Perhaps you've finally decided to start your cryptocurrency savings or investments but don't know where to start. Many apps, devices and web pages claim to be the best option, but how do you choose your first cryptocurrency wallet and ensure it's the best one for you?

This article will introduce you to the main types of cryptocurrency wallets to understand which type of wallet is right for your purposes, make an IQ Wallet review and learn how to use IQ Wallet. 

Types of electronic wallets
Types of electronic wallets

Types of cryptocurrency wallets

So, what types of crypto wallets are there?

There are several types of crypto wallets, and they all work fine. But they differ in several important aspects and even have different features and/or use methods. So let's check them out.

  • Cold wallets. They keep funds wholly disconnected from the internet for more security. In this category, we can find hardware wallets (small devices specially designed for this purpose), paper wallets (cryptocurrency addresses to accept funds exclusively) and professional vaults (such as safes/safes offered by companies).
  • Hot wallets. These are the ones with funds always available online. We can find the easiest to use and primarily free crypto-wallets such as web pages, apps, and browser extensions in this category. They do not require advanced knowledge to use and can be very secure if users take some precautions.

In addition to these two types, we can also classify them differently without excluding them from each other. 

In addition to these two types, we can also classify them differently without excluding them from each other.  

  • Custodial wallets. They have an intermediary part (usually a company) that holds the funds and protects them on behalf of their clients. They are generally easy to handle because they need to register and/or download an application. The downside is that this intermediary may even censor transactions and freeze funds (like a bank). You will never get your private key there, mandatory to restore funds in another wallet without help or permission. You will be dependent on the withdrawal of funds by the platform or app.
  • Non-storage wallets. They have no intermediary between the user and their cryptocurrency. Of course, there are companies and developers behind such software and hardware, but they do not control the funds at any time. Instead, if registration is required, the user gets a unique private key to move their cryptocurrency at will at any time. The complexity of using this type of wallet can vary depending on the platform or device.

What do you have, and what do you need?

Well, it's time to think about what ingredients you need to make a good recipe. So, you have to answer these questions first:

  • What device will the wallet be stored on (if it is a software wallet)? What OS and capacity? (Windows, Linux, Android).
  • How often do you think you might open and use your wallet? Several times a day? Once a month? Once a year?
  • Do you only need to handle one cryptocurrency or several? How many and which ones?
  • How many funds do you keep there? Enough to require additional security?
  • How confidential do you want your data to be?
  • Do you mind if others protect and manage your funds for you?
  • How much are you willing to spend on a cryptocurrency wallet? (From free to several hundred dollars).
  • Do you want to access other features with cryptocurrencies, such as exchanges and smart contracts?
  • Can you learn any interface quickly? Or maybe you want something as user-friendly as possible?

Perhaps you need paper to write down your answers to don't forget them. Once you have considered these personal preferences and circumstances, we can move on to the next stage. This is to check the alternatives available.

IQ Wallet review
IQ Wallet review

IQ Wallet review

IQWallet is a custom application running on Android and iOS that allows you to securely store crypto assets of various networks (blockchains). 

IQ Wallet is a non-custodial wallet with independent wallets that are created for each user. Wallet balances can be checked in any blockchain scanner and will always match the balance in the app.

Direct unloading of crypto wallet private keys directly from the app with the unload protection feature and the BIP39 independent key recovery protocol by mnemonic phrase (PASS phrase).

Server PIN for the app, which is set by the app owner at the time of setting up. The PIN cannot be bypassed locally without knowledge of the PASS phrase.

Biometric protection as an alternative to PIN code authorisation of meaningful actions in the Application.

Why choose an IQ Wallet?
Why choose an IQ Wallet?

What are the benefits of an IQ Wallet?

Users who want to use IQ Wallet in the Philippines can count on the very important benefits of the wallet:

Multi Currency - support for major network coins and tokens. Storage, sending and receiving of 50+ crypto assets with expandability.

Reliability and security - non-centralised storage with direct upload of wallet private keys.

Built-in exchange - easy one-click swap of crypto assets directly from the app with no registrations or verifications.

What features does IQ Wallet have?

Swap crypto assets directly from the app

 IQ Wallet's crypto-asset exchange solution combines the advantages of decentralised (DeFi) and centralised exchanges. 

  • The exchange is done through the actual sending of a blockchain transaction with the physical delivery of the crypto asset through a counter transaction.
  • No forms, paperwork, selfies, KYC verification is required.
  • Interchain exchange between different blockchains is supported, including swapping the same project between networks.
  • No daily/weekly/monthly exchange limits for users.
  • Fixed exchange rate for the exchange duration with recalculation after the time limit is reached.

Uninterrupted control of own assets on one side and ability to swap coins, tokens of different blockchains without restrictions on the other side.

Killer feature: adding your token

  • IQWallet supports* adding any token in ERC20, BEP20, TRC20 networks.
  • All you need to do is enter the Smart Contract address of the respective token.
  • When any user adds a new token, the token appears in the Finder for all Wallet users.

Thus IQ Wallet works on the principle of all assets in one place, supporting all tokens of the major networks.

This functionality is under development.

How to start using an IQ Wallet?
How to start using an IQ Wallet?

Tips and advice for choosing a crypto wallet

Always choose reliable and secure wallets before installing anything or registering on any random web page. Look for reviews and actions.

It would be best to think about your needs in the short and long term. For example, you may want to save some cryptocurrency right now.

Always download or sign up for the official brand channels. Ensure the URL is correct so that you don't fall victim to a scammer. 

General security to prevent malware: keep your operating system, applications and antivirus updated. Never trust emails asking for personal data, especially about private keys.

Finally, and perhaps most importantly: if they give you private keys, you are the only one responsible for it. The wallet doesn't have it. The company doesn't have it. No one in the world has it. You are the only one. So when they say keep it safe and back it up, they mean precisely that. There will be no such option as "Forgot your password?" this time. If you lose your private key, you will lose your funds forever. So take care of it!

Ways to store cryptocurrency

There are several ways to store cryptocurrency:

  • Online cryptocurrency wallets are hosted on websites and give users access from any computer device.
  • With mobile crypto-wallets hosted on mobile gadgets, the user has access to their money at any time, with access to the internet.
  • An exchange-based cryptocurrency wallet is hosted on a cryptocurrency exchange website.
  • A software crypto wallet is a program installed on a personal computer. The keys to such a wallet in the form of an encrypted code are available to the user of the computer device.
  • Hardware crypto-purses are devices that resemble an ordinary USB stick. Hardware-based crypto wallets have their software.
  • Paper crypto wallets are created on a separate website and printed out by users.
  • Browser-based crypto-wallets work in the browser and are extensions in Google Chrome.
  • Deposit crypto wallets hosted on an exchange platform.
IQ Wallet is a multi Currency crypto wallet with built-in exchange
IQ Wallet is a multi Currency crypto wallet with built-in exchange

Summing up

There are many ways to store your digital capital. For example, a crypto wallet can take the form of a piece of software, cloud service hardware device, etc. (online and offline solutions). 

It is essential to understand that a cryptocurrency wallet does not store the coins directly. i.e. it is not the same as a regular wallet for regular money. Instead, a digital wallet allows you to access the coins stored in blockchain by entering a key chain: public+private. 

IQ Wallet includes essential benefits such as multicurrency, built-in exchange and reliability. You will be able to store various crypto-assets in one wallet, exchange and not have to worry about your funds. IQ Wallet also offers partnership opportunities: Refer users to IQ Wallet and receive a percentage of their transactions. 

All affiliates receive Affiliate accounts to record affiliate groups and accrued remuneration and individual affiliate links to attract Users.

Learn how to invest, earn and keep your funds. Good luck! 

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The financial services provided by this website carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose