Finding the safest multi-cryptocurrency wallets for investment is a very important process in starting to build a good investment portfolio. After spending three years in studying different cryptocurrency investment and trading strategies, and engaging in a number of transactions with good lessons in making profits and losing funds, one thing has always stayed with me. I have learnt to appreciate the need for a good multi-cryptocurrency wallet in the journey of building portfolio to hit a jackpot.
Finding the best multi-cryptocurrency wallet to store your funds is as important as selecting the best asset to invest and exploring all possible means to increase your investment by hundred folds. Bitcoin halving in 2020 is expected to skyrocket the price of Bitcoin to the moon, and many fraudulent wallets would emerge, knowing investors would be in desperate search of wallets. To be on the safer side, it is important to consider the popular and reliable wallets.
The first cryptocurrency I bought in my quest to make a significant amount from investment was XRP. Interestingly, I had no idea that some wallets were designed to allow funds entry with no exit.
I found a cryptocurrency wallet on Google Play Store, and installed it. After depositing the XRPs, I realized I made a mistake. I should have read reviews on the wallet before making that decision. I went back to Play Store to read reviews on the Wallet, and that was when realized I had made a bad choice. A lot of users were complaining about not being able to withdraw their funds. I then decided to transfer my XRPs back and see how it goes. Lol and Behold! I was not able to transfer it back. I was asked to enter the pin I chose when creating the wallet, but it kept telling me the pin was incorrect. Right at that moment, I realized I had thrown my money away.
After that incident, I have tried a number of wallets, and I want to share some of them with readers. It is worth noting that there are types of Cryptocurrency wallets.
Types of Cryptocurrency Wallets
There are basically five types of cryptocurrency wallets namely:
Online Wallet: These wallets are available on the clouds, and can be accessed on different devices with internet connection.
Mobile Wallets: Mobile Cryptocurrency Wallets are basically android applications that enable cryptocurrency users to store, receive and buy digital assets on their mobile phones. It works with the internet just like the Online wallets.
Desktop wallet: Desktop Wallet is a secured way of storing cryptocurrencies and managing the private keys on a computer hard drive.
Hardware Wallet: This type of Cryptocurrency Wallet is very different from the software wallets. Hardware Wallet stores users’ private keys on a more secure hardware device. They are stored in a protected area of a microcontroller, and cannot be transferred out in a plain text, which is more secured.
Paper Wallet: Paper Wallet is an offline method of storing cryptocurrency. It involves the printing of private keys and wallet address on a paper.
Online wallets are very good but have their bad side. It’s specifically good in terms of password recovery and contacting support for help. With the offline wallets, they are more secured, but once your backup code gets lost, you have lost access to your wallet forever. We will address the Offline wallets later. This article will focus on presenting a few Online multi cryptocurrency wallets that are highly recommended.
Yes, you heard me right. Coinbase is one of the best online multi-cryptocurrency wallets available, if not the best. It has an incredible track record of providing a chilling user experience. It is well secured, convenient, mobile-friendly, and currently supports a number of cryptocurrencies.
Currently, Coinbase supports Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ethereum Classic, XRP, Stellar Lumen, Dash, and many more. Coinbase is available in a lot of countries for cryptocurrency storage service, but has a limited availability for countries who intend to use their Buy and Sell feature. Sign up here.
Password Recovery: Yes
Backup Code: No
Wallet Type: Mobile, Web
Jaxx wallet is not as old as Coinbase wallet, but very popular among cryptocurrency investors. Jaxx wallet is a free multi-currency wallet that is available to Desktop users, web users and mobile users.
Jaxx supports a number of cryptocurrencies including Bitcoin, Ethereum, Litecoin, Dash and over 50 other cryptocurrencies.
Password recovery: Yes
Backup code/Phrase: Yes
Wallet Type: Desktop, Mobile, Web
Guarda is another reliable wallet that offers storage service for multiple cryptocurrencies. It supports almost all the major cryptocurrencies and a number of the altcoins including Dash, XRP, Zcash and many more.
Guarda has since its inception improved its services so well and its recognized as one of the most secured wallets on the internet.
Password recover: No
Backup Code/Phrase: No
Wallet Type: Desktop, Web, Mobile.
There is no point in having a big dream of being successful in cryptocurrency investment but relying on a wallet that has no credibility and the assurance to store your asset for multiple years. There are a few other reliable multi-cryptocurrency wallets, and so, readers are advised to make more research before deciding on the wallet to use.