Crypto Wallets in the UK
Cryptocurrency investors in the crypto wallets UK are typically advised to invest in a secure wallet that safeguards their digital tokens. This can come in the form of a mobile app, desktop software and even a hardware device such as a Ledger Nano or Trezor. Generally, the best crypto wallets in the UK will support multiple blockchain networks. They should also have low fees for withdrawing assets.
At the core of a crypto wallet is its public address – a unique string of 26 to 35 alphanumeric characters that acts as the destination for sending digital tokens. These are normally only shared when required to complete a specific transaction and should be treated as you would a bank sort code or current account number. However, unlike a bank account, it is the owner of a crypto wallet who controls its private key. This is similar to a password and is what is needed to control the funds within a wallet.
“Wallet Essentials: Navigating the Best Cryptocurrency Wallet Options in the UK
Custodial wallet providers such as Coinbase take a range of measures to ensure the safety of client digital assets. This includes requiring two-factor authentication, keeping 98% of client digital funds offline and executing extra verification steps when users login from new devices or IP addresses. It is also a good idea to consider non-custodial wallet providers such as Trust Wallet, which supports over 65 blockchain networks and provides access to exchange services, staking and NFT functionality.
Another thing to bear in mind is that a crypto wallet must be declared as part of an estate plan if the owner dies. This is because cryptocurrencies are classed as assets and will need to go through probate before being distributed to beneficiaries.