As Bitcoin (BTC) reached new all-time highs a few weeks ago, many new investors are searching for the best Bitcoin wallet for Android. We know Bitcoin and crypto storage is a very important thing and topic. This is why we have decided to share with you information about the best Android crypto wallet you can start using right now.
In the next sections, we will understand the reason why it is important to properly store our funds. Although there is no clear answer to which the best Android Bitcoin wallet is, we will share our opinions on the top choices you can make.
Furthermore, we will share a list of the cryptocurrency wallets you can use in your Android device. There are very good options right now in the Play Store. We will try analysing which are their main characteristics and how they can be useful to fulfil your needs and requirements.
How to Store Cryptocurrencies?
There are different ways in which we can store our cryptocurrencies. We can usually buy them using cryptocurrency exchanges and hold them there. But this might not be the safest place to store Bitcoin.
You want to keep some funds in a cryptocurrency platform if you are planning to trade cryptocurrencies. Nevertheless, for long term investing, this might not be ideal. Indeed, it could be somehow dangerous.
Exchanges are usually targeted by hackers. They can easily get access to hot wallets and steal the funds crypto exchanges hold there. This has happened many times in the past. Because of this reason, thousands of users lost millions of dollars worth of cryptocurrencies in recent years.
One of the platforms that were severely affected was Mt. Gox. It lost millions of dollars worth of Bitcoin from users. A legal process is still open in this regards, even after several years since the attack happened.
Due to this reason, the best thing to do is to find the best Bitcoin wallet for Android. Most of us have an Android smartphone. Most of them are very accessible and very useful. Thus, there are several Bitcoin wallets for Android in the market right now.
Despite that, we should know that the safest place to store Bitcoin and cryptocurrencies is a hardware wallet not connected to the internet. Nevertheless, the best Bitcoin wallet for Android will help you hold your funds, use them and invest them in other platforms.
Hardware Wallets vs Software Wallets
One of the main distinctions we can find in the cryptocurrency market is between hardware and software wallets. This will help us better understand which is the best Bitcoin wallet for Android. Nonetheless, we consider that having both a hardware and a software wallet is the best way to handle our digital assets.
Software wallets are easy-to-use wallets that can be installed in both desktops or smartphones. Through these programs, crypto investors can easily hold and handle their funds. For example, it is possible to send and receive funds directly to your wallet. The best Bitcoin Android wallet is going to be a software wallet rather than a hardware wallet.
You will find that these wallets are very easy to use and great for newcomers. Thus, if you are new to crypto, then you can be sure you will feel great using software wallets. They are easy to use, they don’t require difficult set-ups and some of them have fiat on-ramp solutions integrated.
The only negative aspect of software wallets is related to their security. Although most of them are safe, the ultimate crypto security is going to be provided by hardware wallets. However, software wallets are very handy when we want to manage our portfolio and use our digital assets.
In the next sections, we will share with you which are some of the best wallets you can find for your Android smartphone.
Hardware wallets are somehow different. Indeed, they are the safest way to store cryptocurrencies. You will be able to store your funds in a very safe way without being connected to the internet.
The most popular hardware wallets include Trezor and Ledger Nano S / X. These wallets are small devices (the size of a pen drive) that hold the private keys of users. They allow individuals to securely store their funds and avoid issues with their cryptocurrencies.
Software wallets can be connected to the internet. Indeed, if your smartphone or computer are affected by a virus, then your funds could be compromised. This is why the best Bitcoin wallet for Android would have one main vulnerability: if your device is compromised, your funds could be stolen.
This is why users should have two different wallets. One that could be used to store long-term and large holdings and another wallet that can be used on a daily basis.
Which is the Best Bitcoin Wallet for Android?
At the moment, there is no single answer to that question. There are several wallets that could work for your Android phone. By downloading and trying them, you will be able to find the best Bitcoin wallet app Android phones are currently supporting.
The first thing you need to take into consideration is that there is no wallet that would allow you to fulfil all your needs. Thus, the best Bitcoin wallet for Android would be the one that is able to offer as many services as possible in a safe and efficient way.
The best Bitcoin wallet for Android is going to have all the features you need to hold your funds securely. Moreover, it should also be easy to use and light. We don’t want to consume storage from our Android device.
ZenGo Crypto Wallet
ZenGo is one of the most popular and used crypto wallets for Android. Although it could be the best Bitcoin wallet for Android for some of the crypto users, it might not offer all the services everyone is looking for.
This wallet is very useful because it will also allow you to buy and sell Bitcoin (BTC), Ethereum (ETH) and other virtual currencies. Furthermore, you can store your digital assets, earn interest on your funds and track your portfolio.
This could be one of the best Bitcoin wallets for Android if you want to have access to the crypto market. Not all the wallets offer users with a buy-and-sell integration or with lending and borrowing capabilities.
The ZenGo wallet claims that it works with advanced cryptography. They do not use private keys but instead, they hold your digital assets for you. Thus, this is something that other wallets do not offer. It is usually recommended to hold the private keys by yourself in a very safe place.
Coinomi Bitcoin Android Wallet
Coinomi is another wallet for Android users that want to hold their virtual currencies in a safe place. This cryptocurrency wallet is also among the best Bitcoin wallet for Android. Consequently, you should take it into consideration at the time of selecting a virtual currency wallet to store your digital assets.
The wallet is able to offer support for Bitcoin and also more than 1,770 blockchains in the crypto industry. This could be considered one of the Best Android crypto wallets in the world. It is not an easy task to have support for such a large of digital assets. Thus, this can not only be considered the best Bitcoin wallet for Android but also one of the most useful wallets.
The wallet was founded back in 2014 when the industry was still in its infant phase. Over the years, it has evolved as one of the most secure wallets in the space. The firm claims they have never been hacked or compromised to date. Consequently, this can be considered one of the best crypto wallet for Android.
Abra, One of the Best Bitcoin Wallet for Android?
Let’s go to the next of our wallets in this list of the best Bitcoin wallet for Android. The Abra crypto wallet is supporting a wide variety of coins. This includes stablecoins. Users can enjoy the services offered by Abra, including interest on their digital assets, and trading support for 100 digital assets.
Everything will work using a seamless and safe interface for traders. The wallet is also very flexible and simple to use. Their goal is to make the Abra crypto wallet the best Bitcoin wallet for Android. This wallet will not only allow you to get access to Bitcoin but also to many other digital assets.
Moreover, users can start to build their crypto portfolio using the Abra wallet. By funding the account using a MasterCard or Visa card, they can simply start trading digital assets. Furthermore, they can withdraw their funds instantly. This can be one of the best Crypto wallet for android currently available in the market.
Atomic wallet is a decentralized and cryptocurrency wallet that allows users to also perform Atomic Swaps. Atomic Swaps allow cryptocurrencies to be exchanged in just seconds without using intermediaries. This is one of the best ways to hold and handle cryptocurrencies.
Rather than using a centralized platform such as exchanges, users can simply rely on these decentralized solutions to handle their digital assets. Although this can be one of the best Bitcoin Android wallets, it has also been reported many times that users faced technical issues.
Furthermore, by using the technology provided by ShapeShift, ChangeNOW and Changelly, users can simply exchange their digital assets in seconds. This wallet will be great for long-term investors that rebalance their portfolios on a regular basis.
Finally, it is worth taking into consideration that this is a non-custodial wallet that offers support to 300 virtual currencies. This is also a good thing for these investors that like to hold smaller tokens rather just than the largest ones.
Combining Software Wallets with Hardware Wallets
The goal is not to get used to just one wallet but to have access to as many services as possible in an efficient way. This is why combining both hardware and software wallets can be a good option.
As we mentioned before, software wallets are great for portfolio diversification purposes, to manage crypto funds, get access to trading and to use digital assets on a regular basis, among other things. Instead, hardware wallets are designed to offer us the best security available in the crypto market.
That means that hardware wallets will be very useful for us to manage our long-term holdings. Short-term investments are going to be managed using our software wallets. Furthermore, if we want to use our virtual currencies, then software wallets will be very useful.
Once you have selected the best Bitcoin wallet for Android, you can start enjoying the benefits of having both a hardware and software wallets. You can be protected against attacks from hackers and at the same time get easy access to the crypto market through a wide range of services offered by software wallets.
Moreover, the best Crypto wallet for Android is ready to offer you more than just holding your coins but also many other solutions. In the future, hardware wallets could also increase their services to clients and allow them to participate in the crypto industry.
Final Words About the Best Bitcoin Wallet for Android
As we have seen, there are different cryptocurrency wallets for smartphones. We have gone through the main differences between hardware and software wallets and how this could have a large impact on the way we handle our assets.
The best Bitcoin wallet for Android is not going to be perfect. We already know it. Not all wallets are the same. Furthermore, some of them are not as secure as others. This is why understanding how to use both hardware and software wallets is very important.
Additionally, the best Bitcoin wallet for Android is not going to offer support just for Bitcoin. There are several (thousands) digital assets in the market. This is why it is definitely important to find a wallet that would offer us access to most of the crypto blockchains available. In terms of portfolio diversification, this is going to be a key thing.
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