KEYTAKEAWAYS
- MetaMask: A highly popular wallet supporting Ethereum and custom networks, with extensive DApp integration despite needing better mobile user experience.
- Trust Wallet: Ideal for mobile users, supports numerous networks, seamlessly integrates with Binance, and includes built-in staking and DApp browsing features.
- Coinbase Wallet: User-friendly and integrates well with the Coinbase exchange, supporting a wide range of cryptocurrencies and offering built-in DeFi and NFT management.
CONTENT
Top 4 cryptocurrency hot wallets—MetaMask, Trust Wallet, Phantom Wallet, and Coinbase Wallet—and their features for secure and efficient crypto asset management.
WHAT ARE CRYPTO HOT WALLETS?
Cryptocurrencies are not like cash; there is no physical object you can hold in your hand. They exist on the blockchain, which functions like a massive electronic ledger that records all cryptocurrency transactions.
A crypto wallet is like a bank account that can be used to store and manage cryptocurrencies. Users can use a crypto wallet to send and receive cryptocurrencies, much like using a bank account to transfer funds.
Hot wallets, also known as “online wallets,” have the following main characteristics:
- Lower security compared to cold wallets
- Convenient to carry
- Accessible anytime, anywhere
- No need to purchase additional hardware
>>> More to read : Crypto Cold Wallet vs. Hot Wallet: What’s the Difference
INTRODUCTION TO CRYPTOCURRENCY HOT WALLETS
The basic functions of a wallet include sending, receiving cryptocurrencies, and displaying the amount of coins. Generally, a standard wallet will include these three basic functions. Therefore, when choosing a wallet, more attention should be paid to additional features, which include:
Support for Various Blockchain Networks and Customizability: The ability to support multiple blockchain networks and the option to add new ones as needed.
Support for Desktop and Mobile Platforms: The compatibility and user experience on both desktop and mobile devices.
Backup and Recovery Functions: The ability to easily back up and recover the wallet in case of data loss or device failure.
Interaction with Decentralized Applications (DApps): The ease of interacting with DApps for various purposes like DeFi, gaming, and other blockchain-based services.
Built-in Cryptocurrency Trading and Fiat Purchase Functions: The availability of integrated features for trading between cryptocurrencies and purchasing them with fiat currency.
Support for NFTs: The ability to manage and store Non-Fungible Tokens (NFTs) within the wallet.
By considering these additional features, users can select a wallet that not only meets basic requirements but also offers enhanced functionality for a better user experience.
4 POPULAR CRYPTO HOT WALLETS
- MetaMask
MetaMask, commonly known as the “Fox Wallet,” has been in operation for 6 years. According to official figures, it has 30 million monthly active users, making it the most widely used wallet. Most DApps support MetaMask, and it is the most comprehensive wallet in terms of Ethereum ecosystem support. While there are many areas for improvement in the interface and user experience, particularly for the mobile app, MetaMask remains a staple browser wallet due to its longevity and exclusive support by some DApps.
- Default Supported Networks: Ethereum (others need to be added via custom networks)
- Allows Custom Network Addition: Yes
- Mobile App Support: iOS / Android
- Browser Extension Support: Chrome / Edge / Firefox / Brave / Opera
- Backup and Recovery Features: Mnemonic phrase / Private key
- DApp Interaction Methods: Browser extension / WalletConnect / In-app browser
- Built-in Cryptocurrency Trading: Yes (0.875% transaction fee)
- Built-in Fiat Purchase: Credit card / Apple Pay / Google Pay
- NFT Support: By default, supports displaying Ethereum NFTs only; others need custom import, built-in NFT sending function
▶ Official Website: https://metamask.io/
- Trust Wallet
Trust Wallet initially targeted the mobile platform and is one of the more popular mobile wallets. It now also offers a browser extension version. Acquired by Binance in 2018, it has become the primary wallet for the BNB Chain ecosystem. If you are a Binance user, Trust Wallet supports the “Deposit from Exchange” feature, making it convenient to transfer assets from Binance to the wallet. It also features one-click staking, and if the desired coin is not available for staking, users can connect to other DeFi applications through the built-in browser. Trust Wallet also recommends some DApps for users to explore.
- Default Supported Networks: Ethereum, Bitcoin, BNB Chain, and over 70 predefined networks
- Allows Custom Network Addition: Yes
- Mobile App Support: iOS / Android / Direct APK download
- Browser Extension Support: Chrome / Edge
- Backup and Recovery Features: Mnemonic phrase / Private key
- DApp Interaction Methods: Browser extension / WalletConnect / In-app browser
- Built-in Cryptocurrency Trading: Yes (no transaction fee)
- Built-in Fiat Purchase: Credit card / Apple Pay / Google Pay / Binance Pay
- NFT Support: Supports displaying NFTs on Ethereum and BNB Chain, built-in NFT sending function
▶ Official Website: https://trustwallet.com
- Phantom Wallet
Phantom is the most widely used wallet in the Solana ecosystem, and it also supports Ethereum and Polygon. The wallet is optimized for NFT interface and user experience, allowing users to view NFT data and market prices directly. However, it currently supports only three blockchain networks and does not allow custom network additions. While blue-chip NFTs are mainly concentrated on the supported three chains, this limitation can be a significant inconvenience for users with assets spread across multiple chains.
- Default Supported Networks: Ethereum / Solana / Polygon
- Allows Custom Network Addition: No
- Mobile App Support: iOS / Android
- Browser Extension Support: Chrome / Edge / Firefox / Brave
- Backup and Recovery Features: Mnemonic phrase / Private key
- DApp Interaction Methods: Browser extension / In-app browser
- Built-in Cryptocurrency Trading: Yes (0.85% transaction fee)
- Built-in Fiat Purchase: Credit card / Apple Pay / Google Pay
- NFT Support: Displays NFTs by series, built-in NFT sending function, shows NFT floor and last transaction prices, allows customization to pin or hide individual NFT series
▶ Official Website: https://phantom.app
- Coinbase Wallet
Coinbase Wallet is a popular choice among cryptocurrency users for its ease of use and integration with the Coinbase exchange. It supports a wide range of cryptocurrencies and provides a seamless way to manage crypto assets, including DeFi and NFTs. The wallet is designed for both beginners and advanced users, offering features like in-app DApp browsing and easy integration with various decentralized applications.
- Default Supported Networks: Ethereum, Bitcoin, and numerous other networks through custom additions
- Allows Custom Network Addition: Yes
- Mobile App Support: iOS / Android
- Browser Extension Support: Chrome / Brave
- Backup and Recovery Features: Mnemonic phrase / Private key
- DApp Interaction Methods: Browser extension / WalletConnect / In-app browser
- Built-in Cryptocurrency Trading: Yes (through Coinbase services, fees vary)
- Built-in Fiat Purchase: Credit card / Debit card / Bank transfer via Coinbase
- NFT Support: Full support for Ethereum-based NFTs, with plans to support other networks
▶ Official Website: https://wallet.coinbase.com
>>> More to read : Crypto Trading for Beginners: A Comprehensive Guide
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