Before you decide on what cryptocurrency wallet you want to use, you need to know that there are various types of them. Some are free and for others your have to pay. It's worth to be aware about their advantages, disadvantages, threats and benefits.
Of course, at the start, if you are not planning on big time cryptocurrency shopping and you'd rather spend $50 or $100 on it, it might be more convenient to use a free wallet. However, you should remember that they will never be as secure as paid wallets.
But if you are planning on large scale investment in cryptocurrencies, then it would be the best if you store them on professional, safe, offline equipment.
Cryptocurrency Wallets - How to choose a safe wallet?
Free Cryptocurrency Wallets: they are wallets which can be operated using your internet browser. All you have to do is set up an account, log in and it is done. The biggest disadvantage of these wallets is that if the owner of a platform changes his mind and closes his site, you would lose all the cryptocurrencies stored in there. You would not have any option to recover them, because in this case, you don't hold the private keys to get back what's on the wallet.
Paid Cryptocurrency Wallets: they are wallets which are bought with delivery to your house. You own them physically and nobody apart from you has any access to them. The biggest advantage of these wallets is that when you install them at you home, you generate the special private key. You can save several copies of it, so if you lose your wallet, your dog eats it or it gets burnt in fire, then you'd still have the private key (it's worth to hide it well) to recover what you have on your wallet. Once you buy a new wallet, you would be able to use that key to get the old one back.
Free Cryptocurrency Wallets are good at the beginning for storing little amounts of cryptocurrency.
Paid Cryptocurrency Wallets are good for the people who treat their cryptocurrency adventure much more seriously and who don't want to allow any room for mistakes, such as the loss of few hundred or few hundred thousands of dollars they had spent to purchase cryptocurrency.
Examples of free cryptocurrency wallets:
Examples of paid, offline cryptocurrency wallets:
- Ledger Wallet
- Trezor Wallet
Attention: You may wish to skip using above multi-currency wallets at all. They are just convenient for people who prefer storing many different cryptocurrencies in a single wallet.
Instead, you can download a wallet for cryptocurrency of your choice from its developer's website! Then, to every cryptocurrency, you would have your own, personal Cryptocurrency Wallet.
Disadvantages: it's a lot of load to put on your computer and it would be the best to have a separate computer for cryptocurrency wallets. It is also time consuming when you want to transfer cryptocurrency onto the wallet or to withdraw it to cryptocurrency market.