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How secure are online crypto wallets?

Both in the online and offline world, cryptocurrency is a term almost everyone knows about. However, did you know that the crypto trading process wouldn’t be complete without the use of online wallets? Consider these an essential tool to complete transactions and safely keep crypto tokens in the long run. 

Learn about online wallets crypto traders need to have and what role they play in the market in the coming sections!

What role do online wallets play in crypto? 

Many, if not all crypto investors use online wallets for storing, accessing and using crypto in transactions. These much-needed tools allow traders to conveniently send and receive crypto from other wallets as long as they are connected to the internet.

There are different types of crypto wallets for traders to choose from. The one you have to pick simply depends on your needs and what you plan to achieve in the future when you trade crypto. Check out the simple list of crypto wallets in the section below: 

  • Hot wallets – Access your crypto tokens online through an internet connection
  • Cold wallets – Access your crypto tokens offline via a hardware device
  • Paper wallets – Access your crypto tokens through a physical piece of paper with a code to access the online version
  • Desktop wallets – Access your crypto tokens via installable software packs for your desktop
  • Mobile wallets – Access your crypto tokens via a wallet made especially for mobile phones
  • Web wallets – Access your crypto tokens via a web browser.

Now, you might be wondering if these online wallets are safe, considering that they are connected to the internet where hackers can steal from you if you’re not protected enough. Luckily, online wallets use security features such as two-factor authentication that ensure no one can access your funds aside from you.

Tips to secure your online wallets while trading

If you are looking to trade cryptocurrencies, rest assured that online crypto wallets are just as secure as the other wallet types, as long as you protect your information. But this is only one of the many things you have to remember for a secure trading experience. 

Get to know basic tips on how to use them and choose the best one below: 

Consider using a cold wallet 

One of the best and most widely-used tips that people make use of is utilising a cold wallet. That’s because cold wallets store your private key offline so you won’t have to worry about the security of your internet connection as much. This can come in the form of a USB-type device you can access through a laptop. 

Divide your funds into not one, but several wallets 

Another tip all crypto users have to remember is to make use of several wallets. With the different types that we have discussed in the previous sections, you can try them all and see which ones work the best for you. That way, your access keys are not in the same place and therefore, less susceptible to hacks. 

Ensure that your device is well-protected

Regardless of what device you use for trading crypto and using your online wallet, you have to keep it safe from other people. Be sure to put a passcode consisting of a long string of characters and do not put it where others can easily see it. You can also put a lock on the app so that if anyone tries to open it, they won’t be able to.

Be sure to change your password as frequently as possible

Change your password for both your gadget and the crypto wallet you are using. A good habit to make use of is to at least try to change your password once a month to ensure that you are not putting the account and your device at risk. 

Only use a secure internet connection 

Next up, remember to make use of a secure and private internet connection. Never connect to a public WiFi since when you do, your device becomes visible to other people who can then easily steal your data. So, when conducting crypto transactions, only use a secure connection at home or your hotspot.

The best online wallets you can use 

If you are on the lookout for the best online crypto wallets you can use for your trading practices, then look no further! See the section below to see some of the best examples and choose which one is the best for your needs: 

Coinbase online wallet 

For beginners, Coinbase online wallet is the best option because of its beginner-friendly features that any trader can easily use. Some of their remarkable features and services include supporting more than 5,500 coins, requiring low trading fees and allowing users to interact with platforms that use decentralised app browsers. 

Ledger Nano X Crypto Wallet

Those looking for cold storage can trust the Ledger Nano X Crypto Wallet, a popular choice for those who want to keep their access keys away from the internet as much as possible. It supports more than 500 cryptocurrencies, costs $119 and comes with an official app where you can trade through your phone.

Exodus crypto wallet 

Lots of traders access crypto wallets with their laptops or desktop computers instead of their smartphones. If you’re among these, then Exodus crypto wallet is your best option thanks to its sleek interface and offerings. This option supports more than 145 crypto tokens and coins, no-commission trading and customisable fees for traders to enjoy. 

Use your crypto wallet here at Casino Days India!

With everything you have learned in the previous sections, it’s time to dive headfirst and add your opinion on what online wallets crypto users love the most. You will never truly know which one is best for you unless you give it a try. 

You can do exactly that when you use your cryptocurrencies and online wallet to deposit here in Casino Days India where you can access slots, live dealers, skill games and so much more!

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