It’s a bit confusing when choosing the right cryptocurrency wallet, have to research a lot before choosing. Because you’re looking to store your digital money. That’s really important. In this article, I’m going to list down 5 Best multi-cryptocurrency wallets you should choose in 2020.
I recently published the best wallets for Android and iOS. Here is the link if you want to check that out too: Best Bitcoin Wallets For Android [Top 5 Wallets]
There are a few things we must consider when choosing a wallet.
The most important thing on every wallet. Besides, without security, It doesn’t belong as a wallet. There are various types of securities available currently. The most known and most rated type is Two-Factor Authentication. In fact, It is securing your wallet co-operating with the mobile you’re using.
Different types of wallets are available. What I mean with “type”, Web, Desktop, Hardware, and Mobile.
Why does the type matter?
Most importantly, the usability which means the style you use the wallet. And yes it’s one of the things that we have to consider.
Most wallets free to use. But including blockchain fees. We do need to consider that too. But some, including service charges as well.
You don’t own only bitcoins. So you need to consider supported coin and tokens when you choosing a wallet. In this list, I chose only the best muli cryptocurrency wallets.
Alright then, Let’s bring things up. Please note that these 5 wallets do not stick to a single type. These are various types. Also, I will mention all the facts discussed above. Keep reading.
Ledger Nano S (Hardware Wallet)
Actually, there are two best hardware multi cryptocurrency wallets in the market. The other one is the Trezor. So what is a hardware wallet? Simply, it’s a small portable device that connects with software wallets and store coins/tokens in the device.
It’s like a portable USB drive. The best feature of this type of wallet is the security. Overall this is one of the best wallet type if you’re interested in.
This was founded in 2014 Ledger is a leader in security and infrastructure solutions for cryptocurrencies and blockchain applications.
As I mentioned above, Security is in a maximum position. What makes it much secure than other types of wallets? If a hacker tries to track down your private key, it doesn’t be able to get because it is encrypted in the device itself.
Hardware wallets need to get connected to the second device such as PC in order to verify actions with wallets and store coins and tokens. In this way, think a hacker gained control of your personal computer. But he cannot hack your wallet because the physical device is in your hand.
This is how the best security achieved by hardware wallets.
The fees are depending on the software wallet that you connect with. Most of them are free of charges. But including transaction fees charged by blockchain.
However, The nano ledger S pricing around 70$. Check price
Most of the Hardware wallets support a lot of cryptocurrencies. In the ledger, it supports,
- Bitcoin Cash
- Ethereum Classic
- Bitcoin Gold
And as well as all the ERC-20 based tokens support in this hardware wallet. Interested in Nano Ledger S? Read full review.
Or check out this video.
Released in 2015. It is free to use wallet that allows users to create wallets on ethereum network securely. However, in all the cases with your wallet created with MyEtherWallet, they take no responsibilities.
What does that mean?
When wallet creating process, they give you the Private Key of your wallet which is a unique code highly private and confidential. Your responsibility to secure your Private Key.
If you lose somehow, you have no recovering method of your wallet.
But there are various accessing methods available for your wallet such as, via hardware wallet, metamask.
Like I mentioned, you have the main responsibility of your MyEtherWallet. But here is the true story.
If you’re using your unique Private Key to access your wallet all the time, your wallet might get hacked or phished easily. How? When you submitting your Private Key online, hackers can track down your Private Key and access your wallet.
And that’s the reason why MyEtherWallet developers are not recommending access to your wallet with Private Key as well.
MyEtherWallet is a free to use web wallet. It’s making your way to create a wallet in the ethereum network. And this means, there are no service charges but including blockchain transaction fees.
Check out more here about how ethereum transaction fees are calculated.
This wallet supports every kind of ERC-20 based coins and tokens. This is a wallet in an ethereum network so it supports only ethereum based tokens and coins only. Here are a few examples of ethereum based coins
Trust Wallet (Mobile)
Trust wallet is currently one of the best multi-cryptocurrency wallets available. However, It was created in 2018 by a famous cryptocurrency exchange called “Binance“. Currently, the Trust wallet is the main cryptocurrency wallet of Binance.
This wallet supports iOS and Android. But the thing is, this wallet not available on Windows platforms. However, this wallet gained more user trust and one of the best so far.
The trust wallet developers mentioned, when you creating your wallet, the private key is stored locally and secured with a high-level security system.
In my point of view, I also recommend this wallet because, if a hacker tries to access your wallet, he also needs to access your mobile to track down your private key. With encryption methods, it’s difficult.
However, there are no 2-factor authentication methods to increase your wallet security. That is one of the main disadvantages of this wallet.
Same as MyEtherWallet. There are no service charges. It only includes each fee calculated by blockchain.
Supports a lot of cryptocurrencies in the various blockchains. But initially, It supported only ERC-20 based coins.
Blockchain Wallet (Web and Mobile)
Probably the most popular wallet today. Released back in 2011 by a Luxembourg-based enterprise. The special about this wallet is, It is a web-based wallet but available in mobile platforms such as Android, iOS.
However, the blockchain wallet is available in 170+ countries with reached 46,000,000+ wallets.
Let’s find out the usability facts about the Blockchain wallet.
This wallet offers what I recommend security methods which are, Email verification and Two-factor authentication. Email verification is enabled when you making a transaction, when login and when suspicious or unusual activity is detected.
You can set-up the two-factor authentication for the above processes as well. Also, there is also a backup phrase option to recover your wallet whenever required. But talking about the private key, they store your private key in their servers.
Nothing special about transaction fees on this wallet as well. Includes only blockchain transaction fees. See more.
Here we running into a disadvantage of Blockchain wallet which is it supports only bitcoin (BTC), bitcoin cash (BCH), ether (ETH), stellar (XLM), and USD PAX (PAX).
But why I chose this wallet as one of the best multi cryptocurrency wallets, because of its user trustability.
Exodus Wallet (Desktop and Mobile)
This is an easy to use wallet available in Desktop and Mobile. Exodus is a creation of the Exodus Movement INC in 2015. In fact, this is a beginner-friendly wallet and as well as is has perfect online support.
Available in both mobile platforms, Mac, Windows, and Linux. As special, this wallet has a built-in exchange. That means you can buy and sell one cryptocurrency to another in the wallet.
The private key is encrypted in your device so it can be seen only for you. However, this wallet does not offer two-factor authentication which is a must need thing in my opinion.
In fact, there are two backup methods in case if you lose your wallet, Stolen, or damaged.
The first method is using the 12-word keyphrase that you wrote down when you creating the wallet. The second method is email restoration.
Only including blockchain transaction fees calculated by each blockchain. See more.
Currently, the Exodus wallet supports a total of 112 cryptocurrencies. Including bitcoin, ethereum, ripple, bitcoin cash, etc.
See the full list. However, this is one of the best multi cryptocurrency wallets available right now.
These are the best cryptocurrency wallets available today. But researching each one of them individually is always a good idea. So my recommendation is, When you choosing a wallet, just don’t download/set up and store at once.
And most importantly, Consider the security types. Personally, I would prefer wallets that have two-factor authentication. Because it’s one of the strongest security methods against hackers.
Now It’s Up To You
Which one do you prefer the most?
Do you have experiences with each one of these? Does anything need to change?
Share all your ideas and opinions in the comment section below. Also, sharing this article on social media would be appreciated.