Looking for a convenience and high-security wallet for your crypto assets? This article will introduce to you the best software wallets that are suitable for regular use.
Similar to fiat currencies, cryptocurrencies need to be stored in a wallet, but with different forms and features. We can divide cryptocurrency wallets into three main types, which are paper wallet, hardware wallet, and software wallet. While best hardware wallets offer excellent security features, software wallets support everyday transactions. This article will focus on the best software wallets in the crypto world and how they operate.
What is a software wallet?
In fact, cryptocurrency is an intangible asset that cannot be contained inside the wallet. Therefore, the use of wallets in the digital world is not to store the actual amount of cryptocurrencies. Instead, it helps coin holders secure their address, public and private keys; as well as interacting with a blockchain to trade cryptocurrencies. In short, a crypto wallet is an essential tool that can hold the user’s confidential personal information needed for all types of transactions using cryptocurrency in the digital world.
Unlike hardware and paper wallets which are the physical forms of storage, software wallets are the programs or apps that can operate in your electronic devices, like PC, laptops or smartphones. Basically, those software wallets can keep digital assets in both online and offline environments that can be quickly accessed and traded but are also vulnerable and potentially attacked by outsiders.
Software wallets in the market are diversified in design, features, and convenience in use. Based on users’ preferences of internet connectivity, mobility, and devices that they want to use, software wallets are classified into desktop and mobile formats.
Now, let’s take a closer look at each category and check out the top 5 best software wallets among the software wallet segment.
Desktop wallet is a program that is installed directly to the computer’s hard drive to store private keys for digital assets. The main advantage of this type is providing users with full control over their virtual money because it can only be accessed from the device where the wallet is installed. However, many investors believe that the risk associated with broken hard drive or virus attacks may outweigh the benefits that this type of wallet offers. Apart from these, the inconvenience is also a big concern for some crypto holders.
So what are the best software wallets for desktop?
Exodus is a well-known name among the desktop wallet market. Exodus is an easy to use wallet which is highly recommended for crypto beginners. This wallet appeals to investors by its minimalist design, multi-cryptocurrencies support, and user-friendly interface.
Exodus integrates various security features to protect your assets, such as password, automatic locker after a certain period of time, and especially, the release hashes to verify the installer’s authenticity. Besides that, there is no registration required, so the service provider does not have any accessibility to your private keys and money. That’s why Exodus is one of the best software wallets.
Exodus is not only compatible with many operating systems, such as Mac, Linux, and Microsoft, but also developed to run in mobile platforms like iOS and Android. Users can sync the desktop and mobile wallets to optimize trading experiences in the cryptocurrency world.
Another name in the list of best software wallets is Electrum. Overall, Electrum is quite complicated to use, so it may not be the best choice for crypto staters. However, for someone who has already experienced in trading Bitcoin, you may find this wallet extremely useful thanks to its feature-rich, high speed and security.
One of the outstanding features of Electrum is to support Replace By Fee (RBF). Primarily, RBF is the action to replace an old unconfirmed transaction by a new one with a higher transaction fee, in order to reduce processing time. By doing so, Electrum allows users to customize the transaction fee and free their money from congestion quickly.
Apart from it, below are some of the other useful features that make Electrum one of the best software wallets in the market.
- 13-word passphrase: recovery function that regains your accessibility in the case of losing devices or having any damages to your computer
- Multi-sig support: spending permission is divided equally into several wallets, therefore, multiple approvals are required to send out money.
- Integration to various hardware wallets: Electrum can connect to other hardware wallets such as Ledger Nano or Trezor
#3: Jaxx Wallet
Jaxx is another name that can be missing in the list of best software wallets for desktop. Currently, Jaxx Wallet can support up to 80 cryptocurrencies including some of the most popular ones, such as Bitcoin, Ethereum, Litecoin, Dash and Bitcoin Cash.
The first upside that crypto traders can easily see of Jaxx Wallet is user-friendliness. This wallet is also highly recommended for crypto beginners because every function is intuitive with a single menu, and each cryptocurrency wallet is visible from the home screen; as well as clear labels for basics operations, like sending, receiving, or switching between wallets.
One of the unique features of Jaxx is the integration of ShapeShift which allows users trading cryptocurrencies instantly from inside the wallet. Besides that, Jaxx Wallet is among the very few crypto wallets in the market that allow users to conduct transactions anonymously. There is no requirement to provide any personal information to gain access to the wallet, therefore, users can totally protect their identity.
It is not surprising that mobile wallets are becoming increasingly popular in recent years. This type of wallet offers the highest level of convenience by operating through the app in your smartphones that you bring along every day and hour. You can either store your digital assets locally on your phone or putting them into an online storage server.
Despite concerns about low security, many investors believe that there is nothing better than being able to access the wallet on the go and make timely trades. Here are some best software wallets for mobile:
Mycelium is one of the oldest and best software wallets on the market. The first advantage of this wallet is that Mycelium offers a wide range of accounts to create. Crypto users can open 5 types of accounts with different functions, such as HD account, Bit ID account, Single Address account, “Watch Only” account and Hardware account. Mycelium is pretty easy to use but not really friendly to newbies due to some complex features.
Another cool feature of this wallet is the ability to integrate with hardware wallets such as Trezor and Ledger; as well as Cashila, Glidera and Coinapult to support deposits and withdrawals. However, the cons of Mycelium is that it is not optimized for iOS as good as for Android. Many iOS users reported some problems such as missing features or slow processing time.
#5: Incognito Wallet
Incognito Wallet is an ideal choice for investors who seek to send and buy crypto anonymously. Besides all of the necessary features like other crypto wallets, Incognito Wallet has a special characteristic that differentiates itself from others, which is privacy-oriented.
This wallet provides a decentralized exchange that allows users to send and buy cryptocurrency in anonymity, with just a simple manipulation to switch from the original version to “incognito mode”. In this mode, virtual money is transferred to a separate blockchain instead of the public one and users can convert their coins into a privacy version at the rate 1:1. These allow users to trade cryptocurrency without disclosing their own data and information; as well as avoiding the involvement of the third party.
After completing private transactions, users can easily switch back to normal mode with a single tap. Another upside of Incognito is that this wallet is able to operate effectively in both iOS and Android platforms.
With all of those outstanding features, Incognito Wallet is believed to be one of the best software wallets in the crypto world, in terms of data security and privacy-first experience.
- Download the wallet: iOS | Android
- Learn more: https://incognito.org/
- Contact the team: https://t.me/incognitochain