As a crypto investor, the last thing you want to do is to lose your hard-earned token. The tale of Stefan Thomas is well known in the crypto industry- the developer who forgot the wallet password to over $200 million worth of Bitcoin. A truly sad tale, he has since accepted his fate.
To avoid stories like this, you have to take extra steps to secure your crypto tokens. For this, you need the very best crypto wallet.
A crypto wallet is needed to carry out crypto transactions, and knowing which one to use can be confusing for a beginner. Here are some of the best crypto wallets for beginners in 2022.
Coinbase
Coinbase wallet is a wallet where users can store their digital assets and currencies like cryptocurrencies. In other words, it is a self-custody wallet that gives the user full control of their assets, data, and keys.
Features of Coinbase
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Full control
Coinbase is a self-custody wallet which means it gives the users total control of their assets, data, and transactions on the platform.
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Top-notch security
One plus for users of the Coinbase wallet is the additional security options provided to ensure users’ data are properly secured.
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Stores NFTs
Users can use the coin base wallet to store and view their NFT collections.
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Supports DeFi
Coin base wallet supports using a decentralized web to borrow or supply cryptocurrencies, negotiate assets on decentralized exchanges, and aid in shaping major web three projects.
CoinStats Wallet
CoinStats is an excellent platform for monitoring all your crypto wallets. One dashboard supports over 400 crypto wallets so that users can monitor all their wallets from a single dashboard, making it easy and effective for beginners.
With its intuitive interface and overall ease of use, it’s one of the best wallet choices you can make. It’s available for mobile download on the Google Play Store and the App Store.
Features of CoinStats Wallet
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DeFi support
As a next-gen wallet, the CoinStats wallet is specially designed to support DeFi. In fact, its headlining legend is the catchphrase Your Door to DeFi, further highlighting its efficiency in this sphere.
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Bank Card Support
Not many wallets support synchronization with your bank card. With CoinStats, it’s easy to buy crypto with fiat. All it takes is a few short steps, and you can start transacting.
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Multi-platform swapping
On CoinStats, there’s no need to go to a separate exchange platform to swap and trade tokens. There’s integration with the Binance Smart Chain, Ethereum and Polygon which make the process seamless.
Trezor wallet
Trezor wallet is a hardware wallet; a small hardware plug-in device used to access one’s digital assets from any place or device.
Features of Trezor Wallet
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Supports different currencies
Trezor wallet supports the storage and exchange of several digital currencies such as Litecoin, Zcash, Dash, and more in a single wallet account.
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Password Manager
Trezor wallet features a password manager that encrypts users’ passwords and syncs them privately to users’ clouds. This feature makes the wallet safe for use.
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Integrates Ethereum
The Trezor wallet partners with MyEtherWallet to support Ethereum transactions with the same blockchain technology.
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Secure Admin SSH Access
Trezor wallet is built with secure admin SSH access to protect access to users’ data, website administration, and servers. The Trezor wallet also allows single or multiple SSH logins.
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GPG encryption
Trezor wallet uses the GNU Privacy Guard to encrypt every file or email generated by users.
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Two-factor authentication
Trezor wallet also uses a two-factor authentication system to ensure the safety and protection of users’ identities, data, and accounts.
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Compatibility with other services
Trezor wallet can easily be integrated with other third-party services and wallets. This means users can link their Trezor wallets to other wallets.
Ledger Nano X
The ledger nano X wallet is a crypto wallet used to store cryptocurrencies and NFTs offline. The ledger nano X wallet device is Bluetooth enabled and is easy for beginners to use.
Features of Ledger Nano X
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Offline protection
The Ledger Nano X wallet provides offline protection for users’ cryptocurrencies and NFTs.
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Mobile friendly
The Ledger Nano X wallet is compatible with mobile devices. This feature would be appealing to newcomers in the crypto world. Users can access their wallets and all their features while on the go.
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Easy crypto transactions
The Ledger Nano X wallet supports easy crypto transactions, including trading and exchanging digital assets with other users or partner platforms.
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Supports several digital currencies
One major benefit of the Ledger Nano X wallet is that it allows users to store numerous digital assets and tokens, including Ethereum, Bitcoin, XRP, etc. The Ledger Nano X supports over 5,000 tokens.
Exodus wallet
Exodus wallet is software built with the decentralized exchange of cryptocurrency. The platform is easy to use and also an excellent choice for beginners. The Exodus wallet is a non-custodial wallet that gives users complete control of their assets.
Features of the Exodus Wallet
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Easy to download and set up
The Exodus wallet app can be downloaded on mobile or desktop devices. Sign-up is straightforward. Crypto exchanges are as simple as a click of a button, making the exodus wallet ideal for beginners.
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Layout
The exodus wallet has a visually pleasing layout design. Not to mention, all private keys and transaction details are stored on the device for added safety.
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Compatibility
Exodus wallet is compatible with other hardware wallet platforms like Trezor one and trezor model T.
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Security
The exodus wallet is secure and offers two different ways of restoring it and retrieving a lost exodus wallet account. One method is via the 12-word keyphrase, and the other is via email restoration.
Mycelium wallet
Mycelium is a Bitcoin wallet app suitable for both android and iOS devices. Mycelium wallet adopts simplified payment verification to enable users to download complete blockchains.
Features of mycelium wallet
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Supported tokens
Mycelium is mainly centered on Bitcoin. However, its capabilities extend to other tokens like Ethereum and many other ERC-20 standard tokens.
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Security and privacy
Mycelium provides layers of protection before users’ accounts are accessible. Also, the app does not store user information, so there’s no risk of privacy or data leak. Another plus is that mycelium uses the TOR network to mask users’ IP addresses during transactions to prevent accounts from being linked to IP addresses.
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Different transaction methods
Mycelium wallet offers different methods of transacting Bitcoin by entering a wallet address, copying and pasting a wallet address, or a QR code scan.
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integration with other wallets
The mycelium wallet employs the FIO network, connecting with other digital wallets and easily carrying out digital transactions across different wallets.
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Backup and restoration
The mycelium wallet is reproducible; hence it allows users to back up their data and transaction history, making it easier to retrieve a wallet account if they lose their mobile device.
Etoro Wallet
The Etoro wallet is a regulated, mobile crypto wallet available in over 100 countries and allows for the trade of several cryptocurrencies.
Features of Etoro wallet
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Security
The Etoro wallet is designed with analytic behavior, machine learning, and multi-signature systems to ensure security. The wallet also features a two-factor authentication system and different degrees of encryption for different activities on the wallet.
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Account recovery
Etoro wallet offers convenient account recovery options that do not involve giving users their key. This is to prevent the keys from being stolen. Users can easily recover their accounts if they lose their device or forget their password without having to expose their keys.
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Compatible with other crypto wallets
Etoro wallet is compatible with other crypto wallets and allows users to carry out crypto transactions with other crypto wallets.
Conclusion
The list of crypto wallets for beginners is endless, as several platforms offer unique features for buying, selling, and exchanging cryptocurrency.
Choosing one of the several crypto wallets can be very tricky because of the unique advantages and functions of each. However, users can always adopt more than one crypto wallet to maximize the benefits of different platforms.