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What Is A Multi-Currency Crypto Wallet?

Cryptocurrencies have become popular recently, with tokens like Bitcoin, Ethereum, Litecoin, and many others taking center stage.

This, coupled with the popularity of various altcoins, has also driven up demand for crypto wallets that are not only secure but also compatible with different cryptocurrencies. These are what are known as multi-currency crypto wallets.

What Are Multi-Currency Crypto Wallets?

According to Tezro, a multi-currency crypto wallet is a hot or cold wallet that can store multiple types of tokens. Some hardcore crypto enthusiasts prefer wallets that are exclusive to specific tokens. While more diversified investors opt to spread out their assets over a selection of different cryptocurrencies.

Now that you have an understanding of multi-currency crypto wallets let’s see what the characteristics of a good wallet are.

Features To Look Out For In A Multi-Currency Crypto Wallet

The number of different tokens supported. When shopping around for a multi-currency wallet, consider what tokens it’s compatible with. Most crypto wallets nowadays provide support for several different mainstream coins.

But if you’re looking to invest in more niche coins, make sure that your wallet of choice can accept said tokens.

Safety and Security. Make sure your crypto wallet can safely hold your assets. So when choosing a wallet, be on the lookout for features like multi-factor authentication, secure data, encryption, and cold wallet compatibility.

The last feature is critical as cold wallets allow you to store your assets offline, thus making them impossible for hackers to access. Besides that, cold wallets can be physically secured, providing an added protection element.

Best Multi-Currency Crypto Wallets

  1. Trust Wallet — Excellent For Mobile Users
  • Supports more than 1 million coins
  • Can stake selected cryptocurrencies
  • Non-custodial crypto wallet
  • Can buy & sell NFTs
  • Optimized for mobile users

Trust Wallet is compatible with more than 1 million altcoins available in the market today, making it the most versatile crypto wallet by far. So if you’re a major investor of niche cryptocurrencies, then Trust Wallet is probably a good match for you.

Because it is a non-custodial wallet, your private keys and personal data are stored locally on your device. Thus even if the wallet gets hacked, hackers would not have access to your private keys.

On the downside, Trust Wallet does not offer much in terms of customer service. Because of this, you’ll probably have to rely on yourself and the community if you run into any tech issues. But the wallet compensates for this with its proven track record of stability and security.

  1. Exodus — Integrated Support For Cold Wallets
  • Useable with 150+ different cryptocurrencies
  • Earn rewards by staking cryptocurrencies
  • Compatible with Trezor cold wallets
  • Strong security features
  • Easy-to-use design

Exodus is a versatile crypto wallet that combines solid support for multiple cryptocurrencies with the ability to interface with hardware wallets. This allows you to send/receive crypto tokens in-app while still keeping the bulk of your savings safe on a hardware wallet.

It also features robust security features such as a recovery phrase and its non-custodial framework. Hence, even if you lose access to your wallet, you can regenerate it at a later time on another platform.

One minor issue that I do have with Exodus is that it does not allow you to set custom features for most tokens. But this isn’t much of an issue for Bitcoin and Ethereum users.

  1. Coinbase Wallet — Secure Multi-Currency Wallet
  • Backed by a reputable exchange; Coinbase
  • Supports more than 44,000+ cryptocurrencies
  • Customizable transaction fees
  • Can buy, swap, and stake tokens
  • Non-custodial wallet

With Coinbase Wallet, you get access to more than 44,000 different cryptocurrencies, which is more than enough for most users. As an added plus, it’s backed by one of the world’s most reputable exchanges: Coinbase.

Furthermore, you also get customizable transaction fees when you’re looking to send tokens to other users. And because it is a non-custodial wallet, your private keys and data are all stored locally for added security.

Unfortunately, Coinbase has had issues in the past with poor customer service. But this was more than a year ago, and the team at Coinbase has pledged to improve upon this.

Closing Thoughts

Storing cryptocurrencies safely is a serious business. And this is why you should take care when choosing the right wallet.

Always do your own research and carefully study the merits of each wallet before making a decision.

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