You can store multiple cryptocurrencies in wallets such as Exodus, Coinomi, Trust wallet, Jaxx, and Ledger Nano S. Cryptocurrency is expected to rise in value in the coming years. When this happens, crypto will gain more unsolicited interest from hackers. In this case, it would be prudent to remove cryptocurrency from the exchange and perhaps store it in a wallet. The reason why you should have a wallet is a pertinent issue, especially if you own a big sum of crypto. Generally, security issues come at the expense of money and convenience. However, you need to be careful and balance it in a way that perfectly fits your risk profile.
In this article, I will review 6 wallets that enable you to store multiple cryptocurrencies in one place. It is vital to note that there is no one wallet that allows you to store all your coins in one place. However, there are few wallets that allow you to store a variety of coins in one place. Let us begin.
This is a desktop wallet meant to offer exclusive control over cryptocurrencies. It offers full compatibility with ShapeShift, a common cryptocurrency exchange capable of supporting a lot of tokens. This implies that its users can have access to multiple cryptocurrencies. Similar to other desktop wallets, it stores crypto assets on your computer. However, it is vital to keep in mind that Exodus is a light wallet.
One of the main reasons behind its popularity is its instinctive user-friendly user interface. Exodus wallet offers you all the necessary features to manage your cryptocurrency portfolio. Nevertheless, it best suits people who are not technically savvy or have not used an exchange before.
So then, how can you add cryptocurrency to Exodus? It is quite simple. The easiest way is to buy Bitcoin using an exchange like CEX and send your Bitcoin directly to Exodus. An alternative way is to buy Bitcoin using Localbitcoins or Paxful, send bought Bitcoin to an exchange like Binance. Buy cryptocurrency with Bitcoin. Withdraw your cryptocurrency to Exodus wallet. You can also use Shapeshift within Exodus to swap Bitcoin with other cryptocurrencies. Exodus supports multiple cryptocurrencies and new cryptocurrency is added regularly. The following are the main advantages of Exodus:
- It is compatible with both Mac and Windows
- There is portfolio management
- Quite easy to use UI
- Multiple Cryptocurrency
- It is integrated into a crypto exchange with a number of supportive coins.
This is one of the most commonly used wallets in the crypto space. It supports numerous cryptocurrencies apart from offering secure storage for crypto. The wallet is available in a number of platforms including Android, Windows, and Mac among others. Since Jaxx Wallet offers its users a seed, you can restore your wallet with all cryptocurrencies if you lose your wallet. The seed can be used for linking mobile with desktop wallets. In addition, the wallet allows for exchanging cryptocurrency using Shapeshift exchange. Shapeshift is easily available on the wallet’s interface. The following are summarized advantages of Jaxx Wallet:
- Supports a vast number of cryptocurrency
- It is more appropriate for beginners as well as intermediate users
- Fast conversions are facilitated by the inbuilt exchange feature.
While security is one of the main issues of concern while dealing with desktop wallets, it is imperative to acknowledge the fact that security is not the sole responsibility of the company. It is a mutual responsibility between the company and you. As an investor, you are under obligation to exercise common sense and maintain security measures.
Coinomi supports a large number of coins and it is among the leading wallets providing storage for multiple cryptocurrencies in one place. It has a lot of positive reviews from users. Coinomi wallet supported Bitcoin forks, particularly Bitcoin Cash and Bitcoin Gold and received good attention because of this feature. It is possible for you to save your private keys and restore funds easily with Coinomi. The following are some of its main features:
- Multiple coin support. Coinomi supports a lot of digital currencies, including the top cryptocurrencies.
- It is quite simple to set it up. Installing is just a matter of minutes.
- Simple asset trading.
- There is a lot of emphasis on privacy.
Coinomi wallet is structured as a multi-currency platform. Apart from supporting bitcoin, it is also compatible with a number of altcoins. So, how can you set up Coinomi wallet? Download the Coinomi app on the app store or Google Play, open it and create a new wallet. You will be provided with a distinct phrase. Write it down and safeguard it. Suppose you lose your phone, you can restore the wallet on another device using the phrase. The next step is the password choice for your account and finally the currency settings.
Ledger Nano S is the topmost among the hardware wallets and supports several coins including Bitcoin, Ethereum, and Ripple among others. The wallet is based on strong security features mainly for stowing crypto assets as well as secure digital payments. Because of its exclusive security features, stealing the wallet does not mean someone will get your funds. Security keys and passwords can still keep your wallet from theft. So the wallet is very secure. Nevertheless, the delivery of the wallet is not fast due to very high demand. If you need it, order as early as you can to be ahead in the line. Also, make sure you order from the official site to lessen the chances of fraud.
What better way to store all your cryptocurrency than on an exchange itself? Yes. Exchanges do get hacked. But, if you are not tech-savvy and do not know how to store your cryptocurrency securely, your best bet is to store it on an exchange. Binance is one of the top exchanges in the world. They are known for low fees, user-friendliness, and good customer service.
Additionally, Binance also has its own cryptocurrency wallet, “Trust Wallet”. This is another multi-coin wallet that supports major cryptocurrencies, all ERC20 and ERC223 tokens. Trust wallet is available on iPhone and Android.
This is another wallet that can be used to store multiple cryptocurrencies. MyEtherWallet can be used to store all your ERC-20 tokens. These coins are based on the Ethereum network. Some of the popular ERC-20 tokens include OMG, IOST, ZRX, and etc. Please note that MyEtherWallet only supports ERC-20 tokens. This wallet is open source and you are fully in control of your private key. MyEtherWallet provides somewhat good anonymity compared to other wallets but can be vulnerable to malicious browser extensions and phishing sites. This is mainly because MyEtherWallet works on the client-side. As long as you know how to take proper security measures, this is the best way to store all ERC-20 tokens in one place.
In terms of wallets that support multiple cryptocurrencies, these are the top wallets on my list. However, in terms of security and anonymity, I would use an offline wallet. Offline wallets provide the best security and anonymity compared to any other type of wallet. Check out the article “Best Cryptocurrency Offline Wallets“.