TL;DR
- The most important factors for choosing a crypto wallet are security, private key control, compatibility, and accessibility.
- To facilitate your trading, choose wallets with good crypto conversion rates and fee customization.
Introduction
Another bull season is coming and you must be on the hunt to find the most potential assets. There’s a lot to prepare and the most crucial thing is to find a (or many) super secure wallet for crypto storage. There are numerous crypto wallets on the market. However, do you know the most important criteria for choosing a crypto wallet?
Private Key control
It is important for users to have exclusive control over their private keys, without relying on a third party. This means that you have complete control over your crypto assets. Although this provides more security, it also means that if a user loses their private key, they cannot regain access to the wallet.
Experienced crypto traders usually go for non-custodial wallets such as Ready wallet because they can own the private keys to strengthen the security of their crypto assets.
Two-factor authentication (2FA)
Adding an extra layer of security, 2FA requires a second verification step (e.g., a code from a mobile app or a hardware token) to access the wallet.
Cryptocurrency Conversion
The ability to directly convert one cryptocurrency to another from your wallet is highly valuable. Seek out wallets that have integrated conversion capabilities. This streamlines cryptocurrency arbitrage and allows for convenient trading between different digital currencies.
If you still don’t know which wallet offers crypto conversion with reasonable rates, then you can have a look at Ready wallet. This wallet also provides a cryptocurrency exchange service that uses smart routing algorithms to find the best exchange rates and fees for users. It does this by continuously monitoring the liquidity pools of the world’s largest decentralized exchanges (DEXs). The algorithms then identify and execute the best exchange opportunities available, taking into account factors such as price, slippage, and fees.
Fee customization
When choosing a cryptocurrency wallet, it is important to have some control over the fees paid to blockchain miners and validators. Ideally, opt for a wallet that allows you to adjust transaction fees according to your preferences. Look for wallets that offer options such as slow, medium, and quick transaction settings. It’s important to note that faster transactions often come with higher fees, but customization empowers you to tailor the cost of each transaction based on your specific needs and time preferences.
A good example of fee customization is Ready Wallet. Before swapping, users can change other settings, such as the desired rate and how much slippage they are willing to accept. Ready will then show them information about the transaction, including different routes, details of each sub-transaction, and the total cost, in a user-friendly interface with images.
Multi-signature
Some wallets offer the option of requiring multiple signatures to authorize transactions, providing additional protection against unauthorized access and fraudulent activities. This feature is commonly used in organizations where multiple people are involved in managing transactions.
Backup and recovery options
Having reliable backup and recovery options is crucial in case of device loss, damage, or application failure. This ensures that users can regain access to their funds. You can look for password managers that are specifically designed to store your seed phrases and/or the private key because they can help you recover your funds in case you forget or lose the seed phrases.
Security features
It is important to evaluate the security features implemented by the wallet, such as encryption protocols and secure key storage. Strong security measures can protect cryptocurrencies from unauthorized access and potential breaches.
Reputation
Researching the reputation of the wallet provider is essential. Trustworthy and reputable providers prioritize security and maintain high-security standards.
Compatibility and accessibility
Ensure that the crypto wallet you choose supports the cryptocurrencies you own or plan to acquire. Different wallets may have specific requirements for different blockchain networks. For instance, Ready Wallet supports multiple chains: Polygon, Binance BNB Smart Chain (BSC), and Ethereum. These blockchain networks cover the most popular crypto coins.
Ease of use
Look for wallets with intuitive and user-friendly interfaces. Easy navigation, clear transaction processes, and a well-designed interface that aligns with your preferences can greatly enhance your overall experience.
Development
Active development ensures that the wallet stays up-to-date with the latest security patches and features. You can research about this in the community groups, official websites, and social media of the crypto wallet.
Customer service
A strong customer support system is also important in addressing any concerns or issues that may arise. Take into consideration the availability and quality of customer service options provided by the wallet provider. Having access to reliable customer support ensures that any questions or problems you encounter will be promptly addressed. Look for wallets that offer phone or email support, as this indicates their commitment to assisting users when necessary.
Final thoughts
There are so many factors to consider while choosing a crypto wallet. Hope that the criteria listed above can help you choose a suitable wallet for your needs. If you still haven’t had a particular wallet in mind then I recommend you try out the Ready Wallet. Ready is a non-custodial wallet that offers optimal swap solutions and portfolio management. The user interface is easy to use, even for crypto beginners. The wallet also has exceptional customer support and a step-by-step guide to assist you navigate in the app. What is unique about Ready Wallet is the chat function which can help you to transact crypto via your chat box.
