Everyone has a wallet. If not, they have a pocket or bag. If you have any of these, what do you keep in them? Your answer is as good as mine: money and other valuables, right?
The same logic goes with cryptocurrencies. Since they are valuables – digital currencies, they should be kept safe. If you’ve been trading cryptocurrency for a while, you’d agree you need a crypto wallet to store your coins.
A newbie to cryptocurrency? You’d need a crypto wallet henceforth to keep your funds secure. A crypto wallet is a great tool to trade, buy, and sell cryptocurrencies. They are also helpful in protecting and validating transaction information.
Different cryptocurrency wallets are in the market, each serving diverse purposes. One of them is the Android crypto wallet.
So, if you’ve been asking, “What’s an Android crypto wallet, what are its features, and how safe is it?”, here is the right piece to read. Shall we?
Android Crypto Wallets: What are they?
Android crypto wallets let you buy, convert and send one cryptocurrency to another. For instance, if you buy ETH from a crypto exchange, your wallet is the best place to send and store the coins.
Also known as mobile wallets, android crypto wallets are usually installed on mobile phones. They are handy and let you access your crypto anytime and anywhere. You can also use them to make payments on the go.
Crypto wallets are also categorized into hot and cold wallets. The main difference is that the former has to be connected to the internet to work. On the other hand, the cold wallet does not require an internet connection.
Android crypto wallets are hot wallets. They require a constant internet connection to function. Another thing about Android crypto wallets is that they are custodial or non-custodial.
An android crypto wallet that is custodial in nature has a middle-man/third party that keeps your crypto safe for you. Binance is an example of a custodian crypto wallet.
On the other hand, a non-custodial wallet is not reliant on a third party. Usually, you have to store your private keys(seed phrase) on your mobile device or somewhere safe.
Say your private keys are lost, broken, or tampered with by an external person; chances are you’d only have access to your funds again once you recover them. So, keep them safe.
Want to choose the best Crypto Wallet for your Android? Features to watch out for
Choosing the particular Android wallet to store your crypto depends on you. You have to determine what’s most vital for you as a user. Do you want to use a custodial wallet or a non-custodial wallet?
However, as a rule, there are some general features to watch out for when selecting a crypto wallet for Androids.
Security of Funds
This is one feature you should consider when choosing a crypto wallet for your Android device. The safety of your coins is paramount, and it is your responsibility to safeguard them.
The inability to properly safeguard your coins can lead to the loss of your crypto investments. Identify how you can secure your funds when you install a crypto wallet.
For some wallets, you can back up your account with seed phrases. Some offer 2FA and multi-signature security features to keep your funds safe. There are also other diverse options available to keep your funds safe. It’s left for you to know the exact one the Android crypto wallet you’re installing uses.
Smooth user interface
Here is another thing to watch out for. The Android wallet you’re considering downloading should be easy to use and smooth to navigate. Say the interface of a wallet is complicated; there is a possibility that a user makes mistakes in transactions.
A good Android wallet should allow users to check essential details such as balance and transactions without stress. Bottomline, choose a wallet you can effortlessly use with your Android device.
Other features you should watch out for in an Android crypto wallet include the availability of multiple cryptocurrencies, and payment channels, transparency, and cost.
Android Crypto Wallets: Are they Safe?
Straight on, the answer is yes.
Android wallets are relatively safe. However, you’d still have to take responsibility for keeping your private keys safe. Both mobile and hardware wallets are safe, but here is what savvy investors do – they use their mobile wallets as checking accounts where they perform online transactions.
On the other hand, they use the hardware wallet for savings. Since a hardware wallet is offline, it helps to keep their coins safe. So, it’s advisable to employ the two types of wallets.
About the author: Ale Oluwatobi Emmanuel is a freelance SEO content writer for SaaS and web 3 brands. With several published by-lines on notable tech websites, he’s passionate about tech, and the innovations that come with it. In his leisure, he listens to music and plays classical piano. Reach Ale via firstname.lastname@example.org