The rise of cryptocurrencies is one of the most exciting and revolutionary financial ventures in recent years, maybe decades. Within a few years of them having started off, they’ve already carved out a mainstream niche for themselves.
In fact, the emergence of cryptocurrencies is such a surety now that even reputed institutions such as New York Stock Exchange, Bank of Tokyo, etc, are now investing in cryptocurrency exchange platforms.
2017 was a phenomenal year for the growth of cryptocurrencies, and Bitcoin saw a 100% increase in value over the year! As such, all investors are rushing to get in on cryptocurrencies while they still haven’t reached their saturation point.
What are Wallets?
When you purchase cryptocurrencies from the top exchange platforms, you need to keep them in a secure manner. A lot of platforms have also been getting hacked, as such, you should store all your cryptocurrencies in wallets. These secure wallets act like storage for your cryptocurrencies, and they will leave you completely responsible for your funds.
Wallets comes in two major types: Hardware and Software.
Hardware wallets come in the form of external USB drives that can be connected to the computer when a transaction has to take place. A software wallet is a program that keeps track of all your transactions. Hardware wallets are generally considered to be more secure as they’re not always connected to the computer, and as such run a lower risk of being hacked.
In this article, I’ll give you a detailed review of the top 5 Bitcoin cash wallets that you can use to securely store your Bitcoins.
5 Best Bitcoin Cash Wallets Reviews and Comparison
When you’re looking for wallets to use, you have a lot of different options. You can choose from hardware wallets or software wallets, and even with that, they all come with different features, safety measures, etc.
The choice can get confusing. A lot of people are tempted to simply go for the cheapest since it’s “just a storage”, however, that’s not how you should go about it. Going for the cheapest alternative is no good if you end up losing all your Bitcoins due to damage or security breach.
Before I give you a detailed review of the best Bitcoin cash wallets in the market, here’s a comparative table for you. You can go through it to help compare the various wallets and narrow down your search.
|BCH Wallet||Review||Security||Anonymity||Ease of Use||Check Website|
|Ledger Nano S||Ledger Nano S Review||Great||High||Difficult||Check|
PART 1: Trezor (Hardware Wallet)
Trezor comes on top of this list mostly because it’s the oldest hardware wallet on the market, and as such it’s also the most reliable. It lacks some of the sophisticated features found in some of the newer hardware wallets, such as the Ledger Nano S. However, you can’t fault it on security at all.
Furthermore, another reason that Trezor is such a viable option is because it’s extremely simple to use and has a number of sophisticated security measures in place. Trezor comes in the form of a little USB device which can be attached to your computer externally. This is great because it prevents your device from being hacked.
- Multiple Currency Support: Trezor supports a wide range of altcoins such as Bitcoins, Ethereum, Zcash, and various others.
- 2-Factor Authentication: You can only use the device after setting up a 20-factor authentication. This ensures that even if your device is lost, no one can use it without your approval.
- Easy Restore: You get your own password. In case you lose your device, you can restore all of your data, history, etc, with the help of that password.
In order to set it up, you can follow the steps in the given video:
Price: The Trezor device costs €89-€99.
PART 2: Ledger Nano S (Hardware Wallet)
The Ledger Nano S is one of the most popular hardware wallets in the market. It comes in the form of a small USB device with an OLED screen that displays all your transactions. In addition to Bitcoins, it can also store other cryptocurrencies such as Ethereum, Zcash, etc. The USB device also comes with buttons you can use for navigation. If you press both the buttons simultaneously, it’s an indication that you’ve confirmed a transaction.
- Multiple Currency Support: Ledger Nano S allows you to store multiple cryptocurrencies in it and still handle them separately.
- OLED Display: Despite the small size, the OLED display is clear enough that you can see all the transactions clearly.
- Backup: You also receive a recovery sheet which helps you restore your wallet in case of some problems.
- Trustworthy: It has been certified by reliable organizations like Dropbox, Google, etc.
- App Usage: In addition to altcoin storage, you can also use the wallet to access apps such as U2F, SSH, etc.
- Malware Proof: The PIN code system allows you to prevent your wallet from being accessed and it’s been designed such that your cryptograph doesn’t leak and your currencies are kept safe even if you lose the hardware.
- Complete Privacy: The company doesn’t store user information in their company servers. Furthermore, the wallets are decentralized so that only you have access to their data.
You can configure it by watching this YouTube video:
For €79, you can get the Ledger Nano S device, the USB, the instruction manual, recovery sheet, and all necessary accessories.
Read: Ledger Nano S Review
PART 3: Jaxx (Cloud Wallet)
Cloud wallets have lately become highly popular because of how flexible they are. You can use them on the go either though your computer, your tablets, or your phone. Jaxx is one of the most popular cloud wallets, used for mining and storing of bitcoin cash.
Jaxx is now one of the most widely used wallets because of its efficient user interface which allows you to use it anywhere at all. Jaxx also supports all the cryptocurrencies available. Furthermore, the security is maintained with the use of keys that are kept with the users which prevents any hacks or inauthentic use of the service.
- Online Transactions: You can conduct transactions such as the buying and selling of altcoins via the wallet itself, making it highly efficient.
- Available on all Platforms: You can download a mobile app for it to use it in your tablets or mobiles phones on the go. Furthermore, a download is available for all platforms — Android, iOS, OS X, Chrome, Windows, and Linux.
- Wide Compatibility: It accepts the use of all cryptocurrencies in the market.
- For more: Check Jaxx Review
The following video will show you how to use Jaxx:
PART 4: CoinPayments (Cloud Wallet)
CoinPayments is yet another reliable and highly secure Bitcoin Cash wallet which works completely online. It stores all the transactions details on the cloud as the user is working on it. Furthermore, it has a wide compatibility of over 125 altcoins supported for a minimal fee of 0.50%.
One of the reasons that CoinPayments is a preferred wallet is because it has an extremely fast transaction rate. Furthermore, it’s a great choice for serious traders and investors because it comes with the feature of auto-conversion. As such, you can store certain altcoins and retrieve certain other altcoins based on the current trading rates.
- Online Purchase: CoinPayments is one of the very few online coin wallets which allows you to purchase altcoins directly from the wallet.
- Direct Withdrawals and Deposits: CoinPayments is also partnered with various banks across the US and the EU. As such, if you belong to either of these regions, you can make direct withdrawals and deposits from the wallet itself.
- Mobile App: You can download the CoinPayments mobile app and access your cryptocurrencies from anywhere at all.
- Auto-Conversion: As mentioned earlier, CoinPayments comes with the auto-conversion feature so that you can convert one cryptocurrency to another, or even make conversions against Euros or US dollars.
Price: 0.50% of the altcoins stored in the wallet.
PART 5: Coinomi (Mobile Wallet)
Coinomi is a one of the most popular mobile wallets. You can download Coinomi for Android or iPhone, and use it to store any altcoins you want. You get a 15-word seed phrase when you sign up with Coinomi and you can use that password to restore your wallet whenever you need.
- Supports all altcoins and tokens.
- Great security features with the help of wallet encryption and cryptography.
- There’s no transaction tracking, IP linking, identity linking, etc.
- Can convert various altcoins in the app itself.
- Easily restore access with the use of seed phrase.
If you have any trouble installing Coinomi, you can watch the following video for guidance:
Read: Coinomi Review
As you can see, you have a lot of different alternatives when it comes to storing Bitcoin Cash in a wallet. All of the aforementioned wallets can store Bitcoin Cash and most of them can store many other altcoins as well. However, you need to first decide which type of wallet you need, and then decide amongst them.
My personal recommendation would be to use hardware wallets such as Ledger Nano S and Trezor because they’re not available online. As such, they’re not liable to getting hacked. Furthermore, they’re easy to use with the USB devices.
However, the final call is yours. Whatever you decide to use, do comment down below and let us know about it!