Did you know that the absurdness of the idea of digital money has once offset the growth of cryptocurrency?
It was only until recently that people started to see its value igniting a whole new trading market. By the end of 2021, there will be around 295 million crypto traders worldwide.
Are you about to join the growing global crypto market community? Still in a dilemma about which among the many crypto wallets should you use?
Let us be your light! Read on to get a rundown on some of the best crypto wallets this 2022.
1. Binance
Binance has 28.6 million active users worldwide, making it one of the biggest crypto wallets of 2022. The wallet executes 1.4 million transactions per second. This enabled it to ripple an exchange volume of $7.7 trillion in 2021.
This achievement is possible because Binance has more than 530 trading pairs. Trading pairs are the assets that you can trade for a cryptocurrency. It makes Binance the most liquid exchange market.
Another wow factor of Binance is that it has a significantly low trading fee structure. Trading fees can go as low as 0.000% to 0.017%, allowing you to keep your profit.
Binance also has strong security and privacy policy that users can depend upon. It features two-factor authentication, a Know-Your-Customer rule, and Anti-Phishing Code.
Binance users also have full control over their private keys and backup passphrase.
Furthermore, Binance has an insurance fund that holds $300 million. This ensures that all the profits of traders are fully paid. It can also protect bankrupt traders from adverse losses.
2. Coinbase Wallet
Coinbase Wallet enables users to buy, store, and send cryptocurrencies and NFTs. It currently supports Bitcoin, Polygon, Ethereum, Dogecoin, Litecoin, Binance Smart Chain, Stellar, and Ripple networks. It can also hold Ethereum Layer-2 solutions like Arbitrum and Optimism.
Coinbase Wallet, like Binance, gives users complete control of their crypto assets. Users can browse decentralized apps and go shopping at stores that accept cryptocurrency. Users can also swap Ethereum and Polygon-based assets directly in the wallet.
The most exciting feature of this wallet is that users can manage their Ethereum-based Non-Fungible Tokens (NFTs) with it.
Also, the decentralized wallet only charges blockchain network fees, so no wallet fees. This makes it one of the low-cost top crypto wallets this 2022.
Coinbase Wallet also has a high user safety policy with PIN and password security rules. Not to mention the biometric verification that the mobile app requires from users.
3. Exodus
Exodus often tops the list of crypto traders choosing a crypto wallet because of its simple interface. The set-up process itself is straightforward as users only have to download the platform. This wallet doesn’t even require account signup and locally runs on the user’s desktop.
A similar process exists for the wallet’s mobile app. Moreover, users can sync their mobile and desktop platforms by simply scanning a QR code.
In a matter of minutes, users can start buying and trading with more than 180 cryptocurrencies. Exodus supports Bitcoin, Ethereum, Tether, Binance Coin, Terra, and more.
Exodus has also recently integrated the Lightning Network as its payment system. This system processes all crypto transactions outside the Bitcoin network. As a result, users can enjoy speedy and less expensive transactions.
Aside from these, the wallet hosts a variety of decentralized apps. Such apps provide additional profit opportunities to Exodus users.
You can also earn staking rewards through the betting app SportsX. Users who want to increase the security of their assets offline can rely on Exodus. This wallet is also a partner of Trezor, which allows users to manage their assets offline without the risk of security breaches.
4. Electrum
Electrum wallet built an impressive customer base with its easy-to-use software. The creators of Electrum focused more on Bitcoin. Hence, it’s the only cryptocurrency it supports.
Electrum wallet gives users the ability to customize Bitcoin transaction fees. For example, users can opt to use replace-by-fee (RBF) when the network is highly congested.
Electrum users may also open a Lightning Network channel. This will allow them to send and receive Bitcoin payments instantly at a low cost.
Worried about downtime? The servers of Electrum wallet are redundant and decentralized. This ensures that Electrum will always be running.
How about the security and privacy of Electrum users? Electrum is an open-source wallet with over 14,000 developers vetting the security of its code.
Electrum wallet also doesn’t require users to complete a KYC process, nor does it store data on its platform. Therefore, Electrum preserves the anonymity of its users. Users also have the option to set up two-factor authentication for improved security.
What makes Electrum one of the best crypto wallets in 2022 is that it is one of the few Bitcoin wallets supporting Tor. This makes it possible for Electrum users to block their IP addresses from other servers. If anything were to happen to a user’s computer, recovery is easy.
In addition, users can recover their funds via a secret recovery phrase provided to them upon wallet set-up.
5. Mycelium
Before the existence of Bitcoin, the creators of Mycelium came together in 2008 and launched Mycelium in 2012. It’s considered one of the longest-tenured Bitcoin wallets today.
Like Electrum, Mycelium is a straightforward wallet. It also leans more toward privacy and security features for cryptocurrency traders. This wallet focuses on Bitcoins, but it also supports Ethereum and several ERC-20 tokens.
What sets Mycelium apart from Electrum is that users can trade assets within the app. Mycelium Android users can access Mycelium’s Local Trader. This feature allows users to find individuals within their vicinity to trade with.
Moreover, Mycelium is a reproducible app. This means users can audit their original code for security flaws.
Mycelium users can also access advanced transaction history, enabling easy finance tracking. Overall, Mycelium is one of the best crypto wallets for experienced Bitcoin users who prioritize privacy and security.
Scrutinizing Crypto Wallets
Crypto wallets go beyond keeping your crypto assets secure; they also pave the way for orderly management and help oversee profit margins. So, make sure you research every option to find out which crypto wallet can help you grow your assets.
Aside from choosing a befitting crypto wallet, it also helps to do you.