Just like fiat currencies, Cryptos need to be stored in a wallet but with different features. Basically, Crypto wallets are of three types: Paper wallets, Hardware wallets, and Software wallets. Every wallet has a different feature and offers unique benefits. The finest hardware wallets provide the best security, whereas software wallets are best for everyday transactions.  

This year, almost every section of the Cryptocurrency industry saw tremendous growth. The rise of the Cryptocurrency industry has resulted in a massive increase in the number of Blockchain wallets. As of February 2021, the number of blockchain wallet users was a little more than 3 million in March 2015; however, it has now surpassed the  68 million mark. The constant inflow of institutional funds may be taken as an indication that the best is yet to come. However, finding out how to purchase Cryptocurrencies may be a challenging and tricky proposition for novice users, and the problem of protecting the assets off exchanges is another obstacle that some investors face. 

Here’s a list of the most popular Cryptocurrency software wallets, which support a broad range of tokens and offers users access to decentralized finance (DeFi), non-fungible tokens (NFTs), staking options, and airdrops. 
 

1. Metamask:

MetaMask is a non-custodial software wallet that allows users to interact with the ETH network and store private keys for Ethereum. MetaMask was created to support the Ethereum Blockchain and the DApps that run on it. It’s now accessible as a browser plugin extension for Chrome, Firefox, Edge, and Brave as well as a smartphone app. It is an ETH wallet that lets you save, send, and receive Ether, ERC-20, ERC-777, collectibles, and other Ethereum-compatible tokens. Tokens can also be swapped on the wallet or through linked exchanges. 

Also read: Top 5 Crypto Trading Softwares

Ever since its creation in 2016, the company has grown to be among the most famous and widely integrated wallets, including one of the few that supports practically every Blockchain network. MetaMask now supports Avalanche, Fantom, Binance Smart Chain, Polygon, HECO Mainnet, Optimism, and Arbitrum. Users may easily move tokens across the supporting networks via various bridges. MetaMask also includes a swap function inside the wallet, allowing users to access an aggregated list of decentralized exchanges (DEXs). The daily swap activities on MetaMask swap have continuously climbed throughout 2021, according to statistics from Dune Analytics. The increase in swap activity has linked with reports that MetaMask may release its own token in the future, and many users are manifesting an airdrop soon.  However, you should be aware that MetaMask will charge you a transaction service fee of 0.3 percent to 0.875 percent. 

Pros: 

• Easy to use and get started as a browser extension
• Create a new wallet immediately from Metamask or restore the old one
• ENS compatible
• Supports token swaps in the wallet
• Connect to other Ethereum-based Blockchains like Polygon and Binance Smart Chain
• Available as a mobile application
• Connects hardware wallets also

Cons: 

• UI is outdated. 

2. Phantom: 

For Solana network users, Phantom is a widely used software wallet and web browsing extension. Phantom offers a built-in DEX, identical to MetaMask, that allows users to perform direct swaps within the program, eliminating the danger of linking to a scam website or high gas costs to send money out of the wallet to some other exchange. Phantom may launch its own token and airdrop out a percentage of the supply to early adopters. So far, though this is just an assumption, thus the developer has made no comments about it yet. Users may also transact with various NFT markets using the wallet’s NFT tracking tool. Phantom users may stake Solana (SOL) tokens without having to transfer the assets, just like they can with regular conventional wallets. The company recently announced a collaboration with MoonPay, which will let users acquire tokens in the Solana ecosystem using fiat cash and credit cards. The team is also working on smartphone apps that will provide people immediate access to the Solana network from their phones. 

Also read:  8 Best Ethereum Staking Platforms For 2021

The phantom Crypto wallet also accepts USD Coin (USDC) tokens and NFTs in addition to SOL (Collectibles, aka NFTs). The plugin extension supports Chrome, Firefox, Edge, and Brave.  

Pros:

• Extremely fast and great user-focused wallet
• Supports staking, Ledger connectivity, and NFT display

Cons:

• Browser extension only, no mobile support
• Supports only Solana 
• Swaps are not free

3. Coinbase Wallet: 

In Coinbase you can access your Cryptos anywhere easily and securely. According to Coinbase, Crypto is the future of money and a catalyst for the creation of a global open financial system. Coinbase is trusted by over 35 million users in over 100 countries to buy, trade, store, utilize, and earn Cryptocurrencies. Coinbase also has its own software wallet which adds another layer of protection. However, many Coinbase users are unaware that they have the option of using Coinbase Pro (previously known as GDAX) for free. This is a good substitute for intermediate or advanced users. However, one significant feature of Coinbase Pro is its high level of security. Since Coinbase Pro maintains 98 percent of their assets deposited in cold storage on the platform which makes it difficult and impossible for the hackers to have access and steal it; and over 2 percent of the users' funds can't be stolen through cyber-attack.

Pros:

• Support for native DApps, including token swaps and savings.
• For private keys, you must use iCloud Backup.
• Can view collectibles and NFTs in the wallet.
• Built-in DApp browser.
• ETH, Polygon, xDAI, Fantom, Avalanche, and Optimism mainnets are supported. 

Cons: 

• The UI may be confusing to certain users.
• Features for discovery are limited. 

Also read:  7 Tips On How To Pick The Right Cryptocurrency To Trade

Final Thought: Whatever wallet you choose, keep in mind that your Crypto is only secure if your private keys were produced offline, are securely kept, and stayed a secret- all under your complete control. While online wallets are convenient, they are not secure for long-term storage. When trading or buying Crypto, it’s advisable to keep it on exchanges or software wallets only as long as you need it.  

Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.