Who should make use of this India crypto wallet comparison?
As more and more people look to use cryptocurrencies in today’s markets, the more they subsequently look to find the best crypto wallets around. Finding the right crypto wallet for you can be a taxing process that requires a lot of time searching the internet. That is why we created our comparison tool. We want to help you to cut out this unnecessary time you would have spent trudging through the internet on your search for the best crypto wallets.
Our comparison tool and our meticulous reviews are fantastic for those South African users who are fairly new to the idea of cryptos and crypto wallets. We can make sure your transition into using crypto wallets is smooth and without any hiccups. Our comparison tool is also great for more experienced crypto users as we update our rankings and reviews with the latest crypto wallets. Even for the most experienced crypto user it can be tough to stay on top of all the latest changes. We also give you all the ins and outs on the latest trends and techniques for crypto mining as well.
What is a crypto wallet?
So, what exactly are crypto wallets? It’s a very simple concept. As more people get their hands on more cryptocurrency, the more they need a safe place to store it. A Bitcoin wallet for example is a wallet that allows you to store, send and receive your digital crypto assets. To give you a clear picture, you can picture your cryptocurrency stored in your wallet much like files stored on a computer. In order to have whatever broker, gambling site or person send you cryptocurrency you will need to direct the sender to a unique cryptographic address issued by the wallet you are currently using.
There are a couple of different variations to the crypto wallets out there. Without a doubt, the safest way to store your cryptocurrency is with what is known as a “cold wallet”. A cold wallet stores your crypto offline, meaning it is in no way connected to the internet. It is stored on a device that looks quite similar to a USB drive. This means you don’t run the risk of being hacked and having your crypto stolen. However, you will need to keep your virtual key safe in order to access the cold wallet.
There are the software wallets or “hot wallets” which are connected to the internet. They are essentially the opposite of a cold wallet precisely because they are connected to the internet.
They are often used for your smaller transactions and are not recommended for larger transactions. While they are safe, they are not as safe as cold wallets as you still run the risk of being hacked.
Overall, the safest place for you to store your cryptocurrencies is with a cold wallet. The fact that it is stored offline makes it impervious to being hacked via the internet. You will need to keep your keys in a safe place whether that be written down in a little black book or stored on any old piece of paper in a safe place. It’s really all down to your own responsibility. Check out our review for the best crypto trading platforms that allow you to easily withdraw your funds into your crypto wallets.
Top5 Steps For A Secure & Fair India Crypto Wallets Experience
Use cold wallets for larger crypto amounts
We don’t want to harp on with our Bitcoin wallet review about this particular point for too long but quite frankly it is very important. You need to take the time to assess what the state of your crypto balance currently is and choose a crypto wallet accordingly. If you have a fairly large sum of crypto in your possession then, without doubt, you should be putting it into a cold wallet for long term storage. This is the safest way for you to ensure that your crypto is safe and out of the hands of any hackers.
While cold storage is the best for long term crypto retention, you can still keep a hot wallet or software wallet around as well. If you enjoy making smaller transactions with your crypto you don’t need to restrict yourself to only hoarding the currency and never using it for your day to day purchases. So, we recommend putting the bulk of your crypto into cold storage and keeping at least some of it in your easily accessible software wallet as well.
Safely storing your hardware
As we have said, cold wallet storage is by far the safest option for your crypto protection. However, because your hardware needs a specific key to access it you will need to keep this information safe. This is ultimately your own responsibility so it’s worth considering how best to go about making sure that the key doesn’t fall into the wrong hands.
There are several different ways for you to consider protecting your key. You could opt for the old-fashioned pen and paper route. Just jot down your key in a little book and make sure to keep that book somewhere you know it won’t get wet and where it won’t get lost. You could even go as far as to put this piece of paper in a safe. You can never be too careful when it comes to protecting your key. Once lost, it can be very difficult to recover your account with your crypto wallet.
It is worth doing some more research on the specific crypto wallet that you are interested in using with regard to a crypto conversion feature. The best crypto wallets will allow you to seamlessly convert from crypto into another without having to access any online exchange platforms. This further ensures the safety of your crypto as you won’t needlessly be transferring crypto in and out of your wallet to have it converted elsewhere. Always check to see that the crypto wallet you want to use offers a conversion feature first.
Be wary of scams
Now of course the golden rule is to never and we mean never, give away your access key. And most people are particularly good about keeping their keys safe but there may be times where you are lured into giving your key away by some professionally written and well-thought-out scam. This may come via an email or a social media direct message. Whatever the case may be, always make sure that you never take these emails seriously unless they have come directly from your crypto wallet provider. And even then, it’s as easy as contacting the provider via phone to make sure that they are the ones who sent you the mail. As we said before, always err on the side of caution.
Quality customer support
A time will almost always arise where you will need to get into contact with the customer support team of the crypto wallet provider you are using. We will generally do this research for you and give you the review of what we found but it’s worth checking up on the customer support yourself as well. It’s critical that the technical support team of these crypto wallet providers are prompt and professional.
Editor’s recommendation – the best crypto wallet for India
Now that we have given you the breakdown of the different Bitcoin wallets that you can choose from you can definitely start to have a shop around for a provider you think might suit you. However, there are a number of different providers out there and it may take you a fair amount of time to find the one that best suits you. So, our Bitcoin wallet review has decided to give you our editor’s recommendation for the best Bitcoin wallets.
Our recommendation has to be Coinbase if you are looking to put some of your crypto into a software wallet. Coinbase only charges a 3.75% per transaction fee with their service which stacks up well against other crypt wallets. Furthermore, you can also access the Coinbase app from both IOS and Android. Coinbase also gives you the option to store your crypto in their cold wallet with the “vault” feature.
Overall, the low transactions fees and the fact that you have access to both a cold wallet and hot wallet with one crypto wallet provider is a win in the name of convenience and safety. There are few crypto wallets quite as popular as Coinbase and it becomes more and more apparent as to why when you use this crypto wallet. It’s clear why Coinbase is considered to be the best cryptocurrency wallet.
Finding the right crypto wallet for you
While our Bitcoin wallet review can certainly guide you in the right direction, we can’t actually tell you what India crypto wallets are best for you to use. This is because all of our readers will have different preferences and may be looking for significantly different things with their crypto wallets. However, hopefully our 5 steps can and our editor’s recommendation can give you some idea of where and how to start looking for the best Bitcoin wallets.
The right crypto wallet may depend on what crypto you want to invest in so it would be a good idea to take a look at our cryptocurrencies guide to help you get a better idea of what wallet you should be looking for.
India Crypto Wallets Conclusion
That brings us to the end of our Bitcoin wallets comparison. Hopefully now you are better equipped to make a decision about which of the multiple crypto wallets out there will suit you the best. Always keep in mind that there are different types of crypto wallets that will serve you in different ways. If you are looking to store your crypto safely then choose the best cold wallet storage provider. Need access to your crypto for day to day transactions? Then choose the safest software wallet.
Cryptocurrencies come with a wonder of different opportunities which is why we suggest taking a look at our review for the best crypto exchanges to better expand your crypto horizons.
Crypto Wallets Comparison FAQ
👀How do I find the best cryptocurrency wallet?
Finding the best Bitcoin wallets at the moment can be a tricky task as more Bitcoin wallets are popping up every day. So, where should you start looking? Our TradersBest.com IN website will help you to find the best crypto wallets with ease as we let you know what the most important aspects of these crypto wallets are and how you can look out for them.
❓Is there more than one type of crypto wallet?
There are a couple of different types of crypto wallets for you to choose from, allowing you to store cryptocurrencies like Bitcoin. Our crypto wallets India comparison will explain to you the pros and cons of each type of wallet and what each wallet’s use is. Each of these crypto wallets differs in their appeal which we will explain to you in an easy to grasp manner.
🔐How do I know if India crypto wallets are safe to use?
Each of these India crypto wallets may vary in their safety and security. At TradersBest.com IN we want to make sure that your crypto wallets experience is the safest it can be which is why we review these wallets and also tell you what you should be looking for in these providers with regards to their security measures. Take a look at our crypto reviews for more in-depth information about what cryptocurrency to invest.