As cryptocurrencies become more and more popular with each passing day, the logical question arises: "Where should I store cryptocurrency?". You will be able to find the answer to this question in this article.

What is a Cold Wallet

A cold or local wallet is a hardware device designed to store cryptocurrency without internet access. Such a device can be your personal computer, a USB drive, or a hard disk. This method of storing cryptocurrency is considered safer than using online services, especially for storing large sums.

To withdraw money from a cold wallet, you need access to the device, the internet, and a transfer to an online service where you have a cryptocurrency wallet.

Electrum

Electrum is a representative of desktop wallets. It can be used on Windows, Linux, OSX, and Android. There is an option to download a portable version for installation on a USB drive.

Advantages of Electrum:

• security;
• open source;
• ability to create a hardware wallet;
• manual transaction fee setting;
• sending funds to multiple recipients at once.

Disadvantages:

• supports a small number of cryptocurrencies;
• no version for iOS.

List of supported cryptocurrencies:

• Bitcoin – electrum.org;
• Litecoin – electrum-ltc.org;
• Bitcoin Cash – electroncash.org;
• Dash – electrum.dash.org.

Guide to Using Electrum Wallet

We have prepared a detailed guide on using the wallet:

Exodus

Exodus is a multi-cryptocurrency wallet for storage and transactions. This wallet is a representative of desktop wallets and supports a multitude of cryptocurrencies, such as: Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dash, Tron, Binance Coin, EOS, and others.

Advantages:

• no registration or verification required;
• responsive support service;
• mobile applications available for Android and iOS;
• multi-cryptocurrency (supports over 90 promising coins);
• private keys can be exported;
• intuitive interface;
• ability to create a backup using a seed phrase;
• dynamic fee, which is automatically set and goes to miners for including the transaction in the nearest block. It cannot be changed. Exodus does not charge its own fee for withdrawals or deposits.

Disadvantages:

• closed source code;
• available only in English;
• to save the seed phrase, you must first top up the wallet;
• cannot manually set the fee.

Guide to Using Exodus Wallet

We have prepared a detailed guide on using the wallet:

Conclusion

Of course, there are many more wallets than shown in the article, but we believe these are the most reliable and best options for cold wallets. If you think otherwise, be sure to write about it in the comments.

Each of the aforementioned crypto wallets has its own pros and cons. We advise you to carefully weigh all the "pros" and "cons" before making a choice.