Best Crypto Wallet App in UK
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Safe storage for your coins, tokens, and crypto assets is a necessary consideration when buying cryptocurrencies, so it’s important to consider the right type of crypto wallet for you and your needs in the UK. A Wallet is, of course, not the type you would think that slides neatly into your back pocket – instead, it can be either an app on your devices or a physical storage device for your digital currency. Both have pros and cons to their usage, so each cryptocurrency user needs to decide which is best for them. If you are seeking usability and easy access to use your crypto funds, however, then a Wallet App is your best bet.
Key points on crypto wallet apps
- A wallet is a secure place to store your proof of crypto ownership and can take the form of a physical hardware device or as an application or extension installed on your device or in the cloud.
- There are two types of online wallets, commonly called hot and cold. A hot wallet is connected to the internet, making it more vulnerable to hackers but the fastest to use crypto. On the other hand, a cold wallet is not connected to the internet, so it’s more secure but is less convenient.
- Most online cryptocurrency wallets are custodial, which means your crypto ownership keys and transactions are entrusted to the company that holds the wallet. They securely keep your cryptocurrency protected.
- Selecting a safe and reliable wallet company is vital as they ultimately control your crypto. But this is the best option if you intend to regularly use your cryptocurrency for transactions.
How we picked
After you have purchased your cryptocurrency from the best crypto exchange uk or accrued it in another way, you will need a storage facility, app, or device to keep it safe. So, whether you are new to the crypto space or have been trading and investing for years, the eternal question is, where is the safest and most convenient place to store my crypto? Of course, the answer to this question is dependent on what you want to use your crypto for, how often, your location (certain apps don’t have functionality from the UK to others), and how much you are holding.
- Safe storage for your coins, tokens and crypto, including NFTs, is necessary when buying digital assets and currency. The usual storage recommended for this is a crypto wallet.
- The first thing you may think about is an app, but this is not the only type available. There are hot and cold online wallets and fully offline wallet devices too.
A hot wallet, for example, is hosted and always online, a cold wallet is easily connected online but is kept offline, and wallet devices are portable and fully offline device that often looks like a flash drive but is designed for crypto storage. The right type of crypto wallet for you is a significant consideration, as functionality and usability will determine which you may choose. For example, a wallet via an online exchange or app combines ease of use and accessibility if you want to use your crypto regularly for purchases. Still, the cons are that they are easier to access by hackers.
It’s an easy and logical assumption that cryptocurrency wallets store your crypto in them, but this is not the case at all. Crypto, being blockchain currency, is stored on the blockchain of origin.
A wallet provides a unique address to park the crypto on the blockchain where owners can always find their crypto easily and in the same place. Think about it like map coordinates leading the way to buried treasure – the blockchain is a global decentralized database mapped for functionality and storage, and the wallet is the marker. A crypto wallet stores the private key required to open your blockchain address and access your crypto.
As a result, security is a paramount consideration when selecting a wallet to keep your private keys and currency safe if you choose an online app wallet. An online hot wallet can include web-based wallets, mobile wallets, and desktop wallets, and all of these have pros and cons.
Although there are certain aspects that make crypto hot wallets more vulnerable, they also make online transacting super quick and easy because they are always online.
There’s no need to make the online/ offline transition to complete a transaction like is necessary with an offline device.
Deciding what you want to use your crypto online is so crucial because if, for example, you want to trade or make purchases with your crypto at your local off licence, a UK-enabled online wallet app is the best option.
The caveat is that this online storage method is not recommended if you want to hold a large amount of cryptocurrency in one wallet and one place. This should be done securely in an offline device or a cold wallet. It’s the same as not carrying around wads of cash in your pocket that should be kept securely in the bank.
Another point to remember if you’re keeping your crypto in an exchange wallet is that if you don’t control the private key, that technically means you don’t own your crypto – it belongs to the keyholder, usually the exchange.
- That means your crypto is only as secure as the vulnerability of their system.
- Most reputable exchanges store customers’ funds offline in cold wallets while keeping a certain amount accessible in hot wallets to allow clients to access their crypto while mitigating the risks.
- It’s always recommended to hold your private key instead of delegating the responsibility so always fully read up and understand any wallet you choose to use.
So, without further ado, we have looked at and tried many crypto wallets with a particular focus on apps for this article as accessibility is critical for many. Based on security, associated costs, and customer reviews, we have recommended the list below because for the UK, and of course, security is the most significant consideration. We have researched the security protocols in place to protect your crypto, which is a must, with the close second being accessibility and usability. Both are a must, as is choosing a wallet that works well with exchanges so you can complete trade and purchase transactions efficiently. As mentioned, crypto wallets come in many forms, so know your goals and what may be the best choice for you and your goals.
The best crypto wallet apps in UK
Crypto wallet apps are great for daily usage to make payments or for payments and trading on the go. Knowing what you need first is essential to selecting the best wallet for you. Below we have listed our top apps to get you started safely storing your crypto, but with so many on the market, check what crypto you want to use and store before signing up.
- Crypto.com – A top consideration for a DeFi wallet
Crypto.com – A top consideration for a DeFi wallet
Crypto.com is another straightforward to use exchange that provides a great wallet backed by a strong company reputation. The exchange launched its wallet facility in May 2020, and has enjoyed great uptake since, with particular adoption from exchange users who want an easy wallet system. The Crypto.com wallet supports DiFi and is non-custodial – meaning users hold their keys, creating an excellent option to store crypto safely straight from an exchange, making it easy and accessible for beginners to use. Sending and receiving is available for an entire range of cryptocurrencies, with the list including:
- Bitcoin (BTC)
- Ethereum (ETH)
- DeFi coins like Uniswap (UNI)
- Compound (COMP)
- finance (YFI)
- Stablecoins and other ERC20 tokens
The wallet is available for Android and iOS devices and access is simple – visit the website and scan the QR code. Once setup is complete, the wallet provides integrations with WalletConnect, allowing users to connect with DeFi Swap and other DApps by scanning the QR Code. Additional DeFi features can integrate with the wallet. The security functionality is also an important and great feature as it’s protected by Passcode, Biometric Authentication Technology, and 2-Factor Authentication.
Pros and Cons of the Crypto.com Wallet
Pros
- Supports more than 150 cryptocurrencies
- Transparent fee structure
- High-security features
Cons
- Customer service is rated poorly
- Geographically restricted
- Withdrawal fees can be high
How to sign up for an Crypto.com Wallet?
Step 1: Visit the Website
Set up your free wallet account by going to the Crypto.com wallet homepage here and scan the QR code to get the wallet on your phone via your app store. The wallet is available on Apple and Android.
Step 2: Follow the Prompts
The system will guide you through setup, ID verification, and anything else you need to get started.
Guide – Everything you need to know about crypto wallet apps
Safely storing your coins, tokens and crypto, including NFTs, is necessary when buying digital assets and currency from an exchange or accruing by any other method. The storage recommended is for any purchase is a crypto wallet. But there are a vast many types available both online and off, including hot and cold online wallets and fully offline wallet devices and gadgets. Get started exploring what each type is below.
Cryptocurrency Wallet Types
- Hot wallets: These wallets use keys created or stored on an internet-accessible device like smartphones, laptops, or PCs. Hot wallets offer high utility but are often considered less secure, so they should not be used for large sums but are great for those who want to use their funds regularly.
- Cold wallets: Cold wallets are any storage method to keep your private key offline. This ensures high-level security for large amounts of money that won’t be needed for regular usage.
- Exchange wallets: Cryptocurrency exchanges often are happy to store crypto assets for you, with the exchange typically holding your assets in cold storage wallets. This does mean that you have surrendered custody of your assets to a centralized entity, so it’s recommended to move assets into a personal hot or cold wallet.
- Custodial wallets: Custodial wallets allow a trusted 3rd party to hold the assets or crypto for them. This way often includes professionals with top-notch security to store vast sums.
The right type of crypto wallet for you and your assets is a significant decision that requires consideration. Also, knowing what functionality and usability are needed will determine which you may choose. For example, a wallet via an online exchange or app combines ease of use and accessibility if you want to use your crypto regularly for purchases.
What to Look for in a Crypto Wallet App
When selecting a crypto wallet, the most significant aspect you should consider is security and how safe your assets and currency are. So with that, you may wonder why anyone would use an unsecured wallet if there are any risks involved? The answer to that is effortless usability and that there are risks with anything online – they each need to be weighed against desired outcomes and objectives.
Although there are certain aspects that make crypto hot wallets more vulnerable, they also make online transacting super quick and easy because they are always online and ready to use. There’s no need to make the offline to online transition or connection to complete a transaction – which is necessary with an offline device. Therefore, deciding what you want to use your crypto for online is crucial – if you are a heavy user and spender, an app is a must.
The caveat is that these always-online storage methods are not recommended if you hold a large quantity of cryptocurrency, and they should certainly not be held in one wallet or one place all the time if kept online. Instead, they should be stored securely in an offline device or a cold wallet without internet access. It’s the same as not carrying around wads of cash in your pocket when it should be kept securely in the bank.
Additional Security Considerations
- 2-Factor Authentication: Does the wallet app you’ve chosen have 2-factor authentication? Also known as 2FA, it provides another layer of identity verification when logging into your wallet. Even if someone successfully cracked your password or managed to access your account with other methods, they would still need to pass the second authentication level. This is generally a code sent to your phone that must be entered to sign in before access is granted.
- Multi-Signature Sign-in: In cases of a crypto wallet with several owners – such as in a business – multi-signature support means that wallet security requires multiple keys to grant access. This prevents anyone from spending funds unauthorised or transferring anything to another wallet.
Additional App Considerations
How Does the Wallet Store My Crypto?
It’s usually assumed that cryptocurrency wallets store your crypto, but this is not the case. Crypto, being blockchain currency, is stored on the blockchain. At the same time, the wallet supplies an individual address to park the crypto where owners can find it quickly and in the same place all the time. Think about it like map coordinates leading the way to buried treasure – the blockchain is a global decentralised database mapped for functionality and storage, and the wallet is the marker. A crypto wallet app stores the private key required to open your particular blockchain address and access your crypto.
A Note on Exchange Wallets
If you’re keeping crypto in an exchange wallet, it’s likely you don’t control the private key, and your crypto is governed by the keyholder – usually the same said exchange. That means your crypto is only as secure as the system’s vulnerability and the company reputation. Therefore, it is essential that the exchange is regulated and overseen with ample security if you use an exchange wallet. Most reputable exchanges store customers’ funds offline in cold wallets while keeping a certain amount accessible in hot wallets to mitigate risks, so safeguards are in place.
Wallet Utility – Which Do You Need?
One of the highlights that inform high adoption of wallet apps is their usability and easy access to funds for holders. Wallet apps come in several forms, including Mobile, Exchange & DeFi Wallets, each having pros and cons for use. However, they are all highly convenient and make transactions easy. We’ve broken down each below to get you started deciding which is best for you and your crypto.
Exchange Crypto Wallets
Many cryptocurrency holders use the wallet of the exchange they prefer – for example, we like crypto.com because it’s regulated and offers a wallet. Consumers can have both trading and wallet facilities in one place, with a range of crypto and tokens on offer. It’s easy to take payments, buy, sell, and trade all within the same system, with crypto on the trading platform mostly held in cold storage and providing 2FA. However, while this is convenient, it is not recommended for large sums.
Mobile Wallets
A mobile wallet is exceptionally usable and creates easy payment accessible for anyone wanting to use crypto for payments while on the go. You can use your phone apps for payment in so many places these days, and many of those places also accept crypto. This is the most convenient wallet system method for on-the-go users.
There is a downside to this, though. While convenient, mobile crypto wallets have unique potential security vulnerabilities. If, for example, a phone is lost or broken and your wallet key is stored only on the phone, your wallet may end up permanently inaccessible. However, when using a reputable wallet app company, they often have a way to restore your wallet. Always check for that functionality before signing up, so you’re covered if the worst happens. Another reclamation method is knowing your seed phrase to access your crypto if your phone is lost, stolen, or broken. It’s essential to store your seed phrase safely and possibly in multiple locations – either memorised or in an analogue fashion, like a paper or book, and locked away securely.
DeFi Wallets
Certain crypto wallets now support trading directly from your wallet without an intermediary, thanks to decentralised finance application networks that allow users to trade digital assets without needing a centralised system. If you want to use a cryptocurrency wallet while trading, look for a wallet with built-in DeFi functionality. Our recommended Crypto.com wallet has this DeFi functionality and is a non-custodial wallet to hold your crypto and private keys in a safe and secure environment.
Supported Currency Wallets
Many people own various types of cryptocurrencies based on different blockchains, many of which have their own currency wallets with individual currency functionality. Holding a separate wallet for each type of currency can become confusing and hard to manage unless you are very organised. Many crypto wallets now support many different coins and tokens, which can still be stored in wallet apps. Have a look at what you need to hold your currency and investments.
Are Crypto Wallets Insured?
While some companies offer insurance and guarantees, digital assets are generally not insured. However, this is changing and evolving as more governing bodies seek to understand and oversee the sector. There will likely be legislation and more widespread regulation and protection for all aspects of the crypto space in future.
Get Yourself a Wallet!
Investment, holding, and trading crypto is a financial decision, and as with any financial decision, it’s vital to do your own research. The decision of which products on offer best suit your requirements and goals can only be made by the individual. Of course, there is always a risk with cryptocurrency transactions and associated wallet app systems but doing your due diligence will help to mitigate these. Always look for security, reputation, and any regulation there may be while selecting the best features for your usability requirements.
Frequently Asked Questions on crypto wallet apps
What is a crypto wallet app?
A crypto wallet is a safe storage app or device for your coins, tokens, crypto assets, or digital currency. A crypto wallet app is a wallet that is fully online with easy usability and functionality. This is great for those who want access to their crypto regularly or for daily expenditure but are often the least secure of the wallets available. [/A1]
what are the best crypto wallets for the uk?
A wallet is, of course, not the type you would think that slides neatly into your back pocket – instead, it can be either an app on your phone or computer or a physical storage device for your digital currency. Both have pros and cons to their usage, so each cryptocurrency user needs to decide which is best for them. However, if you are seeking usability and easy access to use your crypto funds, then a Wallet App is your best bet. The best wallet is the one that suits your needs and usage.
Which crypto wallet app has the lowest fees?
Fees depend on what you are looking to use the wallet for – most are free to set up and use but some charge transaction fees such as transfers or deposits. Often fees payable are dynamic and can depend on factors, including transaction size. Once you know what you want to use your wallet for, be sure to check out if any of these are payable.
What is the safest crypto wallet app?
Wallets known as ‘cold storage’ are generally considered the most secure method for storing cryptocurrency. It is offline for part or all the time, compared to a hot storage wallet that is always online. Some exchanges alternate your currency between cold and hot wallets. If you plan to store a large quantity of coins or tokens in your wallet for any length of time, a cold wallet is highly recommended.