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Best Web3 Cryptocurrency Wallets That You Should Use
As we move into the next era of the internet, web3 wallets have set a new global standard by developing new ways to control and manage our content, identity and assets.
Simply put, Web3 crypto wallets are a way to use software or hardware not only to receive funds, but also to interact with decentralized applications, as a tool for non-bank financing, collecting NFT, establishing identity on the chain, working with communities and providing a significant number of additional use cases that go beyond what is in currently, it is possible with traditional wallets.
Just as we have a physical wallet to store traditional cash, these web3 crypto wallets help us store access to our digital currencies.
Moreover, they have the ability to store digital assets, such as NFT, and allow us, the users, to interact with decentralized applications (dApps).
What are Web3 crypto wallets?
Web3 crypto wallets are, in fact, digital wallets. As such, they have the ability to store digital assets, including everything from combustible to non-combustible (NFT) tokens.
Such wallets store cryptocurrencies, NFT and other digital assets of the user.
The web 3 wallet often has an intuitive user interface that makes it easier to connect and interact with decentralized applications (dApps) running on various blockchains. Wallets allow users to access the vast ecosystem of dApps.
The Top 5 Web3 Crypto Wallets
Metamask-the Most Popular Web3 crypto wallet Trust Wallet – a mobile wallet with multiple assets
Phantom is a friendly crypto wallet for tokens, NFT and Defi on Solana Coinbase Wallet is the largest cryptocurrency wallet in the USA
Exodus is a desktop digital asset management system.
Metamask wallet
Without a doubt, Metamask is the most common wallet on Web3 right now. With a seed phrase backup account and a user-friendly interface, it allows you to interact with EVM-compatible blockchain networks.
Metamask is non-trivial because it provides access to your private key and allows users to buy cryptocurrency tokens directly using a bank card through the application, from a third-party provider.
It is also open source and allows trading on both second-tier solutions such as Polygon and proprietary chains such as Binance Smart Chain and Avalanche.
Thanks to its wide distribution and impressive developer community, Metamask is currently able to connect to most decentralized applications.
However, although the wallet is not monitoring you, the browser you use or to which your wallet is connected may collect data about how often you use the Metamask addon, which jeopardizes your privacy.
Therefore, it is recommended that immediately after using the wallet, disconnect it from any website that you visit with it.
It should be noted, however, that Metamask supports only cryptocurrency tokens or assets compatible with the Ethereumblockchain. Hence, it does not support other blockchains such as Solana.
Trust Wallet—A multi-asset mobile and web wallet
This is one of the multi-active mobile Web3 wallets that supports many cryptocurrencies and assets. It has turned into a single platform accepting various chains, including Ethereum, Solana, BSC and many others.
Trust wallets allow you to place bets without custody and earn on digital assets held in the trust. Despite the wide range of functions, the wallet does not charge any fees from wallets, exchanges or decentralized applications (DApp).
It was originally launched on Android and Apple platforms, but now it can be installed on the Chrome browser as a Trust Wallet extension.
This crypto wallet, created by Binance, allows users to maintain control over their private keys and digital assets, such as cryptocurrencies and NFT.
However, users should take care of their private keys (also known as recovery phrases) and store them in the proper sequence for backup.
Phantom—A Friendly Crypto Wallet for Tokens, NFTs, and Defi on Solana
Phantom currency can rightfully be called the best web3-wallet based on Solana. It allows you to work with cryptocurrencies and NFT, place bets, exchange and access private keys from a mobile and through a browser.
It is available in many browsers, has a friendly interface, is light and undemanding.
At the moment, you will have to pay a commission for transactions or gas in SOL, and not in Ethereum, as is the case with the two wallets we described above.
Moreover, Phantom opens up the opportunity for Defi users to take advantage of the Solana blockchain’s ability to process much more transactions at incredibly low costs.
Coinbase Wallet—The Largest US-Based Cryptocurrency Wallet
Most likely, you have heard about Coinbase or have come across it if you have ever been interested in cryptocurrency. The popularity of Coinbase Wallet is mainly due to Coinbase, the largest cryptocurrency exchange in the United States.
Simply put, the “Coinbase Wallet” is the same for the Coinbase exchange as the “Trust Wallet” is for the Binance exchange.
He uses measures such as biometric security or PIN to protect your valuables, and has extensive security experience. The wallet supports only a small number of digital assets, including Ethereum, Bitcoin, Dogecoin, Litecoin and some others.
Exodus – A desktop-based digital asset management system
When it comes to desktop wallets, the Exodus wallet has made its way. Exodus is a hot wallet that runs on software and offers several unique features, such as an integrated exchange.
You don’t need to send money to a broker or an exchange to buy and sell assets directly from your wallet. Exodus wallets also provide a huge selection of coins, including specialized tokens. This is one of the best desktop wallets available in general.
Although the fees on Exodus are usually higher than on other wallets, since the wallet is designed to process transactions as quickly as possible. It also comes with a recovery phrase and a built-in backup option.
Closing thoughts
Regardless of which web 3 wallet you use, it is often necessary to create backups of the wallet data file and initial phrases, since their loss can deprive you of access to your assets for life. In addition, they must be kept safe, since unauthorized access to your cryptocurrency can cause harm.
In general, software wallets are more practical, and most crypto wallets will improve over time. Hardware wallets are the most reliable option for providing secure and autonomous access to funds.