Are iOS Crypto Wallets Safe?

Despite recent market setbacks, demand for top crypto tokens remains high, which is why your priority should always be the safety of your tokens.

The decentralized and unregulated nature of cryptocurrencies is a double-edged sword. On the one hand, it allows individuals to transfer nearly unlimited amounts of money without restrictions. Unfortunately, this makes it extremely easy for cybercriminals to steal your assets.

So, if you intend to use cryptocurrencies such as Bitcoin or Ethereum, you first need to get yourself a good crypto wallet.

Recommended iOS Crypto Wallets

To help you, I’ve put together a list of the best iOS crypto wallets to store your tokens. These wallets have solid security features and a proven track record of quality. So, let’s start it off with:

1. Trust Wallet

Trust is an all-in-one solution that lets you send/receive various cryptocurrencies and even NFTs. Other financial services provided by this app include staking, which allows you to earn interest on your deposits. With this app, you can even play blockchain games and access DApps along with DeFi platforms.

2. Crypto.com

The Crypto.com app functions as a wallet that makes it possible for users to trade send, and receive a variety of cryptocurrencies. From Bitcoin to Ethereum, do it all on a single app. And because a reputable exchange provides it, you can rely on Crypto.com.

3. Binance: Buy Bitcoin & Crypto

Binance wallet provides support for more than 600 different cryptocurrencies, an offering from the world’s largest exchange. As an added plus, it even allows you to convert your cryptos into fiat currencies for free. And if you’re looking to earn interest on your cryptos, you can stake them for a return of 14.5%.

4. Exodus: Crypto Bitcoin Wallet

Exodus is designed to be a sleek and secure cryptocurrency wallet. Despite its name, the wallet supports more than 100 different types of tokens. These include Bitcoin, Ethereum, Ripple, and Litecoin, to name a few. It has a proven safety record and, like other wallets listed here, offers up options for staking.

Why Should You Be Wary of Cryptocurrencies?

But at the same time, the pseudonymous nature of cryptos makes it extremely easy to steal. First of all, cryptocurrencies like Bitcoin exist exclusively in the digital space. Transfers are impossible to track and trace. Thus, making it difficult for law enforcement to prosecute cybercriminals.

This makes crypto wallets a desirable target for hackers and scammers. Hackers routinely target wallets and exchanges to steal large quantities of cryptocurrencies before vanishing. At the same time, hackers use a combination of social engineering and phishing to steal financial information for their own gains.

One example of this is the collapse of Mt Gox, which resulted in the theft of tens of thousands of Bitcoins. To add insult to injury, the hackers allegedly got away with most of their haul, with only some of the stolen tokens recovered.

So all of this begs the question:

Are Crypto Wallets Safe?

The answer is a resounding yes. Despite these incidents, cryptocurrency uptake is rising faster than ever. And because of this, even reputable brands like Lloyds have begun offering cryptocurrency insurance. These insurance schemes cover the cost of any losses incurred by theft or hacking.

Besides purchasing insurance, you should also consider using a cold wallet. These devices store your tokens offline, which prevents hackers from accessing them. That’s because cold wallets do not have to be connected to your computer to work.

But keep in mind that if your cold wallet interfaces with a compromised computer, your tokens can still be stolen. Also, remember to save backups to prevent any loss if your cold wallet gets lost or stolen.