Everything you need to know about multi-currency crypto wallets

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A multi-currency crypto wallet is a hot wallet that supports different types of cryptocurrencies. Since Bitcoin exploded into popularity, there have been thousands of new altcoins appearing on the scene every day.

 

Most fail to catch on and end up disappearing into obscurity. However, some like Ethereum, Litecoin, or Dogecoin go on to achieve mainstream acceptance for some reason or another. 

 

And because of this, crypto enthusiasts are eager to punt on the various assortment of altcoins on the market in the hopes of making it big. To take advantage of this situation, you need a crypto wallet that lets you store different altcoins. 

 

So, with that in mind, let’s take a look at what you should look for in a multi-currency crypto wallet.

Characteristics Of A Good Multi-Currency Crypto Wallet

Hot wallets have become a favorite target of cybercriminals over the past few years due to high crypto prices. And given the unregulated and decentralized nature of the crypto scene, it is extremely easy to get away with hacking and stealing tokens.

 

Often, the authorities cannot do much to help you track down any lost or stolen cryptos. This is why it’s important that your wallet of choice offers the following.

 

Multi-factor authentication. Sometimes known as 2-factor authentication, multi-factor authentication is an essential security feature for crypto wallets. It prevents unauthorized logins by requiring users to confirm their identity through 2 or more different mechanisms. 

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For example, when you attempt to login to your wallet, a notification is sent to a predetermined email or telephone number. You then need to input the PIN sent to your email/phone to access your account.

 

Safely encrypts your data. As we’re living in an interconnected world, our data has become a prime target for hackers and cybercriminals. This is why you need to ensure that your crypto wallet safely encrypts all of your data with the latest security protocols.

 

So that way, there’s zero risk of hackers intercepting any of your personal information, which can then be used to harm you.

 

Provides seed phrases. A seed phrase or recovery phrase is a group of random words that you are provided with when you first set up your wallet. It allows you to access your crypto wallet and regenerate its contents should you lose access to it.

 

Remember: only you have access to your seed phrase, and if you lose it, you cannot access your crypto.

 

Has a solid track record. Another thing to keep an eye on is the reputation of the company behind your crypto wallet. With a reputable company, there’s much less risk of the wallet suddenly disappearing with your holdings compared to a relatively unknown player.

 

The Top 3 Best Multi-Currency Crypto Wallets

 

Here is our selection of wonderful multi-currency crypto wallets you can use. You can click here to find more.

  1. Trust Wallet — Supports more than 1,000,000+ crypto tokens

 

When it comes to the sheer number of cryptos supported, not many wallets come close to Trust Wallet. It’s compatible with more than 1,000,000 types of crypto tokens which makes it a great choice for altcoin enthusiasts.

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Although there have been some issues with Trust Wallet’s security, these issues have apparently been rectified.

  1. Coinbase Wallet — Compatible with 40,000+ types of crypto

Coinbase Wallet is capable of supporting more than 40,000 types of different coins. These range from mainstream assets to more niche tokens. As an added plus, it’s backed by Coinbase, one of the most reputable crypto exchanges in the world.

 

So that way, you know that your assets are in good hands. However, Coinbase has had some issues with hackers in the past. But in all instances, the leadership team were clear and honest about what happened.

  1. Binance Wallet — Works with more than 300+ cryptos

Binance Wallet is another multi-currency wallet backed by a reputable exchange. In this case, it’s Binance, a crypto exchange popular with users outside of the U.S. It supports more than 300 different crypto tokens, but this falls down to 60 if you’re based in the U.S.

 

This is because Binance has had issues with regulations in the past. But if you’re a non-US based user, this isn’t much of an issue.

 

And there you have it, a selection of the best crypto multi-currency crypto wallets available. But do keep in mind that cryptocurrencies are highly volatile assets which should be treated with care.

 

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