Digital wallets expedite the rates of cryptocurrency transactions by facilitating the sending, receiving and storing of cryptocurrency. Most wallets these days are loaded with features which enhance the process of trading cryptocurrency. Having a cryptocurrency wallet is essential because it allows you to move funds as per your will and offers you the desired level of security. Some wallets even provide you with the convenience of trading multiple cryptocurrencies at once.
Transferring cryptocurrency through a digital wallet is simple because it works in a similar fashion to traditional bank accounts. You are assigned ‘public addresses’ which act as your account number and aid the transfer of cryptocurrency. There are certain factors that one must consider before choosing a wallet to avoid inconveniences later. Let us look at the best cryptocurrency wallets in India and why they should be on your list.
The Top 5 Cryptocurrency Wallets in India
Trezor is one of the pioneers of Bitcoin’s hard-wallets. Trezor provides a portable USB device that can be connected to your computer. It offers a high level of security, and can also function seamlessly on a malware-infected computer. It supports a wide variety of cryptocurrencies which include Bitcoin, Ethereum, Litecoin, Ethereum Classic, ZCash, Dash and Bitcoin Testnet.
Trezor is one of the most secure wallets as hacking into it is virtually impossible without having access to the physical device. It also offers one of the best user interfaces which provides unparalleled convenience. Although there are various advantages to using Trezor, users are often bothered by the meager number of cryptocurrencies that you can access through Trezor. Overall, Trezor is a great wallet which can prove to be very fruitful for its users.
Binance is one of the leading cryptocurrency exchange platforms. Hence, one can be assured of getting a high amount of security and amazing customer services. Binance gives you the option of creating your wallet when you sign up for their services. The entire process of onboarding is quite smooth and the user interface is lucid and easy to understand.
Although Binance can be a good option, one of the downsides of using Binance is that it does not allow any fiat dealing. Since Binance offers its services at a high speed, it does a commendable job at a fast pace, which makes it one of the best in the business.
Ledger Nano S is a hardware-based wallet that competes with Trezor. Apart from its robust design, it also offers various amazing features. The wallet supports more than 700 coins and tokens that work in connection with the Ledger Live software interface. It also offers strong security features that are backed by the easy-to-use user interface.
The only disadvantage of using Ledger Nano S is its high price. Although, the price may be justified due to the quality of services that are offered and the variety of options when it comes to trading in the cryptocurrency of your choice. If you are willing to shell out a few extra bucks, then Ledger Nano S may be the best choice for you.
Jaxx is one of the few cryptocurrency wallets that offer cross-platform support. It can function across all your devices and allows you to sync your mobile, computer and other devices. Currently, Jaxx provides support for seven different kinds of cryptocurrency assets. Nine different platforms support Jaxx, which includes Windows, Apple, Linux, Android, iOS, as well as, Chrome and Firefox.
It can be downloaded for free and charges a transaction fee for the trades that you carry out through your wallet. It is integrated with the exchange platform, ShapeShift, which further allows you to trade various cryptocurrencies. Jaxx has been lacking a few security features like the lack of two-factor, which raises a few questions. Setting aside this fact, Jaxx allows a high level of compatibility and seamless integration among various platforms.
Keepkey is a hardware-based wallet that provides great value for your money, as, although initially it was priced exorbitantly, the prices have dwindled now. It allows you to generate and store an unlimited number of private keys. It supports all the leading cryptocurrencies like Bitcoin, Ethereum, Litecoin, Dash etc. It comes with an attractive design and has security features quite similar to other hardware wallets. One of the cons of using Keepkey is that it does not come with a web application. One might be required to download additional software like Electrum to gain access to its application.
Let us take a look at a quick summary of the factors that one must look for while choosing their wallets.
- Security Features: It is absolutely essential that you pick a wallet with strong security features to disallow any mishaps in the future. If you are planning to invest a high volume of money in cryptocurrency transactions, you must be aware of the authentication process that your wallet undertakes. Before you commit to any wallet, you must also check for the security of their web-based or mobile-based platforms as these platforms are vulnerable to attacks.
- Anonymity: Some traders do not wish to reveal their identity in public to prevent their trading portfolio from becoming public knowledge, or simply due to other personal reasons. Being anonymous aligns with the idea of blockchain – the algorithm on which cryptocurrencies are based. If your wallet provides anonymity, you can be satisfied that none of your personal information will be out.
- User Experience: Many of the cryptocurrency wallets fail due to the lack of an easily understandable user interface. A cross-platform wallet can be quite helpful. This is why one should look for wallets that provide greater accessibility. Having multiple features on your website which are not being used by the user should be removed as they slow down the entire process. A crypto-wallet should contain the necessary functions spread out in an easily understandable manner to guide the users in the best possible manner.
- The Reputation of the Company: Signing up with a trusted wallet allows you to perform faster transactions and gain higher rates of returns. One added advantage of signing up with a reputed company is the fact that there are various forums and support activities carried out by these wallets. In case you face any issue while trading with your trusted wallet, you can be assured of receiving adequate support.
Using a cryptocurrency wallet for your transactions can be greatly helpful, and will allow you to make transactions within seconds. With the right security and accessibility features, cryptocurrency wallets can transform the way we perform digital transactions.