Software wallets

In this article we take a deeper look at a specific type of wallets, namely ‘software wallets’. 

What are software wallets? 

Software wallets are wallets that you can install on your computer or smartphone and where your cryptocurrency can be stored in. A software wallet is connected to the internet, which means you can access your cryptocurrencies anytime and anywhere.

You would say that this is very beneficial, but at the same time it also has its own risks. Generally speaking, software wallets are pretty secure. However, the software wallet your cryptocurrency is located is on your mobile or desktop. 

So remember that your cryptocurrency is as safe as the device they are on. If you don’t handle your mobile or desktop carefully, there is still a big chance your coins and tokens will be stolen.

What type of software wallets are there?

There is a huge amount of choice when it comes to software wallets. There are wallets developed for one specific cryptocurrency or cryptocurrencies on one seperate blockchain. The following wallets, support different cryptocurrencies.

Atomic Wallet is a decentralized cryptocurrency wallet that supports more than 500 coins and tokens, the wallet provides simplicity, safety, and convenience for its users.

Exodus is a very popular multi-currency wallet that supports over 100 different altcoins and is available for desktop and mobile.

Jaxx supports Bitcoin and many more tokens. It is available for both desktop and mobile and has a built-in exchange option that allows you to trade cryptocurrencies. Jaxx has been one of the most popular multi-currency wallets for a very long time.

Trust Wallet was bought by Binance back in 2018 and since then immediately became a very popular software wallet. Trust Wallet supports cryptocurrencies across different networks such as the Ethereum Network – ERC 20 & Binance Smart Chain – BSC. It’s available on both iOS and Android.

Conclusion

Software wallets are a very good option for storing your cryptocurrencies. But remember it’s not always wise put all your eggs in one basket. Spreading your digital currencies across different wallets is highly recommended.

Which wallet is the best to use will depend on your personal preference. When it comes to ease of use, multicurrency wallet like Jax or Exodus are favored. If you’re looking for the safest type of wallets, we definitely recomend a hardware wallet instead.