Which are 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 several cryptocurrency wallets by famous companies like Multibit, Electrum, Blockchain.com, Trust, ImToken, Coinomi, etc. Together with all the rest out there, these series of wallets 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 many 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 using mobile wallets.
This article seeks to throw more light on some of the best mobile cryptocurrency wallets widely used in the crypto industry and 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 shortly. 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 & Paxos 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, allowing 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 users’ hands by letting them own their private keys to the wallet. Blockchain company has been operating since 2011 and has been known to provide secured wallets for users void of any bugs, which hackers can exploit to steal its users’ funds. 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 in its security.
Many crypto enthusiasts have come to admire Trust wallet because of its compatibility with all ERC-20 and ERC 721 Tokens. Besides, it’s a multi-coin cryptocurrency that allows users to receive about 11 cryptocurrencies of the major cryptocurrencies on coinmarketcap.
Like the blockchain wallet in terms of the graphic user interface, this also comes with a palm-sized window. You can either switch in between an Ethereum wallet interface of its multi-coin wallet interface. Users’ exact balances are displayed just against the cryptocurrency with an average sum of the entire cryptocurrencies saved in the wallet.
Some features that make this wallet stand out among the rest are 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 as a host for several Ethereum, ETC, POA decentralized applications, and plans to include Dapps of Tron blockchain network. As part of its vision of being a versatile mobile wallet, it has also integrated with Binance Chain to allow users to store cryptocurrencies on the network and make it possible 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, a Trust wallet has made it possible to allow users to stake their coins and earn passive income directly through their wallets. Examples of such coins are Tezos, Sesame seed, 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 have won many crypto enthusiasts’ hearts. The use of a 6-pin password to unlock the wallet together with an auto-lock function ensures that the wallet is secured if 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. Compared to the Trust wallet, it has been integrated with 8 major coins and accepts ERC-20 tokens on a smaller scale. Its use and services are operated in over 200 countries across the world. It has over 10M user base, and these have successfully contributed to making transactions worth over $80B since it was developed. It is available for both Android and iOS users to download on their respective marketplaces.
A simple user interface that shows a user’s assets but just as a Trust wallet allows users to navigate from the multi-coin wallet and the Ethereum wallet where you can monitor your ERC-20 compatible tokens. This wallet allows users to access their Ethereum private keys in all formats through some special application programming interfaces, including 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.
ImToken serves as a hub for several Ethereum, EOS, and Tron Dapps, giving it a larger Dapp based wallet 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 ImToken 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 it 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 an excellent 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 users’ funds.
The Coinomi wallet also integrates with Shapeshift and Changelly, allowing users to swap their coins and tokens in a short possible time. As a personal user of this wallet, I like using it 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 the 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 make digital transactions wherever they are, and mobile phones are great tools and companions. Many financial analysts predict a cashless world, and the use of mobile wallets in making payments 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.