Cryptos, for security purposes, use asymmetric cryptography, including two: private and public keys. The public key can be freely accessed; it is used to send funds to the cryptocurrency wallet. As cryptos have started becoming more popular, more and more developers and brands have started offering cryptocurrency wallets that claim to be secure and efficient. However, only a handful of crypto wallets have the distinction of being some of the most secure in the market. In this article, we aim to present 7 of the best crypto wallets for traders in 2022.
ZenGo
ZenGo advertises itself as a simple and secure crypto wallet. It provides traders with the ability to buy, trade and earn up to 8% APY on BTC, ETH, and over 70 other top cryptos. Apart from 24/7 customer service, the wallet implements 3-factor authentication for added security. The Wallet can be backed up and can be recovered using a 2-step verification process. ZenGo assures users of some of the best security standards in the industry, available across multiple blockchain networks. The in-wallet swap features are also very reasonable and offer generous referral rewards.
Exodus
Exodus wallet is a multi-currency wallet that was developed by JP Richardson and Daniel Castagnoli. The wallet can support more than 100 cryptos. First released as a desktop version, Exodus is now available for mobile devices as well. Exodus also supports Shapeshift, a popular cryptocurrency exchange, which allows Exodus users to trade directly from their wallets. Exodus stands out for its features, digital graphics and other functionalities.
Electrum
Electrum is an open-source, Bitcoin only wallet which allows users to send and receive BTC via the Bitcoin Lightning Network. It offers a range of advanced functionalities including being compatible with hardware wallets for secure cold storage. It also supports multi-signature wallets and provides the ability to set custom BTC transaction fees. The wallet has been thoroughly vetted, with more than 300 developers contributing more than 14000 to its open-source code.
Ambire Wallet
Ambire Wallet is the first non-custodial cryptocurrency wallet with email authentication. It has been developed with a keen UX focus to engage on multiple networks. It offers users a multitude of features such as integrated DeFi protocol, transactions parsing, account recovery, secure email/password logins and human-readable messages. Users are also treated with a continuous airdrop of Ambire native Wallet tokens. The staking function and transaction batching for lower fees are two sought after features of the wallet.
Mycelium
Mycelium is a mobile-based cryptocurrency wallet launched in 2008. It provides a feature-rich interface and is focused only on providing secure storage of Bitcoin. The wallet is also compatible with hardware storage options such as Ledger, KeeperKey and Trezor. It charges network fees only to send assets and also allows staking, where users can earn interest on their cryptocurrency holdings. Perhaps the most important feature is the local trader feature, which allows users to purchase and sell cryptos from and to other local users using the decentralized exchange within the app.
Atomic Wallet
Atomic Wallet is a software wallet which is non-custodial in nature. This means that the wallet allows users to own and store the private keys on their local devices while managing crypto assets on the blockchain. Some of the best features of this wallet include its cost, coin and token support. The wallet is free to use apart from network fees. It also supports the most cryptos in this list, with more than 500 coins and tokens. All data stored on the user’s device are sent using encryption. It uses both TLS and AES encryption for added security.
Cobo
Cobo wallet is a cloud-based software HD wallet which allows users to save private keys on their mobile phones. The Cobo wallet can also import seeds from other wallets, secure wallets with security protocols as well as verify transactions using QR. Cobo implements EAL 5+ secure element chip for its vault. It also supports more than 700 tokens and more than 20 chains.
Conclusion
Crypto wallets are essential for every cryptocurrency trader. With the instances of theft and data breaches increasing exponentially, traders have to be ever vigilant to select the right wallet with the right security protocols in place.
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