Best Cryptocurrency Wallets and Platforms For Beginners 2022

If you are considering owning some cryptocurrencies for the first time - whether planning to invest them for the future or trade to make profits, you may have learned the basics by now. But you may be still wondering about the choice of cryptocurrency wallets and platforms. What is a crypto wallet? Is it safe? Should I use one? What is the best cryptocurrency trading platform?

What is a crypto wallet and is it safe?

The view of investing and trading cryptocurrencies, including Bitcoin can appear a difficult task at the start. There are many digital coins in the crypto market. To own these coins, you need a private key.

Ensuring the safety of your private key, while at the same time, making use of it, is quite a challenge. When it comes to cryptocurrencies, this is an essential part. In case an authorised user gains access to your key, you can lose your crypto assets. During the early days of Bitcoin when crypto investors stored their private keys on their devices, the headlines made up of higher losses and other cyber threats.

However, you can take advantage of several ways on how to safeguard your crypto assets. First, you can rely on a pc without any internet connection or crypto wallets that are adept at safeguarding your private keys.

A crypto wallet ensures the security of your private key, which in essence is a password that allows crypto investors to trade digital coins such as Bitcoin, Ripple, and other Altcoins. These digital wallets range from hardware wallets such as ledger to mobile apps and enable a smooth process for trading cryptocurrencies.

Importance of crypto wallets

As opposed to other wallets that store real money, a crypto wallet basically does not keep your digital coins. The crypto assets are held within the Blockchain where you can access your assets with your private key only. More to say that the private key confirms the right owner of the cryptocurrencies and enables him/her/them to trade. Therefore, when the private key is lost, so are your digital assets. It's a wise move to ensure you choose the safe crypto wallet.

In addition, if you're looking to trade cryptocurrencies or other Altcoins, you can use reliable exchange platforms.

How to use a crypto wallet

There are many crypto wallets, which consist of user-friendly apps and other high-security protocols. These are the key wallets that are likely to suit your path.

1: Hardware wallets

Here, the private keys are held within a thumb-drive device, which is well-safeguarded and accessible if you choose to trade the digital coins. The primary goal is to ensure security and easy usage.

2: Online wallets

The private keys are kept within an app or robust software with security features such as two-step encryption. These measures enable crypto transactions to appear convenient just like other online payment methods.

3: Paper wallets

In this case, a private key is written on physical paper and kept in a secure location. However, a paper wallet can complicate your cryptocurrency transactions since you can only transact digital coins online.

These wallets come with their pros and cons. For instance, hardware wallets and paper wallets are considered safe against any cyber threat since they are kept offline, but their operating range is limited and seems prone to the risk of misplacement.

On the other hand, online wallets provided by reliable exchange platforms are easy to use and provide better security for crypto assets. Thus, based on the fact that your private key is held online, the issue of reliable wallet providers with security features like two-factor authentication appears fundamental to shield against cyber threats.

How does a crypto wallet work?

A crypto wallet consists of unique programs and works effectively with the help of Blockchain tech. Thus, the Blockchain serves as a public ledger and keeps a full record of any digital coin as well as the trading data.

A secure crypto wallet enables traders to transfer digital tokens within the Blockchain network and offers them an opportunity to track their account info.

So that you can trade several cryptocurrencies, you have to use the private key to verify your address. However, the safety and transaction speed will rely on your preferred crypto wallet.

Are crypto wallets safe?

If you're deciding on choosing the safest crypto wallets, there is no best answer regardless of your preferred choice because if you can’t distinguish the essentials for a wallet, you're likely at risk of cyber threats.

For example, the hardware wallets reduce the risks that you cannot manage like large security incidents within the exchange platform or other computer viruses that harm devices. To shed some light, the hardware wallets are not considered entirely safe since they can also fall prey to hackers.

However, over the previous years, the crypto industry has quite transformed, with these hardware wallets excelling in terms of user-friendly features and better security protocols.

Also, you can consider these other factors when determining the safe wallet for your course.

1: Previous firm’s data

A firm that has proved reliable based on offering safe wallets and operated within the industry for a couple of years is pretty suitable for storing your crypto assets.

2: Security measures

There are no firms that are ideal on the security issue. However, firms that have demonstrated a great potential of offering safe services and a better approach to addressing security concerns are considered better investment tools.

Why should you use a crypto wallet?

When buying and selling digital coins, several crypto traders are inclined to undertake further investments to ensure the safety of their digital assets. One, in particular, is to get a crypto wallet that will offer safe-keeping for the private keys. A safe crypto wallet works just like other wallets, but the wallet details or digital currencies are prone to cyber threats.

Moreover, a crypto wallet enables investors to trade various cryptocurrencies and track their accounts with much ease. However, Bitcoiners who choose not to acquire wallets can use Bitcoin debit cards to hold their crypto. These debit cards are also easy to use and offer alternatives to crypto wallets.

Top 15 Cryptocurrency Wallets to Store your Coins

Crypto wallets provide users of a blockchain network with the necessary facilities to store their digital assets securely. Wallets can be of software type or hardware type, serving the same purpose. The wallets enable them to send, spend, receive, monitor account balances, and or exchange their cryptocurrencies. Some of these wallets only allow holding of a single cryptocurrency, while others facilitate several. The wallets ensure that only the asset holder can access the funds in them using a password and two-factor authentication. Users looking for a reliable trading software should look up the bitcoinrevolution.ai website.

Users can access crypto wallets either through phones or through desktops; apps for either exist. The wallets actually hold the private and public keys associated with the respective digital ledger, rather than physically holding the assets. The private keys are the ones used to conduct all transactions about an investment. Some of the top cryptocurrency wallets you can store your coins with are listed below.

1. Coinbase wallet

Coinbase is the most highly recognised trading platform. However, Coinbase has its own software wallet. Formerly GDAX, Coinbase Pro is free to use for both intermediate and professional users. It has a more involved user interface with outstanding security, making it reliable for storing digital assets. Hackers can't steal from Coinbase Pro since the funds are deposited in cold storage.

2. Gemini

Gemini is suitable for both desktop and mobile users. If you intend to hold coins in the wallet while averagely buying, you can schedule your recurring buys in different currencies. It allows you to view your account balance and the changes in your wallet. Gemini boasts of custody solutions and outstanding cybersecurity. Could your coins be any safer?

3. Trezor

Trezor is Czech for "vault." A team of crypto advocates and cybersecurity experts developed it. The team developed two versions, Trezor One and Trezor Model T. Trezor has a LED display and requires a PIN to access, then a two-factor authentication to confirm purchase orders. Trezor Model T, however, differs from Trezor by the touchscreen interface with more layers of security. Every time you get the incorrect password, you are locked out for a while, and the time accumulates to the power of 2 each time. The device provides users with a 12-word seed recovery card to access their funds if they forget their PIN. Trezor is compatible with Windows, Mac, and Linux with multi-currency support. Why look any further?

Also Read: Crypto Quantum Leap Review – The Best Cryptocurrency Course?

4. Wirex

Wirex is a multi-currency wallet. It acts as a travel card, automatically updating your payments to the local currency with zero exchange fees. Therefore, this wallet allows you to spend, exchange, send and receive crypto or traditional currencies anywhere at any time. 

In short, Wirex gives you control of all currencies in one wallet. You can fund your account by debit/credit cards, bank transfers, or crypto. In terms of protection, the wallet is PCI-DSS Level-1 certified. Hence, your stored coins are highly secure.

5. Paper Wallet

It ensures that private keys are not stored on any device. Paper wallet is simply a printed paper. However, the piece of paper contains the private key and a crypto address. Only a QR code can access the information. Thus, it stores coin addresses safely, offers secure wallet generation and safekeeping, and destroys cache files. Paper wallet removes the chances of hackers stealing your coins since a printed piece of paper does not require an internet connection.

6. Coingate

This wallet supports over 50 cryptos. A user can store their Bitcoin, Ethereum, Litecoin, etc., with much ease. The wallet also allows users to purchase crypto using a variety of payment methods for storage. You can then easily manage the funds in your wallet and quickly checkout. 

7. GreenAddress

Looking for a wallet that puts you in total control? GreenAddress gives you this power. It is one of the best crypto wallets protecting your Bitcoin with two-level private keys. Its keys are derived from a 128-bit seed. One of its appealing features is the watch-only mode, where you can separate credentials to view your wallet without compromising security and privacy. Thus, the privacy of funds is guaranteed as you can check your account balance without exposing your software wallet.

8. Exodus

Exodus grants access to Trezor, allowing users to manage their coins in both wallets simultaneously. Exodus offers 24/7 user support and has an excellent security feature. The collaboration between Trezor and Exodus gives users control of their assets offline. However, it is more suitable for hardware-minded users who plan on using the Trezor device. Otherwise, it is best suited for software users since it mainly caters to hot wallet users.

9. Blockchain wallet

Often referred to as a web wallet since it is cloud-based, this hot wallet gives a user complete custody over their assets. It is considered one of the most secure wallets that keeps track of who owns the digital assets. Some of its features include backing up user funds, offering protection against unauthorised access, and supporting Android and iOS users. However, the wallet only supports two cryptos: Ethereum and Bitcoin. It also provides the watch-only mode.

10. Electrum Wallet

Are you an advanced user? Electrum wallet was launched a couple of years after Bitcoin saw the light. It specialises in encryption of private keys and two-factor authentication. This means that your coins are secure with Electrum. It also offers multiple user interfaces on mobile, desktop, and its own command-line interface. A user can manage their coins from an offline PC. The only downside is that it doesn’t support Altcoins. You can be sure that your Bitcoin is safe here.

11. Shift Crypto

BitBox02 is easy to set up and only takes a couple of minutes. Its design allows you easy access to your assets. It enables a user to store their private keys and use it offline via an external chip. Bitbox02 gives you a range of crypto to store in your wallet. Shift Crypto also provides a Bitcoin-only edition for those looking into storing Bitcoin only. However, Shift Crypto can only be accessed through an Android phone. If you are an android user and a beginner in crypto trading, here is something for you.

12. Ledger Nano S

Since its establishment, Ledger Company has made massive progress in its invention. It is the best. Ledger Nano S is a handheld device with an LED display to validate payments and a PIN to authenticate the payment, making it convenient and secure for anyone who intends to store their coins. One of its appealing features includes two-factor authentication. The wallet operates on its own operating system but supports Mac, Windows, and Linux. Ledger Nano S supports multi-currency and is USB compatible. The device, however, requires an internet connection and solely operates on Google Chrome.

13. BlockFi

Do you want to earn interest from storing your coins? Holding your crypto at BlockFi allows you to make up to 8.9 percent APY with the BlockFi Interest Account. You do not need a minimal deposit to earn. The interest accrues daily but is paid monthly. What better way could you possibly want to make use of your coin storage time? The safety of your coin is guaranteed, and there are no hidden fees. Make a go for it.

14. Keepkey

Ever seen hardware with no OS? Keepkey operates with no OS, making it difficult to infect. Thus, it makes the device malware-proof. Its security measures are alleged to be much stronger than its competitors. The cryptocurrencies are limited to only 35 in this device. Its compatibility couples its ease of use to USB.

15. Binance Chain  

Binance is one of the best platforms to implement a wallet that supports storing of multiple cryptocurrencies. The Binance Chain (BNB) offers basic and advanced interfaces for a variety of users. BNB is compatible with Web, Android, Desktop, and iOS users. If you want to store your digital assets in online storage securely, BNB might come in handy.

While settling for a cryptocurrency wallet, look out for ease of use, wallet utility, security features, and wallet compatibility with your devices. You are not restricted to only one wallet. Having multiple wallets limits your risks. Do not settle for less. And watch out for wallet scammers.

Experts take on Cryptocurrency trading platforms

The cryptocurrency market has recently started drawing the attention of many despite being around for more than a decade since its introduction.

The digital currency has started getting attention from popular individuals and many people worldwide are  more than willing to invest in cryptocurrencies. With the numerous platforms, available one has to find the most suitable.

Choosing the right cryptocurrency trading platform comes in handy if you want to maximize your gains as a trader. Choosing the right platform can be an intimidating moment for most traders because of the numerous platforms available, not to mention that every platform has its merits and demerits.

Moreover, before choosing a platform that suits you, you will have to consider many things to select a platform that achieves your desires.

Factors to consider when choosing the right platform

• Security: Security is a major concern before venturing into the crypto trade. You should choose a platform that will ensure your funds and your data are safe. Always remember that looks might be deceiving. Do not rush into signing up because a trade platform user interface looks attractive. 
• Reliability: Different crypto trading platforms are not available worldwide, so you have to choose a platform that can be accessed in your country and abides by the rules.
• Good services: A customer support system is very important because as trade happens, mistakes might happen. For communication purposes between the user and the platform, a good customer service team is important.
• Currency available: Each platform has several cryptocurrencies. Most of these platforms support bitcoin and Etherium since they are the most common digital currency. In this case, if you want to engage in more currencies, choose a platform that suits you.
• Payment: After opening an account on most platforms, you will be required to deposit some funds to get started in the trade. Always choose a platform that has convenient payment methods for you.

We will go through some of the trade platforms and their traits. I'm hoping this will guide you, especially if you want to venture into crypto trading.

Top cryptocurrency Exchange platforms

If you are a newbie in the digital currency sphere, you probably wonder where to start this journey. Here we will go through some trade platforms suitable to give you a smooth trading experience whether you are a beginner or an experienced trader.

Coinbase

Coinbase is arguably the best trade broker for beginners joining the crypto trade. Coinbase started in 2012, making it one of the oldest crypto platforms, and has served over 30 million traders in over 100 countries.

What makes coinbase ideal for beginners? Coinbase has a lot of resources that can teach new crypto traders how to go about their trade. This platform matches the buyer and the seller, making it ideal for beginners who don't have any experience in social trading. Using coinbase is as easy as opening an account, uploading a copy of your Id, and depositing your capital.

Coinbase has its system integrated with payment methods like debit cards which is reliable to an investor avoiding the hustle of the long and complex payment systems. Coinbase stores coins bought by a buyer. Users can withdraw their cryptocurrencies immediately when their transactions have been completed. 

Advantages of Coinbase

• Best for bitcoin purchase
• Acceptance of payment methods like wired transfers and debit cards.

Altrady

This platform makes crypto trading that has made it easier for all level traders. Traders built this platform to facilitate trading. This platform also offers numerous tools for traders at a lower price and is easy to use.

Altrady offers connected exchanges and alerts its users about prices and portfolio managers. This platform has a cool feature that crypto traders can customize its pages according to their preferences. 

Traders are comfortable since they can manipulate the platform that adapts to their needs and preferences.

Advantages of Altrady

• Easy to use 
• Customizable user interface 

Robin Hood

Robin hood is another trading platform suitable for beginners. It's easier for beginners to understand since it is easily available via an app. Placing trades on this platform is also so easy. They give guidance on how to trade . This trade platform is suitable for beginners.

In order to get started you are required to have a minimum of $2000 to access its gold features and a minimum of $0 for a basic account. The regular account is preferable for beginners with small capital to invest . However Robinhood has scarce options and types of accounts 

The only demerit about Robinhood is that it has limited account options and account types.

Kraken

Kraken trade platform offers its traders a variety of cryptocurrencies at lower fees. They also offer custom options and forex investing and can be accessed via mobile applications, giving a trader a smooth trading experience.

Advantages of Kraken

• Low fees
• Amazing customer support
• Has a good reputation
• Lower fees 

Bitcoin Evolution

The Bitcoin Evolution app is suitable for bulky trading. This platform makes it easy for crypto traders to link-up with the most reliable brokers in the industry in their country of residence. 

The trading happens anonymously and provides over 100 markets. This platform is legit and has been licensed to conduct trading activities across 150 countries. Additionally, the platform has a portfolio of licensed and established brokers.

Advantages of Bitcoin Evolution app

• Low fees
• Reliable
• Fast withdrawals
• Easy to use

Gemini

This platform was formed in 2015. Gemini offers tools that are easy to use. Gemini application is easy to use and available in app stores. This portability makes it easy for traders to trade, access their wallets, track asset prices. 

Gemini application also has a feature that lets users set price alerts that can let traders invest when favorable to them and take advantage of it. Traders can schedule when to buy cryptocurrencies.

Advantages of Gemini

• Easy to use 
• Bonus reward after first deposit
• Strong security 

Binance

Binance is listed among the most common crypto trade platforms. The best thing about this platform is that they offer more than 200 digital currencies to trade, making it suitable for investors who want to trade in more digital currencies.

However, this platform is not easy to use as the rest, and also some versions of it have limited coins and tokens available. 

Advantages of Binance

• Offers a wide range of crypto coins

Bittrex

Bittrex was established in 2013 by cybersecurity professionals from blackberry and Microsoft ex-employees. It's among the best platforms. 

Security was a major concern since it was developed by security experts hence making it a secure platform. However, this platform does not have the best customer support system. 

Advantages of Bittrex

• Safe platform 
• Supports a wide range of currencies 

As we have seen, there are numerous trade online platforms to choose from. All you have to do is pick a platform that meets your needs and venture into crypto trading.