The introduction of cryptocurrencies into the real economy is gradually gaining momentum. It is already possible to pay for quite tangible goods with digital coins, and there are more and more opportunities to spend crypto. However, many traders are not averse to sometimes swap BTC to ETH, standing somewhere in a traffic jam. It is quite logical that against the background of these transformations, the demand for the opportunity to always have some amount of money with you is growing.
The ideal solution also exists – it is nothing more than a mobile application. Their main advantage lies in the ease of use, whether it is checking the balance or making a transaction. While digital assets were used by a handful of eccentric enthusiasts, there was not much point in developing such software. But for the foreseeable future, the lack of versions for at least iOS and Android for a particular wallet will look like an anachronism.
The functional differences between mobile wallets boil down to the following characteristics:
- Security measures.
- Number of supported coins.
- Additional functions.
This wallet is convenient to use and safer compared to keeping capital on the stock exchange. The private key will be stored offline on your device. The main risks of using mobile applications lie in a different plane, namely the safety and serviceability of the device itself.
In case of unforeseen circumstances, it is highly advisable to link your account to a desktop version or a hardware wallet. And of course, do not store all your capital in it. As long as you keep your seed phrase, in the event of a device replacement or breakdown, it is possible to restore access to funds. However, if your phone is stolen or you lose it, whoever is holding it may get to your money before you do.
How to store seed phrase
The seed phrase is generated by the wallet itself during the setup process. It is a set of 12-24 random words. All private keys are created on its basis, and if something happens to your device, access to coins can be restored.
Another person can do the same if he managed to get hold of the secret phrase. Therefore, it is not recommended to store it in digital form, for example:
- In a file host.
- In cloud storage.
- Like a draft in an email.
- As an image or text file on a computer.
- On removable media.
Any device and any online service can be hacked. It is best to write down or print out the secret phrase on paper. Double-check the spelling of each word and their order. It is perfectly reasonable to make several copies and hide them in different safe places.
The mnemonic phrase is stored on the device itself. This gives the wallet owner full control over their funds and guarantees security in case the servers are hacked.
The best mobile wallets
Trust Wallet
A popular non-custodial online hot wallet that supports over 40 blockchains with over 160,000 assets on them. It has been acquired by Binance and is available for Android and iOS devices. Trust Wallet allows you to track ETN price charts and rates of other coins in real time, convert funds into stablecoins to protect against volatility and earn on staking. The wallet stores coins anonymously and securely, and the user has full access to their personal data.
The application also has the ability to buy cryptocurrency directly from the card, as well as a built-in exchange for exchanging assets in seconds at the best rate. Verification is not required to start working with the wallet. In addition, there is a built-in browser for using decentralized applications created by various developers.
Edge
This mobile wallet is designed for iOS devices. It supports more than 30 cryptocurrencies, has a convenient and simple interface and allows direct exchange between digital and fiat assets. In addition, Edge supports multiple devices with the same account, and you can set up a PIN or fingerprint for added security. In partnership with many companies, the wallet provides the user with the ability to buy gift cards and use a crypto exchange.
Edge guarantees complete user privacy and encrypts all data on the client side. No personal information is required to get started. If desired, you can set up password recovery via email and security questions.
Jaxx
It is a cross-platform application that provides secure control over Bitcoin, Ethereum and over 90 other cryptocurrencies. Registration is not required to use the application: after installation, you can immediately send and receive transactions, get detailed information about each coin, and monitor market data for assets of interest to you, such as rate and market capitalization.
Jaxx supports the ShapeShift and Changelly apps for selling, buying and exchanging all supported assets. Portfolio management tools help you track the balance of all coins, control changes in value for the last hour, day, week, month. In addition, a blockchain explorer is available that allows you to get information about transactions on the network.