On the current market, it can be divided into 2 types: Cold Wallet and Online Wallet. Each type of wallet it has different advantages and disadvantages and different uses. Depending on the purpose of each person, we will choose to use it accordingly.

Cold Wallet

There are two types of cold wallets on the market that are very popular: Trezor Wallet and Ledger Nano S Wallet.

Working principle of Cold Wallet: Works like the principle of a USB, and in fact the appearance is the same as a USB. All you need to do is transfer coins to wallets in Trezor and Ledger.

Note before using Cold Wallet: Before using Trezor and Ledger wallet, it will initially ask you 20 random questions and you choose the answer, then you will write it out to save. In addition, you must save the Private Key and keep it safe. This will be used to retrieve the password or the problem that arises when something goes wrong.

We say it’s the safest because every time you withdraw coins from your wallet, you have to press a confirmation button (mechanical buttons on Trezor and Ledger) to be able to withdraw coins.

Advantages of Trezor, Ledger, wallets

Safe, even the most secure today because no one can hack without a Private Key. Next to the Trezor wallet, Ledger also supports many coins such as Bitcoin, Ethereum, Ripple, Zec, Dash, Litecoin, XEM, BCH.

Disadvantages of Trezor, Ledger, wallets

Every time you need to sell coins, it takes time to transfer, until you receive it, the price may drop, miss the ferry.

Online Wallet

Online Ethereum wallets are quite diverse. I will only recommend the best Ethereum wallets, although there are many places to store Ethereum online. Online wallets I recommend to use: Blockchain.com wallet, Myetherwallet.com wallet, Coinbase.com wallet, wallet at Bitcoin exchanges.

Blockchain Wallet, Myetherwallet Wallet, Coinbase Wallet

Principle of operation: I put these 3 wallets together because the characteristics as well as the operation methods are relatively similar. These wallets are only used to store Ethereum, cannot be exchanged or bought. That is, you can only Deposit, Withdraw Ethereum only, cannot buy and sell here.

How to create an Ethereum wallet? Creating a wallet is quite simple, you just need to visit the homepage, create an account (remember to enable 2-layer security and account KYC) to be able to create an Ethereum wallet.

Blockchain.com Wallet: In addition to supporting Ethereum wallets, Blockchain also supports storing coins: Bitcoin, Stellar (XLM), Bitcoin Cash, Ripple.

Myetherwallet Wallet: Myetherwallet (MEW) supports coins: Ethereum, Ethereum Classic and all Erc20 tokens.

Coinbase Wallet: Coinbase supports creating wallets for coins: Bitcoin Wallet, Ethereum Wallet, Bitcoin Cash, Ethereum Classic, Litecoin (LTC), ZRX, Basic Attention Token (BAT), USDC, ZCash (ZEC), Bitcoin SV (BSV), Ripple (XRP), Stellar (XLM).

Wallets at exchanges

The Exchange wallet is the most portable wallet, in my opinion, and I often use the exchange wallet because I often trade.

The principle of using the exchange wallet: The exchange wallet means that we will store the coin right at the floor, very convenient to be able to buy and sell when the price is available. Just create an account on the exchange to have an Ethereum Wallet right away.

What coins do the exchanges support? Exchanges often support a lot of coins, so you don’t have to spend too much effort to find coin wallets, especially junk coins.

Prestigious exchanges in the world: There are many, but I often use Binance because of its reputation, smooth use and large transaction volume, low fee, support for about 200 coins.

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