Bitcoin needs absolutely no introduction in the world of cryptocurrency and if you are planning on purchasing Bitcoin, an important step that you will need to take would be to find a Bitcoin Wallet that you can trust and safely store your Bitcoins.
An advantage of investing in Bitcoin is there is a variety of options of wallets that support Bitcoin and it would be a challenge especially for beginners to find out the best one that is right for your needs.
As such, we will cover the best types of Bitcoin Wallets that you can find in Singapore. Before we dive right into our suggested options, it is important to know what kind of Bitcoin Wallets are out there and also what to look for in a Bitcoin Wallet.
Types of Bitcoin Wallets
There are basically two types of Bitcoin Wallets, either online wallets (Hot storages) or offline wallets (Cold storages)
An online wallet can be accessed via mobile or your desktop and the most obvious benefit to using an online wallet is the accessibility that it can provide to its users, due to it being stored on the internet.
You could access it as long as you have an internet connection and this brings more convenience to the table with smartphones as you basically have access to your Bitcoin wallet no matter where you are.
Although most online wallets are pretty secure, the fact that it is connected to the Internet means that there is always a small risk that it would be hacked by malicious users stealing your Bitcoins.
A cold storage on the other hand, means that your Bitcoin is being stored on a physical wallet such as an external device. This completely cuts off your Bitcoin from the internet and as such, someone who wants to steal your Bitcoin will have to physically access your storage device.
A physical device to store your Bitcoin however, could be complex to set up and would probably only be worth it if you view security as the most important factor in purchasing a Bitcoin Wallet or are storing large amounts of cryptocurrencies.
Cold storages also reduce accessibility in which you are only able to access your Bitcoins when you plug in the device to your desktop and then inputting passcodes that are put in place to protect your cryptocurrencies.
What to look for in a Bitcoin Wallet
There should be 5 factors that you should consider when you are selecting your Bitcoin Wallet and these are:
- Type of cryptocurrencies supported
- Customer Support
TL:DR Summary – Writer’s Top Recommendation
E-Toro – The e-Toro Wallet is definitely the best Bitcoin Wallet that you can use to store Bitcoins in Singapore if you are investing in Bitcoins. E-Toro is a online wallet that is completely free and would not need to spend over a $100 compared to a physical hardware wallet.
They support the main cryptocurrencies that are currently on the market such as Bitcoin, Ethereum, Bitcoin Cash and Litecoin. This makes it easy for you to transfer Bitcoin in and out of your wallet at your convenience.
The e-Toro wallet also possess some of the best security a Bitcoin Wallet could offer, providing features such as two-factor authentication and multi-signature security in order to protect its’ user assets.
6 Best Bitcoin Wallets in Singapore
Now that you know what to look for when selecting a Bitcoin Wallet, let’s dive right in to the best Bitcoin Wallets in Singapore. These wallets are introduced in no particular order and are reviewed and highly recommended to the quality and features that they provide to users.
- Boasts strong historic security
- User friendly and provides a simple user interface to store cryptos
- Supports over 20+ different types of cryptocurrencies
- Available on iOS Apple store and Google Play store
- Longer transaction times due to high traffic
- History of freezing wallet accounts due to its high security enforcement
Coinbase is one of the largest crypto exchanges in the world boasting one of the highest traffic volumes compared to other crypto exchanges. The Coinbase wallet provides its users with a simple and convenient way to store and send its cryptocurrencies anywhere as long as you are connected to the internet.
One point that makes Coinbase so convenient is that they offer a mobile app service and you are able to bring your Bitcoin wallet anywhere you go. Additionally, since Coinbase is a regulated and incorporated crypto exchange, they have made a point to emphasis user friendliness to its customers, and so, their online wallet features an intuitive and easy to use interface to lessen any confusion that might occur.
Coinbase supports over 20 plus different types of cryptos and on top of that, you are able to earn a small amount of free Bitcoins through a program called Coinbase earn and all you need to do is to watch their advertisement videos and take their quizzes
Coinbase also boasts a strong historic record as their Bitcoin wallet is secured using Secure Enclave Technology. As such, Coinbase is definitely one of the best options that you can choose to store your Bitcoins in Singapore.
One downside to Coinbase would be their high traffic volumes could potentially lead to lower transactions being processed and due to their security measures taken, they have a minor history of freezing certain accounts due to a detected security threat.
- Easy to use and figure out
- Provides great customer support
- Competitive fees
- Lack of Coin options
Cex.iO is a legit cryptocurrency exchange that is registered in the US as a Money services Business. What this means is that Cex.iO is licensed and regulated by the Financial Crimes Enforcement Network.
The level of protection that Cex.io offers to its customers include a Level two DSS certificate which means it is authorized by an enforcement agency to having a certain level of security deemed safe enough to store, process and transmit payment card data.
Cex.iO also offers a comprehensive support section to which you can refer to if there are certain parts of the Bitcoin Wallet that you find struggling to understand. If your questions are not answered here, Cex.iO offers a simple to use email support form.
Their user interface offers advanced trading windows for monitoring and are clutter free which makes it an easy to browse experience for its customers due to Cex.iO’s clean interface.
However, it should be noted that while Cex.iO offers a decent level of security and also provides great customer support, they do not have a lot of coins available and supported. However, you could rest easy knowing that they do support the main types of cryptocurrencies such as Bitcoin and Ethereum.
Cex.iO’s wallet is also the one that is connected to their main platform exchange, and as such should not place too much trust in their security. In the event that they are hacked, you could potentially lose all your invested assets on the platform.
3. Atomic Wallet
- Simple to use
- Bitcoin wallet built for anonymity
- Build in atomic swap currency exchange
- No compatible hardware wallet options
Atomic wallet is a desktop based wallets (Online wallet) that can be installed on your computer through a software application. It is designed to make the process of storing your Bitcoins as easy as possible while still maintaining its rigid security and some additional key features.
One feature of the atomic wallet that makes it stand out from the other wallets is their atomic swap currency exchange. This is basically an automated, anonymous function built into a wallet that acts like a decentralized exchange with minimum fees.
As such, once you store some Bitcoins into your Atomic Wallet, you are able to swap the stored Bitcoin for other cryptocurrencies such as Litecoin and QTUM and vice versa. If you wish for additional pairs of swap to be made available, you are required to use a build in Changelly or ShapeShift exchange functions for this to happen.
Atomic Wallet would be your choice of Bitcoin wallet if you wish to change your cryptocurrencies anywhere as needed.
However, due to its additional features, it might be a complex process when setting up the wallet itself. But luckily for its users, Atomic Wallet actually provides a self-explanatory user interface to help ease the setting up process
Due to this, even a novice with absolutely zero cryptocurrency trading experience will be able to access the features provided by the Atomic Wallet.
One downside to the Atomic Wallet would be that as of today, there is actually no hardware wallet options that are compatible, meaning that you will need to rely on your computer and network security to be safe and free of infections before you install and use it.
- User Friendly
- Easy to use
- Supports multiple cryptocurrencies
- Lack security
Exodus is another online storage that is available on all three of the different operating systems, them being, Windows, Mac and Linux. The Exodus Bitcoin wallet is one of the few wallets out there that provide support to a wide variety of cryptocurrencies which include Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dash and more than 20 other cryptocurrencies on the market.
Exodus is also looking to expand this list to provide more support to other coins that are currently not available on their platform.
The Exodus Bitcoin wallet also supports the Shapeshift application which allows you to exchange crypto coins to other coins in your account, similar to the application employed by Atomic. However, keep in mind that in order for this to happen, a minor fee will be charged when you want to exchange currencies and also when you are moving Bitcoins in or out of the wallet.
Exodus also provides a great customer support base which includes a comprehensive online help center and its users have high rating and have reported quick and easy to understand responses from their customer support representatives.
There are however a couple of disadvantages of the Exodus Bitcoin Wallet. The most obvious is that it will not be as secure as a cold storage hardware wallet due to the reason it will be at risk of online hacking or theft.
The Exodus wallet also lacks any two-factor authentication support when accessing your account. It also does not have any support for mobile applications and you are only able to access Exodus on your desktop.
5. Ledger Nano S
- High security due to its offline storage
- Easy to use
- Able to store a wide range of cryptocurrencies
- Hefty price tag
A hardware wallet would be the most safest place if you are looking to store your bitcoin or any other cryptocurrencies. As such, the Ledger Nano S is a popular choice for investors who wish to buy a solid and trusted hardware wallet brand.
The Ledger Nano S is a silver and looks similar to a USB device which is required to plug into your desktop in order to access its contents in order to reduce exposure to cybersecurity risks.
The Ledger Nano S is easy to use and supports a wide range of cryptocurrencies which include Bitcoin, Bitcoin Cash, Ethereum and ERC 20 tokens. Being a hardware wallet, it is a rather complex process to set up and you will need to be careful during the set up process.
This is because, in order to set up a Ledger Nano S, you will first need to set up a four -digit PIN which must be entered everytime you want to send payments. If you were to input the wrong pin three times in a row, the device will wipe itself.
The Ledger Nano S supports a FIDO Universal Second Factor Authentication and all accounts will be backed up on a recovery sheet – of which a passphrase you will need to write down in order to recover them. The Ledger Nano S also features a sleek build-in display that you can use to easily confirm and view transactions
A downside to the Ledger Nano S is that since it is a hardware wallet they cost approximately SGD129 from the Ledger website.
- Highly secured offline storage
- Supports a wide range of cryptos
- Relatively easy to set up as far as hardware wallets go
Trezor has its history as being the first ever hardware wallet that is developed for the sole purpose of storing Bitcoin. Treozor is a popular and well recognized brand in the market among experienced cryptocurrency investors and it is a solid choice if you are looking to safely store a large amount of Bitcoins on a physical offline Bitcoin storage.
The Trezor Bitcoin wallet is a small portable device that you can use to connect to your computer via a USB cable that comes with the packaging. It is a wallet that allows you to control your private keys and the device comes with a word seed with 24 characters that you absolutely must write down that is required to backup the wallet.
It will be a randomized phrase that is generated while you are setting up the device. Other security features include a screen for you to double check and confirm your transactions. The type of supported cryptocurrencies include Bitcoin, Ethereum Classic, Litecoin, Dash and Bitcoin Cash.
One downside to storing Bitcoin on this wallet would be that they actually cost about SGD$145 at the time of this article’s writing so it may not be the best choice if you are on a budget.
Frequently Asked Questions
How to choose the best Bitcoin wallets in Singapore?
We have reviewed over a dozen bitcoin wallets and reviewed them based on their costs, customer support, security features, supported cryptos and how easy it is to use. Security would be our main consideration with a sub-focus on how well it works with some of the larger exchanges which would allow you to quickly complete transactions on the market.
With over 10 years of experience working as a financial analyst, Eric is highly aware of the potential of cryptocurrency, particularly Bitcoin, and the impact it will bring towards the global economy. He is committed to share everything he knows about crypto here at Crypto Digest News.