If you are planning to invest in the digital currency market or you own some digital assets in any way, you will definitely need a convenient and secure way to hold them. Digital wallets are made for this purpose. These wallets come in a variety of categories, such as hot and cold, software and hardware, or operator and non-operator. Depending on the type of activity they have in the financial markets, people can create and use different wallets.
In this article, we try to introduce and review 5 popular brands of digital wallets. Our wallets of choice are both hardware and software types, and it should be noted that single currency wallets such as Electrom or Mycelium are excluded. We hope that after reading this article, you will be able to gain enough knowledge to choose the right wallet. Stay with us until the end.
Types of wallets
All digital wallets, both hardware and software, allow the user to access digital currencies. This is done through the management of ‘Public and Private Keys’. ‘Hardware Wallets’ are physical devices that are often connected to a computer via USB. These wallets are known as the safest way to store digital currencies and are the best choice for long-term storage as well as large amounts of digital currencies. These hardware wallets may not be a good choice for daily trading. In fact, people who make more transactions in short periods of time are more likely to use “software wallets’.
Software wallets, also known as “hot wallets”, are free and can be easily downloaded and installed on a computer or mobile phone. They all use encryption technologies to protect users’ information and assets. Of course, there are other types of online wallets that are web-based and can be used through the browser without the need to install the application.
Now that we are familiar with the basics of digital wallets, we return to the main discussion and introduce 5 of the most popular digital wallets.
The “Ledger Nano” series of wallets are hardware products of the French company Ledger. The company is one of the pioneers in this field and started its activity in 2014. The prototype is called the ‘Ledger Nano S’ and is one of the best-selling hardware wallets in the world. The success of this product paved the way for the ‘Nano X’ model. The new model was introduced with more features and, of course, is a little more expensive.
This wallet is made in the size of a flash memory and can be connected to a computer or mobile phone via USB cable as well as Bluetooth. The Ledger Nano X supports more than 1,500 digital currencies, and this number is growing.
Ledger has introduced a software user interface called ‘Ledger Live’ to manage the assets stored on the hardware wallet. The Ledger Live program can be installed on a computer or mobile phone, and it can be used to install wallets of different currencies on the physical Ledger and manage the assets of each. Ledger Live has other capabilities as well, and it can be used to do things like buying digital currency, sending and receiving, trading, exchanging currencies with each other using an internal exchange, and so on.
Trezor wallet was created by the company of the same name and is one of the most popular hardware wallets for storing digital currencies. Trezor products are offered in two models, ‘One’ and ‘Model T’, and are sold at prices of 59 and 192 Euros.
Model T is the latest product of Trezor Company and is very similar to Ledger in terms of performance. Trezor easily connects to intermediate exchanges such as Changelly and Shapeshift, allowing the user to easily make exchanges between different currencies.
This product uses a touch screen, making it easier to work with than pressing physical buttons. Trezor also has a Micro SD memory card slot that can be used to encrypt the device as a way to increase the security of the device.
Atomic wallet was created in 2017 by Konstantin Gladych, the former director of the Changelly exchange. This wallet is designed with the aim of enabling nuclear exchanges of cryptocurrencies. Atomic exchange refers to the transfer of coins directly between blocks of different layers.
This software wallet is available in desktop and mobile versions and, along with its internal exchange, allows users to securely store as well as exchange digital currencies. It has a beautiful and simple user interface and more than 300 different currencies can be stored in the Atomic wallet.
Atomic is a secure and decentralized wallet. This means that users’ private keys are stored only in the memory of their mobile or computer. This provides the highest level of security for users, but you should be aware that the user is responsible for maintaining the private keys, and if he loses them, his assets will be lost.
Exodus wallet is in the category of software wallets and is a desktop wallet that also has a mobile version. This wallet is famous for its simple user interface and internal exchange facilities. Hundreds of different currencies can be exchanged in the internal exchange of this wallet. Inexperienced people can easily work with Exodus and get help from its support system in case of problems. Users can set their own fees when submitting transactions or use an automated fee setting system.
The only downside to the Exodus wallet is that it is not open source, which makes it not the first choice of professional users. This means that users have to trust the company to protect their assets. Exodus’ strengths include a wide variety of supported currencies, an in-house currency exchange, and a user support system.
‘Lumi’ is a mobile software wallet that was produced in 2017 by a company of the same name. Lumi is an HD wallet, which means that it can generate a separate address for each transaction, which protects the privacy of users in the Blockchain. Initially, this wallet was only for storing Bitcoins, but today it supports many coins along with all ERC-20 and ERC-721 tokens.
Lumi Wallet is open source and its program codes are available to everyone so that anyone can review it and help develop it. Another positive feature of Lumi is that it provides the user with private keys and does not play a role in storing them.
To use the Lumi wallet, just download and install the app from the Google or Apple Store, assign passwords, make retrieval statements and initial settings, and easily enjoy its beautiful user interface.
Activities in the financial markets, especially the digital currency market, require specialized technical knowledge in this field. The maintenance of digital assets is also an important part of this field. Digital wallets are designed to help users. Whether we use a software wallet or hardware depends on the type of activity and our goal in this hectic market.
The wallets introduced in this article are just examples of the dozens of wallets available in the world and are not necessarily the best options. However, the purpose of this article was to introduce the most popular digital wallets with various capabilities for safe storage of digital currencies, and we hope we have been able to introduce you to some valuable choices in this way.
Description: Digital wallets are designed to hold a variety of cryptocurrencies. In this article, we will get acquainted with the top 5 brands of digital wallets.
Summary: Digital wallets are produced in different types of software and hardware. To operate in the cryptocurrency market, we need to be familiar with the types of wallets and to some extent understand their function. In this article, 5 prominent wallet brands are introduced. See the link below for more information: