Finding the Best Crypto Wallet

What is A Crypto Wallet?

When people wonder why it’s necessary to use a crypto wallet. From the onset, it’s important to remember that cryptocurrencies aren’t tangible. Furthermore, cryptocurrencies aren’t actually stored anywhere. What is stored are the private and public keys that are needed to facilitate a crypto transaction. Crypto wallets take on a number of different forms; from being a service, device, medium, or programme. Essentially, no matter what type of wallet you use, they all have the same function. Certain wallets are more simple in nature while others provide you with added functionalities and features.

There are a variety of different types of crypto wallets that can be used when storing cryptocurrencies. As such, you’ll want to find out more about the functions of different types of wallets before you commit to one. Below, we’ve outlined the three distinct categories of wallets that are currently in existence. You’ll find that the same inherent functions are available across all three. However, depending on what device you prefer using, you might decide that one of these types cater to your needs and availability from the get-go.

Software

When it comes to software wallets, these apply to online, mobile, or desktop wallets. As they are software wallets, you require the necessary software (or device) in order to use a wallet like this.

• Online wallets: These types of wallets are run on the cloud and can be accessed from your computing device wherever you may find yourself. One of the main benefits of an online wallet is that it provides you with ease of access. Online wallets are run by third-party entities. Due to this, and the fact that your private key is stored online, there is a greater threat that your wallet will be accessed from externally. This means there is more chance of experiencing a security breach.

• Desktop wallets: Here, you’ll need to download the necessary wallet to your computer or laptop. This type of wallet has much better overall security. It is only possible to access your crypto wallet by using the device that has the downloaded wallet on it. Although the security there-of is better, you still run the risk of your device succumbing to a virus and the possibility of losing your funds.

• Mobile wallets: The third software wallet can be used via your mobile device. These wallets enable you to access your funds very easily and it’s a great option if you wish to use your crypto funds to make daily payments. Mobile wallets are streamlined and configured in a way that reduces the overall space that the wallet takes up on your device.

Hardware

The main difference between a hardware wallet and a software wallet is that a hardware wallet stores your private key on a device such as a USB. This key difference means that your keys are stored offline, greatly increasing the overall security. You are still able to make online payments. All that is required is that you link your ‘hardware’ to a computer that has internet access. From here, you can confirm transactions by using the private key stored on the hardware. Making transactions is just as easy as with software wallets. The main advantage is that your funds are stored offline.

Paper

Paper wallets also provide better overall security features. If you make use of a paper wallet, it might mean that you have physically written down your private and public keys and use this means needed. But, it also refers to software that generates a pair of keys when needed. This is then printed and can be used to transfer funds from your paper wallet to a software wallet. Ultimately, you are using the printed keys or QR code to enact transactions.

What Defines The Best Crypto Wallet?

In terms of the latest crypto wallets, there are a variety of factors which define the best crypto wallets in the UK. However, there are certain factors which may well be subjective in nature. What works for you might not work for someone else. Certain individuals swear by paper wallets as these keys are not stored online. However, to others the process of using a paper wallet is less convenient and more time-consuming. We have identified key areas that should be of concern to all.

Security and transparency

It might seem as if we are stating the obvious. It is clear that security and transparency are non-negotiable. But, bear in mind that the best crypto wallet will have a relatively higher level of proven security. There are a variety of new wallets which seem good at face value but have not been tried and tested to a great extent. These wallets encounter a number of issues along the way.

Secondly, it’s imperative that the wallet in question has additional security features such as two-step authentication. Without the ability to externally verify access, it’s much easier for hackers to gain access to your wallet. We believe that the best crypto wallets are those that have gained the trust of the general public over an extended period of time. Proven wallets with high security measures in place should be anyone’s starting point.

Able to store multiple cryptocurrencies

If you are looking to trade in multiple cryptocurrencies, then the best crypto wallet should allow you to store a range of different crypto coins. There’s no point in using a wallet that is tailored for Bitcoin if you are eager to diversify your crypto holdings. The top crypto wallets will enable you to access a range of cryptocurrencies; from Bitcoin to Litecoin and a variety of more obscure coins, too.

Backup features

If you are using a software wallet, it is vital that the wallet has the necessary backup features in place. If you happen to be using a laptop and your laptop dies unexpectedly, you’ll need to activate the backup features in order to gain access to your wallet again. The top crypto wallets will have a rescue link and a number of passphrases. Without this, you might find that it is near impossible to gain access again – meaning that all your crypto funds will sit idle in your crypto wallet.

The Best Cryptocurrency Wallets in the UK

Now that we have outlined the characteristics that make up a reliable wallet and taken you through the inner-workings of a digital wallet, it’s time to identify which wallets are best. Below, we highlighted the top 5 wallets that you can possibly use in the UK. There’s no need to make use of all 5. We recommend testing the waters by trying out one wallet and getting the hang of how it all works. From here, you can branch out. It’s never a bad idea to separate your crypto holdings into two or three wallets.

Zeply

Zeply is fast-becoming a very trustworthy site that allows you to sell, exchange, store, and of course buy Bitcoin in the UK. With 24/7 support and the ability to facilitate payments as well as the purchasing of Bitcoin, Zeply has grown in popularity and continues to garner a strong following.

Coinbase

You’ll find that Coinbase is one of the most well-renowned crypto wallets on the market. With Coinbase, you’ll have access to a digital wallet which is proven to provide great security and has a versatile number of services on offer. With Coinbase, you get multi-coin support and the ability to trade on decentralized exchanges. You can easily send and receive crypto and store digital collectables, too. Coinbase is a pioneer in the online crypto world and you’ll find that this wallet will certainly serve the purposes of storing and trading crypto with maximum efficiency.

Exodus

Exodus is a dominant online crypto wallet that is available as a desktop wallet as well as a mobile wallet. The mobile wallet is available on iOS and Android and gives you a dynamic way in which to exchange and store crypto. You’ll have access to constant live market data as well as 24/7 human support (not a bot as many other online platforms implement), and a built-in exchange. You’ll have the option of being able to use the Trezor hardware wallet, too.

Exodus and Trezor have joined forces and you can use the offline hardware wallet from Trezor for added security measures – giving you total control over your crypto holdings. Your assets will stay offline and you can even exchange assets between Trezor and Exodus. This offer gives you a multi-functional wallet and online exchange between two leading brands in the online crypto world.

Electrum

Electrum has been around for a decade and has undergone various updates. Today, it is one of the most popular Bitcoin wallets. With cold storage features and the ability to export your private keys, Electrum is simple to use, yet very good at ensuring overall security and safety of funds. It also functions extremely quickly as it uses servers that index the Bitcoin blockchain.

Blockchain.com

If you are searching for a top crypto wallet, then Blockchain.com might be the one for you. They enjoy a massive following and have the necessary capabilities to facilitate millions in crypto transactions all the while providing services at an extremely low cost.

How To Sign Up With A Crypto Wallet

When it comes to signing up with a crypto wallet, we’re going to walk you through the basic process and outline the added security measures that you should activate. This process focuses on software wallets that are online.

• Step 1. You’ll need to decide on which wallet you wish to make use of. Once you have, you can visit the official website and click on ‘Sign Up’.
• Step 2. From here, you’ll need to enter your email address and a complex password. The more random the password, the more secure it is. We advise you not to use birthday dates
• or your own name.
• Step 3. You won’t need to download any software when using an online wallet. However, you will need to activate all the available security features.
• Step 4. Log into your newly-created account and visit the account settings. You can link your mobile device to your account and activate two-step (factor) authentication. This will further improve the security status of your wallet.
• Step 5. The best crypto wallets will also have a setting where you can block all IP addresses from Thor. This is how hackers gain access to your online wallet. If the setting is available to you, we recommend you do so through the security centre.
• Step 6. Now that you have set up your account and enabled all the necessary security features, you can start buying and trading cryptocurrencies.

Conclusion: Best Cryptocurrency Wallet UK

We hope that you found value in our latest coverage of the best cryptocurrency wallets. It is vital that you understand how all the different aspects of crypto works before you jump right in and start buying crypto. Although the process may seem slightly daunting at first, you’ll manage to find your feet pretty quickly. From here, you can begin your trading venture with your personalised wallet.

We recommend that you head over to PlayersBest to find out more about how you can start trading crypto online. We’ll take you through all the important aspects and provide you with handy tips that will help you successfully start buying crypto, with coverage ranging from our Zeply review to our guide to buying Bitcoin with PayPal and much more besides. It is our mission to cultivate the necessary knowledge so that you can immerse yourself on a trading platform and start buying and/or selling cryptocurrencies online.

Best Crypto Wallet FAQ