The Best Bitcoin Wallets in Singapore in 2021 – Reviewed
Bitcoin needs absolutely no introduction in the world of cryptocurrencies. If you are considering buying bitcoins, the most important step you need to take is to find a bitcoin wallet that you can trust to keep your bitcoins safe. The advantage of investing in bitcoin is that there are many wallet options that support bitcoin, and it would be a challenge, especially for beginners, to find the best one that suits you. Therefore, we will cover the best types of bitcoin wallets you can find in Singapore.
Before we dive into the options available, it’s important to know what these wallets are and what to look for in a bitcoin wallet.
Types of Bitcoin wallets
There are essentially two types of bitcoin wallets: Online portfolios (hot stores) and offline portfolios (cold stores).
An online portfolio can be accessed from a mobile phone or a desktop computer. The most obvious advantage of using an online portfolio is the accessibility it can offer its users because it is stored online. You can access it whenever you have an internet connection, and it brings more convenience with smartphones because you can essentially access your bitcoin wallet from anywhere.
While most online wallets are reasonably secure, the fact that they are connected to the internet means that there is always a small risk of them being hacked by attackers who steal your bitcoins.
Cold storage facilities
Cold storage, on the other hand, means that your bitcoin is stored in a physical wallet, such as on an external device. This completely disconnects your bitcoin from the internet, so anyone who wants to steal it will need to have physical access to your storage device.
However, a physical device to store your bitcoins can be tricky to set up and is probably only worthwhile if you consider security the most important factor when purchasing a bitcoin wallet or storing a large amount of crypto currency. Cold storage also reduces accessibility, as you can only access your bitcoins by connecting the device to your desktop computer and then entering passwords set up to protect your cryptocurrencies.
What to look for in a bitcoin wallet
There are 5 factors to consider when choosing a bitcoin wallet:
Type of crypto-currencies supported
Summary TL:DR – Principal recommendation by the author
E-Toro – The e-Toro wallet is by far the best bitcoin wallet you can use to store bitcoins in Singapore if you invest in bitcoins. E-Toro is a completely free online portfolio that costs no more than $100 compared to a physical portfolio.
They support the major cryptocurrencies currently on the market, such as Bitcoin, Ethereum, Bitcoin Cash and Litecoin. So you can easily transfer bitcoins to and from your wallet whenever you want.
The e-Toro wallet also has some of the best security features a bitcoin wallet can offer, with features like two-factor authentication and multi-signature protection to protect your users assets.
6 best bitcoin wallets in Singapore
Now that you know what to look for when choosing a bitcoin wallet, let’s delve into the best bitcoin wallets in Singapore. These portfolios are presented in random order and have been reviewed and highly recommended for the quality and functionality they offer users.
1. Parts basis
Provides strong historical protection
User-friendly and simple user interface for storing cryptographic data.
Support for more than 20 different types of crypto-currencies
Available in the Apple iOS and Google Play stores.
Longer transaction times due to high data traffic
History of freezing portfolio accounts due to high security level.
Coinbase is one of the largest cryptocurrency exchanges in the world and has one of the highest traffic volumes compared to other cryptocurrency exchanges. Coinbase Wallet offers its users a simple and convenient way to store and send their cryptocurrencies anywhere, as long as you are connected to the internet.
One of the reasons Coinbase is so convenient is that it offers a mobile app service and you can take your bitcoin wallet anywhere. Also, because Coinbase is a regulated and integrated crypto exchange system, they have focused on being user-friendly for their customers, and so their online wallet has an intuitive and user-friendly interface to reduce any confusion that may arise.
Coinbase supports over 20 different types of crypto, and on top of that you can earn a small amount of free bitcoins with a program called Coinbase, and all you have to do is look at their ads and take their quizzes.
Coinbase also boasts a strong track record, as its bitcoin wallet is protected by Secure Enclave technology. So, Coinbase is definitely one of the best options you can choose to store your bitcoins in Singapore.
The downside to Coinbase is that the high volume of traffic can lead to a reduction in the volume of transactions processed, and because of the security measures they have in place, they have little history of freezing certain accounts due to a detected security threat.
Easy to use and understand
Provides excellent customer support
Cex.iO is a legal cryptocurrency exchange registered as a money services company in the United States. This means that Cex.iO is licensed and regulated by the Financial Crimes Enforcement Network. The level of security that Cex.io offers its customers includes a DSS level 2 certificate, which means that it is authorized by the enforcement authority to have a certain level of security that is considered sufficiently secure to store, process and transmit payment card data.
Cex.iO also offers an extensive support section that you can call upon if you do not understand certain parts of the bitcoin wallet. If your questions are not answered here, Cex.iO offers an easy-to-use email support form.
Their user interface offers advanced trading windows to check and is free of clutter, making it an easy experience for their customers thanks to Cex.iO’s clean interface.
However, it should be noted that although Cex.iO provides a decent level of security and also offers excellent customer service, there are not many components available and supported. Nevertheless, you can rest easy knowing that they support all major types of cryptocurrencies like Bitcoin and Ethereum.
The Cex.iO wallet is also connected to the main exchange platform, and as such you shouldn’t rely too much on its security. If they are hacked, you risk losing all the assets invested on the platform.
3. Atomic portfolio
Easy to use
Bitcoin wallet designed for anonymity
Integrated nuclear currency swap
No compatible hardware wallet option
Atomic Wallet is a desktop wallet (online wallet) that can be installed on your computer using software. It is designed to make storing your bitcoins as easy as possible, while offering high security and a number of important additional features.
One of the features of Atomic Wallet that sets it apart from other wallets is the atomic currency exchange. It is essentially an automated, anonymous feature built into a wallet that acts as a decentralized exchange with minimal cost. So, if you store some bitcoins in Atomic Wallet, you can exchange the stored bitcoins for other cryptocurrencies like Litecoin and QTUM and vice versa. If you want to have additional swap pairs, you will need to use Changelly’s built-in swap features or ShapeShift to do this.
An Atomic Wallet would be your choice if you want to trade your crypto-currencies anywhere, according to your needs.
However, due to the additional functionality, the configuration of the portfolio can be complex. But fortunately for users, Atomic Wallet offers a clear user interface that simplifies the installation process.
Thanks to this, even a beginner with absolutely no experience in crypto currency trading can access the features offered by Atomic Wallet.
The downside to Atomic Wallet is that there are currently no compatible hardware wallets, which means you need to make sure your computer and network are secure and uninfected before installing and using the wallet.
User-friendliness of the site
Easy to use
Support for multiple crypto-currencies
Exodus is another online repository that is available on the three different operating systems, namely : Windows, Mac and Linux. The Exodus Bitcoin wallet is one of the few wallets that offers support for a variety of cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dash and over 20 other cryptocurrencies on the market. Exodus also plans to expand this list to provide better support for other games not currently available on its platform.
The Exodus bitcoin wallet also supports the Shapeshift app, which allows you to exchange crypto-currencies for other coins in your account, similar to the app used by Atomic. Note, however, that there is a small fee when you want to exchange currency and when you transfer bitcoins in or out of your wallet.
Exodus also offers excellent customer support, including a comprehensive online help center. Users of the company are highly rated and have reported quick and clear responses from customer service representatives.
However, the Exodus bitcoin wallet has a few drawbacks. The most obvious is that it’s not as secure as a hardware wallet with cold storage, because it can be hacked or stolen online. Exodus Wallet also does not support two-factor authentication to access your account. There is also no mobile application, and you can only access Exodus from your desktop computer.
5. Nano S cemetery
High security with offline storage
Easy to use
Can store a wide range of cryptocurrencies.
A home wallet is the safest place to store your bitcoin or other crypto currency. As such, the Ledger Nano S is a popular choice for investors looking for a solid and reliable branded hardware portfolio. Ledger Nano S is silver in color and looks like a USB device that must be plugged into your desktop to access content to reduce cyber security risk.
Ledger Nano S is easy to use and supports a variety of cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum and ERC 20 tokens. Since this is a hardware portfolio, the configuration process is quite complex and you should be careful when setting it up. To set up a Nano S Passbook, you must first create a four-digit PIN that must be entered each time you want to send payments. If you enter an incorrect contact three times in a row, the device deletes itself.
Ledger Nano S supports FIDO Universal second-factor authentication and all accounts are stored on a recovery sheet, a password you must write down to recover. The Ledger Nano S also features a sleek built-in display that allows you to easily confirm and verify transactions.
The downside of the Ledger Nano S is that it is a hardware wallet that costs around SGD129 on Ledger’s website.
Highly secure offline storage
Support for a wide range of cryptographic equipment
A relatively simple installation, as is often the case with hardware portfolios.
The story of Trezor is the story of the first hardware wallet designed for the sole purpose of storing bitcoins. Treozor is a popular and market-recognized brand among experienced cryptocurrency investors, and it’s a solid choice if you want to securely store large amounts of bitcoins on physical offline bitcoin storage.
The Trezor Bitcoin Wallet is a small portable device that can be connected to a computer via the included USB cable. It is a wallet that allows you to manage your private keys. The device comes with a 24-character password, which you must write down to secure the wallet. This is a random phrase generated during device configuration. Other security features include a screen where you can view and confirm your transactions.
The type of cryptocurrencies supported: Bitcoin, Ethereum Classic, Litecoin, Dash and Bitcoin Cash.
The downside of storing bitcoins in this wallet is that they are worth about SGD$145 at the time of writing. So it may not be the best choice if you have a limited budget.
frequently asked questions
How to choose the best bitcoin wallets in Singapore?
We reviewed and analyzed more than a dozen bitcoin wallets for cost, customer support, security features, supported cryptographic capabilities, and ease of use. Safety is the most important criterion to consider, but you should also check how the system works with some of the major stock markets so you can trade quickly on the market.
With over 10 years of experience as a financial analyst, Eric is well aware of the potential of cryptocurrencies, particularly bitcoin, and its impact on the global economy. He is determined to share everything he knows about cryptocurrencies here.
frequently asked questions
What is the best bitcoin wallet in Singapore?
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