Cryptocurrencies are confidently entering our everyday life. Therefore, the question of how to store them safely becomes more relevant than ever. The most popular way is to use crypto trading spain wallets. They store cryptocurrency holders’ public and private keys while providing an easy-to-use interface for balance management.
Some wallets support only one type of crypto coin. But most offer multi-asset solutions. With their help, users have the ability to simultaneously store several different cryptocurrencies, including Bitcoin, Ethereum, Cardano, etc.
Having exchanged BUSD to ETH or any other coins, you may wonder which storage is better: cold or hot? Each has its pros and cons. Read more about it below and find out about the top 5 hot wallets that deserve your attention.
Cold vs Hot Crypto Storage: Main Advantages and Disadvantages
Cold storage is a hardware device that connects to a PC and does not require a permanent Internet connection. It allows users to securely hold digital currency in their accounts in the long term. The main advantages:
- A wide range of options available;
- High level of security with minimal risk of hacking;
- Non-custodial service, when the owner keeps the private type.
Cold storage does not depend on any servers or online exchanges. So, it is very secure. However, it has several disadvantages:
- The purchase of an expensive device is usually required;
- Not always convenient to use;
- The storage medium may be lost, and then access to the assets will be blocked;
- Inability to access digital coins without keys.
Hot storage is a crypto wallet requiring a constant Internet connection. This may be a software solution used on computers, tablets, and smartphones. Among the advantages are the following:
- Free use;
- Ease of setup;
- Convenience.
The disadvantages include:
- Vulnerability to cyber-attacks;
- May disappear if the provider closes it.
Therefore, each method of storing crypto coins has its pros and cons. If you value security, choose a cold wallet. If you need convenient storage, then a hot wallet is the best choice.
Key Criteria for Choosing a Hot Wallet
When deciding to give preference to hot storage, there are a few important selection criteria to consider. Pay attention to each of them, and you will certainly find the best software solution for storing your digital coins:
- Cryptocurrency types supported;
- Security level (two-factor authentication, HTTPS website, HD payments, etc.);
- Multi-signature feature;
- The convenience of the interface;
- Reputation in the crypto community.
The level of security deserves special attention if you want to reduce the vulnerability to cyber-attacks and ensure the safe storage of coins.
Best Secure Hot Wallets That Deserve Your Attention
Here are the top 5 hot crypto storages to choose from:
- Blockchain.com. Supports BTC, ETH, BCH, XLM, and a number of other popular coins that you can buy or swap on the website https://letsexchange.io/. Provides the ability to create backup copies of keys. Users can send money from one vault to another with a low fee;
- Jaxx. It is a wallet, exchange, and portfolio management tool. Supports over 90 popular and rare cryptocurrencies. Registration is not required;
- Bitcoin Core. This software is great for working with the Bitcoin blockchain. Users can store, send, and receive BTC coins. Bitcoin Core has a number of unique features that are useful for advanced users and large projects;
- Coinomi. Created in 2014 specifically for Android and iOS. Easy to use and safe, supports various cryptocurrencies;
- Coinbase. Mobile cryptocurrency wallet created by Coinbase. Supports over 500 cryptocurrencies and ERC20 tokens. Gives the investor full control over the digital assets.
Choose one of the best hot wallets and store your coins securely!
