For this guide, we have chosen to focus on android-based wallet apps. Here, we will discuss what it means to use an android wallet app, the benefits, the potential risks, and factors to consider when choosing the one that best suits you.
What Are Android Wallet Apps?
Wallets are the de facto storage tools or software for cryptocurrencies. These tools enable security protocols that allow users to store their private keys, which is required to access or confirm the ownership of digital assets. However, note that the word “wallet” encapsulates a broad array of technologies designed to shield holders’ private keys. In essence, we have different types of cryptocurrency wallets. One of them is the android crypto wallet, which avails a system that allows crypto holders to use their smartphones to store private keys. Once you install the appropriate app and enable its wallet services, it becomes easier to access your crypto funds at the tap of a button.
However, as it is with all other types of wallets, the android crypto wallet has its risks. But before we discuss the potential risk of using mobile wallets, let’s first highlight some of its benefits.
What Are the Benefits of Using Android Mobile Wallets?
Mobile wallets provide instant access to funds. In other words, a majority of people adopting this system of crypto storage do so to capitalize on its ability to allow them to spend or transfer cryptocurrency anywhere with their mobile phones. Another reason is that downloading a wallet app is way better than web-based wallets that are susceptible to phishing attacks. It is common for scammers to lure crypto holders to click on fake websites disguised as the official websites of mobile wallets to dupe them of their holdings.
On the contrary, adopting a mobile wallet entails that holders download apps and bypass the process of verifying the authenticity of wallet websites every time they want to carry out transactions. Apart from shielding users from phishing attacks, mobile wallets are increasingly adopting technologies that allow users to perform a lot more activities other than receiving, sending, and monitoring crypto holdings. Now, crypto holders can switch coins effortlessly, as some mobile wallets have inbuilt exchanges that provide trading services for specific crypto pairs.
Likewise, mobile wallet providers have continued to tinker with security protocols to ensure that their system is safe from hacks. As such, the security of mobile wallets, in general, is slowly experiencing a facelift. However, there are flaws associated with this model of crypto wallets, which will be discussed in the next session.
What Are the Potential Risks of Using Android Mobile Wallets?
Android mobile wallets are native on mobile devices where they were activated. Simply put, it is not possible to access a mobile wallet domiciled on a particular mobile phone on another device, except specified by the wallet provider. Hence, users of crypto mobile wallets must ensure that their phones do not fall into the wrong hands or damage, which is harder than it seems. Chances are, your phone will develop a fault or you might lose it to thieves. When this happens, you run the risk of permanently losing access to your funds, except if you have the recovery phrase necessary to recover the wallet. And in cases where the thief is an experienced hacker, it is possible to wipe your wallet clean even before you are halfway done with the process of recovering your wallet.
Another threat revolves around the laxity that defines Google Play’s capacity to authenticate apps listed on its marketplace. There are instances where scammers disguise malware as mobile wallets to fool unsuspecting crypto holders to entrust the security of their assets to them. More concerning is the fact that some illegitimate entities go as far as to clone popular android wallets' names and logos just to spur more people to download their apps.
How Can Users Circumvent These Risks?
In light of these apparent risks, it is advisable to always ascertain the authenticity of the mobile app you are looking to download. It is preferable to download mobile wallet apps directly from the official website of the wallet provider. By doing so, you can rest assured that you are not exposing yourself to threats that could rob you of your crypto holdings.
Furthermore, we strongly suggest that you become familiar with the recovery process of the android mobile wallet you eventually opt for. In most cases, these services require that you store a recovery phrase and provide it at the point of reactivating your android mobile wallet on another device. While this a given, you should, however, ensure that you do not lose or reveal your recovery phrase to anyone you do not trust, as this is the only way you can claim lost wallets.
Better still, you should ensure that you only store small sums of cryptocurrencies on your android wallet. By adopting this measure, it becomes possible to curb the consequences of compromised android mobile wallets. Instead of solely relying on mobile wallets, you can store a large fraction of your holdings on a hardware wallet and keep the remaining on the android mobile device for easier access.
What Are the Factors Integral to The Efficacy of An Android Wallet?
Having discussed the fundamentals of android wallets, the next session will introduce you to the factors to consider when you are on the lookout for a suitable android-based mobile wallet.
The Number of Jurisdictions Supported
Since you are researching on how to pick the best android wallet in the market, we will assume that transacting and owning crypto in your location is legal. Before going all out to adopt an android wallet, you should verify that its business framework caters to crypto holders domiciled in your present location. If not, it is a complete waste to dedicate your time and resource to research a product that you might not eventually have access to. It is when you are sure that the wallet service is available in your jurisdiction that you can start worrying about its efficacy.
The Number of Cryptocurrencies It Supports
One of the core factors that should feature in your research is the number of cryptocurrencies the android crypto wallet of your choice supports. It is not a must that the ideal android crypto wallet supports a wide array of cryptocurrencies. Here, what matters is how well the platform enables a system that is compatible with all of the cryptos it claims to support. And so, it does not matter if the android crypto wallet under review is strictly for bitcoin, so far it avails premium bitcoin wallet features. But then, a crypto practitioner looking to adopt a diversified portfolio might find it inconvenient to download the best android bitcoin wallet alone. In this case, opting for a siloed android wallet is far from being the ideal choice. Instead, such an individual will find multi-coin android wallets a better option. If you fall under this category, then you ought to ascertain the quality of the support system incorporated for each identified cryptocurrency.
The Security System of The Android Crypto Wallet
After researching compatibility, the next bit of research should revolve around the security features of the android wallet. Here, you ought to verify that the wallet under review implements all of the necessary security features necessary to keep your assets safe. For one, the crypto wallet must come with the level of encryption required to shield users’ private keys from prying eyes. Then, it is advantageous to go for android crypto wallets with two-factor authentication systems. With this feature, it is almost impossible for an unauthorized entity to access your account, as it incorporates a secondary layer of an identity verification system that makes it a lot more difficult for hackers to utilize stolen identities to steal crypto assets.
The Reputation of The Android Crypto Wallet
While researching security, ensure that you dig into the track record of the wallet. It is vital to check that the android crypto wallet you are considering has a good reputation as regards the efficacy of its services and the viability of its security system. You should try as much as possible to avoid wallets managed by individuals or entities that have at one time or the other been associated with scams or poor services. You can do this by researching the team managing the platform as well as its track record when it comes to delivering quality services.
The Customer Support Culture of The Android Crypto Wallet
Customer support is another vital factor that you should look into. Note that it is an android crypto wallet provider with good customer support culture that can offer you timely help when you encounter a snag while utilizing any of its platform’s features. Hence, you should ensure that the android wallet you eventually opt for adopts topnotch mechanisms that provide 24/7 customer services and a wide array of communication channels. More importantly, do not forget to check that the service provider offers customer support in your language, which you will agree makes communication easier.
User Experience and Beginner-Friendliness
When gauging the suitability of an android crypto wallet, it is good to examine the app’s user-friendliness. Hence, you should ascertain that the platform’s interface is simple enough to allow you to go about storing and authenticating transactions without any fuss. Also, you should go the extra mile to ensure the apparent difficulty of the app aligns with your technical prowess. You do not want to adopt an android cryptocurrency wallet that is seemingly too advanced for you.
As mentioned earlier, mobile wallets are integrating additional functionalities to boost their appeal to crypto practitioners. For one, some android wallets are compatible with hardware wallet devices. In other words, they can function as a payment gateway where you can simply plug in your hardware wallet and execute transactions. Likewise, we have those that allow users to access their wallets on multiple devices. With this, a crypto holder can manage the same android crypto wallet on all of his/her mobile devices. Furthermore, we are seeing a growing number of android wallet providers opting for coin swapping features that make exchanging crypto a tad easier. Regardless of the array of features available on an android wallet app, what really matters is whether they align with your needs. It is not advisable to adopt a wallet with features that do not contribute to the efficacy of your crypto activities.
How Did Cryptolinks Compile Its List of The Best Crypto Wallet App on Google Play?
Seeing that crypto practitioners are often in a dilemma when trying to choose the best android crypto wallet, we have decided to provide all of the resources needed to help our readers make a good decision. This guide includes our list of the best android crypto wallet in the market, which we researched via an organic methodology requiring the analysis of the platforms’ features up close.
Also, we did consider the recommendations listed in this guide when determining the efficacy of the reviewed wallets. We analyzed the viability of the infrastructure made available to supported coins. Here, we ascertained that each android wallet app had the right system to facilitate quality wallet services to its chosen cryptocurrencies. For instance, if the platform only offers storage features for bitcoin, then it must as well be the best bitcoin wallet for android users. Next, we examined the security features of each platform, with 2FA and bank-grade encryptions serving as our yardsticks to gauge their viability.
Thereafter, we considered the customer support systems of the platforms under review. We emphasized on 24/7 accessibility as well as the availability of flexible feedback mechanisms. After analyzing customer support, we researched the user and beginner-friendliness of each platform. To us, the simpler the design of the app, the better. We also put the spotlight on the reputation of the apps under review. To do this, we examined their track records and checked for blemishes that could indicate one or two discrepancies in the adopted business model.
Lastly, we assessed the platforms’ additional features. We ensured that the extra tools and functionalities were useful for everyday crypto practitioners. After we had examined the efficacy of the reviewed android wallet apps, we found 35 android crypto wallets worth mentioning on our website. Ensure that you read each wallet’s review listed below before making a final decision.