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Crypto wallets are digital, encrypted wallets that work in much the same way as other e-wallets, but instead of regular currencies (USD, GBP, EUR, etc.), crypto wallets are used to store, receive, pay, sell, buy, and trade cryptocurrencies (BTC, ETH, XRP, etc.). If you have never paid, received payments, or traded in cryptocurrencies before, then you probably do not have a crypto wallet yet. If you are interested in using cryptocurrencies, you will most certainly need one though. Check out the tips we have to help you choose the right cryptocurrency wallet.
Support for Realtime Exchange Rates and Conversions
Every cryptocurrency website you visit will show you the current exchange rates, but that does not necessarily mean the rates they are showing are updated in real time. There is also a big chance that the site is only showing you the exchange rate, and not the amount you will be receiving after the crypto exchange deducts its commission from the exchange. For example, okx.com shows you exactly how much of what currency or cryptocurrency you will be receiving after a sale, in real time. What you see is what you get, and that is the kind of transparency that you should expect from a crypto wallet provider/crypto exchange.
Wide Support for Cryptocurrencies
If someone wants to make a payment in Ripple and your wallet only supports BTC and Ether, then you may lose out on a sale despite having a crypto wallet. In case you wish to invest in a comparatively newer coin with high potential for the future, but your wallet doesn’t support it, that too is an inconvenience that the user should not have to suffer through. Try to choose a crypto wallet that supports a wider range of cryptocurrencies and updates its list regularly. At the very least, your wallet should have support for all the major cryptocurrencies and not just bitcoin.
Reasonable Fees
Experienced crypto traders will often turn their investments into a source of regular income though day trading. It’s not an easy job, but those who know how to watch the market and make use of the latest AI-prediction models will reap huge benefits from it over time. Since day trading involves making multiple transactions every day, day traders must skip crypto wallet providers that charge a high fee per transaction and does not make any special plans available for day traders.
Most new investors have no interest in day trading, but you should still never choose a cryptocurrency wallet that charges an unreasonably high fee. Check the competition and compare their charges and plans before opening your crypto wallet account. Also, ensure that they are not planning to charge a hidden fee later. Even if you sign up with the wrong exchange, you can always open a new account with a better one later. If you are just getting started, keep your initial usage low to find out how much money you are losing out by choosing them.
