Best hot crypto wallets: Thanks to crypto wallets, investors no longer need to keep their cryptocurrencies with cryptocurrency exchanges or brokerage firms. Investors these days are increasingly relying on crypto wallets to store cryptocurrency securely. You can hold your token in hardware or software, also referred to as “cold” and “hot” crypto wallets, respectively.
The primary purpose of a crypto wallet is to store and protect the “keys” to your crypto assets. Hot crypto wallets offer traders dedicated solutions compared to those from crypto exchanges and have emerged as an essential tool for buying, selling, and trading cryptocurrencies. In this article, we will talk about the top-rated hot crypto wallets. However, before we proceed further, let us first understand what hot wallets are.
What is a Hot Crypto Wallet?
A “hot wallet” refers to a cryptocurrency wallet that is always connected to the internet and enables crypto transactions between the owner and end-users. Hot wallets allow users to view how many tokens they have available for use. Basically, a collection of private keys (similar to personal identification numbers) is stored on a programme connected to the internet and used to store and send different currencies.
By storing and securing holdings, hot wallets provide the convenience of financial transactions within a virtual currency economy. Unlike a hot wallet, a cold wallet is not connected to the internet. Simply put, a “cold wallet” is a specially-built hardware device you can use to store cryptocurrencies.
Top 5 Hot Crypto Wallets:
1. Coinbase wallet:
Coinbase Wallet, a self-custody mobile crypto wallet and web3 dapp browser, allows you to have control of your crypto, NFTs, DeFi activity, and other digital assets. It supports thousands of coins and decentralised apps.
It is one of the easiest and safest ways to buy NFTs, earn a yield on crypto with staking or decentralised finance (DeFi), and access thousands of decentralised applications (dapps).
Coinbase Wallet has a star rating of 4.2 on the Google Play Store.
Price Information: User-set miner fees from low to high priority
Wallet and exchange fees: The Coinbase wallet allows you to adapt the network fee when you transact. If you change the network fee, you will be presented with the option to select the speed at which your transaction will be picked up and confirmed by the network.
Compatible with Hardware wallet: Yes (Ledger Devices)
Cryptocurrencies that you would purchase on Robinhood are stored in a mix of cold (offline) and hot (online) storage. Most of your coins are held in cold storage, though some are held in hot wallets to support day-to-day operations.
The Robinhood wallet app is essentially a self-custody wallet. With this, you can exchange crypto with zero network fees. In May of this year, Robinhood announced the launch of a brand new non-custodial Web3 wallet.
Fee/Price information: Robinhood doesn’t charge fees as of now. However, there can be network fees/other third-party service fees for specific transactions while using Robinhood Wallet.
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MetaMask is the best crypto wallet for Ethereum users, as its user-friendly interface provides quick and easy access to thousands of tokens and decentralised apps within the Ethereum network.
It is one of the most widely used Ethereum wallets, with more than 30 million monthly active users. The wallet has an alluring and straightforward design for newbie investors looking to store and send cryptocurrencies that are compatible with Ethereum and interact with decentralized apps (dApps).
MetaMask is known for its compatibility with several other blockchain solutions. Users are allowed to add nearly any blockchain network to the app. The wallet completely supports famous Web3 networks, like Polygon, Binance Smart Chain, and Avalanche.
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Any individual using Google Chrome, Mozilla Firefox, Microsoft Edge, or Android or Apple devices can easily download the wallet as an extension. Furthermore, MetaMask has been an affordable entry point into the burgeoning dApp industry since its beginning. The number of users is increasing as new dApp products and services come to light.
It is available on the Apple App Store and the Google Play Store. With 1 Cr downloads, the MetaMask wallet has a 4.5-star rating on the Google Play Store.
Fees: Network fees to send and exchange assets; zero fees to receive assets
Number of cryptocurrencies supported: Supports a wide range of Ethereum-based tokens like Ether (ETH), Tether (USDT), USD Coin (USDC), etc.
Bitcoin and Ethereum supported? MetaMask does not support Bitcoin. Only Ethereum and ERC-20 tokens are supported.
Hardware Compatible: Yes (examples include Trezo and Ledger).
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4. Exodus crypto wallet:
The Exodus crypto wallet supports 261 cryptocurrencies. You can also trade and stake cryptocurrency from your wallet with Exodus’ built-in exchange, which works as a DEX. The benefit of a DEX is that it permits crypto trading via decentralised apps and may not require many credentials for signing in. The Exodus wallet integrates with Trezor.
Price/Fee Transaction: User-set miner fees from low to high priority (for BTC, ETH, and ERC-20 transactions)
Compatible with Hardware Wallets? Yes (Trezor Devices).
Number of Supported Coins and Tokens: 261
5. Electrum Crypto Wallet: The Best Desktop Bitcoin Wallet
Electrum is the best Bitcoin wallet due to its extensive security features and high customizability. With support for hardware wallets and cold storage, the Electrum Wallet means business when it comes to protecting your bitcoin. Founded in 2011, Electrum is one of the oldest and best-known crypto wallets today. It’s also one of the few remaining crypto wallets that exclusively deals in Bitcoin.
The wallet hosts various robust security features, including 2FA, transaction-proof checking, and multi-signature wallet support. In addition, users can adjust their fees depending on the time they are willing to wait for a transaction to complete: Pay more in fees, and your transaction executes quickly.
One of the wallet’s most significant assets is that it uses a lightweight client. Light clients can be set up in just a few minutes and occupy less space than conventional wallet clients on your PC. Electrum only supports Bitcoin.
Price/Fee transaction: 0.2 mBTC (default rate).
Compatible with Hardware Wallets? Yes. (KeepKey, Ledger, and Trezor)
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