What is a multicurrency wallet and why do you need it?
A multicurrency wallet is a program responsible for storing one’s public and private keys and carrying out operations with numerous owned crypto assets. It allows you to send, receive, and check the available balance of your cryptocurrencies. Why are they important? They are totally necessary if we want to have any cryptocurrency since it is used to store and carry out transactions. Making a simple comparison one could say that it is similar to a bank account. Usually, in our day-to-day, we carry out a series of actions when we use traditional money (fiat): collect payroll at the bank, make bank transfers, shop in stores, etc. When we talk about crypto, all the previous steps can be done with your cryptocurrency digital wallet.
When you are new to this world of cryptocurrencies, owning the best multi-coin wallet that fits your needs and stores multiple currencies on top of that becomes essential. However, the fear of the unknown can stop you from choosing one out of so many options. It is natural to fall into this dilemma. That’s why it is important to familiarize yourself with their use and here are some of the best multicurrency wallets to choose from.
Top 7 multicurrency wallets
- Atomic Wallet
- Trust Wallet
1. Atomic Wallet
This multicurrency desktop wallet is very secure, and it has integration with other platforms to carry out cryptocurrency exchanges with more than 300 cryptocurrencies and tokens under the same interface. At the moment it has a problem with the exchanges of less than $50-75 that cannot be made depending on the exchange pair. It also has its own eponymous token called AWC, which allows you to get discounts on exchanges. Atomic Wallet is the only multi-coin wallet on the list that has an affiliate program, which will pay us for bringing in new users.
2. Trust Wallet
This multicurrency wallet belongs to the great broker, an Asian company called Binance. It also has the rare feature that it natively integrates the “stake” of different cryptocurrencies, so you can earn commissions for having them stored there. With this Bitcoin and altcoins wallet, you can not only store private keys on your own but live the complete experience as well: use dApps, decentralized exchanges, all without neglecting security.
One of the notorious things about Exodus is its ease of use since it is affordable for someone who starts out in the world of crypto even if they have basic computer skills. Starting to use it is very simple since once the multi-coin wallet is downloaded you will practically only have to add a secret key. It is important to make a backup copy of the seed key. Exodus has support for over 100 cryptocurrencies and it also has compatibility with Trezor, allowing you to use a multi-currency desktop wallet with the security of a cold wallet. One disadvantage is that it is not built on open-source software.
Trezor is one of the most secure multi-currency wallets, that has a good price-performance ratio, and is widely used and tested over time. It also has its disadvantage: Trezor doesn’t have support for some major virtual currencies like Ripple (XRP). The first physical wallets were developed by the Trezor company, and therefore it has an excellent reputation. During the first time of usage, it displays a 24-keyword seed generated by an RNG without an internet connection. Thus, this device creates an ideal isolated environment to execute the signing of transactions. It significantly reduces the chance of your private key being discovered, even if the connected device is compromised.
5. Ledger Nano X/S
Another company that offers a variety of options in terms of most secure multi-currency physical wallets is Ledger. They are compact smart cards very similar to a USB flash drive, which connect via USB to the computer to manage assets. At the heart of their designs, an operating system called BOLOS is integrated into a security chip. It is very powerful and flexible, allowing Ledger to safely run multiple open-source applications in complete isolation. For its part, like Trezor, you can configure any PIN or password, but if 3 failed attempts are made, all the information is immediately erased. The generated seed contains 14 keywords that are stored in an internal chip resistant to computer attacks.
Coinomi is a SegWit-enabled wallet and allows the management, exchange, and storage of more than 1,500 cryptocurrencies and crypto-assets. All supported assets can be swapped instantly through built-in exchange services. Coinomi is a “hierarchically deterministic” wallet. This means that this multi-currency crypto wallet uses a special type of algorithm to create the seed of the account. This is very important because the seed is a series of random words that serve as a kind of “master password”, giving an extra layer of security to the account. It is highly recommended that you record this seed and store it in another safe place, not connected to the internet.
This is a multi-platform and multi-coin wallet that supports the purchase, sale, and storage of more than 80 cryptocurrencies. The ShapeShift application is integrated into the wallet so that the purchase and exchange can be done instantly. Jaxx’s competitive advantage over others is cross-platform pairing. This functionality is designed to work and synchronize on all platforms, such as desktop, mobile device, and even in the web browser.
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