One of the features we need to look for when we begin to invest or trade Bitcoin or other cryptocurrencies is to choose the secured and trusted wallets. A secured bitcoin wallet gives traders and investors possibility to keep their funds in the wallet for as long as they need without a doubt in their minds.
An extremely important and useful tool for exchanges is the crypto wallet. You can lose your funds if you don’t have secured and reliable wallets. It is important to look into the exchanges with the most secured bitcoin wallet you can use in the short and long term. Exchanges introduced in this article have been serving traders and investors for a long time, and can be named as the most trusted and secured Bitcoin wallets.
If you look at the bitcoin wallet from the derivative exchange or the crypto derivatives exchanges, it is right to say BitMex is one of the best. BitMex has its headquarters in Hong Kong, and they have been working since 2014. When BitMex started, the primary objective was to keep track of the bitcoin price. But over time, they grew into a bitcoin exchange firm.
As of the time of writing this article, it accounts for 20-30% of Bitcoin traded against USD. When BitMex started their operation, they invested heavily in good security measures. They use the cold storage and multi-signature method for every single transaction that is carried out. The multi-signature wallet means that before you can carry out any transactions, a number of accounts need to sign. In other words, before any transaction can be carried out, two to three of the BitMex founders need to sign. They do this to ensure that they verify the blockchain.
Moreover, as regards withdrawal on BitMex bitcoin wallet, you can only withdraw once a day. This means you can’t count on BitMex for urgent fund needs because you won’t be able to access your funds more than once a day. You can also allow two-factor authentication on BitMex to make your account more secure. BitMex offers you the topmost level of security you need, and it is one of the most reliable wallets in the crypto-verse.
You might be worried and bothered about the one transaction per day limitation, but some people don’t have problem with it because they believe it will prevent their accounts from being hacked.
Bitflyer is another reliable one. This exchange has its headquarters in Tokyo, and they have been serving Bitcoin users since six years ago. Verification of identity is the first step you have to take before using the exchange. The level of security and reliability is why this exchange is on the list. The cold wallet is the most used option on the Bitflyer. Users are asked to set up two-factor authentication for added security.
Kraken is the number 1 Euro trading cryptocurrency exchange globally, and its headquarter is located in San Francisco. Kraken has been working since 2011, and they have been really successful. Several top investors and partners such as blockchain capitals, money partners groups, digital currency groups, and hummingbird ventures, chose Kraken.
Kraken is not just limited to bitcoin. It accepts other cryptos as well as the local fiat money. The Kraken bitcoin wallet is an offline wallet because it is cold. Most of the crypto exchange funds that you’d be using will be stored in your cold wallet.
On the contrary, if you want to maintain high liquidity, you can store some hot wallet funds. The hot wallet is an online wallet. They are not as safe and secure as the cold wallets because they are prone to attacks. Another major selling point of Kraken is that they carry out proof of reserve audit. The Kraken team does not carry out this audit. It is always done by a third party to record and verify that every user fund is still in the Kraken wallet account.
Different exchanges have different focal points or selling points. Some exchanges focus on security but lose accessibility and a good user interface. Kraken is easily accessible, and it is still one of the the most trusted and secured Bitcoin wallets. There is also the possibility to add two-factor authentication to make your bitcoin wallet more secure.
The major selling point of Coinbase is that they have the web, Android, and IOS versions. On the Coinbase application, Coinbase is more like a custodian in charge of your coin, but on the Coinbase wallet app, they make people the custodian of their own coin.
Coinbase wallet used to be called Toshi. Coinbase was developed to help with Ethereum management, but over time things grew, and it started other services. You can secure your coin in Coinbase, and you can also use private keys to ensure that you control any transaction going on. One of the strong propositions of Coinbase is that you are in control of your private key and one of the major limitations is that Coinbase doesn’t support all cryptos.