Nowadays, trading or investing in Bitcoin and other digital currencies are made accessible via online trading platforms and Bitcoin wallets. Since you’ll need at least one Bitcoin wallet before you can buy or sell cryptos, it’s suggested to use the best one. There are many Bitcoin wallets available online. Some are superb, while some may lack a lot of essential things.
That’s why before signing up for a Bitcoin wallet, you should do in-depth research. You should consider the following to get a Bitcoin wallet of right choice:
1. Security Features
One of the first things you need to consider when choosing the best bitcoin wallet is the security. Since Bitcoin transactions are done online, there’s a potential endanger your Bitcoins and other cryptos to be hacked by cybercriminals or hackers. No matter how safe the blockchain technology is, you should use a secure Bitcoin wallet.
You’ll know that the Bitcoin wallet is safe when it has the following security features:
- Authentication Notifications – Before you can fully access your Bitcoin wallet, an email or text message notifying you that a specific gadget is accessing your account should pop up. That way, you’ll alert the support team of unauthorized activity if it’s not your action.
- User-Authentication – Alongside the authentication notification is the two-factor authentication. It means that you need to enter the One-Time Password sent to your email or phone after entering your password. That way, it’ll ensure that the one accessing the account is the real you.
- KYC Identification – Another critical factor to ensure that the Bitcoin wallet you’re registering in is secure if it has a Know Your Customer (KYC) standards. In this method, you may need to present your national ID as well as your selfie ID. Some even use video calls to verify that the same person is in the ID card. This helps you ensure the contributors in the Bitcoin wallet are not a fraud.
2. Multiple Cryptocurrencies
You must also consider if the Bitcoin wallet allows you to store other cryptocurrencies. Although it’s basically for storing Bitcoins, your wallet should accommodate more than one cryptocurrency.
Since you may want to trade Bitcoins and other cryptos when you want to fish on a large market, a multi-currency Bitcoin wallet is vital. Using a Bitcoin wallet that can store multi-currency, it’ll be much easier for you to trade and invest in different cryptos. Instead of opening different wallets for each crypto, it’s much better to use a single wallet for multiple cryptos.
3. Customer Service
Aside from the advanced features of each Bitcoin wallet, one must not sacrifice its customer service. No matter how well-developed the wallet, but if it fails in customer service, the overall rating would be affected. It’s because customers want immediate help and resolution to their issues each time.
And you wouldn’t want to encounter a problem only to face a not-so-good customer service. Not only will you feel frustrated, but you might even start distrusting the Bitcoin wallet provider. Especially if you have a significant number of Bitcoins stored in the wallet, it’ll be a hassle to change from one wallet to another. That’s why you need to check on their customer service, too.
It’s much better to use a bitcoin wallet with a 24/7 customer service option, to ask for help at any time of the day immediately. Then, their customer support should be able to navigate you into the right solution without any extra time. The Bitcoin wallet provider must also have customer support from various nations to accommodate the language barrier.
Most importantly, the wallet provider should have various modes of contact, such as email address, contact number, Facebook, Skype, and others. That way, you can easily contact them on your preferred method of communication.
4. Company Reputation
Also, you should consider the company reputation of the Bitcoin wallet provider. All in all, they should be reliable and trustworthy. It’s because you’re entrusting your Bitcoin on them, and your transactions thereafter.
You can find out if they’re reputable by searching them on the internet. If there are more bad reviews and news articles about them, you should think twice about it. Or you can search their company name on forums or ask the group members about their experiences with any Bitcoin wallet. You can even visit their social media accounts to check the ratings left by previous or current clients.
Moreover, you must also find the following information on their website:
- Data management practices
- Private key Custody
- Server, they use to store their data.
- Team members of who are running the company
This information will help you in verifying if trusted individuals or frauds run the Bitcoin wallet.
The above-mentioned things play an important role, as the Bitcoin wallet is where you’ll store your Bitcoins and other cryptos. You must consider the security features to determine whether your transactions will be safe. Then, you must also find if they offer the storage of multiple cryptos to maximize your market. Also, consider how they deal and take care of their clients. That way, you’ll get an idea of how you’ll be treated.
Most importantly, knowing their company reputation is vital as it reflects how they’ve performed in the past years.