Buying and selling Bitcoin has never been so accessible. Anyone can register to a crypto exchange, deposit no more than £20, and start strategizing. However, one of the most critical steps in this process is choosing your Bitcoin wallet.
Storing assets safely is vital because once they’re gone – they’re gone forever. As a beginner, opting for a hot wallet makes more sense than spending money on cold storage.
When choosing a hot wallet, users go for a Bitcoin web wallet or a crypto wallet app. To help you make the right decision, here are some of the best and most reliable hot wallets in the crypto industry.
1. Coinbase Wallet
Coinbase is best-known as one of the biggest crypto brokerages in the world. Unlike some major exchanges, they offer a non-custodial Bitcoin web wallet to their users.
The investors hold the private keys to their wallets and don’t have to worry about losing their assets should the company fail.
Furthermore, you don’t even have to sign up for the Coinbase exchange with their web wallet. It’s one of the most secure hot wallets, and was explicitly created to support and store Ethereum. However, the wallet supports more than 50 cryptocurrencies, and that number is constantly growing.
2. Trust Wallet
Trust is a software wallet available for download on iOS and Android devices with over five million active users worldwide. Users can sign up for free with an easy-to-use interface that makes it an excellent option for any beginner investor.
One of the best aspects of the Trust wallet is that it runs on an open-source system, which means that developers and anyone else with the right knowledge can analyse and improve it.
It also offers storage backup to their users by including a 12-word seed phrase that ensures users never lose access to their tokens. Given the fact that Trust is a non-custodial wallet, users also don’t have to leave their private information when creating an account.
Bitamp is another open-source, decentralised, client-side web wallet. This wallet was designed for those only starting out with Bitcoin and who don’t want to be overwhelmed.
To set up this wallet, all you need is a strong internet connection and a few minutes. You don’t need to enter any personal data – not even your email address.
However, it’s vital to copy and safely store your private key and seed phrase as a backup. And it’s crucial to point out that Bitamp solely focuses on Bitcoin as it’s the only cryptocurrency it currently stores.
Those only focusing on Bitcoin investing can benefit from this highly specialised crypto hot wallet.
4. Exodus Wallet
Exodus is a non-custodial crypto wallet available as a desktop and mobile app. It allows users to have comprehensive control of their digital assets.
It’s a lightweight hot wallet as it doesn’t burden your device by downloading an entire blockchain. It makes the whole setup much faster and the interface more responsive.
Also, if you’re concerned about misplacing the private key to your hot wallet, Exodus has not one but two backup methods in their offer.
The 12-word seed phrase is one way to regain access to the tokens. But you can also rely on email restoration. However, that does mean you’ll need to provide some personal information when registering your account.
5. Edge Wallet
Edge relies on client-side encryption, meaning the user has full ownership of their tokens. It was designed as a smartphone wallet that supports numerous cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Monero, and many more.
Edge doesn’t charge users any fees for receiving funds but does include crypto mining fees for transactions. Remember that Edge doesn’t keep the money from the transactions but forwards them to the miner.
The Edge app has a clean and intuitive design with easily accessible buttons when it comes to user interface. Setting up an Edge wallet is quick and easy, but it does require providing data such as a username and password.
Choosing the Best Crypto Hot Wallet for You
One of the significant benefits of using a hot wallet is not going from offline to online whenever you need to make a transaction. Hot wallets are cloud-based and more convenient than cold storage.
Keeping track of your digital assets means checking your phone or opening a browser on your computer. The five hot wallets we’ve discussed are non-custodial, secure, and very easy to use. Opting for any of them will ensure a smoother entrance into the world of crypto investing.