Best Mobile Wallets for Trading Crypto

Are you constantly on the go? Or do you just hate the inconvenience of being chained to your computer to manage your crypto? Well if that's you, then chances are that you can benefit from a top-notch crypto mobile wallet. All that begs the question. What is the best crypto mobile wallet? Well, in this chapter I'm going to answer exactly that. I'm going to reveal my five favorite crypto wallets and tell you about the pros and cons of each. To kick things off, I'm just going to give you a brief overview on why you might consider using a crypto mobile wallets in the first place. You don't need a rocket scientist to tell you that a crypto mobile wallet allows you to manage and store your coins on your smartphone. So why bother with all the hassle of downloading an app setting it up and moving your coins off an exchange? Well most crypto newcomers do not know this, but keeping your crypto on an exchange is almost never a good idea. The reason why is that when you keep your coins on that exchange, you're more or less giving up ownership and control of your coins. After all, that exchange holds the private keys to your crypto. What that means is that you are forced to trust the crypto exchange and it also means that if it's hacked then you can literally lose all your funds. Am I sounding like a paranoid conspiracy theorist that feeds off scare mongering? Well it's probably for good reason. Hacks actually happened quite frequently in the crypto space. One of the most famous examples of that was the MTGox hack which saw over 850,000 Bitcoin liberated from the exchanges coffers. More recently an Italian exchange called BitGrail got hacked for 170 million dollars in crypto and you then had problems over at the largest Canadian exchange Quadriga CX which led to users losing over 119 million dollars. Honestly I could write a whole book on going through all the different exchange hacks but I won't bore you with all that. I think you get the picture. Another thing to know is that there are also some exchanges suspected of running fractional reserves with some users reporting issues when it comes to getting their funds off the platform and withdrawing them. That is why so many people in the crypto burse repeat the same phrase to crypto newbies; “not your keys, not your crypto”. Seriously, those coins you think you own on an exchange are merely a promise from that business that you earned them and nothing more. So that's basically one of the main reasons people use offline wallets where you hold your keys. Mobile wallets also have the added benefit of portability and being easier to access. Let's face it, we're all glued to our smartphones now days. That means they're also ideal for actually buying things at bricks and mortar stores with crypto being able to check your balances on the go and sending or receiving a payment or two. I want to share my five favorite mobile wallets with you now. That way you can own your private keys and access that crypto wherever you are.

At the number five spot I have the Ledger Nano X. The Ledger Nano X is a hardware wallet that allows you to store your crypto on a physical device which looks similar to a USB Drive. These devices store your private keys within the device itself and don't expose them to the outside world. All that literally defends the keys to your crypto fortune against a plethora of cyber attacks and secures them with a pin number. That means that any would-be crypto thief is going to either have to get your device in their hands and know your PIN code or they can try and guess your twenty word Recovery seed. The Ledger Nano X also comes with a top notch mobile app for Android and iOS called Ledger Life. The app pairs with your hardware wallet device via bluetooth and allows you to securely manage the 1,000 different cryptocurrencies that are supported by the device. Another cool thing is that the app can be secured by either touch ID or face ID for that extra peace of mind. So what does this app allow you to do? Well you can manage your ledger balance see your transaction history and send or receive funds. All that whilst enjoying Fort Knox levels of crypto security. Now you might be wondering why I have this top-of-the-line crypto hardware wallet at number five. Here's the downer. If you want to actually send a transaction using the app, you'll need that Ledger Nano X with you. That's because you need to authorize any transaction you send on the physical device itself. That means that if you are out and about and have forgotten to bring your Ledger Nano X along you won't be able to send any payments at all. Also imagine the hassle of trying to buy something in a bricks and mortar store with that kind of setup. It's simply not the fastest or most elegant solution out there. Truthfully, other mobile wallets do a way better job when it comes to actual real world crypto payments. Another thing to note is that it's obviously great to have the best crypto security money can buy, however is all this fuss really worth it if you're literally going to spend a few dollars buying that coffee from Starbucks. For that kind of use case it's a bit like getting a safe installed in your house to store a five dollar bill, a little overkill on the security front. The final issue I have with ledger live as a mobile wallet is that it might encourage some pretty big HODL-ers to walk around with that Ledger Nano X in their pocket. After all most people get these devices to store quite large amounts of crypto securely and that's typically thousands, tens of thousands or even hundreds of thousands of dollars in crypto currency. I don't know about you but I don't think it's a good idea to be walking around with that kind of money in your pocket. You're nearly begging to get mugged. All that being said, I do own several Ledger Nano X’s. The reason why is due to the device supporting over 1000 crypto currencies literally you could close your eyes and point to a random coin on Coinmarketcap and the chances are you could store it in a Ledger. On top of that, Ledger is the most secure wallet I know of. Literally the only security breach I have heard of is when scams buy Ledger's open them up to generate that recovery seat and resell them to unsuspecting people. The crooks then sit there and wait for the buyer to ship their crypto into their ledger and access it using the recovery seed. The good news is that you can avoid that problem entirely by only buying this device from the official Ledger store. So who is the Ledger mobile wallet for? Honestly, if you want to go out there and spend crypto in stores then I recommend you choose another wallet from my list. However if you're the type of chap that loves trading big amounts on their mobile away from a computer, then you should certainly consider using Ledger as a mobile wallet to store those funds securely as soon as you've finished that trading session. Entrepreneurs who don't have access to their laptop constantly and often need to make pretty sizable and time-sensitive crypto payments to keep their business running, could certainly benefit from a Ledger Live and Ledger Nano X combo. To get your hands on that Ledger Nano X, you'll need to shell out 119 dollars and the Ledger Live app is entirely free. For that money you get the best crypto security money can buy. However I somehow doubt that this sort of cost is worth it for most mobile wallet users. Particularly when you consider the practicalities of using it on the move.

At number four I have the Coinomi mobile wallet. What you need to know is that Coinomi is one of the OG-s in the crypto wallet space and that it's been kicking around since 2014. Coinomi only offers a completely free mobile version of the wallet for both iOS and Android. The main driver behind the popularity of this wallet is that it supports over 1,700 crypto assets. So if you like to speculate to accumulate and dabble in your fair share of low cap altcoins then Coinomi is the mobile wallet for you. Honestly, the mobile app is super clean and I'm a massive fan of it's easy to use interfaces. Another area where this wallet excels is in privacy. That sank to the people at Coinomi hiding your IP address which means that if you're the kind of person that likes to view a bit of paid for raunchy content on the go then this wallet is the way to go. Also your private keys are stored securely on your phone and not on Coinomi servers that means you have full control of that crypto. The Coinomi app also makes tax reporting easy by allowing you to export all your transactions in just a few taps. It's also compatible with crypto domains like .crypto, .eth and .dill which means that you can send and receive crypto easily to and from this app, using that hot crypto domain you might have purchased. Another top feature of this app is that it allows you to cold stake a bunch of coins and earn passive income within the wallet app. Also you can trade cryptos using the app thanks to its integration with Changelly. If you want to make store purchases using a mobile wallet, then Coinomi has you sorted with its QR code scanner. However some users reported that the app crashed while trying to use this feature a few months back. I've not had any issues with that but that might be something to watch out for. Finally the app has full support for ERC71 tokens which means you can store access and manage your earth collectibles from your smartphone. So is Coinomi the wallet for you? Well, if you're the type who either likes to hold exotic coins, values privacy and has got into Ethereum based collectibles then you should certainly check out this wallet.

At number 3 I have the Trust wallet. This really is a first-class option for anyone wanting to carry their crypto on their mobile. The app is free and you can get it on both the Apple app and Google Play stores. Trust wallet is yet another mobile crypto wallet and it's even able to interact with decentralized applications through the app, thanks to its web free browser. What that means is that if you're partial to a bit of dap gaming then Trust wallet has you covered. The app is completely open-source. That means that the underlying code is open to anyone to audit and check out. In the crypto space this is viewed favorably because it means that the community is able to vet the code and confirm the security of the app. Another bonus is that this wallet works perfectly with the KNC network protocol and the Binance decks. What that means is that you can make instant decentralized trades through the app with no fuss. Those that are inter staking have not been forgotten about in this mobile app either. Here you can stake the likes of Tezos, Tron and Cosmos. When it comes to coin support, Trust wallet supports a ton of them. That means pretty much every major cryptocurrency all ERC 20 tokens and all tokens issued on Binance chain or the Tron blockchain. Speaking of Binance, the king of crypto currency exchanges has made Trust wallet their official wallet after acquiring the app back in 2018. A pretty strong endorsement indeed. In short, I believe that Trust wallet to be the perfect option for pretty much anyone wanting a free multi crypto wallet app.

I've given the second spot to Atomic wallet. If you like the idea of beautiful looking interfaces, then I can nearly guarantee that you'll love this wallet. The mobile app is available via the Google Play and Apple app stores so you can get your hands on this wallet regardless of what smartphone you have. One of the key selling points here is the large number of coins you can stake within the app. Right now you can generate passive income on the go with all the coins right here. You can also buy and sell crypto within the atomic wallet app due to its integration with Shapeshift and Changelly. There is however the option to buy crypto with fiat however the minimum fee is $10 and you'll end up paying about 7% in fees. That's frankly ridiculous and I recommend you look at other options if you want to do that. Atomic has got that QR code scanner so if you want to hit the high street and pay for that item with crypto, then it's no problem with this mobile option. So who is Atomic wallet for? Well honestly if you're looking for a great looking mobile wallet with some of the best staking support out there then you should definitely give Atomic wallet a try.

Now it's time to discuss my mobile wallet champion and it's going to have to be Exodus. The Exodus wallet app is literally the most beautiful crypto app I've ever seen. The portfolio tracking screen is stunning, which makes it super easy to monitor your portfolio and see what the state of play is at just a glance. You can even secure the app with face or touch ID and Exodus encrypts both your private keys and transaction data on your phone so that no one but you can access your crypto. When it comes to coin support, Exodus is highly likely to have you covered with over 100 different cryptocurrencies supported. If you are a pro altcoin prospector then it's unlikely you will be able to find support for those random altcoins so you're probably better off using the likes of Coinomi. The Exodus mobile wallet also has an inbuilt exchange which makes it super easy to make those trades when out and about. Really useful if you ask me however a word of warning; you will pay a premium for the convenience of using that inbuilt exchange and to spread it between 2% to 5% is charged by Exodus on every trade you make here. To put that into context the decentralized exchange Changelly charges just 0.25% in fees per transaction. So if you use Exodus to trade you'll be paying through the nose for that convenience. Still, this is basically how Exodus manages to fund such an amazing free wallet service. This app does have a QR scanner feature which allows you to send or receive crypto effortlessly. That's pretty handy if you found that store which accepts crypto and you don't want to mess around when it comes to paying at the checkout. Something that I really respect Exodus for, is that they're the only crypto wallet company I know of that offers 24/7 live chat support. That's customer support with a real human being. You can access that within the app and get those questions you have answered within minutes. Finally, one other thing I need to let you know is that there is no flexibility within Exodus to choose your transaction fees. You will literally be forced to send every transaction with a default fee. That's not normally an issue for me however if that matters to you then you might want to use a different option. Who is Exodus for? Seriously, whenever any of my friends ask me to recommend the mobile wallet, I always suggest Exodus first. In my opinion it's the most beginner friendly wallet out there. It has that 24/7 customer support, great coin support and it looks beautiful. There are a few features I'd like to see added like the ability to change transaction fees and the wallet lacks some of the features that other wallets on this list have. Still with all that said I think that Exodus is probably the best mobile wallet for the vast majority of people out there. I would definitely recommend you give it a go.

That's my lists for the top 5 mobile wallets in crypto. Honestly, the best mobile wallet for you will depend on a variety of different factors like what coins you want to store and ultimately how you intend to use it. There is no one-size-fits-all here. I do want to talk about how I personally use mobile wallets and give you a few handy tips. Now although the wallets mentioned are all pretty safe in my book mobile wallets in general are more vulnerable than other types of options like Hardware wallets. So I really would not recommend that you store any meaningful amount of funds on them. However mobile wallets are still a sight better than leaving your funds on a crypto exchange. Personally I always keep the vast majority of my crypto portfolio secure in a Ledger Hardware and only keep $100 or so in my Exodus mobile wallet. That's convenient when I come across a cafe that accepts crypto or I want to send my mate some to play around with. However it seemed that I hardly ever spend more than that when I'm out and about. It doesn't really make sense to keep hundreds or even thousands of dollars on a mobile wallet. It's a bit of a pain having to carry around your Ledger Nano X to send a transaction with the ledger live app. However I would honestly recommend using that solution if you intend to make any big ticket purchases with crypto. So if you are heading off to the Lambo dealer to get your hands on that fancy supercar for the love of God, don't load up your exorcist mobile wallet with a few hundred thousand dollars worth of crypto and bring that to the dealership. If that were me I would go with the slightly cumbersome Ledger Nano X and Ledger Live combo.

To check out these wallets, please visit the following links;

-Ledger Nano X → https://shop.ledger.com/pages/ledger-nano-x

-Coinomi → https://www.coinomi.com/en/

-Trust wallet → https://trustwallet.com/

-Atomic wallet Apple Store →
-https://apps.apple.com/us/app/atomic-wallet/id1478257827

-Atomic wallet Google Play Store →
-https://play.google.com/store/apps/details?id=io.atomicwallet&hl=en_GB&gl=US

-Exodus → https://www.exodus.io/