Criteria to pay attention to when choosing a wallet for storing cryptocurrency
Every crypto investor needs a crypto wallet. Actually, the main criterion for choosing a storage method is the safety of funds. But it’s not superfluous to pay attention to the interface, commission size, choice of cryptocurrencies, speed of transactions, NFT support, the ability to buy USDT-TRC20 with credit card and other functions.
Safety
The level of security determines whether attackers will be able to obtain your seed phrase and keys to steal your savings. When choosing a wallet, you should pay attention to the following points:
- Availability of two-factor verification.
- Additional security measures such as fingerprint scanning.
- Data encryption.
- Local key storage.
- Possibility to create a backup copy of data.
Number and selection of cryptocurrencies
The wallet should primarily support the coins you are interested in. Some vaults only support one coin or only tokens of a specific standard, but if that’s what you need, should you look elsewhere? However, there are also wallets that support dozens of blockchains. Multi-currency storage has several obvious advantages:
- All assets are stored in one place, meaning you don’t have to remember different passwords.
- They are convenient for those who have not yet decided on the choice of coins for investment.
Commissions
The size of the commission is important for users who not only store coins, but also often perform various transactions with them. When choosing a service, it is important to consider the size of commissions not only for depositing and withdrawing funds, but also for exchange transactions.
Interface and functionality
It is difficult to overestimate the importance of the interface, since it is responsible for the ease of use of the crypto wallet. This is especially important for beginners, since at first it can be difficult to understand the functionality. It is better to initially choose a service with a localized version, since automatic translation is often not correct enough. As you gain experience, having a version in a language you understand will not be so critical, because the interfaces of different wallets are generally quite similar to each other.
As for functionality, storage facilities differ in the ability to exchange currencies, withdraw funds to a bank card, stake coins, and monitor fluctuations in the USDT-TRC20 rate.
A universal crypto wallet is convenient, but not every user needs or needs multifunctionality. Moreover, there can be as many wallets as you like. It is quite reasonable to choose one that is maximally protected for long-term storage of coins and coins for current active expenses.
Speed and ease of transactions
Transaction speed and storage security are the very criteria that cannot be brought to ideal at the same time. Almost invulnerable cold wallets suffer greatly in the speed of transfers. At a minimum, the device must be taken out and connected to the network. In addition, additional checks are often applied when executing a transaction. If your priority is quick access to coins and speed of transfers, then it is better to choose hot storage.
NFT support
NFT is a non-fungible token. An equivalent exchange of Bitcoin for XRP or another coin at the market rate is possible, but exchanging one work of art for another in the same way is not. Actually, NFTs are digital works of art, although not always professional ones. Any creative product can be tokenized, and although the NFT market is currently experiencing a crisis, this does not mean that they will disappear as a phenomenon. This market segment has potential for development, which is why most modern wallets support storing NFTs.
