What is a crypto wallet?

A crypto (cryptocurrency) wallet is a tool for storing, sending, and receiving digital assets (cryptocurrency). There are various types of wallets, including paper wallets where you write down private keys or a seed phrase on a piece of paper. It’s crucial to keep this information secure because whoever has access to it can control the assets in the wallet.

Regarding DEX, there are two main types of wallets to consider: 1. Custodial: The keys to this type of wallet are held by a third-party company. To create such a wallet, complete a KYC (Know Your Customer) procedure to confirm your identity.

Your custodial wallet essentially belongs to the service where you created it. An example of a custodial wallet is your one on a centralized exchange. 2. Non-custodial: Also known as self-custodial, these wallets offer complete anonymity and put you in charge of managing the wallet. The keys to your wallet are generated from a seed phrase only you know, usually consisting of 12 or 24 random words written in a specific order. This is for operations on a decentralized platform like STON.fi DEX, a non-custodial wallet, is required and relatively simple to create.

Most popular crypto wallets

Hot wallets

Coinbase Wallet: This wallet is best for beginners. It’s a user-friendly wallet from a reputable exchange with good customer support.

MetaMask is best for Ethereum. It’s a popular choice for DeFi users, especially those interacting with the Ethereum blockchain.

Trust Wallet: Best for Mobile. It’s a mobile-first wallet with a user-friendly interface and built-in support for many tokens and blockchains.

Electrum is the best Desktop Bitcoin Wallet. It’s a lightweight, open-source wallet specifically designed for Bitcoin, offering robust security features for experienced users.

BlueWallet is the best Mobile Bitcoin Wallet. It’s another mobile-centric option that focuses on Bitcoin storage and security.

Exodus: Best for Desktop. It offers a sleek user interface and supports a wide range of cryptocurrencies.

Crypto.com DeFi Wallet: This is the Best DeFi wallet. It’s a good choice for users who want to participate in DeFi activities like staking and lending.

Cold wallets

Ledger: A well-established brand offering secure and easy-to-use cold storage for a wide range of cryptocurrencies

Trezor is another popular option with a long history in the crypto space. It offers various features for secure cold storage.

Ellipal Titan: It advertises itself as a military-grade cold wallet option, offering additional security features.

KeepKey: A user-friendly cold wallet with a focus on simplicity and security.

SafePal: It offers various features for secure cold storage, including a mobile app for easy management.