Buying and Selling Cryptocurrency is relatively straightforward, there are a huge number of guides available online which make the process very clear. However, storing and managing your crypto wallet can be a lot more confusing.
Whilst Crypto is stored in a wallet, there are many different types of wallet available all with different features and levels of functionality.
The vast majority of holders of Crypto use ‘hot’ wallets which are software programs which are connected to the internet at all times. They are the most readily available and the easiest to set up. This is especially true of those new to the Crypto market.
This article aims to provide the majority with some insight into the top tools available to help manage Cryptocurrency.
Here we go!
One of the most useful tools for managing your Crypto, especially if you are new to the market is a ‘cold’ wallet, one that it is not connected to the internet.
Currently, the most widely used and tested ones are –
This is a smooth, strong, safe and affordable hardware wallet and one of the most competitively priced. Widely used, it is a multicurrency wallet integrated into a smartcard device.
It is very light and easy to use. To use it you simply connect it to a USB port and you are ready to go. It works on any computer, regardless of the operating system.
One of the best-known hardware wallets. It supports the major Cryptos so would work well as a Bitcoin Wallet or an Ethereum Wallet. There is full support for Windows (version 7 and higher), OS X (version 10.8 and higher) and Linux.
You can also use your TREZOR with Android devices which have USB On-The-Go. Trezor is considered to be one of the most secure ‘cold’ Crypto wallets available on the market today with complex security.
KeepKey works with the wallet software on your computer by taking over the management of private key generation, private key storage, and transaction signing. KeepKey generates a private key using its hardware-based random number generator, combined with randomness provided by your computer.
Once your private key is generated, you are given the one-time opportunity to write down a backup of your KeepKey in the form of a twelve-word recovery sentence. This is one of the simplest wallets to use an is widely available in major online retailers.
This well established French company with many years’ experience also recently launched a hardware wallet. Many of the features to be found on popular hardware wallets such as the Ledger Nano are replicated here, including the ability to generate a private key and support for a range of currencies.
Bitcoin, bitcoin cash, ethereum, litecoin, and zcash will all be supported, with more to be added. The device can also be used to add an additional layer of security to other third-party wallets.
Manage Your Portfolio
If you are one of the many people that hold Crypto across multiple wallets, then this may be the tool for you.
This is an excellent mobile app that aims to assist you to manage your portfolio of Cryptos across multiple wallets. With this app, you not only enter what your holdings are but where they are stored. This may seem like an unusual feature but, it is an excellent one.
It allows you to monitor how much Crypto you have stored in ‘hot’ wallets giving you the opportunity to move them into a ‘cold’ wallet for greater security. This can be an important thing to monitor given how rapidly Crypto values can change.
This is a platform which you can also use to track your crypto across all exchanges and wallets. CoinTracker automates this process. You start by connecting it to every exchange you use (once it’s supported by the software) and can also add the public address to any wallet that holds Bitcoin, Ethereum, Litecoin, and Dogecoin.
It will automatically read the balance and update it in your portfolio. A useful tool to manage your Bitcoin wallet and Ethereum wallet in particular as these can contain very high values depending on when you entered the market!
Increase Trading Speed
If you use a ‘cold’ wallet then you are aware of the disadvantages. You may not have it with you when markets change especially when you want to dispose of some Crypto quickly, or even buy more. The potential solution here is SikurPhone.
This is a very high security mobile phone with a built in Cryptocurrency wallet which can be used as a Bitcoin wallet or Ethereum wallet for example.
Don’t get caught out by the markets through your use of a ‘cold’ wallet. Take your wallet with you in this device which also functions as a mobile phone. Far more natural to carry around with you than bringing another hardware wallet that you need a computer to use!
Again this app adds functionality to the traditional wallet and increases trading speed. The app works by creating a mobile app that serves as a multicurrency digital wallet for Bitcoin, Ethereum, and all ERC20 tokens.
Additionally, Eidoo functions as a hybrid exchange, allowing users to sell, buy, spend and convert cryptocurrencies on one platform.
Once users download the Eidoo mobile app, they can secure all their multi-asset accounts and addresses, as well as their signing keys. Eidoo simplifies and protects wallets by allowing users to access their cryptocurrencies in one place with one password, which is comprised of 12 words.
In case of emergency, Eidoo also offers a “recovery tool” designed to provide users with their tokens in a simple manner.
A very cool app and an interesting one to watch from this Swiss start up.
Reduce the number of wallets you need
Whilst you can increase trading speed and security one of the best tools to use is a multicurrency wallet that reduces the number of wallets you need to hold. You can try these two to start.
Exodus is designed for people who have never used an exchange. It is really simple to use and particularly good for those trading Bitcoin or Ethereum.
Exodus currently supports Bitcoin, Bitcoin Cash, Bitcoin Gold, Dash, Ethereum, Ethereum Classic, Litecoin and unusually Decred.
Very popular Jaxx was first developed in 2014 and serves not only as a Bitcoin wallet but an app which can store multiple cryptocurrencies such as Litecoin, Dash, Ethereum and Bitcoin Cash.
Ripple is not currently supported but the Jaxx team have hinted they may support this feature in the future.
Clearly, there are a huge number of tools out there to help you to manage your Cryptocurrency wallet. Hopefully, this article has given you a good place to start!