If you want quick access to your crypto but demand top-notch security, these are the crypto wallet apps for you.
If you own a quantity of cryptocurrency, you might be wondering how to store it in the safest and most secure way. Since cryptocurrency is a form of digital money, you can’t just put it in your bedside drawer or in a safe. Instead, it should be stored on a piece of hardware or software.
So let’s talk about crypto software wallets that allow you to store crypto using laptop, computer or similar device. So what are the best software wallets and how much do they cost, if any?
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BitPay is a well-known cryptocurrency wallet, with an average of around 60,000 payments made monthly using the app. And, in addition to enabling encrypted payments, BitPay also offers a secure virtual wallet for users to store their funds.
So what features does the BitPay wallet offer? First, it supports an impressive selection of different crypto coins including Bitcoin, Ethereum, and Litecoin. It also offers a multi-signature authorization process and data encryption software and allows you to back up your wallet using a seed phrase.
Additionally, BitPay is completely free to download, but it does include a 1% processing fee, as well as network and miner fees, so keep that in mind when using the app.
The ZenGo software wallet supports Bitcoin, Tether, Chainlink, and a range of other cryptocurrencies. It also offers great security features including its threshold signatures. These signatures are distributed between your device and the ZenGo servers to provide a higher level of authorization security and significantly reduce your risk of losing your funds.
Additionally, the app will scan your face when you first register as a user, allowing you to access your wallet through another device when needed via facial recognition.
Downloading the ZenGo app is completely free. However, you will be charged a fee when you buy or trade cryptocurrencies on the platform.
Luno’s software wallet allows you to store both Bitcoin and Ethereum but does not support any other crypto coins. This can be annoying for those who own multiple cryptocurrencies. However, the Luno Wallet has laudable features that make it a solid option for Bitcoin and Ethereum owners.
First of all, the Luno Wallet offers two-factor authentication as a security measure, as well as frozen storage, whereby your keys are stored in multiple secure virtual vaults. You can also back up your wallet to make sure you don’t lose your funds if something unexpected happens.
The Luno app is free to download, but you will need to pay the standard transaction fees. However, there is no cost to just store your crypto or withdraw funds.
Gemini’s software wallet grew out of the original and widely used Gemini crypto exchange. It offers solid features for users, including insurance against any unexpected loss of funds and two-factor authentication. In fact, Gemini offers one of the only insured crypto software wallets.
This wallet supports most of the major crypto coins including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The app is also free to download and you can use the hot or cold wallets offered by Gemini. However, as with other apps, you will be charged for certain activities, such as transactions.
5. Atomic Wallet
The Atomic Wallet crypto software wallet is a great option for those with altcoins, or multiple coins, given its support for over 500 different cryptocurrencies. These include Bitcoin, Cardano, Ripple, Dash, and many more.
On top of that, the Atomic wallet comes with a user-generated access password and backup phrase for emergencies. It also allows you to store your private keys on your device. Additionally, if you are relatively new to crypto, the Atomic Wallet interface is fairly straightforward and the software itself is easy to navigate.
This software wallet is also free to download and does not charge for sending or receiving funds like other wallets do. However, it charges minimal network fees.
The Exodus software wallet keeps you safe if your device is stolen, with a backup option allowing you to access your wallet from another device through your email. It also offers a 12-word passphrase that you can use to access your account. However, there is no two-factor authentication or support for multi-signature features, although such features are offered by a range of other software wallets.
Exodus also supports over 100 crypto coins, including Ethereum, Litecoin, Bitcoin, and Tether. In addition, the Exodus wallet app is free to download and does not charge any transaction fees. But, like the Atomic Wallet app, it charges network fees.
The Mycelium wallet is older than the majority of other wallets, initially released in 2013 for Android and later for iOS devices. It offers various accounts, such as Watch Only, Bit ID, and Hierarchical Deterministic accounts. Again, this is not something that a lot of wallets offer.
The Mycelium wallet offers a backup option for your account and private keys and allows you to use QR codes through your phone’s camera to add new recipients for transactions. You can also store your private keys offline using the Watch Only wallet feature.
This open source wallet has a lot of great features but only supports Bitcoin, so remember that if you need a wallet to store your altcoins. Like other apps, Mycelium is free to download but charges fees for transactions.
Like Mycelium, the Electrum software wallet is a veteran of the crypto wallet game, having been released in 2011. This wallet supports two-factor authentication, password protection, and avoids storing your information (such as private keys) on their server. that criminals cannot access your sensitive data by directly hacking Electrum.
The open source nature of the Electrum wallet also provides system transparency to its users and allows them to audit the integrity of software security independently.
However, this wallet only supports Bitcoin, a dealbreaker for those who want to store altcoins. The app itself is free to download, but you will be charged a fee for transactions.
Software wallets are cheap, but hardware wallets are more secure
The software wallets listed above are cheap and reliable options for storing your crypto funds. However, remember that if you want the best security, you should consider a hardware wallet (i.e. a physical device that you can use to store crypto). The only downside is that hardware wallets can be expensive, so software wallets are still a solid choice for crypto storage if you don’t want to spend the money on this.