Crypto wallets

Wallets are needed to store your cryptocurrencies. There are 3 types of different wallets.

Cold crypto wallet / Hardware wallet

A cold wallet or hardware wallet is something that can store the user’s private keys. This means that all information about your crypto is stored on a device that you physically own instead of being stored at a third party. This is the most secure way to store your cryptocurrency.

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Hot Wallet

A hot wallet is a name for a crypto wallet for an application that stores your cryptocurrency/keys. The hot wallet are web-, mobile- or mobile-based. The most famous hot wallet is called MetaMask which is a chrome extension and an iPhone / Android app. Another example is Trustwallet. Both of these wallets are free, they earn money when you buy crypto within their app. The main reason for a hot wallet is that it’s very easy to set up and everything is very straightforward. A hot crypto wallet is pretty secure, although you might be facing some threat to online attacks because you are connected to the internet.

One of the benefits of a hot wallet is that a user who uses cryptocurrencies to buy stuff, transfer, and trade thinks it’s more convenient compared to a cold / hardware crypto wallet.

Best Crypto wallets

There’s a bunch of different opinions on which is the best crypto wallet. It all depends on what you are looking for. If you are looking for a hot wallet MetaMask is a great wallet to start with. If you are looking for a Cold wallet the Ledger Nano S is the best bang for your buck.

Best wallet for Binance Smart Chain (BSC)

Trust wallet is by far the best wallet to use on the Binance Smart Chain (BSC). The BSC offers great defi exchanges like Pancakeswap where you can trade, exchange and earn interest on your currencies.

Best wallet for Ethereum

Metamask is recommended for Ethereum and has great support for most defi platforms on the Ethereum network. If you want to play you should definitely get a metamask wallet.

Different wallets for different currencies

Just like any bank where you need to have multiple accounts for multiple currencies the same almost goes for a crypto wallet. Different wallets support different currencies, although the developers are working on adding support for as many currencies as possible.