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81% of retail CFD accounts lose money
An important part of owning, using, and trading cryptocurrencies is to store them securely in an appropriate wallet. Whilst there are hundreds of hardware and software storage options available, not all are ideal for different needs. This is especially through for storing Altcoins and tokens since these require multi-cryptocurrency wallets to be stored safely. On this page, we will explain the benefits of such wallets and provide you with some of the best multi-cryptocurrency wallets which you can get hold of.
A multi-currency wallet is simply a wallet that can store a variety of coins and tokens. Whilst Bitcoin is generally supported across most wallets, different Altcoins and ICO tokens are not so easily stored. In fact, it can be very difficult to find storage platforms or devices ready to accept less popular coins, such as Kusama (KSM), Compound (COMP), or Maker (MKR).
A more technical description of these wallets is a program that is responsible for storing your public and private keys and processing operations across multiple supported coins and tokens. The best multi-cryptocurrency wallets allow you to send, receive, and oversee your funds. At the same time, they protect your coins from external threats, such as hackers or fraudsters.
Wallets that are able to hold multiple cryptocurrencies are very similar to traditional bank accounts. With a few exceptions, most bank accounts let you store just a single fiat currency, such as EUR. However, you can open different bank accounts to deposit GBP, USD, CHF, and other traditional currencies. Every bank account has its own account number. Similarly, every cryptocurrency will have its own wallet address, specific to a particular coin.
Multi-cryptocurrency wallets can be both hot and cold. Hot wallets are ones that are continually connected to the Internet, providing fast and convenient transactions whilst sacrificing an element of safety. Cold wallets, on the other hand, are only connected in the short time it takes to pass a transaction making them extremely safe but less convenient. You can learn more about these different types of crypto wallets in our detailed guide.
As the decentralised currency industry continues to expand the need for multi-cryptocurrency wallets will only increase. Users can already get hold of different solutions which match their needs and budgets, but new solutions, such as the one introduced by Trustology, will further diversify the industry. One factor which remains constant is safety, yet how funds are secured will also likely see a transformation as new technologies come into play.
There is no hard and fast rule regarding which is the best wallet for you. This depends very much on what your coin storage requirements are and what you plan to use cryptocurrency for. To help you find the best multi-cryptocurrency wallet we have outlined some of the safest and more convenient ones hereunder.
The Ledger Nano X is one of the most advanced multi-cryptocurrency wallet available for purchase today. It supports over 1,150 different coins and ICO tokens and fits in the palm of your hand. This cold storage device costs €119 and offers Bluetooth connectivity to link it to your smartphone. As a result, you can use it as a mobile wallet whilst maintaining a high level of security common amongst cold wallets. In fact, the Nano X includes a secure chip that is almost impossible to hack into.
This device includes a convenient, 128×64 display screen that lets you manage and oversee all your cryptocurrencies easily. It also has a powerful battery that is able to power the device for hours, even when used regularly.
Ledger Nano X supported coins and tokens: Bitcoin, Ethereum, USD Tether, Stellar, Tron, Leo Token, and over 1,100 others.
The older sibling of the Nano X, the Ledger Nano S is a powerful cold storage multi-cryptocurrency wallet that sacrifices some advanced features for a more affordable price. In fact, the Nano S retails at €59 and supports over 1,150 different coins and ICO tokens. It utilises a highly secure chip and is only connected to the Internet during transactions. This makes the portable device extremely safe.
Unlike the Nano X, the Nano S does not have an in-built battery nor does it connect with Bluetooth. Instead, the device connects and draws power from your PC. Nevertheless, considering its price, it is one of the best multi-cryptocurrency wallets for beginners.
Ledger Nano S supported coins and tokens: Bitcoin, Litecoin, Bitcoin Cash, Polkadot, Binance Coin, Ethereum Classic, and over 1,100 others.
CoolWallet S is a cold storage device that is often mistaken for a credit card. Thin and discreet, this multi-cryptocurrency wallet does not require a USB connection to function. Instead, it makes use of Bluetooth and NFC to connect to your smartphone. This allows quick transfer when needed whilst maintaining a high degree of security.
The CoolWallet S retails for $99 and supports over 40 different coins and tokens. It offers 2+1 factor authentication through its mobile app, including facial recognition and touch ID. This very secure device also includes a sophisticated mobile interface and an integrated display and function button.
CoolWallet S supported coins and tokens: Bitcoin, Litecoin, Omni Tether, Stellar, Bitcoin Cash, Atum, and over 30 others.
Coinbase Wallet is a hot wallet that is provided by one of the largest cryptocurrency brokers in the world. This wallet is not the same multi-currency one available to registered users of the exchange. It is a separate wallet that does not require you to open an exchange account to use.
Free to open and store funds, Coinbase Wallet lets you interact with Ethereum-based Decentralised Applications (DApps). You can use this wallet to receive new ICO tokens as well as converted cryptocurrencies from the Coinbase exchange or any other platform. The wallet can support over 100 coins and tokens, including all ERC-20 tokens. It is very easy to use and considered to be amongst the safest hot wallets available.
Coinbase Wallet supported coins and tokens: Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Binance Coin, and over 90 others.
Trezor is a renowned manufacturer of secure and functional multi-cryptocurrency wallets and currently offers two main devices. The Model One retails for €59 whilst the Model T costs just over €190. The main difference between the two is that the Model One provides buttons to carry out functions whereas the Model T offers a touchscreen display. There is also a small difference in the number of supported coins, with the Model T accepting over 1,180 different coins and tokens.
The Trezor wallets can connect through USB and are kept secure through two-factor authentication and FIDO2. Moreover, you will be able to find numerous community-led and open source applications that enhance security even further and provide additional functionality and resources.
Trezor Wallets supported coins and tokens: Bitcoin, Cardano, Stellar, Monero, Ripple, Bitcoin Cash, and 1,150 others.
Exodus is a hot wallet that provides a convenient and free method of storage along with the functionality of cryptocurrency conversion. Available across operating systems, including Linux and iOS, Exodus combines the benefits of multi-cryptocurrency wallets and exchanges. Its desktop version supports over 100 different coins and tokens, and its user interface has been hailed as being intuitive and very easy to use.
The main security features of Exodus are a user password and security phrase. It is up to the user to protect private keys and passcodes and phrases.
Exodus supported coins and tokens: Bitcoin, Ethereum, Ripple, Dash, Stellar, Zcash, and over 90 others.
Guarda Wallet is a hot wallet developed for both computers and mobile phones. Easy to use and ideal for beginners, it is free to set up and store funds in. It supports around 50 coins and tokens and can be connected to various cryptocurrency exchanges for seamless currency conversion.
The Guarda Wallet is non-custodial, which means that it does not store your private keys. As a result, you are solely responsible for safeguarding your password and recovery phrase. The wallet uses Advanced Encryption Standard (AES) to encrypt transactions and offers touch ID or face recognition to its mobile app users.
Guarda Wallet supported coins and tokens: Bitcoin, EOS, Stellar, Monero, Tron, Bitcoin Cash, and over 40 others.
Whilst each wallet offers its own range of advantages, all multi-cryptocurrency wallets feature common benefits. These include:
Although they provide convenience and functionality, there are certain disadvantages to using these wallets. Here are some of the main ones:
Multi-currency wallets are highly relevant for traders who are interested in storing more than one type of crypto coins. When choosing the best multi-currency wallet, we recommend that you also prioritize safety and choose those wallets that have 2-factor authentication