Cryptocurrencies are no longer a mystery for people. Most are aware that cryptos work as a medium of exchange just like the fiat currency. However, it comes with the added advantage of faster, more secure and borderless transactions. In order to send and receive any digital currency, you need a crypto wallet for storage.
In these wallets, your digital assets are stored and can only be accessed with a private or public key. Crypto users are in a great need for a good cryptocurrency wallet as many crypto exchanges are getting hacked. This is resulting in loss of all their digital currencies. So, in order to protect your funds from getting hacked or lost, storing them in a secure wallet is the only solution. In this guide, you will learn about the best mobile cryptocurrency wallets for 2020.
Cryptocurrency Wallets- Explained
A cryptocurrency wallet is a digital wallet. It is used for storing, sending and receiving digital currencies such as Bitcoin, Ethereum, Ripple etc. In order to use any of the crypto coins, you need to a cryptocurrency wallet. Most of the coins provide their official wallet or some officially recommended third-party wallets.
There are multiple types of cryptocurrency wallets- hardware, software, desktop, mobile, paper, web-based etc. All these wallets have their own advantages and disadvantages. Let’s move forward and learn what are mobile wallets.
What are Mobile Wallets?
Mobile wallets are similar to desktop wallets as they come in a wide variety and majorly store the private key on the device itself. These wallets are very beneficial for fast and easy trading. There are mostly two versions of mobile wallets i.e. Android and iOS.
Mobile wallets provide a number of advantages in terms of convenience and functionality. Such wallets give crypto users the benefit of making payments to merchants who accept digital currencies. Hence, it is especially beneficial for users who make small and everyday purchases.
Best Mobile Crypto Wallets
Following is a list of best mobile cryptocurrency wallets that you can use in 2020:
Jaxx
Jaxx is a multi-chain wallet, which means that it offers support to store various digital coins. These altcoins include Dash, Ethereum, Litecoin, Bitcoin Cash, DAO and many more.
Advantages:
- Gives total control over your wallet which can be accessed via mobile and desktop
- Enables quick conversion between the digital currencies
- Available in the form of Android and iPhone apps, desktop app and chrome extension
Disadvantages:
- Risk of viruses and malware in mobile
- Risk of losing all your funds if the phone is damaged or lost
Freewallet
Freewallet has developed more than 20 wallet apps for various digital currencies and tokens. It has also launched a crypto wallet for Bitcoin Gold. Freewallet also supports multiple crypto coins such as Bitcoin, Ethereum etc.
Advantages:
- Available on both Android and iOS
- Not only stores but also enables exchanging to and from other cryptos
Disadvantages:
- It is a Custodial wallet so, it does not provide private keys of the wallet to users
Infinito
Infinito wallet works according to its name as it supports multiple leading cryptocurrencies including Bitcoin, Bitcoin Cash, Dash, Dogecoin, Ethereum, Litecoin, etc and all tokens of ETH, NEO, EOS, ERC20 and many more.
Advantages:
- Provides easy and fast access and transactions
- Provides security and maintains 24/7 getaway to the blockchain which allows for faster transactions
- Helps in storing frequently used address for hassle-free transactions
- Stores the messages with transactions for record-keeping
- Available on both iOS and Android
Disadvantages:
- Risk of malware and viruses on mobile
- Risk of losing crypto funds in the case when your phone is damaged or lost
Citowise
Citowise is one of the most popular mobile crypto wallets. It provides support to nearly 40 cryptocurrencies. It has a simple interface that makes it easy to use. This gives users access to their wallets and also to integrated exchanges so that they can purchase other types of digital currencies.
Advantages:
- You have control over your private keys
- Can easily and quickly convert currencies at the best rate available
- All data is stored and communicated through encrypted channels
- Well-integrated and secure to be used for everyday purposes
Disadvantages:
- Does not provide two-factor authentication
These are the best crypto wallets for mobile devices that you can use in 2020. You now know the pros and cons of all the wallets mentioned in this guide. These wallets not only provide the facility of storing, sending and receiving cryptos but offer other advantages too. One major benefit of using mobile wallets is that you can use them for daily use purposes.
