What is the Best Multi-Cryptocurrency Wallet?
What’s better than having several wallets for several cryptocurrencies? That’s right, one wallet where you can store all your cryptos. This makes things way more straightforward, as there’s no need to remember additional passwords, install additional apps, and more.
Therefore, we made a short list of some of the best crypto wallets that support multiple cryptocurrencies.
But why would you need such a thing in the first place? If you’re new to crypto trading, you might still not realize that trading cryptocurrencies go far beyond things like to buy Bitcoin and to sell it. It’s a complex activity that requires a lot of dedication and hard work and we will try to explain what does it include.
But before that, let’s see what cryptocurrency wallets actually are. Read on!
What are wallets for cryptos and why do we need them?
The best way to explain cryptocurrency wallets is to say that they are a sort of middle ground between a traditional wallet and an email. How so?
Well, they are, above all, wallets. Much like any other money holder, their purpose is to store your money. But what do they have in common with emails – you might wonder? Essentially, how one sends and receives funds is similar to sending and receiving electronic letters. Email users have addresses such as firstname.lastname@example.org which you need to input in order to find the recipient and send a text message.
E-wallet addresses are not that different. Following the same principle, you can send money to other people by entering their wallet addresses and the amount you want to send. There’s one more difference, though. Wallet addresses are usually randomly generated and make no sense. However, that may change in the future with projects such as ENS.
The birth of multi-cryptocurrency wallets
The thing about wallets is that they are mostly made to support one cryptocurrency. However, some developers finally noticed the elephant in the room and came up with this peculiar idea – to make crypto wallets that can support several cryptos at once.
First things first – join a crypto exchange
In order to own several types of cryptocurrencies, you should first join an online exchange. Newcomers are usually advised to join CEX.IO, which is a great beginner-friendly platform that covers some of the most cryptocurrencies and offers affordable fees for traders. Once you join the exchange and obtain cryptocurrencies, you need to store them somewhere. This is the perfect time to introduce multi-crypto wallets.
Let’s check out some of the best choices right now. Read on!
Ledger Nano X
Many professional traders agree that Ledger Nano X is definitely the best option for those seeking multi-crypto wallets. What makes this piece of software stand out from the crowd is that… well – it’s not a piece of software at all. It’s a piece of hardware.
The wallet was released at the beginning of 2019 and turned out to be the best solution for storing your cryptocurrencies. Apart from outstanding design, this wallet also comes with top-notch security that guarantees that your cryptos will not be stolen. Ledger SAS is a company that stands behind this product, and it has been in the business for quite a while. In fact, they have been active long enough to develop a superior product that is often the #1 choice of many crypto traders.
You also need to download the Ledger Live app in order to be able to connect it to your device. Ledger Nano X also has Bluetooth, meaning you can create a wireless connection with your mobile phones. Finally, this useful little gadget allows you to store more than 100 different cryptos at the same time, while it supports 1000+ digital coins.
Freewallet (aka Free Wallet) may not be as dominant and as significant as the Ledger’s product, but it comes with a couple of neat features that make it very useful when it comes to storing cryptocurrencies. The program supports 30+ tokens, and the reason why it has “free” in its name is that all the transactions with other owners of Free Wallet are completely free of charge. This useful app is available both for PC users and for those who like to use cryptos on the go, meaning they can download a dedicated app for iOS and Android.
Storing several cryptos at once is always better than just one, and Coinomi definitely lets you do that. It is also a hardware device that stores your cryptocurrencies, made by a company from the United Kingdom which has been in the business for some time and is a strong advocate of forked coins.
Users can store more than 100+, and the device currently supports 130+ cryptos. Apart from mobile apps, Coinomi also has a desktop client. What makes it stand out is a built-in crypto exchange that makes a lot of things easier for crypto traders.
If you prefer desktop computers over any other sort of device (and let’s face it – they still rule), then Exodus is probably the best choice for you. It is considered by many professional traders the best option for desktop devices as it is a stable and useful tool with a smooth design and numerous useful features that can improve your crypto trading experience.
Exodus enables storing of 100+ digital currencies. Users will get a nice pie-chart depiction of all cryptos you currently have in your wallet. Although you can download the wallet for mobile devices as well, its desktop version is the most convenient way to use the program.
Jaxx is a somewhat revolutionary wallet that has strong beliefs that are based on making the blockchain technology as simple as possible. Although it supports just seven cryptos at the moment, it allows its users to convert them with ease and gain complete control over the program. The app is available for desktop devices and for Android and iPhone phones.
The wallets in this piece are just several of many that you can find online right now. If you’re interested in obtaining them, especially the ones that come as hardware, make sure to find out additional reviews about them. Choose your multi-currency wallet and give your crypto journey a great boost!
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