Basic things you consider in a wallet.

Ahmedo24

Valued Contributor
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.
 

Yugocean

Moderator
Staff member
We all have our own things we like in a wallet which we use, even a hardware wallet must have them because it is crypto wallet. 5 points I like in my wallet are -
1) Swap / Exchange feature with other crypto and fiat (just like your 1st and 3rd)
2) support Multiple crypto. (just like your 2 option)
3) Features of Staking / Liquidity etc for making extra earning by holding.
4 ) Proper Security (just like your 4th option
5) Feature to create your own private key - it will make easy to remember.
6) Feature to create your own cryptocurrency (I think I am going a bit too far).
Anyway a wallet must have all basic and important features.
 
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Ahmedo24

Valued Contributor
We all have our own things we like in a wallet which we use, even a hardware wallet must have them because it is crypto wallet. 5 points I like in my wallet are -
1) Swap / Exchange feature with other crypto and fiat (just like your 1st and 3rd)
2) support Multiple crypto. (just like your 2 option)
3) Features of Staking / Liquidity etc for making extra earning by holding.
4 ) Proper Security (just like your 4th option
5) Feature to create your own private key - it will make easy to remember.
6) Feature to create your own cryptocurrency (I think I am going a bit too far).
Anyway a wallet must have all basic and important features.
Thanks for you contribution but the last two Features you made mentioned of are very important though I wouldn't know if any wallet that you know already have them .
The Crypto currency world keeps improving on daily basis so in case non of the wallet has them yet it is likely that soonest we start seeing them.
Don't you think that creating your own Crypto currency might be a more complex process to be integrated into Crypto currency wallet?. I am open to learning. Thanks.
 
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Yugocean

Moderator
Staff member
I wouldn't know if any wallet that you know already have them
There is such a feature in the Monero wallet that when you make it, you can make a private of 12 words of your choice, it is even simpler that we only have to remember our sentences, and we have to write only one or two write the words so that we remember them, but others do not know. Thus, in case of forgetting, he can open his wallet. But this facility is not available in any multi-currency wallet, otherwise it would have been better.
 
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Sprite1950

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.
 
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Kennysplash

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.
Yes the things you mentioned are what I expect from cryptocurrency wallets. Apart from these I also look out for low transaction fees. I perform a lot of transactions in cryptocurrency, so I can't have the wallets removing up to 5 percent on every transaction. So I go for the ones with low transaction fees. Another funny thing I look for is referral rewards. I know it sounds funny, but I made quite some money from the referral system in Luno wallet. So if there is a reasonable reward for everyone I refer I think I will like that cryptocurrency wallet.
 
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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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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.
 
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Donkiz

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.
 
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Ahmedo24

Valued Contributor
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.
 
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gochenko8

Active 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
 
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Ahmedo24

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.

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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.
 
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Yugocean

Moderator
Staff 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.
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.
 
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Ahmedo24

Valued Contributor
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.
 
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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
 
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Hina

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
 
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smiled

New member
The top considerations for choosing a wallet are ease of use, low handling charges, and security
 
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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.
 
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Ahmedo24

Valued Contributor
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.
 
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Putta Vince

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.
 
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