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    Which is the Best Crypto Wallet Singapore in 2022?

    trezor wallet singapore
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    4.5/5

    Best for Multi-asset Storage

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    This article reviews the best crypto wallets in Singapore. We looked at each wallet individually and studied its pros and cons, features, cost, security, and much more. 

    The article is built on expert opinions, over 500+ user reviews, first-hand experience, and years of experience in the cryptocurrency industry.

    At the end of the article, you should be able to confidently choose the right wallet for your digital currencies. Every aspect covered for each wallet is the key consideration you need to know to make the best decision. 

    That said, based on exhaustive research, we picked Trezor as the best crypto wallet in Singapore. This is primarily due to its in-depth security features and access functions which are the determining factors of a great wallet. 

    Which is the best Crypto Wallet in Canada? Our Opinion:

    Our extensive research concluded that BitBuy provides Canada’s overall best crypto wallet. The platform is specially designed to provide crypto exchange services to Canadians in a low-cost and safe way. Legitimacy and safety are guaranteed since the platform is backed and approved by the Ontario Securities Commission.

    Let’s dive into the best crypto wallets in Singapore.

    Trezor - Best for Security

    Best Crypto Wallet Singapore

    Trezor is famed for its security features and rightly so. The hardware wallet allows you to store, manage, and trade over 1,000 cryptocurrencies offline. It even offers security for hardware loss via an offline backup. Trezor offers 2 models: Trezor One and Trezor Model T. The Model T is the wallet’s most recent offering and it provides more advanced features than the Trezor One. 

    Trezor is our pick because not only does it cater to your cold storage needs but it offers an intuitive touchscreen interface for managing your assets without having to connect the device. The hardware wallet also integrates with numerous cryptocurrency exchanges, which makes its features extendable to your preferred crypto exchanges. That said, because its Suite App integrates with many crypto exchanges at once, you’ll be served varying trading fees at the point of purchase.

    Features of Trezor Model T

    • Full-colour touchscreen
    • Pin Entry on your Trezor device
    • Passphrase entry on your Trezor device
    • Device Recovery on your Trezor device
    • Supports over 1,000 cryptocurrencies
    • Bitcoin only firmware
    • microSD card extension
    • Storage on cloud
    • Shamir Backup
    • U2F authentication
    • FIDO authentication
    • Supports integration with many cryptocurrency exchanges
    • Encrypting via GPG
    • SSH

    Security

    Trezor hardware wallet offers the various security measures as listed below:

    Ultrasound Hardware Seal

    The hardware case of the Trezor device is ultrasonically welded which makes it difficult to be restored after damage.

    Firmware Verification

    Trezor’s bootloader continuously verifies the firmware signature. And the firmware will run only if correctly signed by SatoshiLabs. If this isn’t the case a warning sign will be shown.

    Secure Update Procedure

    This security feature ensures that the bootloader wipes the device memory if the firmware signature is invalid. Also, if it is downgraded to a vulnerable version the memory is erased.

    Protected Bootloader

    Trezor’s Bootloader is write secured with the JTAG disabled. This ensures that bad actors cannot replace it.

    Backup and Recovery

    As with most self-custodial cryptocurrency wallets, you will have access to a recovery seed phrase that you can use to restore your wallet.

    Passphrase Support

    All Trezor devices support BIP39 passphrases which are not remembered or stored on the device. This secures your device against local hardware attacks.

    The hardware wallet also has an open list of all its previous security issues and vulnerabilities identified. This measure helps users understand the security vulnerabilities of previous systems and to be on guard against them.

    Cost

    Singapore Best Crypto Wallet

    Ledger offers 2 models Nano X and Nano S plus that cost $154.94 and $82.16 respectively without any extra accessories added.

    Pros

    Cons

    Ledger - Best for Multi-asset Storage

    Best Crypto Wallet Singapore

    Ledger is a hardware wallet that offers more than asset storage. The wallet enables you to exchange, grow, buy, and manage your cryptocurrencies and NFTs. In general, Ledger is great for managing various types of assets. For instance, the Ledger Nano S model is built to be Defi and NFT friendly and can help you manage more than 5,500 cryptocurrencies. It even has additional memory that allows you to have over 98 apps installed at the same time. 

    Ledger made it on our list of the best crypto wallets in Singapore because it offers multi-asset support from one location (Defi apps, NFTs, crypto, etc).

    Features

    • Compatible with Windows, Linux, Android 7, iOS 13+ and MacOS 
    • Buy, exchange, and lend functions provided by third-party partners on Ledger Live
    • Send and sign NFT transactions
    • Manage over 5,500 assets
    • Manage up to 100 apps
    • Support for Defi transactions
    • Integrated Ledger Live app
    • Bluetooth connectivity with mobile devices

    Security

    Ledger was one of the first hardware wallets to be certified for its security features by ANSSI, a French cyber security brand. The wallet also features a Secure Element, which is considered one of the most secure chips.

    Ledger wallets have a custom OS (BOLOS) to safeguard against bad actors and isolate apps from one another. They also have an in-built genuine check authentication process to make sure your device has not been compromised or tampered with by a third party. 

    Cost

    ledger wallet singapore

    Ledger offers 2 models Nano X and Nano S plus that cost $154.94 and $82.16 respectively without any extra accessories added. 

    Pros

    Cons

    Exodus - Best for Beginners

    exodus wallet

    The Exodus wallet enables its users to exchange, receive, buy, and send over 225 cryptocurrencies and NFTs through mobile, hardware, and desktop devices. Exodus is completely non-custodial, which means that you have total control over the assets on the platform. 

    You can also stake your assets and earn interest on them via the wallet. The wallet is accessible via a mobile app, browser extension, and desktop app. 

    Exodus made our list of the best crypto wallets in Singapore because it is seamless to use for beginners and connects with other popular third-party crypto solutions. 

    Features

    • Exodus DeFi Apps
    • Desktop wallet
    • Mobile wallet
    • Browser extension
    • Trezor hardware wallet integration
    • Earn staking rewards on held assets

    Security

    Exodus is a non-custodial wallet, which means you have complete control over your private keys and wallet in general. But that’s about it. The wallet does not offer any special security measures like two-factor authentication. If you want additional security beyond the typical safety that comes with a non-custodial wallet you can integrate Exodus with your Trezor hardware wallet. This will link all the security measures of the Trezor device to your Exodus wallet. 

    Cost

    Exodus is completely free and you only have to pay blockchain transaction fees. And according to the wallet, 100% of the network fees go to the network. They don’t charge users trading fees or withdrawal fees, for sending or receiving crypto or using the platform. 

    Pros

    Cons

    MetaMask - Best for Exploring Blockchain Apps

    metamask wallet singapore

    With over 30 million users, MetaMask is a popular non-custodial crypto wallet that not only allows you to manage your cryptocurrencies but acts as a gateway to numerous blockchain apps.

    The wallet is available as a mobile app and browser extension and allows you to store, send, swap, and buy tokens. MetaMask provides a token exchange, key vault, secure login, and token wallet. 

    That said, MetaMask supports only ETH and ETH-based tokens. So you won’t be able to manage Bitcoin in the wallet.

    MetaMask made our best crypto wallet list because it provides seamless access to numerous decentralized platforms. 

    Features

    • EIP-1559 
    • Manage NFTs
    • Buy, sell, receive, send and swap cryptocurrencies
    • Connects to numerous decentralized apps
    • Recovery seed phrase
    • Private keys
    • Open-source

    Security

    MetaMask offers the typical security you can expect from a non-custodial hot wallet – private keys and a recovery seed phrase, that’s it. You won’t find security features like two-factor authentication, multi authentication, cold storage, insurance, etc. 

    So in actuality, the security of the wallet is dependent on the user’s practices. For example, if you give out your recovery phrase and private key to a hacker, they can access your funds and even take control of your account and MetaMask will be unable to recover your account as they don’t store your data. All private keys and the recovery phrase are generated on your device alone.

    Cost

    MetaMask charges a service fee of 0.875% for each swap. Asides from the swap cost, users will have to pay network fees for blockchain transactions. 

    Pros

    Cons

    Trust Wallet - Best for Instant Cryptocurrency Purchases

    trust wallet

    With over 25 million users, Trust Wallet allows you to store, buy, and collect NFTs and earn and exchange cryptocurrencies. The wallet is available via Android download, Google Play Store, Apple App Store, and the Huawei AppGallery. It connects with third-party payment merchants to ensure its users buy cryptocurrency instantly. You can also earn interest on the assets in your wallet. Trust Wallet, just like MetaMask, offers a browser for decentralized apps where you can search for relevant platforms to interact with.

    Features

    • Browser for decentralized apps
    • Third-party integrations for buying crypto with credit card
    • Buy, store, and collect NFTs within the app
    • Earn interest on your crypto
    • Exchange crypto within the app
    • Track prices and charts within the app

    Cost

    Trust Wallet is completely free to download and use. There are no usage costs associated with their products but you’ll need to pay network or trading fees when carrying out transactions.

    Pros

    Cons

    Wallets Comparison Table

    WALLET BEST FOR COSTS AVAILABLE CRYPTOCURRENCIES
    Trezor Security Product Price 1800+
    Ledger Multi-asset Storage Product Price 5500
    Exodus Beginners No fees except network fees 220+
    MetaMask Exploring blockchain apps 0.875% swap fees and network fees 450,000
    Trust Wallet Instant cryptocurrency purchases Network fees 1,000,000+

    What is a Crypto Wallet?

    A cryptocurrency wallet is a device, application, software, or program used to store the private and public keys for cryptocurrency transactions. 

    Crypto wallets are used to store, receive and send digital assets. Crypto wallets do not hold the cryptocurrencies; rather what they hold are the passkeys used to sign for cryptocurrency transactions. 

    How Does It Work? 

    Every crypto wallet consists of two keys: private keys and public keys. Private keys are the passwords that give you access to the wallet. Anyone who has the private key of a crypto wallet can access the assets in the wallet. A private key is used to initiate all transactions in the wallet. 

    A public key, on the other hand, is derived from a private key. It is the address used to send cryptocurrencies to the wallet. Wallets can have many public keys. This enables users to give a different public address and receive funds into one wallet with them. 

    Crypto wallets make the blockchain accessible to everyone. The wallet accesses the blockchain network for the cryptocurrency being used via an internet connection. 

    It is important to note that cryptocurrencies are bits of data scattered all over the database. Cryptocurrencies are not stored in an exact location, not even in your crypto wallet. The crypto coins exist on a blockchain. All the wallet does is allow you to interact with balances in the blockchain. The wallet points out the location of your assets on the blockchain. 

    The blockchain is a public ledger that stores data in blocks. Blocks are the records of all the transactions conducted and balances held for every address and the custodian of the key to those balances. The blockchain stores and authenticates all transactions for a cryptocurrency. Your crypto wallet stores the blockchain addresses of your crypto and enables you to move your assets to a different address.

    Types of Crypto Wallets

    There are different types of crypto wallets. But before we proceed to examine each type of wallet, it is important to note that there are two categories of crypto wallets. 

    Crypto wallets can be custodial or noncustodial. Custodial wallets are wallets whose private keys are held by a third party. This means that the user does not have full control of their tokens because the private keys required to sign for a transaction are held by the crypto exchange that owns the wallet. 

    With custodial wallets, the service provider or crypto exchange is responsible for the security of the user’s assets. Most exchanges have strict security measures in place to prevent unauthorized access to the assets in the wallet. 

    Non-Custodial wallets, on the other hand, give the user full control over their crypto. With this type of wallet, there is no need to entrust your private keys to a third party or a cryptocurrency exchange. You are solely responsible for the security of your crypto. Noncustodial wallets can be browser-based or can come as software but in most cases, they are hardware devices. 

    Having understood the categories of crypto wallets, let’s take a look at the types of wallets. Each type of wallet is either custodial or noncustodial.

    Software Wallets

    sofware wallet crypto

    Software wallets are also known as hot wallets. They are desktop programs or browser applications that enable users to store, send and receive crypto. Software wallets store the crypto funds online. This makes the funds more susceptible to hackers than funds stored offline. 

    Software Wallets can be web-based wallets, desktop wallets, or mobile wallets. The private keys are encrypted and stored on the app or software. 

    Crypto funds stored on software wallets are easily accessible. You can send and receive crypto funds as easily as you would when using a bank account app for fiat transactions. 

    Despite the convenience, storing a large amount of crypto on software wallets on a cryptocurrency exchange is not advisable. This is because computer networks are vulnerable and can be easily targeted by malware programs and hackers. 

    Hardware Wallets 

    A hardware wallet is a USB or Bluetooth device that enables you to store your private keys. Hardware wallets are also known as cold wallets. Most hardware wallets are not directly linked online to any crypto exchange

    Hardware wallets are more secure than software wallets. This is because physical possession of the wallet is needed to be able to access the assets in the wallet. Transactions can only be signed when the wallet device is connected to a computer. 

    Depending on the brand, hardware wallets can interact with a computer in one of three ways: a company-created app, a separate software wallet, or a web-based interface. Newer models of hardware always have Bluetooth capabilities. It is, however, advised that you use this feature with caution because Bluetooth is a wireless signal and can be easily accessed by hackers when it is turned on. 

    Hardware wallets are not as convenient as software wallets. They are ideal for storing large quantities of crypto assets or funds that you intend to save up for future use. 

    Because there is no third party or cryptocurrency exchange involved in the holding of your funds in the hardware wallet, the security of your funds is your sole responsibility. It is advisable to store your public and private keys and your wallet device in separate places to boost the security of your funds. 

    Paper Wallets

    A paper wallet is also a type of hardware wallet. It is a physical location usually a paper, where the private and public keys are written or printed. 

    Storing large amounts of cryptocurrency in paper wallets is highly discouraged. This is because, while paper wallets are almost impossible to hack, they have their risks. The paper can be destroyed or get lost. If this happens and the user does not have a backup, their funds will be lost forever. The user can also make mistakes when writing down the keys. If this error occurs, the funds will be irrecoverable. 

    How to Use Your Wallet

    Most crypto wallets are designed to send, receive and store crypto assets. When you create an account with a crypto wallet, the wallet issues a unique cryptographic address. It is at this address that all assets coming into your account will be sent. 

    Asides from the sending, receiving, and storing of cryptocurrencies, users can also buy and spend crypto via their crypto wallet. Some wallets have extra features like access to decentralized applications built on various networks, staking tokens to earn staking rewards, and swapping of tokens. 

    To receive cryptocurrencies to your wallet, you need to get your public key or address from the wallet. In most cases, all wallets have a “generate address” feature. When you click this feature, an alphanumeric address or QR code will be displayed. All you need to do is to copy the displayed address and share it with the person who wants to send cryptocurrency to your wallet. 

    If you are the one sending the funds, you will need the wallet address of the recipient. To send the funds, go to the “send” feature in your wallet and enter the recipient’s wallet address. You will also need to input the amount of crypto you wish to send. Once this is done you can click “Confirm” to send the funds. 

    Some wallets have built-in QR codes and near-field scanner technology that enable users to scan wallet addresses that are displayed as QR codes. All you need to do is scan the code, input the amount you wish to send, enter your key and click send. 

    In most cases, you will be charged a transaction fee when sending crypto. This fee is paid to the miners for processing the transaction.  If you are trading, you may be charged trading fees. it is best you choose a crypto exchange or wallet with low trading fees. This is because low trading fees will increase the return you get on your investment.

    When sending assets to an address, it is important to check that the wallet address you are sending the crypto to is for the same type of crypto. If it is sent to a wallet address for different crypto, the funds you send will be lost forever. For example, sending Bitcoin Cash to a Bitcoin address will make you lose your funds. In some cases, if you are sending funds from one cryptocurrency exchange to another, the transaction or trading fees are usually higher.

    How To Choose the Right Crypto Wallet 

    When choosing a crypto wallet it is important to choose the right wallet that suits your need. If you intend to store your crypto for an extended period, a hardware wallet is best for you. If you however trade crypto often, you may want to consider a secure software wallet on a good cryptocurrency exchange. 

    There are many options to choose from when searching for a crypto wallet. Considering the variety of options, it is easy for you to get confused about which one is best for you. Having a checklist of the features to look out for can help you make the right choice. 

    Below are certain factors you should take into consideration when choosing a crypto wallet.

    The Type of Wallet

    Knowing the right type of wallet you need is key to choosing the right wallet. You need to know whether you need software or a hardware wallet. 

    If you intend to store your crypto for long without use, a hardware wallet is best especially if the funds are huge. 

    If however, you intend to actively trade or store small quantities of crypto for a short period, a software wallet on a good cryptocurrency exchange is perfect. If you wish to stake your crypto assets, you should look for a software wallet that offers staking rewards. 

    Company Reputation

    After deciding on which type of wallet to choose, you will have many options to choose from. To make the right choice, you need to check the reputation of the wallet company or cryptocurrency exchange. 

    Getting a reputable company is key. Consider how long the company has been in operation, how secure are their servers, who is running the company, who holds the private keys, and is the company insured? 

    You also need to find out if the company has been hacked in the past. This will give you insight into how secure the wallet is and if the company has good data management practices. 

    Customer service is another important aspect you should not ignore when vetting the company. You need a crypto wallet with good customer service and a support team that is easily accessible. If the company is notorious for poor customer service or does not have any means of being contacted, avoid them. 

    Check for customer reviews on the company and the wallet, this will let you know what the real end users think. To get an unbiased opinion we suggest reading reviews from independent platforms, instead of the customer reviews on the wallet’s website.

    Security Features

    Whether you choose a hardware or software wallet, the security features should not be ignored. A good wallet should have strict security measures in place to ensure the security of your funds. 

    By default, the wallets should have both basic and advanced security features like passwords, facial recognition, 2FA, address whitelisting, email verification, and fingerprint recognition. 

    All these security features will make your wallet less susceptible to hacking attacks. 

    Supported Cryptocurrencies 

    Every crypto wallet and crypto exchanges in Singapore support only certain cryptocurrencies. Before deciding which wallet to use, you should get familiar with the cryptocurrencies supported by the wallet. 

    Some wallets are specifically built to support just one cryptocurrency or blockchain, others only work for mainstream altcoins while again others support up to hundreds of coins and tokens. If you wish to trade or store more than one type of cryptocurrency, you should get a wallet that supports multiple cryptocurrencies. This way you will have all your cryptocurrencies in one place. 

    Backup Features

    Asides from the basic security features of a wallet, all crypto investors should also check out the backup features of the wallet. A good wallet should make provisions for easy backup of your private keys. 

    Some wallets have backup features also known as private key management features. In most cases, this backup is cloud-based. This enables you to save your private keys in the cloud. Any new wallet you create will be automatically backed up on the cloud. 

    These keys are stored in encrypted form but can be decrypted with a single password of your choice. 

    Having a backup for your private keys will come in handy when you lose access to your device. All you need to do to regain access to your wallet is to reinstall the app, sign in and enter your cloud backup password. Once you do this, you will regain access to your crypto. 

    Regulation

    If you opt for a custodial hot wallet you need to ensure that the platform is regulated by the Monetary Authority of Singapore under the payment services act.

    Final Thoughts

    We’ve compared the 5 best crypto wallets in Singapore to help you make the best choice to store your digital assets. Our choice, as already mentioned is Trezor as it offers the best security and compatibility with other crypto wallets and exchanges. That said, it has its limitations like no support for mobile devices, which Ledger offers. So all in all, the best crypto wallet depends on your particular needs. If you’re searching for a hardware wallet and need mobile compatibility then Ledger would be the best option. But if you need a hot non-custodial wallet with multi-blockchain support Trust Wallet would be the best choice. 

    FAQ

    Most frequent questions and answers

    Our pick for the best crypto wallet in Singapore is Trezor Model T. However, the best wallet is dependent primarily on your specific needs, i.e. trading services required, transaction fee involved, which trading platform is integrated, etc. 

    Trezor is a hardware wallet – also called cold wallet – and offers advanced security measures like ultrasound seal, firmware verification, Shamir Backup, U2F authentication, FIDO authentication, Encrypting via GPG, and SSH to safeguard your digital assets. 

    Exodus wallet is completely free as the platform does not charge any trading fees and all blockchain fees go 100% to the network. 

    Trust Wallet is a cryptocurrency wallet which supports the most coins with over 1 million digital assets available.

    Yes, your crypto can grow in your wallet if the wallet supports staking.

    It isn’t the best practice to keep all your crypto in a hot wallet, especially custodial cryptocurrency exchanges. However, hardware wallets like Ledger and Trezor exist which make it safer to store and manage your assets. 

    Exodus wallet is the best crypto wallet for beginners. 

      Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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