Cryptocurrencies became popular recently, with tokens like Bitcoin, Ethereum, Litecoin, and much of others taking center stage.
This, plus the popularity of varied altcoins, has also driven up demand for crypto wallets that do not seem to be only secure but also compatible with different cryptocurrencies. These are what are remarked as multi-currency crypto wallets.
What Are Multi-Currency Crypto Wallets?
According to Tezro, a multi-currency crypto wallet may well be a hot or cold wallet which will store multiple sorts of tokens. Some crypto enthusiasts prefer wallets that are only for specific tokens. While more diversified investors value more highly to spread out their assets over a spread of assorted cryptocurrencies.
Now that you simply just have an understanding of multi-currency crypto wallets let’s have a glance at what the characteristics of an honest wallet are.
What to Look for in a Multi-Currency Crypto Wallet
The number of different tokens that can be used. Consider what tokens are compatible with a multi-currency wallet when shopping around. Most cryptocurrency wallets nowadays support a variety of popular coins.
But if you’re looking to take a position in additional niche coins, confirm that your wallet of choice can accept said tokens.
Safety and Security. Ascertain that your cryptocurrency wallet can securely store your assets.So when choosing a wallet, air the lookout for features like multi-factor authentication, secure data, encryption, and cold wallet compatibility.
The final feature is critical because cold wallets allow you to store your assets offline, making them inaccessible to hackers. Besides that, cold wallets is physically secured, providing a brand new protection element.
Best Multi-Currency Crypto Wallets
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Trust Wallet — Excellent For Mobile Users
- Supports over 1 million coins
- Can stake selected cryptocurrencies
- Non-custodial crypto wallet
- Can buy & sell NFTs
- Optimized for mobile users
Trust Wallet is compatible with over one million altcoins on the market today, making it the most versatile crypto wallet by far. So if you’re a significant investor of niche cryptocurrencies, then Trust Wallet is probably a good match for you.
Your private keys and personal data are stored locally on your device because it is a non-custodial wallet.Thus whether or not the wallet gets hacked, hackers wouldn’t have access to your private keys.
Trust Wallet, on the other hand, does not provide much in the way of customer service. because of this, you will likely should rely on yourself and also the community if you run into any tech issues. But the wallet compensates for this with its proven diary of stability and security.
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Exodus — Integrated Support For Cold Wallets
- Useable with 150+ different cryptocurrencies
- Earn rewards by staking cryptocurrencies
- Compatible with Trezor cold wallets
- Strong safety features
- Easy-to-use design
- Exodus is also a flexible crypto wallet that mixes solid support for multiple cryptocurrencies with the ability to interface with hardware wallets.This allows you to send and receive crypto tokens within the app while keeping the majority of your savings safe on a hardware wallet.
It also features robust safety features sort of a recovery phrase and its non-custodial framework. Hence, whether or not you lose access to your wallet, you will be able to regenerate it at a later time on another platform.
One minor issue that I do have with Exodus is that it doesn’t allow you to line custom features for several tokens. But this is often not much of a problem for Bitcoin and Ethereum users.
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Coinbase Wallet — Secure Multi-Currency Wallet
- Backed by a reputable exchange; Coinbase
- Supports over 44,000+ cryptocurrencies
- Customizable transaction fees
- Can buy, swap, and stake tokens
- Non-custodial wallet
With Coinbase Wallet, you get access to quite 44,000 different cryptocurrencies, which is over enough for several users. As a further plus, it’s backed by one in every of the world’s most reputable exchanges: Coinbase.
Furthermore, you furthermore might get customizable transaction fees after you are looking to send tokens to other users. and since it is a non-custodial wallet, your private keys and data are all stored locally for added security.
Unfortunately, Coinbase has had issues within the past with poor customer service. But this was over a year ago, and also the team at Coinbase has pledged to spice up upon this.
Closing Thoughts
Storing cryptocurrencies safely might be a significant business. And this may be why you must ensure when choosing the right wallet.
Always do your own research and punctiliously study the merits of each wallet before making a call.
