The Complete Guide to Crypto Wallet Safety

When you enter the world of Crypto Trading, learning how to keep your currency safe is more important than ever...

What is a Crypto Wallet?

When trading and exchanging Cryptocurrencies, you need somewhere to keep your balance intact, and just like a physical wallet for cash, a Crypto Wallet will store your assets and balance. When you save your Cryptocurrencies (Like Ripple or Bitcoin to your wallet), you can pay for everyday things like your food shopping and online clothing.

Crypto wallets come in two forms, hot wallets, and cold wallets. A hot wallet can only be accessed while online via a mobile device, software wallet, the cloud or certain exchanges. A cold wallet isn't available online, and while your account will still get funds in as normal, nobody can transfer out of your account.

Cold wallets come in many forms, such as USB drives, paper wallets or even physical coins.

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Bitcoin | The Complete Guide to Crypto Wallet Safety

What type of crypto wallet is the safest?

When choosing the right kind of wallet, you want to be looking for the most secure option, and cold wallets - In particular Hardware Wallets, are the way to go.

Products like the Ledger Nano S, Ledger Nano X and Trezor One - Are perfect for maintaining the maximum security of your Crypto Assets. These kinds of wallets can store your keys and work as almost a Crypto Flashdrive. The keys remain inside the Hardware Wallet for its entire working life, which means even if the wallet is stolen, the person attempting to gain access to assets will still have to figure out the correct key/s.

Hardware Wallets provide the maximum safety of your Crypto Assets as it rules out any chance of remote hacking, which in the Crypto World, accounts for over 66% of all crime surrounding digital currency market trading. Physical theft, on the other hand, is 10 times less likely to occur, so those who invest in a product like this are definitely one step ahead.

Hardware Wallets generally retail for between $70 - $200, with the Ledger Nano S (2016 Model) being a great option if you are looking to budget your security.