21:20Bitcoin in Your Pocket: Best Crypto Mobile Wallets of 2021
Exodus — best for beginners
A major strength of the Exodus wallet is its extreme ease of use enabled by its clean and polished user interface, which is mostly devoid of the distracting and confusing complexity that most expect crypto users to be forced to endure.
Exodus wallet also allows its users to stake tezos (XTZ), cosmos (ATOM), and VeChain (VET), supports cryptocurrency-enabled applications allowing sports betting, among other things. Furthermore, this software also supports decentralized lending protocol Compound, enabling its users to earn on stablecoin deposits.
Argent — best for decentralized finance (DeFi)
Argent is also recommended for newbies that have yet to learn to manage their private keys responsibly thanks to an integrated recovery system. This wallet does not require that its users backup a seed phrase and if you lose access to your wallet, you can ask previously chosen people to approve your access to your wallet through an on-chain smart contract.
Another interesting feature offered by this wallet is meta-transaction support, which allows users to sign an intent to transact that can be later transmitted through another wallet. This is meant to ensure that users won’t lose access to their crypto assets if the company behind the software ceases its operations.
Lastly, Argent also allows its users to set transaction limits or lock their wallets in case of device theft, to prevent a loss of funds. Those features are enabled by this wallet’s smart contract-based approach: as opposed to directly holding the user’s funds at the address corresponding to his private key, the assets are held in a smart contract enabling more advanced control.
SelfKey — best for decentralized identity
SelfKey leverages the KYC-Chain blockchain-based KYC solution to verify data — such as documents, residency, address, contact details — about the user in the SelfKey ID and then allow third parties to verify who the user is.
What’s more, all this data is stored locally on the user’s device, which prevents the existence of a centralized target for hackers who want to get hold of great quantities of personal data. More security-conscious users can also secure their SelfKey wallet key with the Ledger or Trezor hardware wallets.
SelfKey’s main selling point is its marketplace, which allows the user to quickly access services with the SelfKey ID verification and paying with the ecosystem’s proprietary KEY token.
This marketplace allows the user to set up a new business in 12 jurisdictions and incorporate it or open new bank accounts in 20 countries.
Celsius — best for earning interest
On a side note, some may argue that keeping one’s assets at an insured custodian is the safer option if you’re not that good at managing your private key backups. And crypto assets deposited at Celsius are insured as the funds are held at cryptocurrency custodians Fireblocks and Prime Trust, both of which insure the deposits. Celsius explains on its website:
The main reason for using Celsius is that it allows its users to earn interest — and a rather high one — on deposits. The firm’s business model relies on lending the funds out and then distributing most of the profit earned through fees as interest to the users who deposit the funds that the company lends out.
As of press time, Celsius’s annual rates on deposits reach up to 21.49%, determined by a complex system that grants a different rate based on the deposited asset, in which token the user decided to be paid and the percentage of assets held in the firm’s proprietary CEL tokens.
In order to get the highest interest, users have to decide to be paid in CEL tokens.
In order to access the system, each user needs to download the Celsius Wallet mobile application and verify their identity. The same application also allows to take out loans in cash against crypto assets. The interest on loans starts at 1% of accrued interest per year, the minimum is $500 and the whole process takes minutes.
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