Technically speaking, yes, you will need a different wallet for different cryptocurrencies. If you want to keep your BTC, you will need a Bitcoin wallet. Likewise, you will need an Ethereum wallet for ETH and Cardano for ADA. So if you have BTC, you cannot keep them in your Cardano wallet.
However, the number and types of cryptocurrencies are increasing day by day. In addition to this, people use and work with more than one cryptocurrency. Therefore, there was a need to have wallets that can work with more than one cryptocurrency.
So we do have some new wallets in the market, for example, Ledger, Exodus, and Trust wallets. These wallets have the ability to have different wallets on one device. Thus, you will be able to use different wallets on a single software.
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Do you have to use many different wallets all the time?
You must be worried if you have to use different wallets for dealing with different currencies. Because handling different accounts becomes hectic sometimes.
So what can you do other than this?
You can choose to use the crypto exchange platform cryptex.net. This is not only an exchanger but also a trading platform. Therefore, you won’t have to use a different wallet. Instead, you can use this and exchange your BTC into litecoin and trade in it. You will have your secure cryptocurrency wallets. Furthermore, they ask for only a 0 percent trade fee for liquidity provision. Also, it is completely anonymous and won’t need any verification.
Moreover, if you do not want to face any restrictions and limits, this is the best exchanger for you. They do not limit the number of transactions so you can work freely and exchange all the coins of one currency for another without any problem.
The number of wallets that you will need
Even if you use currency exchangers, you will need to keep your coins somewhere. It is not possible for you to keep your BTC in the Litecoin wallet. Therefore, whether you are trading or only keeping your coins, you will need a specific wallet for keeping them.
If you earn Bitcoin, you will keep them in a separate wallet. Although it became tough for people to manage different wallets, it is only the case when you are doing trading. A lot of people choose to buy some crypto coins and only keep them until their value rises and then they sell them.
So what if you are into trading and you want to make profits on a daily and weekly basis? How can you manage so many wallets and continuously exchange the coins to invest the amount? It will be a difficult job to do.
Therefore, you will have the option to use exchangers that allow you to use them for every asset you own. They offer you a custodial wallet service that allows you to use any currency you want within no time. Whenever you deposit some crypto coins, they will have a new wallet address and thus, you will have a multi-asset wallet. Although it might seem like you will have to take care of a lot of wallets, this is not the case. You won’t have the keys, the exchanger will take care of that for you.
Are there any risks associated with it?
If you do not have the keys to the wallets, you must be worried about your money. However, handling the wallet is not much of a problem. No one is going to steal your money from a custodial wallet. The real problem is that they are hot wallets.
So you will be leaving your coins in a hot wallet. These are the wallets that are always active. Their activeness is the main problem. Although it makes things easier for you but they also pose a high risk. Hackers may attack the wallet and you might lose all your coins. But this is only a risk. You will find different wallets with a bit of risk. So when you are doing things online, you are always at risk of attack from hackers.
Some of the best wallets for you
So if you are not sure which wallet would be best for you, here are a few suggestions for you;
1 – Coinbase wallet
Coinbase wallet is simple in its functions. So if you are a beginner and you do not want to trouble yourself, you will love it.
It is a non-custodial wallet and is easy to swap assets between coinbase exchange and wallet. This is because it is developed by the coinbase team. It supports 100 plus crypto assets that also include Ethereum and Bitcoin. The best thing is that it has the ability to even store NFT assets. So you can work with both cryptocurrencies and also NFT with only one wallet.
2 – Exodus
If you are working with crypto on your desktop then Exodus would be a better choice for you. It is a great wallet with one of the best UI. Therefore, it is also best for beginners. You can download it for free so there won’t be any need to invest in your wallet. It supports multiple hardware wallets and also more than 100 cryptocurrencies. And if you face any problem, you will get great customer support.
3 – Ledger Nano S
If you have been using beginner wallets and now you want to get serious with crypto and you are ready to invest in your wallet, Ledger Nano S would be a better choice. And do not worry about the cost, it will only cost you only $60.
This is a hardware wallet that will be safe from many risks. However, it does not support many altcoins. Thus, you will be able to use only 3 crypto apps. On the other hand, it is best for Bitcoin purists. It is easy to use and supports 1000-plus digital assets. Furthermore, it is also very secure so you won’t need to worry about the safety and security aspects.