Everyone has a wallet. If not, they have a pocket or bag. If you have one of these, what do you keep in it? Your answer is as good as mine: money and other valuables, right?
The same logic applies to cryptocurrencies. Since they are valuables – digital currencies, they must be kept safe. If you have been trading cryptocurrency for a while, you will agree that you need a crypto wallet to store your coins.
A cryptocurrency newbie? From now on you need a crypto wallet to keep your money safe. A crypto wallet is a great tool to trade, buy and sell cryptocurrencies. They are also useful in protecting and validating transaction information.
There are several cryptocurrency wallets on the market, each serving different purposes. One of them is the Android crypto wallet.
So if you are wondering “What is an Android crypto wallet, what are its features and how secure is it?” then here is the right piece to read. Shall we?
Android Crypto Wallets: What Are They?
Android crypto wallets allow you to buy, convert and send one cryptocurrency to another. For example, if you buy ETH from a crypto exchange, your wallet is the best place to send and store the coins.
Android crypto wallets, also known as mobile wallets, are usually installed on mobile phones. They are convenient and give you access to your crypto anytime, anywhere. You can also use them to make payments on the go.
Crypto wallets are also divided into hot and cold wallets. The main difference is that the first one needs 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 need a constant internet connection to function. Another thing about Android crypto wallets is that they are either custodial or non-custodial.
An Android crypto wallet that is custodial by nature has a middleman/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 does not rely on any third party. Usually you should store your private keys (seed phrase) on your mobile device or in a safe place.
Let’s say your private keys are lost, broken or tampered with by an outside person; chances are you won’t be able to access your funds again until you get them back. So keep them safe.
Do you want to choose the best Crypto Wallet for your Android? Features to watch out for
Choosing the specific Android wallet to store your crypto depends on you. You need to determine what is most important to 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 that you should pay attention to when selecting a crypto wallet for Androids.
Security of funds
This is a feature to consider when choosing a crypto wallet for your Android device. The safety of your coins is paramount and it is your responsibility to protect them.
The inability to properly protect your coins can lead to the loss of your crypto investments. Identify how to 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 money safe. There are also other miscellaneous options available to keep your money safe. It is left to you to know exactly which one the Android crypto wallet you install is running.
Smooth user interface
Here’s another thing to watch out for. The Android wallet you are considering downloading should be easy to use and smooth to navigate. Say a wallet’s interface is complicated; there is a possibility of a user making mistakes in transactions.
With a good Android wallet, users can check essential details like balance and transactions without any stress. In short, choose a wallet that you can use effortlessly with your Android device.
Other features to look out for in an Android crypto wallet are the availability of multiple cryptocurrencies and payment channels, transparency, and fees.
Android Crypto Wallets: Are They Safe?
Straight on, the answer is yes.
Android wallets are relatively safe. However, you still have to take responsibility for keeping your private keys safe. Both mobile and hardware wallets are safe, but this is what savvy investors do: they use their mobile wallets as checking accounts where they transact online.
On the other hand, they use the hardware wallet to save. Since a hardware wallet is offline, it helps to keep their coins safe. So it is advisable to use 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 is passionate about technology and the innovations that come with it. In his free time he listens to music and plays the classical piano. Reach Ale at email@example.com