Due to the obvious bear market, traders and investors are looking for means to cut their losses by liquidating their crypto assets. Most traders swap their crypto assets for USDT to maintain the value of their portfolio, while others swap their altcoins for BTC because of its dominance and history of recovery.
Whether you liquidate your crypto asset to USDT or other top coins, you need a secure wallet to hold your cryptocurrencies while the bear market lasts. Although you can buy bitcoin and trade on exchanges, they are not the best place to store your coins.
In this piece, we will be discussing crypto wallets and reviewing the best & the most secure cryptocurrency wallets to store our Bitcoin, Ethereum, Cardano, Binance Coin, and other altcoins.
Read about the crypto investment strategies that you can use to reverse some of your bad trading decisions.
Let’s dive into it.
What is a cryptocurrency wallet?
Wallet as the name implies is used to hold valuables just like what we use to hold our money and debit/credit cards when going out. Similarly, a cryptocurrency wallet serves as a safe place to store, send and receive crypto assets. Wallets can be classified into two kinds – cold and hot wallets.
Cold wallets are not connected to the internet. They store wallet addresses and private keys offline. Cold wallets are also called hardware wallets because they store a user’s address and private key on a hardware device and work with compatible software that allows users to perform basic transactions. The private key is for your personal use and must not be revealed to anyone. You can use the public key to buy Bitcoin and you can share it with the public, it can be used to transfer currency into your wallet.
On the other hand, hot wallets are connected to the internet. They are used to make regular buy and sell transactions. Due to their connection to the internet, hot wallets are more prone to hack attempts than cold wallets.
Types of crypto wallets
There are basically five types of wallets that people use to hold and store Bitcoin & other crypto assets. The five types of crypto wallets include hardware, paper, online, desktop, and mobile crypto wallets.
The mobile wallet is an application used on our mobile phones. An online wallet is a web application or web wallet and you can use it through a browser across all devices. Examples of web wallets include the wallets provided by exchanges like Remitano and Binance.
A desktop wallet works on a computer but requires software to run. A hardware wallet as the name implies is a physical device used to safely receive and store crypto assets. Lastly, we have the paper wallet, which is unpopular. Paper wallet requires you to print your keys on paper and save them somewhere safe until you need to make a transaction with it. It however requires software that can process the private key to run transactions.
Top 5 secure crypto wallets to store Bitcoin in Nigeria
We have discussed cryptocurrency wallets and we also have explained the various types of the crypto wallet available.
Now, let’s take a look at the top 5 most secure crypto wallets that you can use to receive and save Bitcoin in Nigeria safely and securely.
Ledger Nano X
This is a hardware wallet that is available to store Bitcoin in Nigeria. It is one of the most secure wallets used all over the world. There are the devices you use by connecting them to your phone or laptop. They are chosen here because they give you security all around and It is very easy to use. It can hold up to over 100 cryptocurrencies on it. It might take more time to set up but it is very safe.
Remitano is one of the leading peer-to-peer platforms where Nigerians can safely buy bitcoin in Nigeria. It is popularly known for its fast responsive customer service and its highly secured platform. It uses the KYC policy which makes it difficult for fraudsters to perpetrate any form of scam on the platform. Remitano offers different wallets to store and buy Bitcoin, Ethereum, Litecoin among other assets. It is an online exchange wallet and once you create an account, you do not have to create a wallet or use additional software to access your coins. All your wallets would automatically be created and secured for you.
Another highly secured wallet available to hold and store Bitcoin in Nigeria is the Metamask wallet. It is a mobile app and also has a google chrome extension. Metamask is an Ethereum smart contract wallet that supports Ethereum, it also gives the liberty to trade and store other coins like Bitcoin, Cardano, Binance coin, ripple, etc. It has a nice and easy-to-use interface that everyone can use.
Edge mobile wallet
Edge is a simple bitcoin wallet for Android and iPhone users. It has an intuitive user interface and familiar features makes the app easy to use by newbies. This bitcoin wallet has an automatic backup function, so you don’t have to stress about the technicalities involved with manual backups.
Trust wallet is the native wallet for Binance. It was bought by Binance which is one of the largest exchange platforms in the world. It is a mobile app that is simple to use and highly secure. However, you need to keep your seed phrase appropriately. One interesting feature about the Trust wallet is that it allows users to hold and store lots of coins, even the unpopular coins can be stored on the Trust wallet.
Other good and safe crypto wallets include the Trezor One, Ledger Nano S, Exodus, Sax, Copay, Myetherwallet, Bitcoin Core, etc.
Having reviewed some of the secure wallets to store your crypto assets, the security of your funds is your responsibility. We implore you to keep your password and private key or seed phrase safe. Don’t log into your wallet on public devices or using a public wifi, use them on only secure devices.