you’re depending on a centralized third party for protection. With that in mind, let’s look at some of the best wallet choices investors have for the new year to protect their investments.
Image source: eToro
eToro, the well-known online brokerage, recently announced the release of a compatible cryptocurrency wallet provided by eToroX. This crypto wallet is available on mobile for both iOS and Android devices and works seamlessly with the eToro online exchange. In addition, the eToro wallet includes 2 factor authentication (2FA) and is very user friendly with a simple, intuitive interface. Users can move cryptocurrencies to other wallets, exchanges, and even to a hardware wallet for long term cold storage.
Supported Cryptocurrencies: BTC, BCH, ETH, & LTC — with more on the way
Image source: Coinbase Wallet
Not to be confused with online storage via the Coinbase exchange app and website, Coinbase Wallet (formerly “Toshi”) is a separate cryptocurrency wallet offered by the company. Like eToro, the wallet is available for both iOS and Android on mobile devices. Coinbase Wallet makes it to the list for its simplicity and ease of use for the Ethereum network. There’s no need for setting up an account, verifying your identity, etc. like there is with an online exchange; just pick a username, enable fingerprint or PIN access, and get started. However, at its current state, the wallet only supports Ethereum-based assets, meaning this is a great choice for those holding ERC-20 tokens and interested in decentralized applications (dApps) or collectibles like CryptoKitties.
Supported Cryptocurrencies: ETH, ETC, and ERC-20 tokens (BAT, 0x, MKR, OMG, etc.) — with more on the way
Image source: Jaxx Liberty Desktop Wallet
Next up on the list is Jaxx. Unlike Coinbase and eToro, Jaxx offers a native desktop wallet and slightly more advanced features while still maintaining a user friendly design. With the desktop wallet, users also get access to a mobile wallet for download on both iOS and Android. Using a Jaxx wallet, users who generate a private key for their cryptocurrencies will not have that key stored on an online server. While that’s good news for privacy and security, it does mean users need to take backing up their wallet seriously. In addition to simple storage, Jaxx also offers a crypto news feed and has an integrated Shapeshift feature for users to exchange cryptocurrencies hassle-free with the service.
Supported Cryptocurrencies: BTC, BCH, ETH, ETC, LTC, DASH, ZEC, DOGE, RBTC, JXX, GNT & REP
Ledger Nano S
Image source: Ledger Nano S
No crypto wallet list would be complete without the inclusion of hardware wallets. If security and long term storage are a higher priority on your list than accessibility and ease of access, then the Ledger Nano S is a top contender. With a lower price point than many other hardware wallets, the Nano S is a competitive option for storing your crypto offline securely. At this point, the Nano S is one of the standards when it comes to hardware storage and eliminates the risk of private keys being exposed to the internet and can integrate with multiple software wallets.
Supported Cryptocurrencies: BTC, XRP, ETH, XLM, BCH, EOS, USDT, LTC, TRX, XMR, BNB, MIOTA, DASH, NEO, ETC, ZEC, MKR, BTG, DOGE, VET, ONT, OMG, TUSD, WAVES, 0X, BAT, USDC, and many more — check out the full list on the Ledger website.
Which is the Best Option for You?
At the end of the day, choosing a cryptocurrency wallet is all about what your goals are. For those looking to securely store cryptocurrencies for the long term without a lot of movement or usage, a hardware wallet is the clear choice. However, hardware wallets are not cheap and sometimes users need to easily access their crypto on a daily basis. If that’s the case, then consider a mobile wallet for daily use. No matter which wallet you choose, you won’t go wrong with any of the above.