There has been a five-time growth in crypto wallets over the past 3 years as the majority of entrepreneurs and businesses are pivoting towards cryptocurrency. The majority of traders, investors, businessmen, and entrepreneurs are building their crypto wallets. Crypto wallets are the first step of entering the crypto trading world.
Hence, you have to be careful and wise in choosing one. If you are a beginner or not aware of the factors that must be counted in while choosing the best option, here is your guide to crypto wallets and the parameters you should be considering:
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1. The reputation of the company
The first thing you should be looking out for is the reputation and recognition of the company. That’s where you know how the company has been serving the needs of its customers.
Since you are venturing into crypto trading, these are the first things you should be concerned about. Make sure that the company has a robust data management system and software.
Cryptocurrency is not just bitcoin; rather, many other digital currencies. All the cryptocurrencies are holding significant value. It is not mandatory that you can only choose to hold one cryptocurrency.
You can possess numerous cryptocurrencies at the same time or choose to convert one cryptocurrency to the other one in the face of increased demand for the other one. In this case, crypto conversion is one handy feature that helps you maximize your profits.
Hence, the company you choose should be able to provide you this feature of integration right in your wallet to ease the process of conversion.
Traditionally, crypto traders feel less secure with their crypto wallets, not knowing what is happening under the hood. As is evident, crypto scamming and hacking are increasingly pushing traders and investors into losses.
Hence, an open-source code becomes a handy security feature so that if there is a bug, mass reporting will enable the company to look into the issue and fix it ASAP. This feature is quite relevant at a time when the majority of the crypto wallets are not yet ready for mass consumption.
Also, cross-check how the company is preferring to store the private keys. The risk sounds lesser when you can hold your own private keys.
A robust backup mechanism is something that you should always endorse. In case of any default, the company should be able to protect and avoid any harm to your digital assets. A robust backup mechanism, hence, protects your cryptocurrencies in rough times.
Remembering your private keys and related data is not an easy task. Generally, people rely on the company’s backup cloud. Hence, make sure that the company you are relying on has a good backup mechanism.
5. Customer service
Your companies should be able to give the topmost priority to your customers. That’s when you can be sure that your company is willing to cover you on all fronts.
Cryptocurrencies are the most volatile assets. They can rise and fall anytime. So, it is essential you search for their customer service commitments when searching for a company.
A company’s customer service policy is very important to ensure that your assets will be protected at any cost without shifting the burden of default on the customer. Be wise and go through the customer service policy of the company before coming to conclusions.
6. Security features
How else can you make sure that the company you have chosen is safe and secure in terms of protecting your digital assets? Well, by going through their security features and security policies.
Before communicating the further process, go through their security features thoroughly and ask them to clarify all your doubts, if you have any. If you have any additional concerns regarding their security features and policies, make sure to clear them all ahead of investing in the company; rather than after that and ignore landing yourself in trouble and regretting afterward.
If the company offers security features, biometric authentication, 2-factor authentication, password-protected access, and other similar features, you can blindly choose the company without giving it any further thought.
7. Multiple cryptocurrencies
New cryptocurrencies are being created each day. You might want to convert, switch, or buy new ones. Getting limited by the compatibility of your crypto wallet is not a good excuse to limit your choices.
Inquire if the company is compatible with multiple cryptocurrencies. In this age of crypto trading, investors and traders are looking to diversify the risks and maximize profits by opting for multiple cryptocurrencies. If you are someone who believes the same, then you should probably be looking out for this feature first.
All crypto wallets are not the same. While some provide a good backup system, some others provide good customer service. But your focus should be on maximum benefits because that is where you know that your hard-earned cryptos are safe and secure and that you can trust in your company.
Just make sure that you can travel with your company in the long term rather than dropping midway and going through the same process again from the beginning.