What Makes a Good Crypto Wallet?

3 min readJan 11, 2023

With the number of crypto wallets on the market increasing each day, it may not be easy to choose the right wallet for your crypto holdings. While a secure storage solution is the dream of every crypto user, it is not a good idea to keep all your funds in one wallet.

Just like any other business, it is important to diversify your crypto portfolio to avoid the risk of losing your entire investment. Unlike exchanges that are prone to hacking, crypto users are now resorting to software wallets to secure their funds.

For example, you can easily install the DeFiX wallet on your device and secure your private keys. This not only gives you total control over your crypto holdings but also manages a variety of digital assets from one place.

With a mobile crypto wallet, you can take full control of your crypto by storing it securely on your device. In this article, we explore some of the key features that you should look into before choosing a crypto wallet.

Back up Features

One of the major factors that you should consider when choosing a crypto wallet are the backup features. With that in mind, it is important to ensure that your crypto wallet has a solid backup mechanism.

Some of the backup features that you should consider include a password phrase, a password, or a rescue link. Other recovery features that you can put into consideration include two-factor authentication.

Multiple Digital Assets

A good crypto wallet supports multiple digital currencies. Before you choose a crypto wallet, it is important to check out which digital currencies it supports. That way, you will be able to manage all your digital currencies under one roof.

While some wallets are purpose-built, others support mainstream altcoins. For example, the DeFiX wallet is a multi-coin crypto wallet. Besides better security, the DeFiX wallet supports multiple digital currencies.

Crypto Conversion

Instead of struggling to convert one crypto into another, a good crypto wallet comes with an array of features that make this possible. Integrating the conversion feature within your wallet makes crypto arbitrage easier.

Shared Account

If you intend to manage multiple crypto portfolios under one roof, then creating a shared account is a perfect idea. The feature lets users set up multiple private keys for a single wallet. This is mainly ideal for business partners or a family that intends to operate from a central location.

Availability of a QR Code Scanner

A QR code scanner is an ideal feature that you should consider before choosing a mobile wallet. Most credible crypto wallets make it easy for users to generate and scan a QR code for coin transfers. This eliminates the need to type your public key every time you want to receive or send funds.

The process of using a QR code is easier than typing a long public key. While using a QR code makes it easy to carry out transactions, it is recommended that you set up separate wallets to avoid having all your digital assets in one place.

Customer Support

The sudden shift in prices can make it challenging to understand when you need to execute your trades. As such, responsive customer support on the platform is crucial should anything go wrong. Therefore, when carrying out your research, do not forget to find out more about customer service at a given wallet.

Conclusion

Even though there are many factors that you can look into before choosing a crypto wallet, the features highlighted in this article give you a head start in your search process. If you are just starting with crypto or are an established crypto user, you can try out the DeFiX wallet to not only secure your crypto holdings but also manage your digital assets.