(MENAFN – Daily News Egypt) The crypto market is still relatively new compared to others in the financial industry. However, since its inception in 2009, bitcoin has grown to become the most lucrative cryptocurrency that everyone is talking about today. The currency has gained widespread exposure and more people are constantly looking for ways to invest in bitcoin and trade it while making the most of it.
However, to start trading on this cryptocurrency, you will need a wallet that stores the public and private keys to your funds and helps you execute transactions. There are many wallets today but before choosing one, here are a few factors to consider:
The reputation of the company behind the app should always come first. Most people try to play it safe by choosing the most popular apps that have built their reputation over the years. However, if you are unsure of their reputation, you can do a background check. This includes knowing their team of experts (which should be publicly available on their website), data management practices, data stored on their server, access to your private key, and how they managing website spacing.
You can also keep an eye out for app reviews on the internet such as this bitcoin system review that gives you an idea of what the app is for and what to expect. The idea is to get a full understanding of how it works before trusting your funds.
Many apps have several features and more often than not, your choice of wallet would depend on your choice. However, there are some features that you must look for to ensure you use an efficient wallet.
For example, security of the wallet. This is the first most important feature to consider, as the security of your funds is paramount. In the first half of 2020, crypto scams were calculated to have reached $ 24M which is almost 5x the amount scammers stole from bitcoin users in 2017. Scammers are on the rise but you can play a key role in ensuring your wallet is safe.
Make sure the wallet has two-factor authentication, biometrics authentication, password-protected access, and multi-signature support. The security features vary for different apps but regardless of what they offer, make sure you can enable two-factor authentication.
Also, consider the backup feature to save your assets in the event of any unfortunate event such as losing your phone or any technical difficulties. This helps make your cryptocurrencies as safe as possible.
Other features to consider include user-friendly interface, easy portfolio management, multi-currency support, payment options, fees or payments, automatic conversion rate, among others.
There was a time when bitcoin was a reigning cryptocurrency but there are other forms of crypto today. It’s best to diversify your portfolio and consider trading other cryptocurrencies. However, this will be easier if you use a wallet that gives you access to several cryptocurrencies. Check the wallet and make sure it has the cryptocurrencies you are willing to trade.
Before choosing a wallet, compare your options and choose the one with the most benefits that fits what you want.
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