New to crypto? These 5 crypto wallets are known for security and safety

Choosing the right cryptocurrency wallet is the first step in trading cryptocurrencies

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Cryptocurrency is unlike traditional investments such as cash and bank deposits, or physical assets such as jewelry, which can be stored in tangible, familiar ways. Instead, crypto requires a unique form of storage: a crypto wallet. These wallets are digital tools specifically designed to hold and manage your cryptocurrencies securely.

Understanding which type of crypto wallet is right for you is a crucial step in your investment journey. Crypto wallets come in various forms, each offering distinct features and levels of security. When choosing a crypto wallet, you’ll need to consider whether you want it to be hot or cold, as well as custodial or non-custodial, along with other features that’ll affect security and compatibility.

Here are some known crypto wallets for beginners.

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Coinbase wallet

Coinbase (COIN) is the largest U.S.-based cryptocurrency exchange and the only major publicly traded crypto exchange in the U.S. It enables users to buy, sell, and store cryptocurrencies.

Coinbase offers a custodial wallet, known as Coinbase Wallet, where users can store their crypto assets. In this type of wallet, Coinbase manages users’ private keys, meaning the security of the wallet is entrusted to the platform.

A custodial wallet is helpful for beginners who may be unfamiliar with managing private keys. Coinbase Wallet is integrated with the exchange and offers a seamless experience to new users.

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Ledger

Ledger is a hardware crypto wallet developed by the French company Ledger. Resembling a USB device, it keeps private keys offline, minimizing the risk of online theft. Users can securely conduct cryptocurrency transactions by connecting the device to a mobile phone or computer. Ledger’s hardware wallets typically range in price from $100 to $400 and come in different models, such as the Ledger Flex, Ledger Nano S Plus, Ledger Nano X, and Ledger Stax.

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Trezor

Trezor is a hardware crypto wallet designed to securely store and protect cryptocurrency private keys. It is built for both security and ease of use, making it accessible even for beginners.

One of Trezor’s key features is its offline storage of private keys, which makes them significantly harder for hackers to access. A private key functions like a password, granting access to funds and enabling cryptocurrency transactions, so keeping it secure is essential.

Additionally, Trezor offers a companion app that allows users to confirm transactions, search for supported coins, and more. The brand offers several wallet models, including the Trezor Model One, Trezor Safe 3, and Trezor Safe 5.

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MetaMask

MetaMask, developed by blockchain firm ConsenSys, is a widely used software wallet available as a browser extension or mobile app. As a non-custodial wallet, it gives users full control over their private keys and assets, eliminating the need for third-party services like crypto exchanges.

With MetaMask, users can store, send, and receive Ethereum-based cryptocurrencies and tokens, as well as access decentralized apps (dApps), games, and non-fungible tokens (NFTs) built on the Ethereum network.

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Trust Wallet

Founded in 2017 by software developer Viktor Radchenko, Trust Wallet was acquired by Binance in 2018, and now, Trust Wallet is an independent entity. It’s a software crypto wallet that enables users to store, buy, sell, and transfer digital assets.

As a decentralized, non-custodial wallet, it grants users full control over their funds and private keys. Trust Wallet works with dozens of fiat currencies, supports a wide range of cryptocurrencies, including Bitcoin and Ether, and allows users to store, collect, and trade non-fungible tokens (NFTs).

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