Things To Consider Before Getting Your First Crypto Wallet

Despite their high volatility and overall uncertainty surrounding the crypto industry, cryptocurrencies remain lucrative investments for both professional traders and enthusiasts. And today, more people start looking at crypto wallets as safe and reliable storage for their digital assets.

What’s In The Wallet?

With more than 150 types of crypto wallets available on the market, it’s easy to be spoilt for choice. Some wallets offer you a lot of flexibility and the ability to trade assets on the go, while others afford superior protection and security. There are also versatile blockchain wallets, which have been around since the dawn of Bitcoin and Ethereum. They are particularly attractive to those who prefer tried-and-true solutions. As for newer crypto wallets, they can not only harbor your crypto but also stash valuable NFTs and other digital collectibles without charging any fee.

Crypto wallets also provide you with all the necessary tools you might need to safely transfer money between your accounts and send it to third-party wallets. You can purchase items at physical and online stores, receive payments in whatever cryptocurrency you prefer, trade your crypto on different exchanges, and much more.

All in all, crypto wallets can bring more convenience into your trading routine and offer safe storage for your hard-earned digital money. That said, if you opt for the wrong type of crypto wallet or fail to take essential safety measures, your digital wallets might do you more harm than good. So, prior to choosing your crypto storage solution, ask yourself some important questions and then make a correct decision.

What Do You Know About Crypto Wallets?

Lots of people dive headfirst into the fascinating realm of blockchain and cryptocurrencies without actually researching this area. And while you don’t need to be an expert to start buying, selling, and storing cryptocurrencies, you still want to equip yourself with some basic knowledge to avoid any unnecessary risks.

If you’re on the lookout for a reliable, user-friendly, and cost-effective crypto wallet, start by researching the available options. Familiarize yourself with the popular types of digital wallets, learn more about their strengths and weaknesses, read real users’ reviews and expert opinions. Note that only with the official crypto wallet app, you can rest assured all your tokens are secure and out of the reach of online fraudsters. Invest only in trustworthy and time-tested crypto wallets whose credibility and reputation you can verify.

What Cryptocurrencies Are You Interested In?

No matter if you’re a seasoned trader or just starting off in the crypto world, you need to decide on the coins you want to trade and/or store in your wallet.

If you intend to store Bitcoin, Ethereum, Monero, Dogecoin, Ethereum Classic, and other popular cryptos, you can go with MetaMask, CoinBase Wallet, Trust Wallet, or any other reputable blockchain wallet. Not only can these wallets act as a secure vault for your crypto wealth but also give you more control over your assets. You can easily deposit money, send tokens to other users, get funds into your wallet, and more in several clicks.

While regular blockchain wallets can satisfy your NFT trading needs, you might need to go the extra mile to find a trusted wallet that can connect to the marketplaces operating on the non-Ethereum blockchain. So, if you need reliable storage for your crypto collectibles and non-fungible tokens, look at the tools that can easily connect to Solanart, OpenSea, and other NFT platforms. Among the most popular NFT wallets are Phantom, Sollet, and Solflare.

Are You Planning To Trade Your Crypto On The Go?

If your answer is ‘Yes,’ you’ll be better off using the crypto wallet that features a mobile app version.

As you may know, some wallets are designed specifically to run on desktop computers, while others come in the form of applications compatible with mobile operating systems. With the latter option, you can pay and get paid with your chosen crypto, do currency conversions, transfer assets between your wallets, and trade your crypto on the go. So, if flexibility and quick access to your digital money is a priority, you can’t go wrong with a mobile crypto app.

How Concerned Are You About Security?

If you want to add an extra layer of security against hacker attacks, viruses, and phishing attacks, go for the crypto wallets that don’t rely on third-party servers to store your private keys. The safest options would be non-custodial wallets and hardware wallets. The former won’t require any hefty investments from you. All you need to do is download a dedicated app, set up an account, and write down (or memorize) your unique private key.

As for hardware, or cold storage, wallets, can set you back around $150 and might be quite tricky to use and set up. That said, hardware storage devices are an absolute must if you want to invest in crypto in the long haul or decide to hold large amounts in your account.

Once you’ve answered all the questions, you can shop around for the crypto wallet that can suit your individual needs.