A cryptocurrency wallet acts as your on- and off-ramp to crypto. Whether you’re simply moving tokens between exchanges or buying and selling, making sure your wallet can do what you need it to do can save you both time and money. Knowing how to pick a suitable crypto wallet will make all of your transactions—and there are many!—much easier.
When selecting a cryptocurrency wallet, there are three things you want to keep in mind: security, interface, and fees. To help narrow down your options, here’s an overview of what each factor means for finding one that fits you best.
The first thing we want to talk about is security. Because cryptocurrencies have recently exploded in popularity, they’ve also drawn attention from hackers eager to get their hands on digital assets by any means necessary. It goes without saying (but I’ll say it anyway!) that losing access to your hard-earned funds isn’t good news for anyone who's serious about cryptocurrencies! For safekeeping purposes, look for multiple authentication options like two-factor authentication and device location history tracking tools; these two features go hand in hand when trying to protect users from brute force attacks because attackers usually have access only from a single device. You also want to be certain your private keys aren’t stored online because that just gives hackers another avenue into stealing from you.
Another aspect of a crypto wallet worth considering is its interface. Things should be easy to find and intuitive, especially if you're new to cryptocurrencies and wallets. You should feel confident looking at an app and knowing where everything is within seconds of launching it for the first time. But don't put too much stock into intuitive until you try out some apps yourself!
Finally, think about fees. Cryptocurrency transaction costs often creep up over time so make sure to select a wallet that offers competitive rates while still providing stellar customer service. Note: If you’re someone who wants full control over your blockchain asset experience then take advantage of an open source solution such as MyEtherWallet for generating contracts and interacting with different blockchains.