The digital currency market has attracted the attention of many investors with its recent significant growth. This has caused some people to earn money from digital markets in addition to their main job. But the problem that all investors face is that they don’t use a proper digital wallet to store their tokens. Having a secure wallet, like the physical wallet that most people carry, is a good choice, because you can view and trade its balance at any time of the day or night. Knowing  the best digital currency wallets for mobile  will help you choose a wallet that is suitable for investing in digital currency markets.

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What is a digital wallet?

Digital wallet (Cryptocurrency Wallet) is another type of wallet that is used to store electronic assets such as digital currencies. Some wallets are only dedicated to a certain cryptocurrency or token that can only store the same digital currency on it. For example, Bitcoin digital wallet is only used for storage, buying and selling, and it is not possible to store any other currency on it. In general, a digital wallet is a physical device or a software program that is used to buy and sell cryptocurrencies and store your assets electronically. Digital wallets are divided into hardware wallets and software wallets.

Read more: Digital currency training

Hardware wallet

Hardware wallet is a more advanced type of cold digital wallet (Cold Wallet), which is referred to as Cold Storage in some articles. Hardware wallets are wallets that you can carry like a physical wallet and that work offline. Such wallets are not free and you have to buy them, the price of hardware digital wallet is usually between 100 and 200 dollars. In addition, compared to software wallets, they are more secure and there is no possibility of your information being leaked, but they have a very low speed and it takes a long time to complete a transaction. The top manufacturers of hardware wallets are Ledger, Trezor and CoolWallet.

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Software Wallet (Software Wallet)

Software wallet or Hot Wallet is a wallet that must be connected to the Internet to carry out general transactions in digital currency markets. The main difference between these two versions of digital wallets is whether they are connected to the Internet or not. To establish security, the software wallet assigns private and public keys to the user, where the public key is the password and the private key for account recovery, which are known as Seed Phrase or Recovery Phrase. This wallet is faster than the hardware wallet, but on the other hand, it is less secure.

There are software wallets for desktop, Android, IOS and web applications that you can use by installing them on your system. Now you may have this question,  what are the best digital currency wallets for mobile  ?  In the continuation of this article , we have brought you 7 of  the best digital currency wallets for mobile phones .

The best digital currency wallets for mobile

Cryptocurrency market investors often have trouble finding a suitable wallet to store their assets. In the list below, 7 of  the best digital currency wallets for mobile  are given to you along with their explanations. All the following wallets can be installed on both Android and IOS mobile operating systems.

ZenGo wallet

ZenGo digital wallet is the most secure software wallet for all users. Buying and selling crypto, generating income through lending and exchanging the popular currencies Ethereum and Bitcoin and 70 other currencies is possible in the safest possible mode in this software. Zengo is known for its 24/7 support and also has MPC technology that gives users complete control over their currencies. Users who lose their private key can recover their password by contacting the support team.

Advantages and disadvantages of ZenGo wallet

Advantages

• Change the background as desired.
• 24/7 support.
• Installation and setup in less than 60 seconds.
• The possibility of buying and selling more than 70 types of digital currency.

Disadvantages

• In some countries, its use is restricted.

Exodus wallet

Exodus is one of the most famous and popular digital wallets for new investors in the field of buying and investing in Bitcoin. This wallet is the strongest wallet on this list and is usually used by beginners. Digital Xeds wallet allows its users to choose the private key themselves and in case of losing it, they can recover it in a short period of time. This wallet is best for desktop users, although there are Android and iOS versions. XDS is much more understandable and accessible for new users, and  its ease of use and wide range of functions have made it the first choice of users.

Advantages and disadvantages of Exodus wallet

Advantages

• It supports more than 100 cryptocurrencies.
• It has a very user-friendly interface.
• It supports all platforms.

Disadvantages

• It is not open source.
• Charges for heavy bitcoin transactions.
• There is no two-step authentication.

Coinbase wallet

Coinbase is one of the largest exchanges in the field of digital currencies. Coin Base wallet supports all transactions that can be done in the world of digital currencies. This wallet allows users to store their private key for buying and selling cryptocurrencies in the system, and the security of their private key is guaranteed by this wallet.

Advantages and disadvantages of CoinBase wallet

Advantages

• Most of the methods in the world of digital currencies are similar (Yield Farming, Lending).
• It supports DeFi projects that are not on the blockchain platform.
• It has two-step authentication.
• It also supports fiat currencies.

Disadvantages

• Sellers and buyers are not anonymous.
• The cost of exchanging multiple digital currencies is high.

Read more: The best DiFi projects

MetaMask wallet

The Metamask wallet is a wallet based on the Ethereum blockchain that allows its users to store Ethereum and Ethereum-related currencies as well as NFT tokens. This wallet is available for both mobile operating systems, Android and IOS, and since it is decentralized, it has full control over the private keys. Do not miss this article to recover Metamask wallet.

Advantages and disadvantages of wallets

Advantages

• Support for 1800 cryptocurrencies
• Ability to store NFTs
• Easy and convenient installation
• Metamask is open source

Disadvantages

• It only supports ERC-20 tokens.

MyEtherWallet wallet

MyEtherWallet is one of the oldest and most popular wallets designed to date. This is an open source wallet that connects users directly with the Ethereum network, and it also has the ability to store various digital currencies such as ETC, ERC, ETC and BTC.

Advantages and disadvantages of wallets

Advantages

• It is open source.
• Full control of the private key is in the hands of the owners of each wallet.
• The possibility of putting a fingerprint or facial recognition as a password.
•  Safe and anonymous users in transactions.

Disadvantages

• Working with it is difficult for novice investors.
• There is no online support team.

Trust Wallet

Trust is the best application for new investors, so that you don’t need to go through long and confusing steps to buy and sell in this application. The password is stored on each person’s mobile, which means that only you have access to your private key. It supports more than 40 blockchains such as BEP2, BEP20, ERC-20, ERC-721, which recently added Binance Smart Chain BSC to them. Don’t miss this article to learn about the Trust Wallet wallet.

Advantages and disadvantages of wallets

Advantages

• Excellent user interface.
• Due to the implementation with WEB3, it also supports DApps.
• Users are able to earn money by activating the staking option on their assets.

Disadvantages

• It is not as safe and secure as a hardware wallet.

Electrum wallet

Electrum wallet is the best wallet for professional Bitcoin investors and the first exclusive wallet for Bitcoin. This wallet is implemented by Python programming language, which is the reason for its high speed in making transactions. This wallet only supports bitcoin digital currency and it is not possible to store other currencies on it.

Advantages and disadvantages of wallets

Advantages

• The ability to set the cost of transfers by the user.
• Users can buy and sell anonymously or with their original address.
• Ability to export from Electrom wallet.

Disadvantages

• Only Bitcoin digital currency is stored in it.
• Can only be used by professional investors.

Read more: 5 of the best cryptocurrency wallets

Magnum Wallet

Another digital wallet that can store digital assets is Magnum Wallet. Some traders are interested in having a collection or collection of digital currencies. Magnum Wallet digital wallet is very suitable for such people. This wallet, like the other wallets we have reviewed so far, has the ability to store multiple digital currencies. The security of this wallet is very high; Because it works in a decentralized way to validate transactions and only users who have access to the private key can access the contents of the wallet. Magnum Wallet is currently ranked 48 among software wallets.

Pros and Cons of Magnum Wallet