Cryptocurrencies have become very popular in India over the past few years as a form of investment as well as for other uses like gaming, NFTs, software development, etc. However, people who wish to be involved in cryptocurrencies need to have a proper understanding of the basics in order to use the various crypto coins and tokens effectively. One of the most fundamental things that one needs to store and trade cryptocurrencies is a crypto wallet. Moreover, there are two keys involved in the crypto wallet, a public key, and a private key. The public key acts as the address that others can use to deposit crypto into your wallet. Your private key is like the password to your wallet that you can use to access it and transfer cryptocurrencies. Let’s take a closer look at crypto wallets and which recommended crypto wallets you can use in India.
Before choosing the right wallet for your cryptocurrency needs, you should understand the types of crypto wallets that are available. Essentially, there are two main types of crypto wallets that you can choose from; hardware wallets and software wallets. Hardware wallets are physical wallets that you can use to store your cryptocurrencies. Hardware wallets are considered to be the most secure as they can be safely stored in a physical space near you. In order for a hardware wallet to be hacked, the hacker will need physical access to the wallet as well as knowledge of the private keys. When it comes to software wallets, there are also various types of them:
Desktop Wallets: These wallets are a type of software programme that can be installed on your computer. The wallet is essentially stored in the computer’s hard drive.
Mobile Wallets: These are wallets in the form of smartphone apps that you can download on your own mobile device. These types of wallets are generally used for day-to-day or small transactions.
Online Wallets/Exchange Wallets: There are certain websites that also allow you to create crypto wallets and store your cryptocurrencies on them. Moreover, most crypto exchanges such as Binance, Coinbase, etc, offer in-built wallet services to store the cryptocurrencies that you trade on their platforms.
If you want to create your own crypto wallet, these are the most recommended crypto wallets options that you can choose from:
Binance Wallet/Exchange: Binance is one of the largest crypto exchanges in the world and offers a very large variety of cryptocurrencies that you can purchase. They also offer the users a free crypto wallet to store the cryptocurrencies purchased or traded.
WazirX Wallet/Exchange: WazirX is a popular crypto exchange in India with a very high volume of users. The exchange offers an in-built wallet where customers can store their purchased or traded cryptocurrencies.
Ledger Nano: Ledger Nano is a popular company that sells hardware wallets for crypto users to purchase. Many in the crypto community consider Ledger Nano hardware wallets to be extremely secure and safe. You can buy these hardware wallets online.
Coinbase Wallet/Exchange: Coinbase is another extremely popular crypto exchange that is used by people all around the world. Like other exchanges, Coinbase also provides its users with the option to store their cryptocurrencies in an in-built wallet.
Trezor Model T Wallet: Trezor is another popular company that makes hardware crypto wallets that can be purchased by users to store a large variety of cryptocurrencies. The wallet also has several safety features to ensure the utmost security of your stored crypto coins.
Trust Wallet: Trust wallet is an app-based wallet that crypto users can download and install onto their smartphones. It’s one of the most widely used and trusted mobile wallets and allows users to store a multitude of cryptocurrencies. There are also biometric and PIN-based safety measures incorporated in this wallet.