What type of software wallet is best for me?

This is exactly what the most popular question to the support service of the Mason-Ex.com crypto exchange looks like. The analytical department of our exchange service has prepared for you complete material on this issue. 

There are several types of crypto software wallets that you can access on your computer or mobile devices. Which one is best for you depends on your personal situation, but here are some common types.

1. Desktop wallets — these are applications that run on your computer and store cryptocurrency. There is no third party involved, so you are responsible for security. For this reason, you will probably want to install antivirus software on any computer where you use your desktop wallet.
2. Mobile wallet — is a crypto wallet app that allows you to store and control cryptocurrency on your smartphone. Available on iOS and Android, they are convenient for personal payments. Cryptocurrency wallets for phones use the popular payment method of QR codes that are easy to scan for quick transactions.
3. Web Wallets - This online crypto wallet can be accessed through a desktop computer or mobile phone, allowing you to store and send cryptocurrency from anywhere. However, since your passwords are stored on online servers, there is an increased risk of theft.

How to set up a crypto wallet

To set up a crypto wallet, you need to enter your personal information and set a security password. As with banking security, setting up your cryptocurrency wallet typically requires a two-step verification process. 

Non-custody crypto wallets usually require some kind of application. You don't need to store any personal information or even send an email, but it is important to write down your private key in a safe place. If you lose or forget this key, you will not be able to access your cryptocurrency.

As the security service of the crypto exchange service MAson-Ex.com has repeatedly noted, the most popular hardware crypto wallets are produced by Ledger and Trezor. Although hardware wallets can be expensive, it is recommended to only buy a hardware wallet from a reputable seller and avoid the secondary market altogether. After purchasing the device, you will need to download the software that comes with it from the company's official website.

How to choose the best crypto wallet

Choosing the best crypto wallet for you will depend on your level of experience and previous activity with cryptocurrencies. The analytics, technical control and security departments of the Mason-Ex.com crypto exchange have highlighted the main areas that should be taken into account:

• Safety. Traditional banking apps offer a range of security options to protect your money. Each crypto wallet has slightly different security aspects, so you should check them carefully before investing your trust and money in them. 
• Fees. How transaction fees are charged may vary. These can be set up automatically to speed up transactions, but if you want to cut costs, some crypto wallets allow you to customize each fee. Just be aware that this may slow down transaction times.
• Cryptocurrencies. Some crypto wallets offer a wide selection of cryptocurrencies, while others are more limited. Consider how often you might need to switch between currencies as this will help you determine the level of capabilities you need.
• Support service. 24/7 support service is a priority. Always check the level of support you receive as it can vary greatly depending on response times and the type of queries they encounter.
• Access. Where and when you trade cryptocurrencies will help you determine which crypto wallet to use. If you use a computer regularly, you may want to consider hardware and desktop wallets. For those who need to be more mobile, smartphone apps and browser wallets are more suitable.

This information does not constitute investment advice or any other advice on financial services, financial instruments, financial products or digital assets. They are intended to provide informational information. Cryptocurrencies are subject to large fluctuations in value. Losing access to data and passwords can also lead to complete loss.