As the popularity of crypto assets surge, the need to have a digital repository is becoming more pronounced. Investors are increasingly relying on wallets to store, receive, and send cryptocurrencies. Depending on their goals, they also use crypto wallets to access a more personalized interface and dashboard, making transactions easier.
That being said, the biggest benefit they get from using crypto wallets is their heightened security measures. Payment fraud is always a looming threat in the crypto landscape, with thousands of security breaches aimed at crypto accounts reported every year. Just recently, some accounts at the exchange Pump.fun were affected by an exploit that led to the loss of up to $2 million.
As such, it has become a top priority to safeguard your funds against threats like phishing attacks, viruses, and malware. The best way to increase your cyber defenses and throw off scammers is to use reputable crypto wallets like Coinbase, Exodus, and MetaMask.
Coinbase
If you’re a beginner in the crypto landscape, the Coinbase Wallet should be your top option. Not only does it have an intuitive interface, but it’s also a secure wallet backed by a reputable exchange.
You can tell the Coinbase interface was designed with the user in mind as it allows easy navigation with a simple layout and clearly defined options. Further, the wallet connects to almost every major bank and can facilitate popular cryptos, including Bitcoin, Litecoin, BNB, and Dogecoin. All ERC-20 tokens are accepted as well, which means you can store assets like Ethereum, Tether, and NFTs in the wallet.
When it comes to your fund’s security, the Coinbase wallet offers 2-factor authentication (2FA) that prevents any sign-in attempts from unrecognized devices. On top of this, the wallet uses the secure enclave chip available on Android and iOS to allow biometric authentication.
As a way of eliminating the need for intermediaries when converting tokens, there’s also in-app access to most decentralized exchanges.
MetaMask
With over 30 million monthly active users, MetaMask is among the most preferred crypto wallets for Ethereum investors. That is no surprise to anyone, as the wallet is user-friendly, providing quick and easy access to hundreds of cryptos and decentralized apps (dApps). MetaMask is also fully compatible with major Web3 networks, including BNB Chain, Avalanche, and Polygon.
While MetaMask is most notable for its compatibility with other blockchain solutions, it’s also highly secure. It operates on open-source code, allowing developers and security analysts to constantly analyze the software and make sure it’s secure. Like the Coinbase wallet, you can also enable 2FA and use biometric authentication to access your account.
MetaMask’s most outstanding security feature is its ability to encrypt your account information and store it locally within your browser. That means none of the users’ personal information is stored on the MetaMask servers, allowing them to remain in full control of their private keys.
Exodus
Exodus is the top crypto wallet for most investors’ transactions because it is highly secure and offers a wide variety of functionalities. Its main draw is its fast speeds, which are made possible by the fact that it runs on a light client, meaning it doesn’t download complete blockchains to operate. That makes the wallet perfect for users who make frequent transactions for purposes like real money online gaming on platforms such as online casinos.
In Canada, for example, online casinos are popular, with at least 75% of Canadians involved in one form of gambling or another. The country also has tight regulations on casino gaming, which mostly fall under provincial jurisdictions. That’s why most Canadians go for international casino sites, which fall under a gray area and are easy to access. For this, casino gaming using crypto would be ideal as an extra layer to boost a player’s security.
Because of this, finding a dedicated wallet for gaming is crucial, and that’s where Exodus comes in. Not only does it make depositing and withdrawing easy with a visually appealing interface, but the transactions are also lightning-fast. Additionally, you can use it to play in online casinos across multiple devices, including iOS, Android, Windows, Linux, and Mac.
Exodus also has an inbuilt exchange feature, which allows players to switch between different currencies without involving another platform. Players who need to exchange their cryptos to meet the criteria of different sites and diversify their gambling options will find this feature helpful.
Why is it Essential to Have A Crypto Wallet When You’re Already Using an Exchange?
So, if you can store your money at an online brokerage, why is it crucial to have a dedicated crypto wallet? It all comes down to the fact that digital wallets offer more security, with a unique key that can’t be replicated once generated. In case you forget the password to your wallet, there’s no ‘forgot your password’ prompt, and you’ll have to reset it.
On the other hand, crypto exchanges involve third-party platforms to help you log in and manage accounts. Needless to say, this increases their appeal to cyber criminals and, consequently, the possibility of a cyber threat occurring on your account.
