Where to store altcoins is a question that goes around the crypto community. In this article, I will give you tips on how you can store altcoins on desktop PC, mobile phone app, exchange wallet, and hardware wallet (cold/offline storage). You want to keep your cryptocurrencies safe and there are several ways of doing that. These types of wallets have different safety features and they work a little bit differently. For example, the hardware wallet, also known as offline or cold storage is the absolute best way to store your altcoins.
This is because once you transfer your coins to this wallet and unplug the device, your coins are completely offline. For a hacker to steal your tokens, they need to break into your house and steal the actual device. I would also like to say that the exchange wallets and mobile app wallets are also good options, some of them are of course better than others. The wallets I’ve recommended in this article are some of the most trusted and also most used.
I suggest that you read the whole article before you decide where to store your altcoins. To make things easier I’ve made a cryptocurrency wallet comparison table below where you can compare altcoin wallets. These are the features I’ve compared:
- Storage Type
- Supported Coins
Always remember that there are risks involved when buying, trading, and storing altcoins. However, when you are deciding on which wallet to use, you need to be as informed as possible. If you are in a hurry, check the comparison table below.
Best places to store altcoins
Bitcoin-XRP, Tezos-Stellar-Zcash , + more altcoins
Credit Card size
Android & IOS
LCD-screen is quite small
The card is fragile
Bitcoin-XRP , +1020 more altcoins
No hacks ever recorded
Very small device
Difficult buttons to navigate
Bitcoin-XRP , +1600 more altcoins
Mobile and PC compatible
Proven safe track record
Short micro USB cable
Bitcoin-XRP , +36 more Altcoins
Access trades offline
Big screen interface
Not smartphone compatible
Bitcoin-XRP , +53 Coins
Safest Online Exchange wallet
Regulated Money Transmission Service
Hot wallet – lower security
Higher transaction fees
Slow customer support
What is the best way to store Altcoins?
The best way to keep your altcoins safe is to have them stored on a hardware wallet or offline storage as it’s also referred to.
Examples of offline hardware wallets are:
This is because when you transfer your coins to an offline storage unit, no hacker can get access to them once you “pull the plug”.
This means that when you unplug the device, the coins are incomplete offline storage.
Best Altcoin exchange Wallets
Cold storage is of course the most secure way to store altcoins.
However, Coinbase is the safest way to store your tokens on an exchange, desktop, app, or hot wallet.
This is because of the security features on Coinbase:
- Regulated and Licensed
- Vault storage
- Digital Asset Storage
- Offline Storage
- 2FA Verification
Coinbase is one of the only crypto exchanges with an MTS regulation.
MTS stands for, Money Transmission Service.
When you are regulated as an MTS you are required to keep a certain amount of backup funds depending on your customer base.
All businesses involved in money transfers should be regulated as an MTS.
Here is what the exchange itself says.
There are other features on Coinbase that enhance the security.
For example, Coinbase is keeping 98% of all the digital assets in offline cold storage.
Take a look at what they are saying about it.
So keeping your coins on the exchange is almost as you are keeping them stored offline.
That’s one reason why Coinbase is so popular.
It’s one of the only exchanges I would recommend to have your coins stored on.
What’s also good about Coinbase is how they handle the cash deposits when you buy altcoins.
For US citizens the cash goes to actual US bank deposits or treasuries.
For citizens outside the US, they are kept in custodial accounts.
As you can see, Coinbase is doing a lot to protect your assets and funds.
Store Altcoins on desktop
When you store altcoins on a desktop you need to make sure that you are using the best wallets.
As I’ve mentioned before, Coinbase is still the number one wallet for desktop storage.
There are certainly other desktop wallets you can use but I would not recommend keeping your tokens on any other exchange than Coinbase.
The way to do it is to simply create an account with Coinbase and either buy your altcoins on the exchange or transfer your current tokens.
It doesn’t take very long and it’s an easy way if you want to use your PC.
Once you are on the exchange, make sure that you activate all the security features available, like:
- Storage Vault
The 2FA verification is a must-have if you are using an exchange wallet for your altcoins.
It protects your coins from hackers taking control of your email.
Store Altcoins on Mobile App
There are some ways to store your coins on mobile apps and in this review, I’ve included:
- Cool Wallet
Coinbase has already been discussed.
Cool Wallet is a credit card-sized hardware unit connected to your smartphone via Bluetooth.
So you can use it where ever you go.
When you are storing tokens on a hot, or a software wallet, you are giving up security for convenience.
It’s easy to move your cryptocurrencies but they lack the special security features that cold storage has.
When you use cold storage, the tokens are kept very safe, but they are also locked down.
It takes time to connect the device to your computer and move the crypto.
With Cool Wallet, you will have a solution that gives you the best of two worlds.
The credit card-sized device can easily be connected to your mobile app and you can transact almost instantly.
When your wallet is not connected it’s almost as safe as an offline cold storage unit for your cryptocurrencies.
This unit is perfect for your ERC20 tokens on the Ethereum blockchain.
If you are investing in many of these tokens you should definitely own one of these wallets.
The security features are pretty cool.
You can either use a facial ID scanner or your fingerprint.
How to store Altcoins
It’s very easy to store your tokens in a safe way
First, you need to decide on how you want to do it.
There are pretty much only two ways how to store coins:
- Cold storage
- Hot storage
You can either go the safest way and buy a hardware wallet.
In that case, I’ve recommended that absolute top cold storage wallets for cryptocurrencies in the comparison table above.
If you prefer to have better access to your cryptocurrency and sacrifice security I would recommend that you use either a desktop/mobile wallet like Coinbase or Cool Wallet.
These options are not as safe but they are the absolute second-best option for you.
I personally use Coinbase and I feel very safe.
Indeed, they don’t have all the coins, but for example, when I store the major cryptocurrencies I use this exchange.
When you have bought your wallet or created an account on the exchange or mobile app, this is very straightforward.
These devices and platforms are created for simplicity.
That’s also why they have become so popular.
People would not use these products unless they were easy to use.
So it’s up to you how you want to store your coins.
How to store Altcoins offline
Offline storage sounds very complicated but it’s nothing more than keeping your coins in a hardware wallet.
If you keep your cryptocurrencies on an exchange, desktop, or mobile wallet, it’s considered as hot or online storage.
Offline storage is simply a way of disconnecting your tokens from software like an app or exchange.
The offline storage units I’ve recommended in the comparison table above are some of the safest devices on the market.
These are the top Altcoin hardware wallets
- Cool Wallet
The difference between these devices is what kind of cryptocurrencies they support.
All of them support the major coins but if you are looking for a place to store your exotic tokens you have to dig a little.
The hardware units I’ve recommended covers many of the coins you can invest in, even most of the ERC20 tokens.
Altcoin Wallet Conclusion
You’ve learned the best way to store altcoins on hardware offline wallets and mobile or desktop wallets.
You have learned the difference between the hardware unit and the desktop/app version of a storage unit.
There is a difference when it comes to functionality.
It all comes down to if you prefer more security or more functionality and faster access to your tokens.
I recommend that you read through the entire article to understand more.
If you are in a hurry to secure your tokens, please read the comparison table at the top.
The safest way to store your coins is on an offline hardware device.
I recommend that you use Ledger, Trezor, Ellipal, or Cool Wallet.
First, you need to buy a cold storage device.
I would recommend one of these, Ledger, Trezor, Ellipal, or Cool Wallet.
You need to buy an offline storage unit or hardware wallet.
Read this article to find out more.