The Best Mobile Cryptocurrency Wallets
Cryptocurrencies were created to be used in a peer-to-peer transaction, according to the whitepaper of Satoshi Nakamoto. This led to the development of several cryptocurrency wallets by famous companies like Multibit, Electrum, Blockchain.com, Trust, ImToken, Coinomi, etc. These series of wallets, together with all the rest out there, have played a major role in making crypto transactions way easier. On the other hand, care must be taken when downloading a mobile wallet to use as there are a whole lot of fake ones out there to steal user’s funds. Cryptocurrency mobile wallets allow users to save their funds without any form of Know Your Customer verification, hence ensuring full privacy. By adjusting transaction fees, one can choose to increase the speed of his/her transaction with the use of mobile wallets.
This article seeks to throw more light on some of the best mobile cryptocurrency wallets that are widely used in the crypto industry and also have unique features that make them stand out among the rest.
Blockchain.com company was one of the earlier adopters of cryptocurrencies and the whole blockchain technology and founded its company in 2011. They are located in over 140 countries and still looking to expand their horizon in the near future. They have over 45M users across the globe and have made transactions worth over $200B. Currently, the wallet has been integrated to accept Bitcoin, Ethereum, Bitcoin Cash, Stellar & Pax USD.
The graphic user interface comes with a wide window which shows the balance proportions in a circular but with specific colors, based on the type of cryptocurrencies in holding. In the middle of this are real-time prices of the above-mentioned cryptocurrencies. At the footer of the window are several other functions and features that have been embedded in the wallet to allow users to make transactions with ease.
Among the normal use of ACTIVITY (HISTORY) SEND and REQUEST (RECEIVE) buttons are the SWAP button, which allows users to swap their cryptocurrencies in real-time prices. This has been made possible by the integration of Atomic Swap Technology.
Once downloaded from either PlayStore or IOS Store, this wallet entitles its security into the hands of users by letting them own their private keys to the wallet. Blockchain company has been in operating since 2011 and has been known to provide secured wallets for users void of any bugs which can be exploited by hackers to steal the funds of its users. There is an auto-lock function that locks the cryptocurrency wallet out when idle. I have personally been using its Android app and I can testify that I have had a great experience with it and have never had the slightest glitch when it comes to its security.
Many crypto enthusiasts have come to admire Trust wallet because of its compatibility with all ERC-20 and ERC 721 Tokens. In addition, it’s a multi-coin cryptocurrency that also allows users to receive about 11 cryptocurrencies of the major cryptocurrencies on coinmarketcap.
Similar to the blockchain wallet in terms of the graphic user interface, this also comes with a palm-sized window, where you can either switch in between an Ethereum wallet interface of its multi-coin wallet interface. The exact balances of users displayed just against the cryptocurrency with an average sum of the entire cryptocurrencies that are saved in the wallet.
Some features that make this wallet stand out among the rest is the fact that it also allows users to add as many Ethereum wallets, as they prefer and interact with them in a different window.
Furthermore, it has a step into the feature of web 3.0 browsing, where users earn as they surf. It serves a host for several Ethereum, ETC, POA decentralized applications and plans to include Dapps of Tron blockchain network as well. As part of its vision of being a versatile mobile wallet it has also integrated with Binance Chain to allow users to store cryptocurrencies that are on the network and also making it possible to for users to swap within Binance Decentralized Exchange.
The ease with the use of Proof-of-Stake consensus has driven masternode and staking platforms in the industry for the past two years. To embrace the future of PoS, Trust wallet has made it possible to allow users to stake their coins and earn passive income directly through their wallet. Examples of such coins are Tezos, Sesameseed, Bitguild etc. Trust wallet also allows users to connect their social media profiles directly through the wallet.
Trust wallet is also one of the secured wallets that have been in existence for a very long time and has won the hearts of many crypto enthusiasts. The use of a 6-pin password to unlock the wallet together with an auto-lock function which ensures that the wallet is secured in case the owner is not around to use his/her phone at that very moment. No security breach has been reported against this wallet and its user base keeps on increasing. Both android and iOS versions are available for downloads.
Another multi-coin wallet that is widely used within the cryptosphere is ImToken. On a smaller scale as compared to the Trust wallet, it has been integrated with 8 major coins and also accepts ERC-20 tokens. Its use and services are operated in over 200 countries across the world. It has over 10M user base and these have successfully contributed in making transactions worth over $80B since it was developed. It is available for both android and iOS users to download on their respective marketplaces.
With a simple user interface that shows the assets of a user but just as Trust wallet this also allows users to navigate from the multi-coin wallet and the Ethereum wallet where you can monitor your ERC-20 compatible tokens. Through some special application programming interfaces, this wallet allows users to have access to their Ethereum private keys in all formats being it Keystore, mnemonic phrases or UTC file contents.
ImToken has been integrated with an exchange platform that enables users to trade among some accepted ERC-20 tokens. There is a slight limitation with its marketplace as it does not allow cross-chain trading but only among ERC-20 tokens.
Im Token serves as a hub for several Ethereum, EOS and Tron Dapps giving it a larger Dapp based wallet as compared to Trust Wallet which is still in the process of integrating with Tron based Dapps. If you are looking to having all your altcoins in one single wallet then Im Token is one of the best wallets that you can go for.
Another coin worthy of having in these lists of best mobile cryptocurrency wallet is Coinomi. Developed by George Kimionis in 2014 you can say is also among the oldest wallets in the cryptosphere.
Currently, it accepts over 150 cryptocurrencies with tokens mainly ERC-20 inclusive. It’s a multi-coin wallet that has a desktop version in addition to its android and iOS versions that are available on the various marketplaces for downloads.
It comes with a very good graphical user interface which makes navigating through it very easy. For security reasons, private keys are currently stored locally on the phone hence users are in full control of their finances.
In the early months of last year, there were some reports about some vulnerability in their desktop wallets but this issue has been solved and did not lead to any loss of funds of users.
Coinomi wallet also integrates with both Shapeshift and Changelly which allows users to swap their coins and tokens in a very short possible time. As a personal user of this wallet, one thing that makes me like using it is because it supports segwit transactions hence bitcoin transactions are confirmed faster. Also, unlike the blockchain application where you can’t send all your funds out of your wallet Coinomi allow users to send all their funds if they wish to.
The world’s payment system began way back with the use of barter trade system until we got into the use of fiat currencies. Electronic payment systems also came along the line and now digital payment seems to be the trend with a very positive future. For this to be possible, people need to be able to make digital transactions wherever they are and mobile phones are great tools and companions as well. Many financial analysts predict a cashless world and the use of mobile wallets in making payment for goods and services would be the order of the day. The above-named cryptocurrency wallets are some of the secured and easy to go wallets that you can always rely on in keeping your funds safe.