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Which crypto wallets are better?

28.10.2021
Which crypto wallets are better?

The Best Crypto Wallets

Before you decide to select a crypto wallet, you should determine the aims for what you need it. The main criteria of choosing the crypto wallet are safety, custodianship, and interacting with smart contracts, as well as the possibility to access your crypto wallet on different devices.

Kinds of crypto wallets

  • Hot wallets

A hot wallet provides users of cryptocurrency the opportunity to send, store or receive tokens. Due to public and private keys, this type of crypto wallet provides safety for its users.

  • Cold wallets

Cold wallets are also called hardware wallets that are developed on devices demanded to access the internet. This type of crypto wallet is stored on physical devices.

  • Hosted wallets

Hosted wallets are located on another server, and users can't control them. This kind of wallet is not reliable, and hackers usually use it, as all information about the funds of users of the hosted wallets is on the server. Thus, before you decide to use this kind of wallet, you should know what levels of protection they offer.

  • Decentralized wallets

You are the only person who has access to your decentralized wallet. This means that you don’t rely on a third party to send, receive or store your cryptocurrency. However, a decentralized wallet never gives you a guarantee of complete privacy. Anyway, this wallet will help you to reduce some security risks related to hosted wallets.

  • Hardware Wallets

Hardware wallets are fit for those investors who are planning to make a huge amount of investments, and at the same time, they are not going to trade regularly. Hardware wallets are considered physical items, like a kind of USB drive. This kind of wallet is highly secured.

  • Software Wallets

These types of wallets are also referred to as hot wallets. Users of this online crypto trading platform don't need to download it and access it through an internet browser.

 

How should you store DBX crypto assets in your crypto wallet?

If you are the owner of DBX tokens, you must take responsibility for where you intend to store this digital currency. Your cryptocurrency wallet should be secure, just like a regular real fiat wallet. DBX allows any user to send funds without any restrictions on the amount of money and location of the user. Still, you control your digital assets by yourself. These unlimited possibilities must be accompanied by strict security regulations. To do this, you just need to use DBX correctly. Here, no one will be able to cancel an erroneous transaction or otherwise dispose of your money, so do not forget that the security of your cryptocurrency lies entirely with you.

Here are several tips on how to safely store your DBX tokens in the crypto wallet:

  • It is forbidden to store your digital coins on third-party services.
  • Don't store large amounts of cryptocurrencies in one place.
  • Encrypt your wallet.
  • Backups must be encrypted.
  • Hold crypto wallet’s updated copy in different places.
  • Back up your wallet regularly.
  • Use a strong password for your crypto wallet.
  • Don’t lose your wallet password.
  • Use an offline wallet to store cryptocurrency for a long time.
  • Confirm cryptocurrency transfer from an offline device.
  • Use hardware wallets.
  • Keep up to date with the latest developments and constantly install available updates.

Why is it worth using the DBX wallet?

The DBX crypto wallet is considered one of the most reliable and secure against hacks. Due to the DBX wallet, you will be able to make secure and fast transactions, exchange and buy cryptocurrencies, send and receive crypto. Moreover, using a DBX wallet is 40% cheaper than other ones. By the way, as the DBX wallet is on the COINS platform, you have the ability to analyze charts, read white papers, as well as check upcoming events.