Crypto wallets let you safely send, receive, and store your favourite cryptocurrencies. In the early days, crypto enthusiasts primarily deal with Bitcoin and Ethereum. With the rise of various altcoins, all of that has changed. Instead, a new generation of investors and enthusiasts requires multi-currency wallets. These wallets support various tokens; some even allow you to stake specific coins to earn rewards.
But first, let’s take a look at what are the various types of wallets available:
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Types of Crypto Wallets
Hot Wallets
These are online services that store your private keys online. A hot wallet provides easy access to your cryptocurrencies and allows you to send/receive assets in real time.
However, they are a favourite target of hackers and cybercriminals due to the value of tokens like Bitcoin and Ethereum. As a result, more wallets have adopted the non-custodial framework, meaning your private keys are stored locally on your device.
Despite all this, I highly recommend not storing the bulk of your cryptocurrencies in a hot wallet. Instead, you should make use of a cold wallet for added security.
Cold Wallets
Also known as hardware wallets, cold wallets store your private cryptocurrency keys offline, making them inaccessible to hackers. For this reason, many dedicated crypto enthusiasts choose to secure most of their holdings in cold wallets, as you can see in this article from Tezro: blog.tezro.com/best-multi-cryptocurrency-wallets/.
Besides being immune from hackers, cold wallets can be secured physically by storing them in a safe. Recent technological developments have allowed hot wallets to interface with cold wallets for added flexibility, as we’ll see later in this article.
Crypto Wallets That Support Multiple Cryptocurrencies
1. Trust Wallet — Supports Upwards of 1 Million Different Coins
- Easy-to-set up
- Can buy & stake selected cryptocurrencies
- User-friendly design
- Non-custodial framework
Trust Wallet supports more than 1 million different types of crypto tokens. All of these factors make it an excellent choice for fans of niche altcoins.
It also lets users buy and stake selected cryptocurrencies to earn additional rewards. This, coupled with the large selection of coins supported, lets you mix and match your portfolio to maximize returns.
The wallet’s user-friendly design makes it a great choice for new users looking into a diverse selection of cryptocurrencies.
On the downside, Trust Wallet has had issues with security and social engineering attacks. But recently, the company has taken steps to tighten up protection.
2. Coinbase Wallet — Compatible With 44,000+ Tokens
- A great choice for beginners
- Non-custodial framework
- Backed by a reputable exchange
- Only charges network fees
Coinbase allows users to gain access to a selection of more than 44,000 different tokens. All of which can be purchased from the wallet’s in-app exchange.
Because it is provided by one of the most reputable exchanges in the world, Coinbase, you can rest easy knowing that security won’t be a problem. As a non-custodial wallet, your private crypto keys are stored locally on your device, which keeps hackers away from your tokens.
Unfortunately, Coinbase has faced issues in the past with unresponsive customer service agents. But the good news is that most of the complaints were made more than a year ago, and Coinbase has apparently already rectified the issue.
3. Coinomi Wallet — Supports 1,700+ Different Tokens
- Available on macOS, Linux, Windows, and mobile devices
- Can buy, sell, swap, and exchange
- Non-custodial framework
- Zero fees charged
With Coinomi Wallet, you get support for more than 1,700 different tokens, thus giving you the freedom to explore the available altcoins.
The wallet is compatible with most operating systems, including mobile devices. So you can manage and access your cryptocurrencies while on the move.
While Coinomi has plenty of decent features, it is let down slightly by the lack of supposrt for 2-factor (2FA) authentication. But the good news is that various enhanced security features are in place to keep you safe.
Types of Wallets and Their Cryptocurrency Support
Different types of cryptocurrency wallets offer varying levels of multi-currency support. Let’s explore how many cryptocurrencies each type of wallet can typically support:
Hardware Wallets
Hardware wallets are physical devices designed to store cryptocurrency private keys offline. These wallets are known for their high security and are popular among long-term investors and those holding large amounts of cryptocurrency.
In terms of cryptocurrency support, hardware wallets often offer impressive capabilities:
- Ledger: Ledger hardware wallets, such as the Ledger Nano S and Ledger Nano X, support over 1,800 cryptocurrencies. This extensive support is achieved through the Ledger Live software and various third-party wallet integrations.
- Trezor: Trezor hardware wallets, including the Trezor One and Trezor Model T, support over 1,000 cryptocurrencies. Like Ledger, Trezor achieves this through its native interface and integrations with other wallet software.
- KeepKey: The KeepKey hardware wallet supports fewer cryptocurrencies than Ledger and Trezor, with around 40 supported coins and tokens. However, it still covers many major cryptocurrencies.
Hardware wallets typically achieve broad cryptocurrency support through firmware updates and integration with software wallets. This approach allows them to balance security with versatility.
Software Wallets
Software wallets come in various forms, including desktop applications, mobile apps, and web-based interfaces. The number of cryptocurrencies these wallets can support varies widely depending on their design and purpose.
Desktop Wallets
Desktop wallets are applications installed on a computer. They often offer a good balance between security and functionality. Some popular desktop wallets and their cryptocurrency support include:
- Exodus: Supports over 100 cryptocurrencies and offers a user-friendly interface for managing multiple assets.
- Atomic Wallet: Provides support for over 300 cryptocurrencies and tokens, making it one of the more versatile desktop options.
- Guarda: Supports over 50 blockchains and thousands of tokens, with the ability to add custom ERC-20 tokens.
Desktop wallets often achieve broad cryptocurrency support through regular software updates and leveraging APIs to interact with various blockchain networks.
Mobile Wallets
Mobile wallets are smartphone applications that allow users to manage their cryptocurrencies on the go. While they may sometimes support fewer cryptocurrencies than their desktop counterparts due to mobile device limitations, many still offer impressive multi-currency capabilities:
- Trust Wallet: Supports over 160,000 assets across 40 blockchains, including popular cryptocurrencies and numerous tokens.
- Coinomi: Offers support for over 1,770 cryptocurrencies and tokens across multiple blockchain networks.
- Mycelium: Primarily focused on Bitcoin but also supports Ethereum and ERC-20 tokens.
Mobile wallets often achieve broad support by focusing on popular cryptocurrencies and leveraging efficient data management techniques to overcome device limitations.
Web Wallets
Web-based wallets are accessed through internet browsers and store users’ private keys on servers. While they offer convenience, they generally provide less security than hardware or software wallets. Some web wallets with multi-currency support include:
- MyEtherWallet: Primarily designed for Ethereum and ERC-20 tokens, but also supports some other networks through integrations.
- Guarda Web Wallet: Offers support for multiple cryptocurrencies directly through the web interface.
- Coinbase Wallet: Supports a wide range of cryptocurrencies and tokens, leveraging Coinbase’s extensive infrastructure.
Web wallets can potentially support many cryptocurrencies due to their cloud-based nature, but this support is often balanced against security considerations.
Factors Limiting Cryptocurrency Support
While some wallets boast support for thousands of cryptocurrencies, it’s important to understand the factors that can limit a wallet’s ability to support an ever-growing number of digital assets:
- Security Considerations: Each supported cryptocurrency potentially increases the attack surface of a wallet. Ensuring the security of private keys and transactions for numerous cryptocurrencies is complex.
- Performance Issues: Supporting many cryptocurrencies can lead to performance degradation, especially on mobile devices or less powerful computers.
- User Experience: Maintaining a clean and intuitive user interface becomes increasingly challenging as the number of supported cryptocurrencies grows.
- Maintenance Overhead: Each supported cryptocurrency requires ongoing maintenance to ensure compatibility with network updates and protocol changes.
- Storage Limitations: This is especially relevant for hardware wallets, where device storage can limit the number of cryptocurrency apps installed simultaneously.
- Regulatory Compliance: Evolving regulations may require wallets to implement additional checks or remove support for certain cryptocurrencies in specific jurisdictions.
Summing Up
The number of cryptocurrencies a wallet can support depends on various factors, including its architecture, blockchain compatibility, development resources, and user interface design. While some wallets can support thousands of cryptocurrencies, others focus on providing deep functionality for a smaller number of assets.
When choosing a wallet, it’s essential to consider your specific needs, the cryptocurrencies you plan to use, and the balance between functionality and security. As the cryptocurrency landscape continues to evolve, we can expect wallet technology to advance, potentially offering even greater multi-currency support in the future.