The Best Crypto Software Wallets to Store Your Cryptocurrency Assets
If you own any amount of cryptocurrency, you may be wondering how to store it safely and securely. Since cryptocurrency is a digital form of money, you can’t keep it in a bedside drawer or in a designated safe. Instead, it must be stored on a piece of hardware or software.
So, let’s talk about software crypto wallets that allow you to store cryptocurrencies using a laptop or similar device. So, what are the best software wallets out there, and what, if any, do they cost? Check out 6 useful strategies for staying safe when trading cryptocurrencies.
What are cryptocurrency wallets?
Software crypto wallets come in many different types, each with its own unique characteristics, as most of them are connected in some way to the Internet, and the most popular and important ones are Web Wallets that allow the investor to access these wallets over the Internet through devices connected to the Internet such as: computers Or smartphones or tablets, desktop and phone.
And desktop wallets, which are considered a safe alternative to storing encrypted digital currencies, and they are applications that you can download on your computer and you will be able to fully control the wallet, as desktop wallets act as an address for the user to send and receive encrypted digital currencies, and they also allow the user to store private keys tags and manage them, so there is less risk of being hacked.
While mobile wallets work much like their desktop counterparts but are specifically designed as smartphone apps, they are very convenient as they allow you to send and receive cryptocurrencies through the use of Quick Response (QR) codes.
As such, mobile wallets are particularly suitable for everyday transactions and payments, making them a viable option for spending bitcoin and other cryptocurrencies in the real world.
However, just like computers, smartphones are vulnerable to malware and viruses, so it is recommended that you encrypt your wallet in the phone with a password, and backup your private keys or seed phrase in case your smartphone is lost or broken.
BitPay is a well-known cryptocurrency wallet, with an average of around 60,000 payments made per month using the app. On top of allowing cryptocurrency payments, BitPay also offers a secure virtual wallet for users to store their funds.
So, what features does BitPay Wallet have? First, it supports an impressive range of different cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. It also provides a multi-signature authorization process with data encryption capabilities and allows you to back up your wallet using a seed phrase.
Moreover, BitPay is completely free to download, but it does include a 1% processing fee, as well as network and miner fees, so keep that in mind when using the app.
ZenGo Wallet supports Bitcoin, Tether, Chainlink, and a host of other cryptocurrencies. It also offers some great security features, including its own threshold signatures. These signatures are split between your device and ZenGo’s servers to provide a higher level of authorization security and greatly reduce the risk of losing your funds.
In addition, the app will scan your face upon initially registering as a user, allowing you to access your wallet via a different device when needed via facial recognition.
Downloading the ZenGo app is completely free. However, you will incur a fee when purchasing or when trading cryptocurrency on the platform.
Luno wallet allows you to store both Bitcoin and Ethereum but does not support any other cryptocurrencies. This setting may be uncomfortable for everyone who owns many cryptocurrencies. However, Luno wallet has some commendable features that make it a solid choice for Bitcoin and Ethereum holders.
First, Luno Wallet offers two-factor authentication as a security measure, as well as deep storage, where your keys are stored in multiple virtual safe lockers. You can also back up your wallet to ensure that you don’t lose your money if anything unexpected happens.
The Luno app is free to download, but you will incur standard transaction fees. However, there is no cost to store crypto or simply withdraw funds.
Gemini Wallet is built upon the original and widely used cryptocurrency exchange Gemini. It provides some powerful features for users, including insurance against any unexpected loss of funds and two-factor authentication. In fact, Gemini offers one of the only secure cryptocurrency wallets out there.
This wallet supports most major cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The app is also free to download, and you can take advantage of hot or cold wallets offered by Gemini. However, as with other apps, you will incur a fee for certain activities, such as transactions.
5. Atomic Wallet
The Atomic Wallet crypto wallet is a great choice for altcoin holders, or multiple currencies, as it supports more than 500 different cryptocurrencies. Which includes Bitcoin, Cardano, Ripple, Dash, and many more.
Moreover, Atomic Wallet comes with a user-generated access password and backup phrase for emergencies. It also allows you to store your private keys on your device. Furthermore, if you’re relatively new to crypto, Atomic Wallet’s interface is pretty simple, and the app itself is easy to navigate.
This software wallet is also free to download and does not charge for sending or receiving money as some other wallets do. However, they charge a small network fee.
The Exodus wallet offers you the minimal amount of protection if your device is stolen, with a backup option that allows you to access your wallet from another device via your email. It also provides a 12-word passphrase that you can use to access your account. However, there is no two-factor authentication or support for the multi-signature feature, although these capabilities are offered by a range of other crypto wallets.
Exodus also supports more than 100 cryptocurrencies, including Ethereum, Litecoin, Bitcoin, and Tether. Moreover, the Exodus wallet app is free to download and does not charge any transaction fees. But, like the Atomic Wallet app, it charges on the network.
Mycelium wallet is older than the majority of other crypto wallets out there, initially released in 2013 for Android, and later for iOS devices. Various accounts are offered, such as Watch Only, Bit ID, and Hierarchical Deterministic. Again, this is not something many wallets offer.
Mycelium Wallet provides an option to backup your account and private keys and allows you to use QR codes via your phone’s camera to add new recipients for transactions. You can also store your private keys offline with the Watch Only Wallet feature.
This open source wallet has a lot of cool features but it only supports Bitcoin, so keep this in mind if you need a wallet to store your cryptocurrencies. Like other apps, the Mycelium app is free to download but charges a transaction fee.
Like Mycelium, an older pick in the cryptocurrency wallet game is the Electrum wallet, which was released in 2011. This wallet supports two-factor authentication and password protection and avoids storing any of your information (such as private keys) on its server. This means that a criminal cannot access your sensitive data by hacking Electrum directly.
The open source nature of the Electrum wallet also gives transparency of the system to its users and allows them to independently review the security integrity of the software.
However, this wallet only supports Bitcoin, which is a deal breaker for anyone who wants to store altcoins. The app itself is free to download, but you will incur a transaction fee. Check out how to buy products from Amazon using Bitcoins and get up to 25% off.
Cheap software wallets, but hardware wallets are more secure
The software cryptocurrency wallets listed above are cheap and reliable options for storing your crypto funds. However, remember that if you want the best security, you should consider a hardware wallet (i.e. a physical device that you can use to store cryptocurrencies). The only downside is that hardware wallets can be quite expensive, so software wallets are still a solid option for storing cryptocurrency if you don’t want to shell out money in that regard. Check now for ways to avoid cryptocurrency scams: Beware of Bitcoin Scams.