Cryptocurrency wallets are essential tools that all investors need for buying, trading, and selling digital assets. To elaborate, they come in different shapes/sizes and are needed for storing various cryptos, validating transactions, etc. Their utility has become even more pronounced over the past year, especially with incidents of exchange hacks rising.
To this point, over the course of 2022, blockchain analytics firm Chainalysis noted that a whopping $3.8 billion was stolen due to exchanges and other projects being compromised. To put things into context, this number represents a 15% increase compared to 2021 while being more than 7x more than 2020’s total of $0.5 billion.
Furthermore, it is worth mentioning that crypto storage units come in two primary forms, i.e., hot and cold wallets. A hot wallet is typically linked to a device connected to the internet at all times. It is often free to use and come replete with various peripheral services such as a real-time trading module, staking platform, etc. On the other hand, a cold wallet is a hardware entity that does not have to be linked to the web continuously.
In this article, we will list some of the best hot wallets available today. So without any further ado, let’s jump straight into the heart of the matter.
Klever Wallet K5
Klever Wallet K5 is a secure, user-friendly app that allows users to manage their digital assets regardless of their location or banking status. Thanks to its sleek, intuitive interface and top-of-the-line security features, Klever K5 serves as a one-stop shop for any individual trying to manage their crypto more efficiently.
The application has a biometric authentication protocol and a comprehensive device encryption framework. Moreover, the wallet offers cold storage compatibility, allowing users to store their assets offline for enhanced security. Other key features of the Klever K5 include the following:
- Support for multiple cryptocurrencies.
- Ability to buy digital assets directly using a credit card.
- Swapping digital assets without having to undergo lengthy KYC processes.
- Integrated Web3 browser that allows users to access their favorite dApps.
- Self-custody design, allowing users to retain complete control of their crypto.
- Staking module that allows for the accrual of passive income streams.
Trust Wallet
Trust Wallet is one of the most popular mobile crypto wallets in the market today thanks to its clean, scannable user interface, which provides users with seamless support for dApps and non-fungible tokens (NFTs). The application supports more than 4.5 million coins and tokens associated with 65 different blockchains and is the official mobile app of Binance, the largest cryptocurrency exchange in the world by daily trade volume.Â
However, despite its direct affiliation with the premier trading platform, the wallet is completely non-custodial in its design. As a result, users retain complete control over their private keys at all times. Lastly, the wallet’s native decentralized exchange (DEX) lets investors buy/sell assets in-app. Other key features include a staking module, support for 2FA authentication, desktop/mobile compatibility, etc.
Atomic Wallet
Atomic Wallet is another hot storage option worth considering. The offering allows users to start using the app without having to undergo an arduous KYC process. Moreover, the project offers 24/7 customer support while being compatible with a large number of digital assets. That said, its standout feature is probably its ‘Atomic Swap’ module, which is basically a DEX linked with the wallet, allowing users to exchange cryptocurrencies without the need for any third parties or intermediaries.
Lastly, Atomic wallet provides support for credit card purchases and in-wallet exchanges/ conversions. However, it does not provide hardware wallet integration and is quite limited in its feature functionality, particularly when compared to Klever and Trust Wallet.
Exodus
Exodus is an excellent choice for beginner crypto enthusiasts, thanks to its user-friendly interface and excellent security setup. Moreover, Exodus offers a high level of cross-platform support and integration, making it ideal for those individuals looking to trade across different crypto ecosystems.
That said, due to its simplistic design, it lacks some essential features, such as a 2FA login module. Additionally, it does not provide support for crypto-to-fiat conversions, nor does it allow users to customize their network fees for assets other than Ethereum and Bitcoin. Lastly, Exodus is not open source which means that the platform’s robustness cannot be reviewed by independent auditors and testers.
Edge
The last entry on our list is Edge, a future-ready cryptocurrency wallet that comes replete with a host of security-centric features — such as zero-knowledge proofs, Biometric TouchID and FaceID — while offering users a simple, easy-to-use application. Moreover, the platform employs a ‘hierarchical deterministic’ design which ensures that outgoing addresses are changed every transaction.
Lastly, Edge wallet is decentralized in its operations, meaning that the wallet works even when its servers are down. Not only that, it comes with a built-in cryptocurrency exchange that allows users to buy/sell digital assets with the touch of a button.
