Struggling to find the best crypto wallet app? I know, it can be challenging finding the perfect crypto wallet that fits your needs.
While there are many out there, not all of them are suitable for everyone. It is therefore important to choose the right one to avoid headaches later, especially if you’re a beginner.
Don’t worry, because in this detailed guide, I’ll provide all the guidance you need to choose the right wallet for you. Without any further ado, let’s jump right into it.
Why You Need a Crypto Wallet
A wallet is an absolute necessity for anyone interested in crypto. Since crypto is digital money, the wallet does for it what a physical wallet does for physical cash.
It is therefore not a matter of if you need one, it’s a matter of which one you should use. We’ll now go into how to choose a suitable one that perfectly suits your dreams.
Choosing the Best Crypto Wallet
There is no hard-and-fast rule for choosing the right crypto wallet. Nonetheless, there are key things to look out for in any wallet you want to use, which include the following:
Security Features
Security is a critical part of any wallet, because the security of your investment depends on it. In choosing the right wallet, you need to pay attention to the following.
- Encryption: Ensure that the wallet is well encrypted. Encryption is what keeps your wallet from unauthorized access, and is a part of the wallet’s design. A wallet that doesn’t have proper encryption can be easily hacked and that puts your investment at risk.
- Multi-factor Authentication: Secondly, you need to check that the wallet has an additional layer of security apart from passwords. The most common is Two-factor authentication, but there are new wallets with Multi-factor authentication. The more the merrier, so MFA is better.
- Backup and recovery options: In crypto, anything can happen and unless you’re using a custodial wallet which is managed by a third party, you’re responsible for securing your assets. Your wallet should therefore have backup and recovery options so that you can access your wallet again should something happen to your device.
Ease of Use
The wallet you choose should be easy to use. You don’t want to get confused and end up losing your funds, so this needs attention. Some things to look out for are:
- User-friendly interface: The wallet should be easy to use. This means everything from being visually appealing to being highly responsive and fast. A wallet with a bad UI can lead to many other bad things.
- An Intuitive navigation: You want to easily navigate through the wallet, so it should be easy to navigate and find what you’re looking for with ease.
- Supported platforms: A good wallet should support several platforms such as desktop and mobile devices. The more options it offers, the better so that you can easily switch between platforms based on convenience.
Supported Cryptocurrencies
The primary aim of a crypto wallet is to “hold” cryptocurrencies. Therefore, it is important that it supports the kind of assets you’re interested in. The wallet should:
- Support popular cryptocurrencies: Popular cryptocurrencies such as Bitcoin, Ethereum with the tokens it supports, and other top assets should be available on the wallet or that could be a red flag in itself.
- Have compatibility with different blockchains: The wallet should also support different blockchains. This gives you a wide range of options to choose from when deciding on assets to invest in.
Fees and Costs
Fees are also an important consideration when it comes to choosing a crypto wallet. The following should be verified.
- Transaction fees: These are fees you pay for any transactions you initiate, including sending crypto and swapping between assets. This may not matter if you don’t do a lot of transactions but not if you use the wallet often. I won’t mention names but I know wallets that are notorious for charging high fees.
- Subscription costs: Most wallets are free, but there may be a few that charge subscription fees. Check to make sure you’re comfortable with such fees if you have to use the wallet.
- Hidden charges to watch out for: Also verify if there are any hidden charges. If the wallet doesn’t specifically state that there are no hidden charges, there may be such charges.
Customer Support
Many things can go wrong with a crypto wallet, especially with beginners. You should therefore ensure that it has a working customer support by looking at the following.
- Availability of customer service: Check to ensure the wallet has customer support with many channels such as phone, email, and live chats. The more options they have, the better.
- Responsiveness to inquiries: It is one thing to have customer support and another entirely for it to be responsive. Check that they do respond, probably by sending a random message.
- Online resources and guides: Let’s face it. Sometimes, the customer support may not be available to go round no matter how good. The wallet should therefore have guides that can provide answers to common issues that come up.
Reviews and Ratings
While usually overlooked, opinions in the form of reviews and ratings are key when it comes to choosing a crypto wallet. You should therefore look for such honest opinions and pay attention to them
- User reviews: These are reviews written by those who have actually used the wallet, and they are usually on the There is no better way to know what to expect.
- Expert evaluations: Experts may have evaluated the wallet and given their expert opinions. You should do some research and see if there are such evaluations on the wallet you’re considering.
Updates and Development
It’s important for a wallet to keep improving both in its features and security. This shows that the team behind it is serious. Check for:
- Frequency of updates: How often does the wallet update its software? This is important to stay ahead of bad actors.
- New features and improvements: Is the wallet developing and adding new features as well as improving on existing ones? This improves the user experience overall and keeps the wallet fun to use.
You may also like a comprehensive review of anonymous crypto wallets
Conclusion
Choosing the right crypto wallet can be a headache but with these points in mind, you can easily do so. It may seem like a long process but in crypto, every second you invest into research is worth it in the long run.
If you choose the right wallet, you’ll have a smooth crypto journey from your first day, and you’ll avoid the pains that many investors have had to suffer.
About Author
Hi, I’m Shedrach, a big fan of crypto and blockchain technology! I’ve been in the industry since 2018 as a writer and investor, writing for several top websites such as Zycrypto.com, Dailyhodl.com, and on Medium. I have a personal website, Shediwrites.com, where I share my experience to help newer writers succeed on their journey. You can reach me through Twitter and LinkedIn.