Basic things you consider in a wallet.

Yugocean

Valued Contributor
Yes the one thing I didn't take into consideration was a wallet that could exchange a currency. I joined Atomic but it is just for storing to I sent my BCH to Trustwallet which incurred quite a large fee. I guess it's all part of the learning curve when you are starting out in crypto because there are so many things you need to know. I have been picking bits of information up here but sometimes I find I don't understand the jargon that experienced people use. @Yugoceon speaks of the 12 word recovery method. I have that with Trustwallet.
Trust wallet's recovery key is provided by trust wallet itself, we do not create it ourselves; I was thinking about such a wallet which allow us to create our own recovery or private key. For example Monero wallet allow us to create our own key, however that is not a multicoin wallet, but only supports monero, other wallets have to include this feature.
 

Ahmedo24

Verified member
The Nigerian government has made things very difficult for us and have come to find out that storing of cryptocurrency in exchanges as soon is the best because you can easily swap your cryptocurrency to another currency of your choice since we cannot deposit money into crypto exchanges directly due to the Federal Government ban on crypto deposit.
Federal Government is in bank cryptocurrency deposit rather than who was on crypto to Fiat deposits or transactions in which they give their reasons which to an extent they are genuine as a country but to us as ordinary citizens we may not see it been genuine. It is my hope that they lift the ban on cryptocurrencies as stated earlier, the CBN is working to launch the digital naira before the year elapse.
 

Sotherefore

VIP Contributor
The Nigerian government has made things very difficult for us and have come to find out that storing of cryptocurrency in exchanges as soon is the best because you can easily swap your cryptocurrency to another currency of your choice since we cannot deposit money into crypto exchanges directly due to the Federal Government ban on crypto deposit.
 

Ahmedo24

Verified member
When it comes to selecting the best wallet, I usually look at the interface of the wallet. I also consider the security level of the wallet. A good wallet always have a multi-layer of security when it comes to accessing the wallet. A good wallet must also provide built-in features such as crypto exchange and crypto transaction status. I use only such kind of wallet.
Most of these characteristics or features you have mentioned are all readily available on Trust wallet and the good side of it is that it is also a decentralized wallet in which it will be very difficult for our cars to hack and steal all of your coins and you are in control of your funds with your private keys. Trust wallet has been in existence for long time with good track record.
 

Good-Guy

VIP Contributor
When it comes to selecting the best wallet, I usually look at the interface of the wallet. I also consider the security level of the wallet. A good wallet always have a multi-layer of security when it comes to accessing the wallet. A good wallet must also provide built-in features such as crypto exchange and crypto transaction status. I use only such kind of wallet.
 

Ahmedo24

Verified member
Before considering to use any crypto wallet for long time , I check for these following features like the wallet should support lot of multiple cryptocurrencies , it should have swapping feature with little fees , the withdrawal fees for any coin should be low , can be easily downloaded and installed in android phone , has support in social media channels or telegram groups.
These are great feature you made mentioned of, I haven't taken into consideration wallets having social media platforms like telegram, Twitter etc, these groups usually serve as their support services recently because people that have similar issues can easily guides before the admin even attend to your ticket. I have enjoyed this more on Binance telegram group.
 

Putta Vince

Active member
Before considering to use any crypto wallet for long time , I check for these following features like the wallet should support lot of multiple cryptocurrencies , it should have swapping feature with little fees , the withdrawal fees for any coin should be low , can be easily downloaded and installed in android phone , has support in social media channels or telegram groups.
 

Ahmedo24

Verified member
Any Filipinos here? I am looking for a Crypto wallet to do my trading with low fees and can be withdrawn easily to local banks. Thanks.
I no Filipinos usually use coin.ph and Abra wallet for their transactions because of their ability to swap to their local currency so may be you can try them or use trust wallet, it reliable and secure. Thanks.
 

KezongPuti

New member
Any Filipinos here? I am looking for a Crypto wallet to do my trading with low fees and can be withdrawn easily to local banks. Thanks.
 

Hina

New member
There are a number of factors to consider when you choose a cryptocurrency wallet, exchange, or payment processor. Here are a few key considerations, with a little extra focus on wallets.
Company reputation.
Technology used
Backup features
Multiple cryptocurrency
Cryptocurrency conversion
Plateforms
QR coad scanner
Block chain evolution
 
D

Deleted member 28873

Guest
What to Consider When Choosing a Crypto Wallet? The most important point is to determine your need and security.It should also have great support, which is an essential feature for beginners getting into what many would consider a confusing market.Things to Consider Before You Choose a
Crypto Wallet, Exchange, or ICO
Company Reputation. ...
Technologies Used. ...
Backup Features. ...
Multiple Cryptocurrencies. ...
Cryptocurrency Conversion. ...
Shared Account. ...
Platforms. ...
QR Code Scanner
 

Ahmedo24

Verified member
Trust wallet's recovery key is provided by trust wallet itself, we do not create it ourselves; I was thinking about such a wallet which allow us to create our own recovery or private key. For example Monero wallet allow us to create our own key, however that is not a multicoin wallet, but only supports monero, other wallets have to include this feature.
Everything about monero is private and that is why most government are seriously against it though it will be very interesting and possibly provide more security to our wallets if we are able to create a recovery phrase ourselves and I still feel even if we created ourselves the owner of the wallets all the wallet company we still have access to me so to an extent the wallets company creating it for users is still the same as users creating it themselves because even if you create it yourself you will need to save it somewhere likewise the one being created for you by the wallet we still have to be save somewhere safe.
 

Ahmedo24

Verified member
I have seen posts or threads asking for best wallet or Exchange plaforms. Iny opinion and based on what I have seen so far almost all wallets are best in their own ways or functionality. It is rare to see wallet or Exchange plaform with all feature everyone desires . Most times we may have to combine two to three wallets to achieve our desire. It is important to note that if you have a wallet you should check the following
1) Ability to swap or Exchange different Crypto currencies.
2) support many Crypto currencies.
3) Ability to withdraw your coin to your fiat currency.
4 ) Security of the wallet and Exchangers in most cases.
 

Ahmedo24

Verified member
Yes the one thing I didn't take into consideration was a wallet that could exchange a currency. I joined Atomic but it is just for storing to I sent my BCH to Trustwallet which incurred quite a large fee. I guess it's all part of the learning curve when you are starting out in crypto because there are so many things you need to know. I have been picking bits of information up here but sometimes I find I don't understand the jargon that experienced people use. @Yugoceon speaks of the 12 word recovery method. I have that with Trustwallet.

Like
We will continue to learn every day in Crypto currencies because that is what will eventually make us an expert trader. I will also encourage you to always check the FAQ section of the wallet or Exchange most especially that you use in the web version to enable you know the minimum deposit they allow into the wallet or exchange there are some Exchange platforms that don't allow deposit of $10 or less , a friend of mine lost $10 bitcoin to wave Exchange recently because he was unaware of the minimum deposit. This deposit may differ from coin to coin so always verify.
 

gochenko8

Member
Yes the one thing I didn't take into consideration was a wallet that could exchange a currency. I joined Atomic but it is just for storing to I sent my BCH to Trustwallet which incurred quite a large fee. I guess it's all part of the learning curve when you are starting out in crypto because there are so many things you need to know. I have been picking bits of information up here but sometimes I find I don't understand the jargon that experienced people use. @Yugoceon speaks of the 12 word recovery method. I have that with Trustwallet.

Like
 

Ahmedo24

Verified member
Most of the crypto wallets available does similar things, with similar features, while having one or two features to differentiate themselves. I have come across two crypto wallets that have almost 100% same features, including number and type of cryptocurrencies hoisted, with the arrangement of some of the cryptos, the background color and the name of the wallets the only way to differentiate them.

The most important things I look out for when choosing a crypto wallet are, security of the platform, ability to swap from one crypto to another, and ease of withdrawal direct to my local bank account.
Actually you are right when it comes to wallets they have very similar features though in term of their security measures they are mostly differ as much as it is more advisable to trade on Exchange platforms wallets with very little swapping or Exchange fee are more preffered with added features you have earlier mentioned. I know with blockchain wallet you can link your mobile number such when you send or receive coins into your wallet you will receive an sms alert which I appreciate so much about the wallet.
 

Donkiz

Active member
Most of the crypto wallets available does similar things, with similar features, while having one or two features to differentiate themselves. I have come across two crypto wallets that have almost 100% same features, including number and type of cryptocurrencies hoisted, with the arrangement of some of the cryptos, the background color and the name of the wallets the only way to differentiate them.

The most important things I look out for when choosing a crypto wallet are, security of the platform, ability to swap from one crypto to another, and ease of withdrawal direct to my local bank account.
 

Bookwormlux

Valued Contributor
That is insightful, a lot of people do not check these factors that is why they end up with wallets that are not safe and so hey lose their hard earned coins easily, especially when there is a hack. Another thing to check is the popularity of the Wallet and how much people are using it. This gives you a glimpse of the wallet's reputation.
You can check this by going to Google play store and searching for the wallet application, then read up latest reviews about them. This way, you can then decide whether or not to use the wallet.
 

btaliat

VIP Contributor
To choose a best wallet, these are the criteria that I will consider. Firstly, easy to create. I have installed but layer deleted some wallets because of their complexity in creating these wallets. Secondly, I always comsider the security of the wallet. There are some wallets that are prone to hacking because they don't have strong platforms. Thirdly, ability to convert my coins to fiat currencies without going through third-party accounts. Some wallets require you to access your money though another third-party application.
 
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