Choosing a wallet is one of the key steps when it comes to dealing with cryptocurrencies. Companies provide a wide range of crypto wallets tailored for different needs. Some wallets are perfect for safe storage, while others are designed for convenience, but hardly suitable for storing large sums. What are the best web crypto wallets? Today, we’ll try to find out!
Are Web Crypto Wallets Safe: Key Things to Know
Are web crypto wallets safe? Well, web wallets are less secure because they are exposed not only to software attacks but also to phishing. In some cases, even two-factor authentication doesn’t help, since attackers have learned to hijack control over this data as well.
However, online cryptocurrency wallets are convenient to use, can be accessed from any device connected to the Internet, and allow for fast transactions. Hot wallets are useful for those who store and use small amounts of cryptocurrency. In other cases, it’s preferable to use hardware, mobile or desktop wallets. Still, there is a list of the safest web crypto wallets, which we’re about to consider in the next section.
List Web Based Crypto Wallets: Top 3 Popular Web Wallets
Despite all the negative aspects mentioned above, online crypto wallets are used quite often today. Therefore, it would be advisable to give a brief overview of the top web based cryptocurrency wallets. Let’s get started!
Blockchain.com is one of the first and most popular crypto wallets, created in 2011. Despite its popularity, the crypto wallet has some security problems.
Blockchain supports Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Stellar (XLM), and Paxos (now USD Digital). Blockchain wallet is popular due to its wide functionality. Thus, users can exchange cryptocurrencies, crypto loans, make deposits at interest rates and manage multiple accounts.
Coinbase is rated second in our list web based crypto wallets. The wallet provides custody services for storing and exchanging cryptocurrencies. Despite being an online wallet, Coinbase is considered one of the safest crypto wallets as the platform is regulated by the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Security is ensured by authorizing a new device to log into your account using email and 2FA, as well as by integration with hardware crypto wallets. Coinbase supports many cryptocurrencies but works only with legacy BTC addresses. Coinbase provides additional 2FA protection for making transactions.
BitGo web wallet has minimalistic functionality for working with cryptocurrencies. The company offers services to both individuals and corporate users. BitGo is focused on user security, that’s why browser and IP authorization is required to log into an account, as well as mandatory two-factor authentication.
BitGo crypto wallet has a user-friendly web interface, supports more than 10 cryptocurrencies, allows you to manage multiple crypto accounts, as well as freeze addresses for a specific period. Each of the created crypto accounts is protected by an additional password.
Web Crypto Wallets: Honorable Mentions
Once we’ve considered the top 3 web crypto wallets, let’s mention other worthwhile and reliable crypto wallets. Let’s get started!
Coinb.in is a functional open-source multisigned web wallet, which is licensed by MIT. The wallet contains a tree structure and allows you to create derived keys. These wallets are called HD or hierarchical deterministic wallets.
It’s a hybrid BTC wallet. The company was founded in 2011 at the dawn of cryptocurrencies, although the crypto wallet is relatively new. StrongCoin stores user keys on the server, but before that they’re encrypted in the web browser, so third parties won’t be able to access the coins. StrongCoin allows you to buy cryptocurrency using the third-party service Glidera.
StrongCoin allows you to create PDF files and print a paper wallet for storing bitcoins with full control of private keys. The crypto wallet has simple but limited functionality and only supports two cryptocurrencies: BTC and BCH.
Cryptopay is a hot BTC wallet with advanced functionality and built-in cryptocurrency exchange functions. When creating an account, Cryptopay asks for personal data, which negatively affects the privacy of users.
The company provides Cryptopay users with prepaid debit cards for buying BTC and paying with cryptocurrency. There is also an affiliate program to reward users. Cryptopay supports 4 cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Ripple, as well as fiat currencies.
What are the best web based crypto wallets? Feel free to share your favorite web wallets in the comments!