The cryptocurrency market has seen a meteoric rise since its inception which has encouraged hundreds of millions of people around the world to own one. Crypto enthusiasts are individuals who buy, own, and trade high-valued digital currencies. These people support the use of crypto to do everything that all of us have been doing with real money for a long time. But crypto is unique in the sense that it is seen as a profitable investment if safely stored in some of the best crypto wallets that are available in the market.
Anyone who is new to crypto will have a hard time making the right decisions when it comes to buying a cryptocurrency to store as an asset. But what most people ignore is the importance of choosing the best crypto wallet to store all of the Bitcoins one owns. The crypto market is quite a risky one where having half knowledge can lead to a bad outcome. There are several fake wallet services and even more hackers that are capable of breaking through the security protocols placed by most of the mediocre wallets. To secure your digital assets, you must be able to choose the right one according to your preferences.
Below are a few popular choices for the best crypto depending on one’s preference:
- If you are a crypto trader
A crypto trader also needs a crypto wallet for storing his assets to buy and sell the coins that seem profitable at any particular moment. But there is a separate kind of crypto wallet needed by crypto traders that offers the best security and also supports different types of cryptocurrencies for added convenience.
- Coinbase: This is a globally popular cloud storage-based crypto wallet that is considered suitable for most crypto traders. The cloud storage option works for most assets but the Coinbase wallet is actually a hot wallet. Since it is not a personal wallet but a crypto exchange, people can deposit/withdraw Bitcoin from Coinbase trading accounts but they do not have the private keys for it.
- TradeStation: This particular wallet has existed for years facilitating crypto storage for both beginner and experienced crypto traders. Over the years, it has become more of a gold standard for all active traders. It supports 5 major cryptocurrencies which are Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. So in case one trades with all or any of these digital assets, they can give TradeStation a chance.
- If you are looking to invest in crypto
All crypto investors look up to Bitcoin as the most profitable digital asset to bring them guaranteed profits over a specific period. The rate at which prices of the world’s first-ever cryptocurrency have risen is phenomenal but also challenging. It takes a lot of planning and patience to invest in Bitcoin since it is highly volatile. But certain wallets make these tasks easy for new investors.
- SoFi Active Investing: SoFi is a well-known brokerage platform that offers crypto investors a chance to gain exposure to different types of cryptocurrencies instead of just Bitcoin. Beginners can easily get started with this service in a couple of minutes to start investing in different cryptos including Bitcoin. SoFi does not have any cold storage options but there are many helpful finance tools available for usage.
- If security is your main concern
The most common concern of all crypto enthusiasts is the security of their digital assets stored in a wallet. You cannot expect just any wallet service to ensure the safety of your Bitcoins that could be worth a fortune one day. For this reason, there are specific crypto wallet services that have maintained high standards in crypto storage.
- Exodus: This one is a software-based wallet that can be easily downloaded onto your laptop or desktop. It is one of the first-ever PC compatible crypto wallets that supports not only Bitcoin but 100 other popular and in-demand cryptos. You can easily integrate it with Trezor, a secure device-based crypto wallet with advanced security features. That way any crypto market participant will get a robust and secure platform to store their cryptos.
It’s important to note that the aforementioned wallets are available at a nominal fee that varies depending on several factors.
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