7 Features That Make a Perfect Crypto Wallet

You can’t store cryptocurrencies on your cell phone or PC. Instead, the assets are retained on a blockchain network and you, or a custodian, are given private encryption keys. These keys offer access to and use of your cryptocurrency holdings. A crypto wallet stores cryptocurrency keys and enables you to access and use the blockchain networks of your cryptocurrency holdings. There are several types of crypto wallets, including hot, cold, software, hardware, and exchange wallets. When choosing the best wallet for your cryptocurrency portfolio, there are some standout features you should look for.

1. Cryptocurrency Compatibility

Different wallets access different blockchains, which means you might need to stick to coins on specific blockchains to use a single wallet or multiple wallets. For instance, the upcoming Binance listings to watch include coins developed on the Ethereum network, some on the Solana network, and some on Bitcoin’s Lightning network, and this represents just a small number of regularly used blockchain networks. According to crypto writer Alan Draper, these coins represent a good opportunity for profits, when they do get listed on Binance, but it does mean you need to check any crypto wallet you choose is compatible with the appropriate blockchain networks.

2. NFT Support

Non-fungible tokens (NFTs) are digital files that are recorded on the blockchain. They include audio, visual, and video files, and there has been a recent trend for celebrities including sports stars and musicians to launch their own, branded NFTs. There is potential profit in NFTs, and if you intend to invest in these unique tokens, you need a wallet that supports them.

3. Device Compatibility

Typically, wallets are designed to work on computers, cell phones, or hardware devices. Cell phone wallets are convenient, but PC-based wallets offer more security because there’s less risk of your PC being stolen. You can use wallets on different devices because they don’t actually store cryptocurrency, but you need to choose wallets designed for specific devices.

4. Multiple Accounts

Having multiple wallet accounts enables greater crypto security and privacy. You could have an account for trading, an account for spending, and an account for NFTs. Or accounts for personal and professional use. Choose a wallet that allows multiple accounts even if you can’t initially see the benefit because your requirements will change as you become more invested in the crypto industry.  

5. Live Conversion Rates

The gas fee is the amount you pay when sending a cryptocurrency payment. You need up-to-date conversion rates to determine gas fees, which means choosing a wallet that provides live conversion rates. If you attempt to use out-of-date conversion rates, you might find you pay more than necessary, or your payment is delayed. This can be especially troublesome if you use your wallet to buy crypto using fiat.

6. Push Notifications

Push notifications are fairly standard with most modern cryptocurrency wallets. Whenever the wallet receives or sends payment, or receives an NFT, a notification is pushed to the screen of the device on which the wallet sits so the wallet owner is kept up to date regarding their crypto accounts. Push notifications might not be essential for occasional or casual users but are more convenient than checking your account every few minutes.

7. Address Book

Sending cryptocurrency payments means using the wallet addresses of recipients. Wallet addresses are long, alphanumeric strings that are virtually impossible to remember and can be easy to get wrong. With a wallet address book, you can click on a recipient and the wallet address will be automatically filled, reducing the risk of errors and eliminating the need to copy and paste convoluted addresses.