If you want a simple wallet-exchange solution (so you can jump right into trading cryptocurrency), see our page on “ How to Trade Cryptocurrency – For Beginners” where we walk you through using Coinbase. If you are looking for a web3 wallet for DeFi, try MetaMask or TrustWallet. Which Wallet Should I Use? Most coins have an official wallet, but often a multi-coin wallet like Ledger, Binance, or Coinbase is the most practical solution. Suffice to say, there is a range of wallet types to choose from.īelow we discuss how digital wallets work, talk about the different types of wallets, and give some advice on which wallets to use in which situations. Some wallets are built for a single cryptocurrency, some can be used for more than one coin, some wallets you’ll manage yourself, and some (like those found on exchanges) will be custodial. In order to use cryptocurrency, you’ll need to use a cryptocurrency wallet.
Understanding How a Cryptocurrency Wallet WorksĪ cryptocurrency wallet is a secure digital wallet used to store, send, and receive digital currencies like Bitcoin.
