3 Things to Consider When Choosing A Crypto Wallet

Crypto Wallet
Image by Sergei Tokmakov Terms.Law from Pixabay

Just like you need a wallet to protect your cash and credit cards, you should also know where you’re going to store your crypto.

Choosing your crypto wallet should not be a difficult task. However, there are things to consider when choosing a crypto wallet. Here’s what you need to know about cryptocurrency wallets, and how to decide which crypto wallet is right for you.

What is a Blockchain Wallet?

A blockchain wallet is a digital wallet that enables users to store and manage their Bitcoin, Ethereum, and other cryptocurrencies. Blockchain wallets allow you to transfer cryptocurrencies and also convert them back into local currency or other crypto assets.

Creating a crypto wallet is free and the setup process is easy. You may need to provide an email address and password that will be used to manage your account and the system will automatically send an email asking you to verify your account.

After creating the wallet, you will receive a wallet ID, which is a unique identifier similar to a bank account number. Wallet holders can access their wallets by logging into the blockchain website or downloading and accessing the crypto mobile application.

The wallet interface shows the current wallet balance of your crypto assets and the last transactions of the user. Users can also access price charts and view the value of funds in the local currency of their choice.

Types of Crypto Wallets

Different crypto storage options can serve different purposes, depending on what you plan to do with your crypto. Let’s discuss the different types of crypto wallets you can use.

Hardware Wallet: These are sometimes called cold wallets or cold storage, and they store your keys completely offline on a device not connected to the Internet. Many popular cold wallet devices look similar to a USB drive.

Crypto enthusiasts often see hardware wallets as the most secure method for protecting your digital assets. Because they’re offline, hardware wallets are the most difficult type of wallet to hack. But that doesn’t mean there aren’t still risks.

For one, hardware wallets can be easily lost or misplaced. Losing a USB drive containing your important documents can be frustrating, right? Imagine losing a device that holds your money. That would be a huge financial blow.

Even hacking can still be a concern. If you do choose cold storage, always buy a device directly from the manufacturer, rather than secondhand. If you buy from a third party, you could risk the device being tampered with by a hacker who may have bought it, compromised it, and repackaged it for sale.

Desktop Wallets: You can download and install desktop wallets on your computer regardless of the operating system you run. Desktop wallets are also a safe means for storing your crypto assets since they can only be accessed through your computer.

However, like most things nowadays, our PCs are constantly connected to the Internet. So never assume that your keys can’t get stolen.

Mobile Wallets: Mobile wallets are the equivalent of desktop wallets, and they are designed to run on your smartphone.

Since mobile phones are such a big part of our daily lives, it’s no wonder that mobile wallets are among the most convenient types of crypto wallets. They are also notoriously user-friendly as well as quite stylish.

One of such mobile wallets is the HaggleX app. With its user-friendly interface and many features, it’s little no wonder why it’s ranked #25 on the Apple store.

Another advantage of using mobile wallets is that your keys are usually stored locally on your smartphone. But considering the doubtful security of most platforms, mobile wallets tend to suffer from various security shortcomings.

3 Things to Consider When Choosing a Crypto Wallet

Of course, choosing the best cryptocurrency wallet is a matter of preference. But selecting it should involve a set of realistic and practical reasons. Here are some important factors to consider when choosing a crypto wallet.

Security: Keeping your funds secure is extremely important and should be at the top of your priority list when choosing a wallet.

Secure your Crypto Assets
Secure your Crypto Assets
Photo by Ewan Kennedy on Unsplash

It’s important to carry out plenty of research about the wallet’s security features. If you want to make sure that you’ve done everything possible towards ensuring the security of your funds, then opt for a hardware wallet.

When considering and checking whether the wallet you are thinking about is secure or not, look for important security features such as biometric authentication, two-factor authentication, multiple signatures, and a method of logging in and out of the application. These are some of the features that HaggleX offers to its users to ensure assets are protected at all times.

User-friendliness: User-friendliness is one of the most critical aspects of any type of crypto wallet. It can mean the difference between enjoying using the wallet and getting frustrated with it.

Generally, mobile and desktop wallets are very user-friendly, and they don’t need much work to set them up properly.

If you’re just getting started with crypto, it’s advisable to go with a wallet that has a user-friendly UI. As a result, you can rest assured that you will have no trouble using the app and that you will be able to comprehend and use the wallet’s functions without difficulty.

Supports Multiple Cryptocurrencies: If you’re planning to hold more than one cryptocurrency, then picking a wallet with multi-currency support is a must. Usually, it’s recommended to pick a good crypto wallet, with many reviews and good support.

But if you’re planning to use the wallet for just one crypto coin, you should check out the coin’s website to see if they have a dedicated wallet.

Security Tips to Consider For Your Crypto Wallet

Today the slogan for financial applications is security. You are unlikely to find an app that says it has no security measures. It is therefore up to you to make sure your app is protected.

HaggleX provides the best security options for your app. However, there are a few steps you can take to make sure your HaggleX app is protected and secured.

Use 2FA Authentication: Two-factor authentication (or two-factor authentication) is an important security measure that adds a second layer of protection to the password. Adding that extra layer of security will make it harder for hackers to break into your account.

After logging in to your HaggleX app, the basic authentication level only requires a password to log in. This is a step in verifying your identity. 2FA adds the second piece of information (or level) that you need to provide before you can access your account.

You can set up 2FA authentication using the “Security” option in the menu.

Photo by Dan Nelson on Unsplash

Use Strong Passwords: Your password is the first line of defense against hackers and anyone who wants unauthorized access to your application. The stronger the password, the better your protection. Your security password should not be qwertyuiop or 1234567890.

Your password should be a good combination of letters, numbers, and symbols. Also, do not enter passwords on public computers or public WiFi networks. If you don’t have a choice, use VPN.

Avoid Phishing Links: Most financial irregularities do not occur at the corporate level. Because security is usually high, hackers often trick users into revealing their login passwords or sensitive information.

One way to do this is through phishing. At this point, the hacker sends you an email that looks much the same as the email HaggleX sends to the user. Users either click a file that that installs data-collecting malware onto a computer or they click a link that takes them to a page where they’re then asked to enter their account information.

It’s also a good idea to set different passwords for your application and website. Hackers typically steal information from less secure non-financial websites and then use passwords to access financial applications.

Conclusion

Choosing a crypto wallet is not a simple decision and you should not treat it lightly. But it will allow you to safely store and eventually spend your crypto coins. Prepare for a lot of reading and some experimentation, as you may not find your perfect match on the first try.

If you’re yet to choose a crypto wallet, you can use the HaggleX app to store your crypto assets. HaggleX uses the most secure and updated encryption technology to make sure users do not have to worry about their crypto assets.

Download the HaggleX app on your Google Play Store or Apple Store for free.

Google Play Store: https://play.google.com/store/apps/details?id=com.hagglex.hagglex

Apple Store: https://apps.apple.com/ng/app/hagglex-buy-sell-btc-and-eth/id1535046179

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