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Wallets Offer Different Options for Holders — TradingView News
Having control of your assets – having total freedom over how and to whom they are sent – is a fundamental tenant of cryptocurrencies.
Today, there are over 10,000 cryptocurrencies on a multitude of blockchains. With the growing adoption and proliferation of digital assets, cryptocurrency users have more options than ever on how to store their assets.
However, there are trade-offs to consider: hot wallets, those connected to the Internet, are convenient for making frequent transactions but are more susceptible to hacker attacks.
In contrast, cold wallets are much safer but more suitable for storing cryptocurrencies than for their active use.
You need to further consider whether a wallet is custodial or non-custodial, i.e. whether you are responsible for your private keys or whether a third party holds them.
Custodial wallets may be easier to use, especially for newcomers to the world of cryptocurrencies, but they are more exposed to security breaches, censorship, fees, and fraud.
After all these complicated choices, Cointelegraph examined five different portfolios to evaluate their strengths and weaknesses.
MetaMask
MetaMask is a decentralized wallet that has been downloaded over 22 million times as of 2023. It is available as a browser extension and mobile application, which users can download for free.
The wallet is non-custodial and supports Ether 
MetaMask’s user interface is relatively simple. Users can send and receive cryptocurrencies by copying a wallet address or using a QR code. They can also purchase ETH with fiat via the “Wire” and “CoinSwitch” options.
Users can also import an existing wallet using a JSON file saved with a private key. Hardware wallets like Trezor or Ledger can be connected to MetaMask, but this functionality is only available in the browser version.
However, MetaMask does not support the most popular cryptocurrencies such as Bitcoin 
Security is also a concern, as MetaMask has long been a popular target for scammers. A known scam tactic redirects unwary users to fake websites that request access to their MetaMask wallets. 
SafePal
SafePal S1 is a multi-currency hardware wallet that debuted in 2019. It was created with the support of cryptocurrency exchange Binance.
The wallet boasts several security features, including PIN code, login password, fingerprint scanning, and even a built-in self-destruct mechanism. It also features an air-gapped login mechanism that doesn’t require users to connect to the Internet or Bluetooth.
The device has the same internal hardware security – the Secure Element chip – as Ledger hardware wallets, but is a little cheaper at $49.99.
SafePal S1 allows users to store a potentially unlimited number of cryptocurrencies across 54 different blockchains. It also has its own utility token, SafePal Token (SFP), which is listed on Binance.
The wallet has a lithium battery that charges in three hours and can last up to 20 days.
Trusted wallet
Trust Wallet is a non-custodial mobile software wallet that has been operating since 2017. Binance acquired the wallet in 2018.
It can send, receive, and store tokens on over 70 blockchains, including Ethereum, Solana, Binance Chain, BNB Smart Chain, and more. The wallet also supports non-fungible tokens (NFTs).
The wallet boasts a number of integrations, such as the ability to purchase cryptocurrencies with fiat through the Simplex payments system. Thanks to the acquisition by Binance, users can also transfer cryptocurrencies directly from their Binance funding wallet to Trust Wallet. It is also free to download.
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Trust Wallet is non-custodial, meaning users store their own keys. The wallet is also anonymous, so users do not have to provide personal data to create a wallet.
However, the wallet’s reputation took a hit in April 2023 when developers discovered a vulnerability in the browser extension that could allow hackers to steal funds.
The hackers managed to earn nearly $170,000 from this exploit. The developers fixed the issue once it was reported and the wallet refunded affected users. The issue only affected wallets created via the Trust Wallet browser extension. 
OKX wallet
OKX Wallet is a non-custodial wallet owned by OKX cryptocurrency exchange available in mobile, desktop and browser formats.
For those who want to try out the wallet, OKX offers a guest mode, where users can see what it looks like, including DeFi tools, the NFT marketplace, and more.
Similar to Trust Wallet, it can be downloaded for free. Fund withdrawals are also integrated with OKX.
The wallet supports over 85 different blockchains, as well as DeFi protocols, NFT marketplaces, and other decentralized applications. Users do not need to verify addresses when depositing and withdrawing assets, thanks to OKX’s native centralized exchange platform.
Coinbase Wallet
Coinbase Wallet is a non-custodial multi-currency wallet from the US cryptocurrency exchange Coinbase.
The wallet supports Ethereum, Polygon, Bitcoin, Dogecoin, Litecoin, Stellar Lumens, Ripple and Solana, as well as several layer-2 solutions. Coinbase Wallet can also connect to DeFi applications, decentralized exchanges, and NFT marketplaces.
Available on desktop and mobile, the wallet does not require Know Your Customer procedures and can be downloaded for free.
It has a minimalist interface that, although limited in its features, makes frequent transactions convenient.
A security consideration is that the seed phrase is only 12 words long. You can’t generate a safer sentence than 24 words. 
After examining these five wallets, it can be concluded that there is no ideal crypto wallet. When choosing a wallet, users need to decide what purposes they need it for, whether to make transfers to other users, trade on cryptocurrency exchanges, or store savings.
Desktop or mobile crypto wallets are best suited for everyday use, payments and receiving transfers.
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Online services are useful for those who are just starting to understand cryptocurrencies, but it is not recommended to store large sums on them.
Cryptocurrency holders can also combine various options, such as using a cold wallet to store assets long-term while using a hot wallet for trading or daily spending.
The possibilities only grow along with greater adoption of cryptocurrencies.