Hello everyone, the reason I am writing this blog on best crypto wallets is because I have seen a lot of people struggling to find a user friendly mobile crypto wallet or even if they find one, they don't find all the features they are looking for. For example lets say I have X wallet and it does not have a proper UI function or some doesn't have buying function.
I will discuss 3 crypto wallets and how to use them :-
[MEW] 🐱 My ETHER Wallet
Crypto.com DeFi wallet
For security reasons I would ask you to keep your funds (distribute your funds) in all the three wallets, all of them are really secure. It's not that easy to hack these wallets. As they have been created by some of the leading tech people in our industry, it gives us peace of mind to know that the chance of these wallets getting hacked is too low, but I won't claim that these can't get hacked, because there is no such thing as complete security in tech world. I will discuss some security measures in the following sections as well.
So lets begin:
My ETHER Wallet [MEW] :
Image source: Apple app store
My ETHER Wallet is an open source client side verification wallet, which means that no one has any sort of control over your wallet. Most probably all the three wallets above are upto some extent the same thing. Well Being Your Own Bank really means some serious business here. So what does this means "being my own bank" thing, it simply means if you lost your private keys (12 or 24 word pass phrase - as shown in below example) you will end up loosing all your funds. Hmmm that sounds a bit scary isn't it 🤯😱☠️. Yes It is scary and that's what it means to " Be Your Own bank " .
Example of a passphrase :-- 1. dog 2. cat 3. breed 4. car 5. weed 6. ship 7. world. 8. water 9. river 10. mountain 11.ghost 12. spider
So the above is an example of a pass phrase. This pass phrase is very important, keep it secure and before connecting to any Dapp please check the website for phishing link or any other malicious signs. That's the best practice to keep your funds safe, another security measure is to use known dapps, like for swapping tokens on the ETHEREUM blockchain use Uniswap etc.
MEW has a lot of options on the web interface [Myetherwallet.com]. They have listed a lot of useful dapps like for example ETHEREUM NAME SERVICES where you can buy --> domain names like Kunal.eth . The swap token function is also available on the MEW mobile wallet app. The best thing about this swap function is that it gets you the best exchange rate for that particular swapping. This will save money and time. Inside the mobile wallet you can generate as many ETHEREUM wallets as you want. generate multiple wallet for different purposes.
For example generate a wallet for long term holding, one for trading and one for testing risky investment strategies. That will protect you from loosing all you funds at once.
Some cool things about MEW :
- One of the best feature of MEW mobile wallet is, you can buy ETHER directly from the MEW mobile crypto wallet using your credit and debit card. But that will cost approximately 5% fees per transaction or max 10$. I don't give it much of a thought. And on the other hand it very easy to use mobile wallet.
- MEW wallet has its own cryptopedia to teach people and make them more aware about ETHEREUM and how to use it in your day to day life. Along with that they have their cute space monkey. 👨🏾🚀
The problem with MEW wallet is that it has little less flexibility but great security. You can't use the stake and earn program in MEW wallet, may be they will add it later in the wallet. Still you won't be able to stake Tron coins on ETHEREUM blockhchain, because MEW wallet is all about ETHEREUM and token living and running on it.
Here comes the role of Trust wallet:
Image source : Apple app store
Trust wallet also offers Earn for staking facilities in the app, where you can stake coins like Tron to earn more Tron coin. But the issue here with Trust wallet is that Trust wallet does not offer buying option with credit or debit card or any other option to buy crypto from fiat directly inside the app. You need to use binance's utility token BNB to buy crypto inside the Trust wallet app that sounds like the swap feature. They have added the Moon app to buy crypto but its not so flexible. So basically you can swap on Trust wallet and use the finance feature to earn coins by staking your coins.
On both the above wallets you can collect and store rare collectibles know as NFT [Non-Fungible-Tokens] for example crypto kitties.
Another wallet is DeFi Wallet from : Crypto.com
Crypto.com DeFi Wallet:
Image source: Apple App Store
This wallet doesn't have much in terms of feature and usability, but you can hold your Bitcoins, Ethers and CRO coins in this wallet. This Defi wallet comes with built in Defi Swap. It is good feature to make money by staking CRO and increasing your annual percentage yield on the liquidity you have provided to the liquidity pool. As Crypto.com is one of the leading crypto exchanges. I would give it a heads up in terms of security. Crypto.com also has a great exchange with some great feature like, they provide a crypto debit card which also has great discounts and offers on it. They have created their payment gateway.
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