7 Best Crypto Wallets in Singapore: A Definitive Guide
In the cryptocurrency realm, wallets are the safest way to pull all the right money stops.
In the simplest of terms, crypto wallets are the ultimate tool for safe buying, selling, or trading cryptocurrencies.
Unlike leaving your crypto out in the open exchange account, wallets allow all crypto owners to access their assets without a hassle.
While as simple as they sound, crypto wallets can be a tad tedious to manage, especially if you don’t know your way around them.
If you are looking to dive deeper into the subject of crypto wallets or find the best crypto wallets in Singapore, read our detailed guide on crypto wallets and check out our top 7 picks to consider in 2022!
| Best Crypto Wallets | Price | Get it here |
|---|---|---|
|
Trust Wallet
|
Free
|
|
|
MetaMask
|
Free
|
|
|
Trezor One
|
$149
|
|
|
SafePal S1
|
$89.90
|
|
|
SecuX W20
|
$169
|
|
|
Ledger Nano S
|
$120
|
|
|
Ledger Nano X
|
$228
|
|
|
CoolWallet Pro
|
$199
|
Best Hot Crypto Wallets in Singapore
1. Trust Wallet
Features and Specs:
- Full control of keys
- Maximum security and anonymity
- Simple to use
- Option to sell and buy vouchers
- Supports Android and iOS
- It supports all main cryptocurrencies, plus +1M more assets
Trust Wallet is the crypto miracle worker. Although it is a must for those involved in Binance Coin, it also supports countless other cryptocurrencies.
An impressive display of features is also part of the wallet, all ensuring maximum security for its users.
The wallet has its own two-factor authentication, or 2FA, alongside Google Authentication, email, and even text verification.
Trust Wallet is a cold-storage-server type of wallet – it is where it stores your currencies.
Trust Wallet does not require paying fees for blockchain transactions, though fees concerning swapping and using DApps may apply.
The platform currently backs two viable exchanges – MoonPay and Simplex.
Sure enough, you can also purchase cryptocurrencies elsewhere, and then transfer them to your Trust Wallet with the rest.
A mere negative about this provider is that it is entirely mobile-created.
Both iOS and Android are compatible to install, even though no desktop option is available.
You may be a fan of your desk, but hey, mobile also means portable and convenient, so there you go.
Gas fee: Varies
2. Metamask
Features and Specs:
- Open Source
- HD WalletA feature to automatically generate a tree of keys from a single seed
- Built-In Exchange
- No need to download the entire blockchain to use it
- Gas fee
A hot crypto wallet, MetaMask helps you send, manage, and receive ERC-20 and Ethereum tokens.
By adding the Binance Smart Chain network manually, the wallet will also let your store BEP-20 tokens.
MetaMask uses a regular browser, like Chrome, and connects it to the Ethereum blockchain, typically as an extension of the browser itself.
The wallet doesn’t require you to download the entire Ethereum blockchain and DApps in order to use it.
But, during token transmission, you will have to adjust the gas price – the cost you pay to your miners – and you can always visit EtherScan.io and compare how much others are paying for this token transmission.
To fully use MetaMask, you will need to verify each action taken as well.
As of late, the platform also introduced its mobile wallet, compatible with both Android and iOS, making it one of the best crypto wallets in Singapore in 2022.
Gas fee: Varies
Best Hardware Wallets in Singapore
3. Trezor One
Features and Specs:
- Maximum security of data and digital assets
- Can hold over 1,000 currencies
- Practical, sleek, and easy to carry
- Attack-proof
- Created by crypto experts
If you are looking to get the best crypto wallets in Singapore, this cold storage hardware wallet is right up your alley.
The Trezor One is the ultimate security provider for those who want their crypto funds to stay outside the Internet.
The Trezor One is a practical and smaller wallet – 60mm x 30mm x 6mm – and it takes two buttons to operate it.
Unfortunately, the wallet does not have a touch screen but supports many cryptocurrencies, the main of which include Litecoin, Monero and Bitcoin, and others.
This wallet is incredibly easy to set up – input your 9-digit PIN and a recovery seed and you are done!
The wallet will work miracles for investors who want a verified reputation, security when using the wallet, and those who are not too keen on overspending on the device.
However, the ones who might make the most use of the Trezor One are multi-currency investors, for whom the wallet provides maximum support.
The Trezor One is among the most affordable wallets on this list as well.
Price: $149
4. SafePal S1
Features and Specs:
- Has a competitive chip
- Easy to set up
- Solid coin support
- More readable
- Stylish design
If you are after a super-affordable hardware wallet, SafePal S1 has got your back.
Take your cryptocurrencies off the online crypto exchange account and store them into this hardware wallet, considered the best entry-level option among all listed providers.
The SafePal S1 Cryptocurrency Hardware Wallet is easy to set up and enables maximum security when handling your digital assets.
Not just that, the wallet also pays attention to the user experience, allowing you to access it securely, and in no time.
To maximise your safety and efforts, the wallet offers a pin code and mnemonic seed phrase verification features.
To connect to the app, you can use the encrypted QR code.
With the SafePal S1, it’s all about versatility. The wallet works with various cryptocurrencies like Bitcoin, all ERC-20 tokens, Ethereum, and Binance Coin.
The wallet has an easy-to-navigate design and uses EAL 5+ independent secure elements, alongside layers of security sensors, and a self-destruction feature.
The wallet is applicable to 32 different blockchains and supports over 30,000+ tokens.
The Best thing about the SafePal 1 S1 is its unlimited storage of currencies, and the ability to add and remove tokens as preferred.
Price: $89.90
5. SecuX W20
Features and Specs:
- CC EAL 5+ certified SE to secure the private key and device PIN from cyber and physical attacks
- Upgraded and tamper-proof software
- A customised PIN / one-time-password for access control
- Digital keypad is randomised to reduce exposure and traceability
- Physical confirmation with each transaction
Here is one of the best hardware wallets in Singapore and globally.
The SecuX W20 helps users manage crypto funds safely and make transactions when on the move.
Some of the currencies the wallet works with include LTC, DGB, ETH, BNB, BCH, GRS, BTC, and ERC-20 tokens.
The wallet promises to add more currencies to its list in the near future.
What makes the SecuX W20 stand out is its remarkable protection system, using a military-grade Secure Element (SE) which helps protect your private key and the PIN code from scammers.
The SecuX W20 lends a helping hand when it comes to the recoverability of the user account in case it’s been compromised.
It is able to recover existing accounts locked by 12, 18, or 24-word passphrases.
As if that’s not enough, the hardware wallet supports multiple currencies, both major players and smaller fish, including Bitcoin Cash, Litecoin, Binance coin, Ripple, Bitcoin, Ethereum, DigiByte, ERC-20 Tokens, and more.
The wallet device has no buttons and is entirely operated through a touchscreen which allows for physical confirmation of each completed transaction.
The SecuX W20 crypto wallet is compatible with laptops, PCs, and mobile devices, and can support most operating systems (OSs), including Mac, Linux, Windows, iOS, Chrome, and Android.
Price: $169
6. Ledger
Features and Specs – Ledger Nano S:
- A secured chip to shield all data
- Open-source apps for Bitcoin, Litecoin, and Ethereum.
- Confirms touchscreen transactions
- Foldable
- Lowers the risk of theft and hacking due to offline account
- Passphrase support and a 24-word recovery phrase.
Ledger Nano S
Features and Specs – Ledger Nano X:
- Ledger Nano X supports over 1,000 cryptocurrencies
- Bluetooth-enabled
- Works with Windows 8+, Mac OS 10.8+, Linux, iOS 9+, Android 7+
- Supports over 1,000 cryptocurrencies
- Offers a 24-word recovery phrase
Serving almost 165 countries worldwide, Ledger certainly makes one of the best hardware wallets in Singapore for 2022.
It combines hardware wallet powers with its own Ledger Live feature to ensure the viability of your cryptocurrencies.
Ledger offers various hardware wallets to meet your crypto goals.
Unlike the Trezor, it has a smaller size and has an almost scientific approach when managing your digital funds.
Both the Ledger Nano X and Ledger Nano S make viable hardware wallets, which can be easily linked to the Ledger smartphone app.
Miniature devices, both Ledger Nano wallets are driven by powerful hardware that can support more than 1,800 cryptocurrencies.
This remarkable feature also allows the wallets to mix and match with many other wallets alike.
One issue with the Ledger Nano X is that it is Bluetooth-friendly, and the Nano S is not.
Though many would consider it a perk, when it comes to hardware wallets, Bluetooth as a feature leaves much room for exposure, leaks, and security issues.
On the flip side, the Nano S does not support iOS devices, only Android.
Price:
Ledger Nano S: $120
Ledger Nano X: $228
7. CoolWallet Pro
Features and Specs:
- Credit Card sized 0.8mm(T)
- Compatible with Android & iOS
- Encrypted Bluetooth connection
- EAL 6+ certified Secure Element
- Supports multiple cryptocurrencies (DOT, ATOM, TRX, KSM, USDT/USDJ, TRC20 tokens, Bitcoin, Ether, Litecoin, Ripple, Stellar, BNB, all ERC20 tokens)
- Trading features
- Staking options
The CoolWallet Pro sounds as cool as its name.
A proficient hardware wallet, it allows users to entirely track their assets, as well as sell and receive them.
The wallet is built in such a way that it is portable and easy to use just about anywhere.
It can be compatible with both desktop and mobile devices and supports both iOS and Android software.
Since its size is the one of a real-life credit card, you can actually have your digital wallet inside your physical one – and take your physical and digital assets with you.
Unlike its rivals, the CoolWallet Pro uses renowned software which boosts the security a grade higher and enables users to earn free cryptocurrencies by staking Proof of Stake, or POS coins.
As the latest in hardware wallets, the CoolWallet Pro supports a number of currencies which bare staking features.
This wallet, too, boasts the appearance of a real-life credit card which makes it portable and handy.
To top its premium-level safety features, the CoolWallet Pro can also be liked on a mobile device whenever you receive or sell crypto.
The CoolWallet Pro is a multicurrency wallet, and with it, you can stake ERC20 tokens and later earn respective awards for retaining the coins inside your digital wallet.
The coin rewards can later be claimed on Tron, Polkadot, or Cosmos.
As a mobile-friendly wallet, the CoolWallet Pro pairs up with both iOS and Android devices, and uses two-factor authentication, or 2FA, to boost your security.
A biometric login option is also available as part of the package.
Price: $199
What are Crypto Wallets?
A crypto wallet is your regular wallet but instead of trading paper currencies, it tracks and manages digital cash.
Each cryptocurrency wallet comes with private and public keys that allow users to purchase Bitcoin or other related cryptocurrencies.
At the same time, the wallet introduces digital signatures as a way to authorise the transactions made through it.
Cryptocurrency wallets are digital devices, software, or apps, typically connected to a respective brand website.
That said, crypto wallets are nothing like cryptocurrency exchange accounts.
The key difference between the two is that, when you use a crypto wallet, you have total control over how your currencies are managed.
Whereas, when you decide to manage crypto through an exchange account, or an exchange wallet, the control over the crypto partially pertains to the crypto exchange account itself.
Types of Crypto Wallets
There are currently sixty-eight million and fifteen thousand active crypto wallets today.
Regardless of the cryptocurrency you use, crypto wallets can come in different shapes, sizes, and formats.
All crypto wallet types serve a specific line of users and come with their advantages and downsides.
In essence, crypto wallets belong to one of two categories – hot storage or cold storage crypto wallets.
Types of Hot & Cold Crypto Wallets
Let’s have a detailed look at the hot storage and cold storage crypto wallet types:
Hot Storage Crypto Wallets
Hot storage crypto wallets can only take effect when connected online, be it to a designated app, a desktop software intended for the purpose, or an online servicer, also known as hot storage.
Whatever option you choose of the listed will come entirely free as a service.
However, all these come with a certain risk as well, and given that you are connected to the internet, you can be potentially exposed to online fraud.
Since hot storage crypto wallets can be widely used on mobile devices, too, they enable users immediate access to their digital assets – anywhere and anytime.
Hot storage crypto wallet types include:
Desktop Wallets
Desktop wallets are run through apps installed on your computer. As such, desktop wallets store all cryptocurrencies directly on your desktop PC.
The benefit of using a desktop crypto wallet is having overall and entire control of your assets, without any third-party interference or dependence, in terms of freezing or locking your funds.
The downside here is that all security factors will fall on your shoulders, so you need to think about enforcing crypto wallet backup and suitable malware protection.
Mobile Crypto Wallets
Mobile crypto wallets are also designated apps, this time connected to your smartphone.
Instead of your desktop, with mobile wallets, all funds and operations will be stored and controlled through your mobile phone.
Mobile wallets pair well with both iOS and Android systems and are the ideal choice for quick payments – using the QR code – or for on-the-spot payments.
Much like desktop crypto wallets, mobile wallets also require that you take entire control over the safety of your digital cash – and also, the safety of your device.
Web Crypto Wallets
Web crypto wallets are managed entirely on a browser. The browser can be accessed from both desktop and mobile.
Unfortunately, web wallets don’t allow users entire control over their funds like desktop and mobile wallets do.
This might be problematic for owners who like their cash managed by none other than themselves.
Cold Storage Crypto Wallets
Cold storage crypto wallets are actual devices that allow users to download and take their crypto wherever they go.
Portable crypto wallets have a major asset over hot wallets – the cash and data you have in your wallet will be stored offline instead of online.
It is actually this approach that makes cold wallets far safer than hot crypto wallets.
The cold crypto wallet category offers two types of wallets – paper crypto wallets and hardware wallets.
Paper Crypto Wallets
Aptly named, paper wallets are exactly what you thought – actual pieces of paper.
Now, this paper typically contains all data required to access the crypto assets you have.
Although cold wallets are notoriously safer than hot wallets, with paper wallets, safety might be an issue after all.
Namely, in case you lose the paper containing your crypto data, you risk losing all cryptocurrencies in your wallet.
Not to forget, paper wallets also come with certain limitations, especially when you want to send a portion of your funds.
And since paper and the online world are not really two peas in a pod, managing your crypto through a paper wallet can be time-consuming and delayed.
Hardware Crypto Wallets
Now we’re talking. When it comes to safe trading, buying, and selling of crypto, hardware crypto wallets are King.
They are the true epitome of how cold wallets work and offer maximum security to all crypto owners.
Hardware wallets use private keys to ensure entire protection against online perils.
These keys are saved either on the actual device or sometimes offline, and users can connect them to their PC through a USB drive.
In case the device is connected to the internet, worry not, the private key will not be exposed.
The device typically asks for all details of a transaction and asks you to verify the legitimacy of your data.
Once the transaction is complete, the details will be registered to an online network.
How to Choose a Crypto Wallet?
Choosing the best cryptocurrency wallet in Singapore - or worldwide - is a matter of personal preference.
Before you shop for your crypto wallet, here are some questions to answer first:
- Will I require daily access to my chosen crypto wallet?
- How many currencies am I planning to wallet?
- How much does the crypto wallet cost?
- How is security factoring in the quality of the wallet?
In detail, here are some of the criteria to consider when comparing the best crypto wallets in Singapore.
Crypto Wallet Cost
The good news is – the majority of crypto wallets are free to use.
The bad news (but not really!) is - hardware wallets come at a certain price.
But, in return, they enable you to hold onto your assets for longer, hold a large volume of cryptocurrencies, and stay safe when using the wallet.
If you are serious about your crypto venture, we recommend you go for a hardware crypto wallet, with prices ranging between below $100 and higher.
Crypto Wallet Security
Another key detriment to choosing the perfect crypto wallet is safety.
Storing and preserving your assets safely is paramount for the successful management of your funds and should be considered your highest priority.
This is where you need to dig deeper into research and compare different crypto wallets and their security features before making a final call.
As always, to stay on the safe side and always choose right, a hardware wallet is recommended.
Wallet Mobility
For crypto wallets, mobility means convenience and easy access.
For utmost mobility, online and web-based crypto wallets are the best options to consider – you can access either wherever you go, and on any device you are using.
Easiness of Use
A crypto wallet must be, among other things, practical and user-friendly. A simple layout and easy to navigate menu are crucial when using crypto wallets, especially if you are just breaking new grounds.
For the most favourable use, mobile and desktop crypto wallets are ideal to keep in mind – both options are highly user-friendly and don’t have as demanding setup as other wallets.
Multicurrency Options
Some users tend to manage more than one currency in their wallets.
To do that yourself, you need a crypto wallet that offers multicurrency features.
And, to find one just like it, you need to do deeper research into each brand’s reviews and functions and see who is offering what.
In case you opt to use a crypto wallet for a single currency, it’s always nifty to explore the website and see if the brand offers a designated wallet.
As far as multicurrency crypto goes, hardware wallets are your top pick, since the feature is already part of the package and can hold over 700 coins and tokens at once. Nice.
OS Compatibility
The coin economy requires the support of a decent Operating System or OS.
For this reason, countless users venture towards Linux. Cryptocurrency OS gives you the guarantee that you will fast-track your operations.
It serves you with a variety of tools you might require when managing your crypto account(s).
Crypto and Linux make the perfect match, and even if you are not a Linux fan, we say you still give it a go.
Best Practices for Hot & Cold Crypto Wallets
And now, for the actual tips and tricks to help you maximise your crypto wallet use.
Hot Crypto Wallets: Safety Tips
- It goes without saying but - always download your hot wallet from the official provider. This way, you will avoid succumbing to scams or online hazards.
- Never do a transaction via a public Wi-Fi network. If push comes to shove and you have to, try to install VPN first and then give it a go.
- Smart passwords are essential here. Think clever, combine, remember what you created – the three musts for creating a proper password for your wallet.
- Update your laptop, PC, or other devices used for your crypto wallet. Updates also refer to antivirus software, OS updates, and updating apps that push your hot wallet to perform better, faster, stronger.
- Instead of a confirmation text, try using a 2FA app. For instance, Google Authenticator can add another layer of safety and demand a code for each login try, which puts your hacker worries to ease.
- Do backup. We cannot state this enough – your hot wallet asks that you record your data somewhere safe, or better yet, write them down in an offline setting.
Cold Crypto Wallets: Safety Tips
Cold wallets may be managed offline, but that doesn’t take away the need for security out of the equation.
As cold wallets are isolated, the crypto assets will be safe from the hands of scammers and fraudsters.
However, where there’s money, there’s the risk of exposing it, so here are a few tips to help you keep your cold wallet on the secure side:
- Do a proper backup, and store your wallet data in a different place.
- You can either record your seed phrase on separate papers and disperse them in various locations. You can also engrave the data on a titanium plate, or use the provider’s backup plan.
- Phishing scams are a thing – and scammers will waste no time texting or emailing you to extort information about your wallet. A tip for the future, avoid logging into accounts or websites if the link came in a text, chat, or email.
- Whenever purchasing a crypto wallet, ensure you get the device from the official retailer or ensure the provider is well-reviewed first.
Hot Wallet vs. Cold Wallet
Here are the advantages and disadvantages of hot vs cold crypto wallets:
- Cold crypto wallets ensure high security for your digital coins.
- Cold wallets prevent instant access to your assets when you need them.
- Hot crypto wallets are immediately accessible for all users.
- Hot wallets are more susceptible to online fraud, exposure, and asset theft.
Hot vs Cold Wallets - Why Hardware Wallets are Better
The greatest reason why hardware crypto wallets do the trick better than other wallet types is due to their private keys.
With a private key at hand, users can securely access their crypto assets in the hardware wallet itself.
Private hardware wallet keys grant owners access to their blockchain address, where the assets are.
In simpler terms, you can access the blockchain solely by accessing the hardware wallet.
Cold storage wallets, like hardware wallets, do a superb job of keeping the privacy keys isolated, thus diminishing the risk of exposing your funds to an online scam.
Hardware crypto wallets also let users digitally sign and approve blockchain transactions before the process is completed.
This signature serves to verify that you are the sole owner of that private key.
Faking a signature will be a failed mission without the private key in hand, meaning, no one can get into your business when working with a hardware wallet.
To further add to your safety, a hardware wallet will also offer you to create a PIN and a passcode.
In cold storage, if your hardware ends up stolen, the funds will be backed up by a recovery or a seed phrase.
This phrase usually is composed of a few words that will let you restore your private key.
Some of the essential reasons to consider a hardware crypto wallet include:
Security
Hardware wallets ensure your assets are protected even if your device is not. And, it is not just online scams that hardware wallets shield you from, but also cyber perils, phishing, and malware.
Flexibility
As hardware crypto wallets can use several blockchains at once, owners will be able to manage their coins via the same device, be it a PC or a smartphone.
Also, a single recovery word is enough to back up all of your funds.
Mobility
Practical devices, hardware crypto wallets make for superb mobility.
You can take them anywhere you need them, and you never have to register to any account in order to use them.
To log in, you can either consider some of the available dApps or use a general app.
Trading
Here’s the thing, trading through a hardware crypto wallet is a breeze. Many platforms will allow you to trade your assets from your hardware wallet.
Not to mention, this is the safest way to trade digital riches to date. Hardware wallets exclude placing the assets in an exchange wallet, so the only way to trade is through the wallet itself.
Trading with this wallet also saves you time spent on delayed deposits and problematic withdrawal maximums.
Conclusion
With so many options in play, let’s wrap this guide up with a handy overview of the best wallets in Singapore - and the factors that make them relevant to your goals:
- For users who are planning to manage large volumes of cryptocurrency, and over a longer time frame, a hardware wallet is the best option.
- Users who have the security of their funds in mind first should also consider a hardware wallet before other options.
- Holders who want to have access to their wallets anywhere and anytime will make the most use of online wallets.
- For a more user-friendly alternative, you can always start with a mobile or desktop crypto wallet.
- For those who will be dealing with multicurrency, respective wallet support is the only viable option to consider.
Investing in your future can – and should - happen at any age.
With the world going more digital by the minute and with over 8,000 currencies in play, it should be no news that crypto will continue to dominate the trends.
So, buckle up for a profitable and secure ride ahead and take your pick from the best crypto wallets in Singapore we listed above!
from Dollar Bureau https://dollarbureau.com/blog/best-cryptocurrency-wallets-singapore/
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