Nowadays, the word “cryptocurrency” can be heard and seen almost everywhere. News about the crypto world often captures the headlines. It was not so long ago that only a small group of people used cryptocurrency, but crypto adoption is accelerating with more and more people discovering the world of possibilities it offers. Today, this opportunity is available for ordinary people who you can see walking down the street.
History of Сrypto Wallets
In the immediate aftermath of Bitcoin’s creation, a specialized storage solution was required. Hence the idea of a crypto wallet was born. The first cryptocurrency wallet was the Bitcoin wallet introduced by Satoshi Nakamoto in 2009. It was a full client, which means that traders had to download the entire blockchain history for it to synchronize.
As the time went on and the crypto sphere developed, it became obvious that people needed something more convenient and less time-consuming. Striving to meet this growing demand, in March 2014, Czech company, TREZOR, released the world’s first cold storage, TREZOR One.
A bit later, Ledger, a Parisian start-up, released its Ledger Nano in an attempt to transform Bitcoin hardware wallets into personal security devices.
In 2015, KeepKey offered an instant digital asset exchange for a variety of digital assets via web and mobile platforms, with commission-free trading. However, since 2017, mobile wallets have been becoming increasingly popular thanks to their user-friendly interfaces and portability. Wallet apps are perfect for everyday trading as everything you need is always at hand.
Custodial vs Non-Custodial Wallets
Although there are different types of wallets, they can be split into two categories: custodial and non-custodial. Custodial wallets are services that hold a client’s private key and manage their assets for them. However, if traders choose a non-custodial wallet, they alone have complete control over their assets. It is a perfect solution for those who want absolute control over their funds. Holders of such wallets have an opportunity to trade directly from their wallets without intermediaries.
Notably, this type of wallet suits both experienced and beginning traders and investors who know how to manage and protect their private keys and seed phrases. Non-custodial wallets offer some compelling advantages. They are increasingly popular due to their high level of security and low transaction costs.
In light of frequent cybercrime incidents, it will be wise to choose wallets with the highest security level. The example of Trezor wallet owners almost falling victim to a phishing scheme aimed at stealing assets through maliciously altered wallet software is an example of why we should all take security seriously. Fortunately, a team of professionals from CoinLoan took measures to prevent hackers from accessing the funds of wallet holders.
Although cybercriminals target both custodial and non-custodial wallets, picking the latter, you will do your best to protect your funds.
The Most Popular Non-Custodial Wallets
Cryptocurrency traders often choose NOW Wallet, designed by a team of professionals at crypto exchange service ChangeNOW. It is a user-oriented non-custodial crypto wallet that allows traders to store, buy/sell as well as exchange and stake digital assets.
Unlike other wallets, NOW Wallet enables its users to receive and store any tokens running on ETH, BSC, Polygon, Avax C-Chain, TRX, KLAY and Solana networks. NOW Wallet supports a revolutionary feature which allows you to manage every single token on any of the supported public chains, and you don’t even need to enter them manually like in other wallets. Thanks to WalletConnect, the app users also have access to dApps based on. ETH, BSC, Polygon, and Avax C-chain networks.
Developers of the wallet guarantee heightened security and privacy. The app is known for its straightforward interface, instant transactions and 24/7 customer support of high quality. The absence of the dust UTXO error common to BTC-like networks distinguishes NOW Wallet from similar apps. Something the wallet developers will still have to work on is to add support for more NFT standards. At this point, NOW Wallet only supports ERC-721 and ERC-1155 NFTs.
Launched in 2016 by technology company ConsenSys, MetaMask is a pioneer in the browser extensions’ wallets. During the massive DeFi boom in summer 2020, MetaMask was one of the few available options, which allowed it to win widespread popularity.
The wallet is known for its user-friendly interface and availability on both desktop and mobile devices. Its users will surely appreciate the ability to buy, send, and receive cryptocurrencies from within the wallet. Traders also benefit from the support of NFTs on multiple blockchains and ETH tokens.
However, numerous users of MetaMask complain about a high risk of losing tokens as well as risks from lost secret phrases, malicious websites, and other cryptocurrency scams. In addition, crypto currency trading could be marred by poor technical support. Besides, MetaMask users can only store tokens based on the Ethereum blockchain. On top of that, the wallet does not support the number one cryptocurrency – Bitcoin and other prominent coins.
Despite the fact that MetaMask supports all ETH-based tokens, users often have to add them manually to the app.
Trust Wallet is another non-custodial crypto wallet created for convenience. Choosing this app, users receive an opportunity to accumulate, receive, send, and stake almost all well-known cryptocurrencies and NFTs.
Although this wallet is highly appreciated for its simplicity, it only supports the tokens of ETH, BEP-2, and SPL standards. In addition, some users emphasize that they have to engage with decentralized apps using the built-in web browser.
Coinbase Wallet is also among the most downloaded wallet apps. As the name suggests, the wallet was developed by the leading US-based cryptocurrency exchange Coinbase. Launched in 2018, the wallet has become a favorite among newbies. This fully-developed mobile application is recognizable by its convenient, quick and easy installation process.
The app supports such major cryptocurrencies as Bitcoin, Dogecoin, Litecoin, Ripple, and some others. Although all users benefit from Coinbase Wallet’s low fees, they do not always receive the needed support from the customer support service.
MyEtherWallet is also among frequently used wallet apps. The wallet has a client-side interface, making it a bit more technical compared to the rest of the list. This Ethereum wallet enables users to store, send, and receive a wide array of Ethereum-based crypto assets as well as interact with smart contracts and manage NFTs.
However, all the pros are overshadowed by phishing scams common to it and limited support of digital assets.
Being one of the oldest non-custodial wallets in the market, Coinomi is also appreciated by crypto traders. The wallet is known for its tight security features. It is compatible with various operating systems, including Android, iOS, Windows, macOS, and Linux. It suits both beginning and experienced traders.
This wallet users also benefit from zero fees. However, there are some issues that alienate traders: the wallet is opened for audit by only well-known entities and does not support the 2-Factor Authentication, which is an important security measure.
All the above-mentioned wallets deserve attention. However, making a choice, future users should learn all the pros and cons of each wallet. This will help them to pick the app that will most suit their needs and requirements. Although technical characteristics are of primary importance, it will be great to pay attention to the interface.
Note that perfect interfaces are almost invisible to users, do not contain unnecessary elements, and use clear language. This way, users feel more comfortable and get things done more quickly. With all of this in mind, NOW Wallet is a great option since it combines excellent technical features with an incredibly intuitive interface.