7 BEST CRYPTO WALLETS TO TRADE IN 2019 ONWARDS

7 BEST CRYPTO WALLETS TO TRADE IN 2019 ONWARDS

Owning a digital wallet is one of main element must have if you desire to trade online using the digital currency.Online shopping and online investment are in trend since so long. People around the globe are quite fascinated towards digital investments. So if you have finally made your mind for jumping in online investments then crypto wallet is definitely one of the primary elements that need to have in order to use the crypto currencies.

Crypto Currency Wallet

A crypto currency wallet is more or less similar to a bank accountthat youcan use for blocking transactions and shopping online. You can store, receive as well as send your digital currency to another wallet account. It is used to store, receive and send the digital currencies like the Bitcoin, Ethereum and other crypto currencies.

The crypto currency wallet is a software program that stores both your private as well as public keys. There are various blockchains involved aiding the users to keep a track on their total balance, send and receive funds and carry out other functions.

How do the crypto currencies work?

The crypto wallets are not like the conventional wallets that store the digital currency in the physical form in any one location.The existence of the wallets is basically in the form of the transaction records that take place around the world. All such transactions get stored in the blockchain.

There are perhaps millions of people across the globe who use the crypto currency wallets. Unfortunately, there is a misunderstanding regarding the way they work and operate.

When someone sends you Bitcoins or any other types of crypto currencies, the person is giving up his/her ownership of the digital currency coins and transmitting them to your wallet’s address. In order to send the coins and unlock the fund transferred, you will not find any real exchange of the physical coin as it takes place in the virtual world. In such a transaction, it is important that both the private key and the public address mentioned in the wallet are the perfect match because the whole transaction record takes place on the blockchain.

Once the public and the private keys match with each other, there will be an increase in the balance of your wallet, and the balance in the sender’s wallet will automatically decrease.

7 BEST CRYPTO WALLETS TO TRADE IN 2020

There is a wide array of crypto currency wallet list. Before you pick any one from some of the popular and well-known crypto currency wallets, let us get to know about them briefly. Here is a list of 7 best crypto wallets to trade in 2018.

Exodus

It is probably one of the unknown digital wallets that can be accessed only on the desktop. The interface of this wallet is interactive and easy, and therefore the digital currency trade is hassle-free. The in-built Shapeshift exchange allows you to trade Bitcoins for Altcoins and vice versa without the need to leave the wallet.The Exodus walletsupkeep the storing, receiving and trading of the Bitcoins, Litecoins, Dogecoins, Ether and Dash.

Pros:

· Open source software

· Inter wallet trading option

· Interactive and user friendly interface

· no cost for downloading

· User friendly for beginners

· Multiple currencies can be traded

· Good security and privacy

Cons:

· No mobile app

· Lacks the web interface

Mycelium

Mycelium seems to be a very good optionfor experienced or an advanced user to have a complete authority over the currency. There is no interference from any third partyThe mobile wallet allows both the Android and the iPhone users to trade the Bitcoins.Some of the featuresthat makes the crypto wallet as one of the best digital wallets are:

· An integrated QR code scanner

· An encrypted PDF backup

· Secure and private chat

· A local trading market

· Cold storage

Pros:

· Open source software

· Good security and privacy

· Advanced security features

· Free download

Cons

· Not for the beginners

· No web interface

Copay

Copay is considered as one of the best digital wallets available on the market today. It is good enough for a novice user. The interface is very friendly and can be accessed on desktop, mobile and the web.Convenience is the term used while using the Copay wallet. It is multi-signature digital wallet, funds can be shared between friends and business partners. Moreover, there are so many advanced features that the wallet will appeal to an experienced user as well.

Pros:

· Open source software

· Supports multiple platforms

· Easy for a beginner to use

· No fees for downloading

· Multi-signature transactions

· Good level of privacy and security

Cons:

· Restricted level of user support

· Can be slow sometimes

· Doesn’t respond

Bread wallet

While using the Bread wallet, you will find that there is no server to send and receive the Bitcoins. This means it is a simple and hassle free mobile based Bitcoin digital wallet, where sending the Bitcoins is as easy and simple as an email sending. You can download the wallet from the Google Play Store or iOS app store. This wallet gives you the absolute authority of the fund access all the time.

Pros:

· Open source software

· Excellent for beginners as well as experienced users

· Simple and clean interface

· Fast application

· Lightweight design

· Good security and privacy

· Free wallet

Cons:

· A hot wallet

· Lacks the desktop interface

Jaxx

The Jaxx wallet is the uppermost choice of Bitcoin users as it one of is a cryptocurrency wallet available for download on 8 different platforms. Jaxx is a simple tool for cryptocurrency traders worldwide for security and privacy. It has simple yet powerful set of features which makes it easy for you to use to trade hold, control, your Bitcoin, Litecoin, Ethereum, Bancor, Blockchain Capital, and lots of other blockchain-based assets.

Features

· Works for all operating systems

· Based on Nada privacy model

· Completely safe and secured

· Exclusive in Design

· Easy to use

Pros:

· Universal wallet with multiple currencies.

· Good for intermediate usersandbeginners.

· Inbuilt exchange

· High accessibility

· Supported by many platforms and devices.

Cons :

· Extraction vulnerability

· Unknown yet whether the vulnerability is fixed or not

· Way of responding

Armory

It is a Bitcoin based desktop wallet that is apt for the advanced level users. It is an excellent option for the tech-savvy and experienced Bitcoin users keeping their funds secured.The highlighting features of Armory wallet include:

· Multi-wallet interface

· Multi-signature transaction

· Key sweeping

· Key importing

· GPU guarded wallet encryption

· Cold storage

· Single time printed backups

However, the beginners might take quite some time to understand and use to the full potential.

Pros:

· The download is free

· Good security and privacy

· Multiple signature transaction

· Cold storage

· Excellent security feature

Cons:

· Can be accessed via the desktop only

· Not meant for the beginners

Green Address

The wallet can be accessed through the mobile, online and desktop apps available for Android, iOS and Chrome.It is a user friendly Bitcoin digital wallet. In case, you are beginner in the field, the Green Address is an excellent option to consider.

Some of the highlighting features include:

· A backup with the paper wallet

· Immediate confirmation on the transaction

· Multi-signature addresses

· Dual factor authentication

Pros:

· Open source software

· Multiple platform support

· Free to download

· A good level of security

· friendly for beginners

Cons:

· Need Payment approval from the third party

· The privacy is not up to the mark

Types Of Crypto Currency Wallets

You may find various ways to store and access the digital currency with a wide array of crypto currency wallets. As we already explore some of the best crypto currency wallets but do you know all of them fall under five main categories. Let us discuss the main catergories of the crypto wallets.

Software Wallet

A software wallet is a Bitcoin application that places itself on the hard disk of a computer. Each and every Bitcoin that you hold can be retrieved through your computer device that offers securityan andabsolute control on frauds.

Desktop Wallets

Desktop wallets are known to offer the highest security level. The wallets can be accessed only from the computer in which they have been downloaded and installed. The desktop wallets are basically downloaded and then installed on your computer device like a laptop or PC. But, in case, your computer system gets hacked, or there is a crash, you end up losing all your funds.

Mobile Wallets

In order to use the mobile wallets, it is essential to have a smart phone and run the app. It is way simpler than the desktop wallet . You can use itthrough mobile app even when you are on the go. It is particularly helpful as only limited space is used for the downloading and installing the app.

Online Wallets

The online wallets can be accessed from any computing device from around the world. No doubt that the online wallet is very convenient to use as these wallets function on the cloud. Such wallets store private keys online and a third party has the authority over it. This makes it more vulnerable and prone to hacking and online thefts.

Hardware Wallets

The hardware wallets are known to support varying digital currencies along with different web interfaces. In the hardware wallet, your private key gets stored in a hardware device like a USB.If you compare the hardware wallets with the software wallet, they are different, especially in terms of storing the private keys.You simply need to plug in the device to any web enabled computer or any device, enter the pin, send an amount and then finally confirm.

The transactions that take place using the hardware wallets are not doubt online, but they are stored offline. The compatibility depends on which currency you are using.

Moreover, the entire transaction process is so easy and hassle free. The hardware wallets are considered to be more secure and safe.Thanks to the hardware wallets that enables you to transact money while keeping it offline and guard against the online thefts.

Paper Wallets

Whenever you want to make transaction of any digital currency to your paper wallet, it is catered by the moving of the funds from your software wallet to the public address. The paper wallet can refer to a physical printout or copy of your public key and a private key.

Paper wallet also symbolize to the software that is used for generating a pair of printed keys in a secured manner. There is no doubt in this fact that the paper wallets are very easy to use and also render a very high security level.When you are using the paper wallet, everything seems quite straightforward.

Moreover, if you want to withdraw the currency or spend on something, its very easy to transfer from your paper wallet to your software wallet through“sweeping”. Sweeping is the simple process of transferring fund that can be done in three different ways:

· Manually

· Scanning the QR code

· Entering the private keys

At last, the last question that come in to is about security and safety of crytpo wallet. All the users whether they are new or the expercienced tech savy , usually concerned about safety of their investments. Before choosing any of the crypto currency wallets, they try to check the how much safe these crypto wallets are?

Security Rates Of Crypto Currency Wallets

There is no doubt that the online crypto wallets are more prone to the hacking attacks but it depends on the crypto currency wallets on the grounds of the type of wallets you are using. The security level of the wallet also hinge on the service provider.

As it is above mentioned that there are different types, including the desktop, mobile, online and hardware wallets. So, when a web based wallet is used to store, receive or send the currency, it is way riskier than the offline wallets. The online wallets are more vulnerable to hacker and thefts because of the use of the third party.

If you compare online wallet with other crypto wallets you will find that offline wallets are not easy or next to impossible to hack because they are not connected to any web network. Moreover, the offline wallets don’t depend on any third party for the purpose of the security.

The level of security will be quite a different one once smart safety measures are implemented and monitored as well. You have to make sure that you don’t lose your private keys, because despite the type of wallet you use, you will basically end up losing all your money. Additionally , you need to be careful while blocking a transaction because if your wallet gets hacked and you without any knowledge send money to a fraud or a scammer, then there is practically no way you can retrieve the lost funds.