4 things to consider when choosing a crypto wallet for 2024

Looking for a new crypto wallet for the new financial year? Here are some things to think about.

Whether you're new to crypto investing or looking at switching your current holdings, it's important to have the right wallet features in place.

1. Access to a range of cryptocurrencies

There are a lot of different types of cryptocurrencies on the market. Most investors own multiple types – the days of single-coin HODLers are mostly over.

So it makes sense to look for an exchange and/or wallet that offers access to buy, sell and hold a range of different types of cryptocurrencies, rather than juggling multiple accounts and wallets (and in turn, multiple security measures!)

Easy Crypto allows you to buy, swap and sell more than 50 different cryptocurrencies within one app. Its wallet also lets you manage multiple cryptocurrencies and blockchains from just one location.

Additionally, Easy Crypto also allows for cash-to-crypto conversions and inter-crypto trades.

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2. Custodial vs self-custodial

Storing crypto has traditionally been a bit of a complex process. Digital assets require quite a bit of security (more on that in a moment) and exchanges have also wanted to ensure they have their own reserves on hand.

So, many exchanges that offer wallets have traditionally offered custodial wallets.

In layperson's terms, custodial wallets function in a similar method to a safety deposit box. Your cryptocurrency is effectively "deposited" with them in order to shore up their holdings and to provide you with security.

You've got ease of access, but not necessarily much control. You're also fully dependent on those at the exchange to secure your holdings!

Self-custodial wallets – which is the wallet type offered by Easy Crypto – offer more flexibility. You've got complete control over your funds, as well as complete ownership. It's not linked to a centralised authority.

So what about security? Well, Easy Crypto provides security and recovery measures to customers, but it's still important to take your own precautions too. This brings us to our next point…

3. Security and recovery features

Crypto wallets are generally classed as "hot" or "cold" wallets (both can be custodial or non-custodial).

Hot wallets are online all the time – you're able to conduct transactions with ease, but this convenience means some security is sacrificed.

Conversely, cold wallets store your crypto offline. Much harder for nefarious types to get at your assets – but it does mean a much more convoluted process for you to access them too.

Ultimately, it comes down to personal preference and what better suits your needs.

So it's important to invest in your crypto security. All the cybersecurity basics still apply!

However, you should also look at what your exchange or wallet provider offers, too.

For example, Easy Crypto's non-custodial wallet is a hot wallet – but they incorporate the latest MPC (Multi-Party Computation) security and recovery technology.

This can help keep your keys and transaction data private – you can read more about the specifics in this article.

Likewise, the Easy Crypto wallet also incorporates two-factor authentication (2FA). This can help add extra security to your wallet by requiring two forms of proof to access your account.

4. Free transparency and local support

Fees and costs are part of the price of doing business – but excessive expenses can eat into the potential profits from your crypto investments.

It's important to look for a wallet (and exchange) that offers transparency about the costs involved in using their services.

Having the right support is also crucial. If something does go wrong – or even if you just have some questions to be answered – you want to make sure you can get in touch with someone who can assist you appropriately.

Easy Crypto has no hidden fees, so you can be sure of what you're paying for upfront. Additionally, Easy Crypto has a growing Australian-based support team. So if you're in need of assistance, you're able to speak to someone local to get you the help you need.

Learn more about investing with Easy Crypto today