If you haven't heard of bitcoin you must have been living under a rock (no offence to those who actually live under rocks). Since its abrupt rise in value during the past year or so, Bitcoin has certainly become a household word for millions of people. What few people realize, however, is that there are hundreds of different types of cryptocurrencies available.
Altcoins, which simply refers to “Bitcoin alternatives”, are wide and varied and represent a unique investment alternative for people interested in the crypto market. At the time of writing this article, Coin Market Cap listed over 900 different cryptocurrencies. This means that there are numerous opportunities to invest in Altcoins, many of which are directed towards certain ends and purposes that attract certain types of investors.
While researching the different Altcoins available and understanding how they work is an essential task for any potential investor, you also need to find an Alt coin wallet that will safely and securely keep your cryptocurrency protected and available to you. Below, we take an in depth look at the best wallet for altcoins currently available online.
While there are literally hundreds of different cryptocurrency wallets on the internet, the five Altcoin wallets reviewed below are quality software programs that allow you to send, receive, and safely store a wide variety of different Altcoins.
Cryptonator: While the name of this wallet might remind you of an Arnold Schwarzenegger film, it is actually one of the best wallets for Altcoins. It has a built in exchange app for a wide variety of cryptocurrencies including Bitcoin, Litecoin, and Dogecoin. One of the downsides of this wallet is that your private key is not necessarily yours, but rather is safeguarded by the company. However, they store over 90% of their data on offline servers, thus making it generally safe to keep your altcoins stored with them. If you are looking for an easy way to invest in Altcoins and exchange different coins based on their fluctuating market value, this wallet is an easy and simple way to get involved in the world of cryptocurrency trading.
Komodo Wallets: This company recently acquired Agama, so many people might recognize the Agama namesake. Komodo wallets offer support for 12 different cryptocurrencies and works well with several different types of operating systems including Mac, Windows, and even Linux. While they do offer both desktop and paper wallets, Komodo is still working on a mobile app for their wallet. Furthermore, this best alt coin wallet is unique in that you can run this wallet in several different modes. You can either download the blockchain for every different Altcoin that you plan to purchase, or you can run the program in basilisk mode. While this might make the wallet run a little slower, you do not have to worry about having to download heavy blockchain apps for each and every coin you have. This is a major benefit for investors looking to purchase small amounts of different types of alt coins.
Exodus: If you are looking for an easy to use desktop wallet for your Altcoins that makes it easy to understand how to send, receive, and store your cryptocurrencies, Exodus wallet might be the best option for you. This altcoin wallet gives you complete control over your private keys and also encrypts them for you, thus offering maximum security and privacy. Furthermore, this wallet allows you to easily exchange your cryptocurrency with one easy click, thus switching between the eight altcoins that they currently support. If you are looking to invest in some of the more obscure Alt coins, this wallet isn’t for you as they only support coins that are in the top 20 market cap for cryptocurrencies.
Jaxx: Jaxx is considered by many cryptocurrency experts to be the best wallet for altcoins, especially for Ethereum and other popular alternatives to Bitcoin. Furthermore, this wallet has a unique built in exchange platform as well as a mobile and desktop app. The cold storage program that they offer keeps your coins protected and off-line, though it does not include encryption services. Furthermore, Jaxx is reportedly in the process of adding platforms for a wide variety of new alt coins. This alt coin wallet could very well become one of the best for people looking to bring together different cryptocurrencies into one, easy to manage investment platform.
Coinomi: Lastly, we come to Coinomi. This widely used cryptocurrency wallet supports several different types of altcoins. While many Altcoin wallets only support 10 to 12 Altcoins, Coinomi supports upwards of 64 different Altcoins. Furthermore, they have a built in exchange platform that makes it extremely easy to buy and sell your different types of Altcoins. The privacy setting associated with this alt coin wallet is also second to none, as Coinomi is an open source software and is committed to storing your private keys locally while also encrypting these keys for maximum privacy.