Cryptocurrency Wallets: Types of Crypto Wallets and Best Crypto Wallets
What is a cryptocurrency wallet? Is it safer to use a cryptocurrency wallet?
A cryptocurrency wallet is a digital wallet that allows you to store and retrieve your cryptocurrency assets. If you purchase cryptocurrency through cryptocurrency exchange, the crypto that you purchase will only be stored on the platform. In case the brokers go busted, you are unlikely to be compensated for your loss as crypto trading is not regulated in Hong Kong. Therefore, a growing number of investors would rather own his or her own wallet for safety and accessibility sake. It is only by keeping your own private keys can it give you access to your cryptocurrencies, which is suitable for long-term investors.
Best Crypto Exchange
HashKey Exchange
- Transaction fees
- Up to 0.29%
- Custody Fee
- HK$0
- Account Opening Min. Funding
- HK$10,000
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âźď¸ For full promo and reward details, please see ăReward Detailsăbelow
OSL
- Trading Fee
- HK$0
- Custody Fee
- HK$0
- Account Opening Min. Funding
- HK$10,000
ăOSL Oct Welcome Offer, Get HK$2,388ă
From October 1 to 31, open an account successfully via the MoneySmart link and using referral code ă0DchGă, then complete the designated conditions to claim rewards
1ď¸âŁ Deposit HK$80,000 or more within 14 days of account opening and hold for 30 days to receive HK$888 worth of Bitcoin.
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Futu Securities Account
- Min. Commission Fee US Stocks
- US$0.99
- Commission Fee HK Stocks
- HK$0
- Account Opening Min. Funding
- HK$10,000
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1ď¸âŁ Deposit HK$80,000+ in account opening month (Hold 60 days)
đľ Cash HK$2,000* / HK$2,000 Apple Store Gift Card / ParknShop e-Vouchers
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đľ Cash HK$1,000* / HK$1,000 ParknShop e-Vouchers / Apple AirPods 5 with Wireless Charging Case (value: HK$1,249)
¡ SeeăMore Detailsăbelow for reward details: Bowers & Wilkins headphones, Philips water purifier, and more. Student offer available with shorter holding period for same rewards.
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Tiger Brokers
- Min. Commission Fee US Stocks
- US$0.99/order
- Commission Fee HK Stocks
- HK$0
- Account Opening Min. Funding
- HK$10,000
ăOpen Account HK$10K, No Lock-in, Get HK$500 Instantly đąă
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đ Complete deposit, retention & trading requirements: Total Tiger Brokers official rewards up to HK$2,568
đ For more MoneySmart exclusive rewards, Tiger Securities official rewards & full terms, see ăMore Detailsă
Types of cryptocurrency wallet
Hot wallet
Cold wallet
Open your OSL cryptocurrency trading account via MoneySmart now to enjoy exclusive offers!
Things you should know before getting a crypto wallet
Keys are written on a physical medium like paper for paper wallets - which makes it difficult to keep. Therefore, it is least recommended among all crypto wallets. However, if you lose your key, you end up losing all access to your crypto.
FAQ
What is a crypto wallet?
- For investors who would like to have a more secure option, they can purchase a cryptocurrency wallet. They generally fall under two main types: hot and cold wallets. Crypto wallets keep your private keys which give you access to your cryptocurrencies.
What is the difference between a cold wallet and a hot wallet?
- The major difference is that a hot wallet is connected to the internet while a cold wallet is not. Keys are stored in a USB like device for cold wallet that will only be connected to a computer when you would like to use your crypto.
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