Selecting a crypto wallet to store your crypto funds is no simple task. The choices at hand are vast. What to do? A software wallet is a great place to start. A USB stick-based wallet (hardware wallet) may be safer, but if that’s not what you’re looking for then these five top crypto wallets for beginners would be a good place to start.
1. Coinomi Wallet
Coinomi is a mobile wallet designed for storing multiple cryptocurrencies, including bitcoin and Ethereum. Robust privacy features and an intuitive user-interface make the Coinomi app a popular choice for Android users.
Coinomi provides a secure storage platform with support for a wide variety of digital assets and a built-in exchange for fast and easy trading. The
Coinomi wallet combines strong encryption technology with a user-friendly design that is easy to install and navigate.
Some of the main features of the Coinomi wallet include:
Multi-coin support. Support for hundreds of different digital currencies, including most major cryptocurrencies and many altcoins
Simple setup. Download, install and create a new wallet with just a few clicks
Easy asset trading. Trade directly through your wallet using an integrated currency exchange
Privacy first. Emphasis on individual privacy and user control
Translations available. Supports many different languages, including English, Russian and Chinese
COMPATIBLE WITH:
AndroidiOS
Fees and charges
Coinomi is completely free to use.
When you make an outgoing transaction, you may be charged a fee that goes to the miners associated with that particular currency. Coinomi, itself, does not charge transaction fees.
Burner Wallet is an open-source project aiming to help drive mass adoption of Ethereum in emerging economies. It’s blazing quick.
A burner wallet is automatically generated when you go to the site, and your private key is stored in a cookie, so it sits there waiting for you, until you “burn” it at the end of the transaction (recommended).
If you share an Uber or a pizza with a friend and want to split the cost, you take a picture of their QR code with your phone camera and it will open up a new burner wallet to exchange value with them. Users can even send currency through messaging services like WhatsApp, using a simple link.
A burner wallet is analogous to cash—you won’t want to carry too much because it can be lost.
Check out a walk through of the Burner Wallet below:
3. Torus
Based in Singapore, Torus is among the first batch of projects released by Binance Labs.Think of it as a starter wallet aimed at those who don’t want to have to deal with their own private keys, at least not at the start.
Torus is targeting mainstream users by allowing you to use social identities (e.g. your Google account) to generate private keys, making it easy for new users to access dapps. So, instead of having to download a chrome extension like Metamask, which handles key management and interaction with dapps, a digital identity account can be used to login, and immediately start using the dapp.
4. Argent
Where some wallets make you backup private keys, read cryptic addresses and pay for gas, UK-based Argent promises to simplify all that. Argent is built on smart contracts and blockchain-integrated code to allow users to manage their funds.
It relies on so-called “Argent Guardians”—essentially, these are people, devices (a hardware wallet, for instance) or third-party services you already use and trust. You give them permission to help with specific tasks (such as approving a recovery) in a predefined smart contract and they can be added or removed at any time.
How does this security play out in practice?
I’ve lost my phone!
1. As soon as you realise it’s missing, you can ask a Guardian to lock your wallet. This will stop any transactions or Guardian changes. It’s a precaution as it’s unlikely anyone can crack the phone-layer security (biometrics etc, which even law enforcement struggle with).
2. Then, if you find your phone, you can just ask a Guardian to unlock it and you’re all good.
3. If you’ve really lost it, you can recover your wallet on a new phone with the help of your Guardians.
Argent will also set daily transaction limits, protecting against fraudulent transactions.
With the Coinbase Wallet (formerly “Toshi”), there’s no need to set up an account or verify your identity: just pick a username, enable fingerprint or PIN access, and get started.
Though it’s developed by Coinbase, the code is open source. Funds stay on the user’s device, and are secured.
The Coinbase Wallet enables you to manage eth and other tokens, buy and store crypto collectibles, send payments and access leading decentralized exchanges.
It also has a built-in “reputation system,” which lets you know whom to trust.
6. MyCrypto
Originally a forked version of MyEtherWallet, MyCrypto is open-source.
MyCrypto attempts to balance security with usability, providing educational messages that prompt users to act in the correct way.
For example, you’re offered different ways to access your wallet, ranging from a hardware wallet, to a mnemonic phrase, and encouraged to choose what’s right for your needs.
MyCrypto claims to simplify the process of storing, sending and receiving digital assets, outside of an exchange, and is great for users who like to be guided through complexities.
Check out a walkthrough on how to use MyCrypto Wallet below:
And that’s our whistle-stop tour through the five top crypto wallets for beginners. Test them out find out which one’s right for you.
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