Top 5 Free Crypto Wallets! Top 5 Safest Picks!
In this article, we will describe what is a crypto wallet and the top 5 free wallet crypto.
Why Use A Crypto Wallet ?
Most crypto newcomers simply deposit their dollars on an exchange, buy crypto and leave it there. But here’s the problem: That exchange essentially has ownership of that cryptocurrency. That’s because they hold the private keys.
That means all you own is an IOU from that crypto exchange. That’s a problem if the exchange exit-scams or is hacked. Yes, that may sound like paranoia but history has shown that these are very real risks faced by crypto holders
1. Exodus Wallet
Exodus is the first crypto wallet on our list and it is a cross-platform application for Windows, macOS, and Linux. Since it does not require registration, you only need to download the application and install it to start using it.
Another benefit is that Exodus also offers free 24/7 customer support. That’s pretty useful for crypto newbies wanting to ask questions.
Exodus also has an in-built crypto exchange that allows you to trade over 100 cryptos. The wallet also offers a host of apps that enable you to earn interest on those crypto assets. Another key feature is that Exodus offers upgradable security via its integration with Trezor.
Although it is great for beginners, more advanced users may find it lacks certain features.
First of all, Exodus is a closed source wallet. This runs counter to the concept of Bitcoin and blockchain, and may cause some security issues because its code is not open to everyone. Instead, users rely on the Exodus team to ensure that the security of their wallets is free of loopholes.
2. Trust Wallet
The second on our top 5 free crypto wallet is this mobile wallet sports an integrated DApp browser that can be used to interact with any decentralized application – pretty useful for Defi degens.
The app is also open-sourced, which means that the community can check out that code and make sure everything is in order. Trust wallet also supports staking for a few major cryptos too.
But what crypto-assets can you store? Well over 160,000 crypto assets are supported and that includes ERC-721 and ERC-1155 tokens. This means that it’s the perfect wallet to store these NFTs too. Another nifty feature is that you can buy crypto with your card through the wallet too.
Trust Wallet – How does it work?
The Trust Wallet mobile application works as follows:-
- It acts as a bridge connecting various blockchain networks through nodes. Each blockchain network has its own set of public addresses, usually called public keys. Encrypted assets are stored and encrypted in these addresses.
- Trust Wallet does not hold any cryptocurrency on its servers; it only allows users to access its wallets.
- It is a free-to-use application, users will not get any benefits when using it. All gas fees (transaction processing fees) generated are paid to validators or miners.
3. Atomic Wallet
The third in our top 5 free crypto wallet is the Atomic wallet was created in 2017. If you are a cryptocurrency enthusiast, you probably already know that this is a year of booming cryptocurrency that’s an understatement! Coincidentally, 2017 also marked the emergence of a better software-based wallet.
This wallet was created by a man named Konstantin Gladic. Mr. Gladych is very famous in the community he is also the person behind Changelly, which is one of the more popular cryptocurrency exchange platforms there. Although some other user Atomic wallet reviews mentioned this, Mr. Gladych must know how he handles encrypted storage.
Since its inception, Atomic Wallet has been steadily growing and adapting to the ever-changing crypto market and culture. Today, it is a mature crypto wallet!
This is the backstory of a specific encrypted storage-leave it aside, let’s continue
Atomic Swaps cryptocurrency exchange purchases are managed through the wallet’s associated service Simplex. Wallet Atomic’s approved fee for obtaining encryption through fiat currency is based on two elements.
The first is that the built-in exchange wallet charges a 2% fee for each transaction of a $10 transaction order.
The second element is that the encrypted wallet service charges the supplier’s purchase fee to the user’s bank card according to the corresponding size of the legal currency account policy.
Since cryptocurrency purchases require the high-risk performance and security of certain tokens, the platform charges an additional 5% for this element.
Metamask is the fourth in our top 5 free crypto wallet is a cryptocurrency wallet that can be used in Chrome, Firefox, and Brave browsers. It is also a browser extension. This means that it is like a bridge between a normal browser and the Ethereum blockchain.
The Ethereum blockchain is a network in which users can build their own applications (called dApps) and cryptocurrencies. Ethereum also allows its users to write trading guides called smart contracts. MetaMask can only be used to store the keys of the Ethereum cryptocurrency.
The cryptocurrency of Ethereum is called Ether. Other cryptocurrencies built on the Ethereum blockchain are called tokens. Most of the tokens built on the Ethereum blockchain are called ERC-20 tokens because they follow the rules set by the Ethereum developers to create new cryptocurrencies.
The MetaMask wallet can be used to store keys for Ether and ERCi20 tokens on three different web browsers. It also allows users to browse the Ethereum blockchain from a standard browser.
- Open source: This means that all MetaMask code is online, free and accessible. You can build your own version at home! I’m joking, don’t do that. I mean, you can, but don’t. Open-source software can be reviewed and updated by the community, which means it can be continuously improved.
- HD settings: Hierarchical deterministic settings can help users back up their accounts. They do this by providing users with lists of words called seed phrases. The seed phrase can be used to reset lost account information.
- Simple interface: After setting, MetaMask is very simple to use this is also the echo of other users’ comments on MetaMask wallet. All its functions are clearly laid out, so even beginners can easily send and receive currency!
- Local key storage: Some wallet providers store keys on their own servers. This is common in exchanges that provide wallets, such as Coinbase. The MetaMask key is stored on the user’s own browser, not on any remote server. This allows users to better control their public and private keys.
- Community: MetaMask is an important part of the Ethereum community. It has more than 1 million active users and nearly 70.000 followers on Twitter.
- Browser access: MetaMask does not have the right to access any of your information, but the browser that installed it can access it. Your browser will not be able to access your private code, but it may collect information about when and how you use the application.
- Online: Online wallets have advantages and disadvantages. One of the main disadvantages is security. Any information stored online is more vulnerable to hacker attacks than information stored offline. MetaMask itself does not provide sufficient security. Remember, always use more than one type of wallet.
This is the last one in our top 5 free crypto wallets and it was founded in 2014, Coinomi is the oldest multi-asset wallet with millions of active users. Most importantly, to date, no Coinomi wallet has been hacked or otherwise compromised. Coinomi is a security-first multi-asset wallet, suitable for mobile and desktop, providing native support and true ownership for up to 125 blockchains (the largest number on the market) and 382 tokens-a total of 507 assets. Almost thousands of assets are supported because users can add any ERC20 tokens by themselves!
Security Coinomi stores the private key of your wallet on your device (ie a non-custodial wallet). Strong encryption and password technology can ensure the safety of your funds. In addition, you need to set a password for sensitive operations, such as withdrawing money, which is also part of the recovery phrase encryption. On February 27, 2019, a serious security vulnerability was reportedly exposed in the Coinomi desktop wallet. Once you import the seed phrase into your wallet, there will be problems; during the import process, the seed phrase is actually sent by Google to an external service for spell checking.
Custom and dynamic fees Coinomi allows you to set custom fees for your transactions. Or, you can use dynamically calculated fees to always get the best price/performance ratio.
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📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses a considerable risk of loss. The speaker does not guarantee any particular outcome.
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