We’ve all heard of the infamous FTX exchange collapse and the loss of many people’s crypto assets with it. Is there a way to store cryptocurrency safely without keeping it in an exchange while ensuring overall security? Luckily, there absolutely is, and the answer is a crypto wallet. There are various types and methods to keep your digital assets safe within the wallet, so let’s find out how.
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There are three main types of crypto wallets, is there one that’s above all in terms of safety?
What are cold and hot wallets? A hot wallet refers to a wallet that is always online or connected to the internet. Online wallets are easier to hack. A cold wallet is one that operates offline and is not connected to the world wide web. As it suggests, offline wallets are much safer than the former, while a hardware wallet is the best of both worlds.
A hardware wallet, or hard wallet is a physical wallet. It stores a private key exclusive to yourself (so don’t share it!) to access and can be disconnected and connected to the internet and Bluetooth. In general, it is also the safest type of crypto wallet.
A software wallet, as opposed to hardware wallets, is easy to use and efficient, but offers less security. There is a possibility software wallets can be hacked and they encompass various types of wallets such as mobile wallets, wallets on browser extensions and desktop wallets.
These wallets are very common because of their speediness. It allows users to easily transfer, swap, trade, and deal with digital currency quickly. There are a lot of people who forgo security for a bit of efficiency.
There is also the chance of hacks on your hot wallets that don’t take place online. Someone can easily gain access to digital currency if you misplace your cryptocurrency wallets.
Exactly as it sounds, a mobile wallet is one that works on your mobile device. It downloads as an app and operates as other applications do on your phone. MetaMask is an example of a mobile cryptocurrency wallet.
Also known as web wallets, browser extension wallets are downloadable browser extensions that work alongside your regular browser. It is the fastest and most efficient type of software wallet, but it also poses a lot of risks in terms of hacking. Phantom is an example of this type of wallet.
We have the desktop wallets which follow the same concept as the mobile wallet – except it is stored on your computer. An example of a desktop wallet app is Exodus.
The last type of cryptocurrency wallet is the paper wallet. It’s not really a wallet, it is just your private key written on a piece of paper. This type of wallet is as secure as how the user stores it and is meant for those who don’t plan on regularly interacting with their crypto investments.
Paper itself is not very sturdy and is susceptible to water, fire and other types of damage. There are crypto investors who carve their private keys on pieces of metal (like XSEED Seed Phrase Backup) and store them in a secure safe.
Which is the safest type of crypto wallet? Hard wallets can be 100% safe if used properly and the seed phrases are kept safe.How do you find the best wallet for you?
If you aren’t a person that understands how crypto wallets work and don’t plan on actively trading, being a hands-on investor, or intend to hold their assets, a paper wallet could be fine. SecuX works to ensure the safety and security of every transaction – even if you don’t understand how crypto wallets work. Follow us to learn more!
If you want to hold your assets and use them as a long-term investment, then we would suggest cold storage as it is the most secure option.
There are multiple wallets to choose from, but other than picking the one that offers the most security (cold wallets) to keep your crypto safe, here are some other things you can do to ensure the protection of your cryptocurrency.
The safest wallet to keep crypto is a hardware wallet. This type of wallet can be connected or disconnected from the internet and is the least susceptible to security threats.
No, crypto wallets cannot be hacked if you have a hardware wallet. Software wallets have a higher chance of being hacked.
The dangers of crypto wallets include hacks and scams. The most adept hackers can still possibly gain access to your assets. Keep your private keys private and your wallets in a safe place.
Most experts in the crypto space will tell you that hardware wallets are the way to go if you’re looking for the utmost security. SecuX Team specialize in this type of technology and have a wide array of products that are not only safe but intuitive and easy to use. Check out SecuX heavy-duty product lineup here.
Special offer for visitors of the HardwareWallets-Guide.com website.
After you click on the "ORDER NOW" button, you will go to the official SecuX online store and an automatic exchange for a 15% discount will be carried out when placing an order for a certain product.
15% discount apply to specific SecuX products:
SecuX Nifty | SecuX V20, SecuX W20, SecuX W10 Hardware Wallets,
X-SEED, X-SEED Plus, X-SEED Pro Seed Phrase Backups.
You can see this list here.
1 | ![]() | Trezor hardware wallet, the official online store | ![]() |
2 | ![]() | Ledger hardware wallet, the official online store | ![]() |
3 | ![]() | KeepKey hardware wallet, the official online store | ![]() |
4 | ![]() | BitBox02 hardware wallet, the official online store | ![]() |
5 | ![]() | CoolWallet hardware wallet, the official online store | ![]() |
6 | ![]() | ELLIPAL hardware wallet, the official online store | ![]() |
7 | ![]() | D'CENT hardware wallet, the official online store. | ![]() |
8 | ![]() | SafePal hardware wallet, the official online store | ![]() |
9 | ![]() | SecuX hardware wallet, the official online store | ![]() |
10 | ![]() | BC Vault hardware wallet, the official online store | ![]() |
11 | ![]() | BitLox hardware wallet, the official online store | ![]() |
12 | ![]() | Keystone hardware wallet, the official online store | ![]() |
13 | ![]() | ProKey hardware wallet, the official online store | ![]() |
14 | ![]() | NGRAVE hardware wallet, the official online store | ![]() |
15 | ![]() | Keevo hardware wallet, the official online store | ![]() |
16 | ![]() | GridPlus hardware wallet, the official online store | ![]() |
17 | ![]() | Ballet hardware wallet, the official online store | ![]() |
18 | ![]() | OPOLO hardware wallet, the official online store | ![]() |
19 | ![]() | Foundation (Passport) hardware wallet, the official online store | ![]() |
20 | ![]() | ImKey hardware wallet, the official online store | ![]() |
21 | ![]() | Tangem hardware wallet, the official online store | ![]() |
22 | ![]() | HashWallet hardware wallet, the official online store | ![]() |
23 | ![]() | Material Bitcoin hardware wallet, the official online store | ![]() |
24 | ![]() | ShieldFolio hardware wallet, the official online store | ![]() |
25 | ![]() | OneKey hardware wallet, the official online store | ![]() |
26 | ![]() | Blockstream Jade hardware wallet, the official online store | ![]() |
27 | ![]() | Cypherock hardware wallet, the official online store | ![]() |
28 | ![]() | Keepser hardware wallet, the official online store | ![]() |
29 | ![]() | NEXA hardware wallet, the official online store | ![]() |