The wallet is your companion for storing and using cryptocurrency as well as interacting with other users in the blockchain. It comes in many forms between hardware and software with some being more ideal for specific types of users. All of them are viable tools for most uses of crypto thanks to how interactive newer versions are today. You just need to focus on the best ones available in 2022.
What to look for in a wallet
To choose the best crypto wallet, you just need to know exactly what to look for. Most modern versions are interactive and supported by various other platforms. If you are looking to buy and sell Bitcoin as an investment, then you just need to limit your options to the most reliable wallets available. Other than that, you can use the following factors to compare your options:
Variety of cryptocurrencies
The most important part of a wallet is the variety of cryptocurrencies that it can store. Other than Bitcoin, it must have the option to hold Ethereum, Tether, and Dogecoin. It’s how you can open the opportunities to spread your portfolio as a trader.
These may be unnecessary for a beginner with limited funds but you will eventually think of expanding your portfolio once you get the hang of trading. Knowing that you have the option is enough reassurance for such growth and having the best Bitcoin wallet Canada has to offer gives you all the advantages you need.
Good user support
Knowing who you can reach out to ask for assistance is necessary for relying on any type of service. It’s especially important if said service involves handling money like a Bitcoin wallet. Your options vary heavily depending on the type of wallet you choose. Company-controlled wallets are closed-source so user support can only come from the developers. As for open-sourced wallets, you can get help from any technology experts in the community of users.
Seamless transfer between wallet and exchange
The best Bitcoin wallet Canada should also allow you to utilise all supported cryptocurrencies as a user. Rather than just being a storage device, it should also have easy means to transfer your funds between different accounts.
All wallets can do this using peer-to-peer (P2P) functionality using the private keys and wallet addresses but many of them are supported by credit cards. Getting support from the exchange or a third-party service allows for a faster and more secure trading as P2P in big crypto like Bitcoin often takes time to validate.
The best crypto wallet to start with for beginners
All of the wallet suggestions below are great at giving you what to look for in a wallet. Each one comes with its own strengths but they are all more or less viable for all traders. It just all comes down to whether you are looking for something specific in a Bitcoin wallet. If you are a beginner in digital asset trading, then the following should give you everything you need:
Exodus
Exodus is among the top picks for beginner traders as it’s a free digital wallet for your computer or mobile device. The crypto you store on it is typically protected by a cloud service but your private keys are protected on your device. For extra protection, Exodus can be linked with a hardware wallet to keep your keys in cold storage.
The best features of Exodus are its multiple features like in-wallet exchange and swap features. These features are even more impressive considering that the wallet supports over 150 cryptocurrencies. It also now accepts non-fungible tokens (NFT) in 2022. With the rise in NFT ideas being implemented, this wallet is great for new participants in the NFT market.
Coinbase Wallet
As far as mobile wallets are concerned, Coinbase Wallet is the most-featured option for newbies. Just like Exodus, it’s non-custodial with capabilities to link with cold storage wallets for added protection. It’s mostly linked only to the Coinbase exchange with ways to track market changes through the mobile app. What Coinbase Wallet has as an advantage is that it has ERC-20 channel support and the means to interact with decentralised apps on the Ethereum blockchain.
Ledger Nano X
If you are looking for a hardware wallet then Ledger Nano X is the best option for you. It costs C$150 on average for the latest model but it’s worth the investment to have secure storage for holders. It’s compatible with over 1,800 cryptocurrencies and can be linked to up to 20 different apps for easy payment access. There is also the Ledger Nano S which is an older, cheaper model but it doesn’t come with Nano X’s interactivity with mobile devices. It’s the best Bitcoin wallet Canada has among hardware options with features useful for expert traders as well.
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