The UK is one of the countries on the planet where opportunities to invest in cryptocurrencies is vast. As Bitcoin is one of the most popular cryptocurrencies to invest in, we can assure you that not every crypto platforms will house it. There can be many factors why they may not include Bitcoin in their portfolio of cryptocurrencies but that’s for another time. As a side note: when we say “Bitcoin”, it doesn’t just refer to the Bitcoin currency itself but also to every other cryptocurrency available.
If you are a British citizen or a resident of the UK, and if you have interests in investing in Bitcoin, then you really need to know how to choose the best UK bitcoin wallet. In this article, we will talk about how to choose the right bitcoin wallet in the UK.
1. Types of Bitcoin wallet
There are several kinds of Bitcoin wallets you can find. There are the kinds that are on paper. These types are usually documents with your public Bitcoin address that you keep in person. A lot of paper bitcoins use QR codes for you to scan, so people can buy or sell cryptocurrencies with you.
There are also the desktop types where it’s mainly installed on your PC. Those types usually have very strong security as they do not allow 3rd parties in handling the money side of things. As users, you will have 100% control over your cryptos, including Bitcoins.
There is also a web version, which is basically a replica of desktop and paper versions. These are usually 3rd party platforms where they charge a fee when you want to withdraw the crypto money.
Finally, the other most common type of Bitcoin wallet are hardware types. Hardware type wallets can come in USB sticks. Sometimes it may come in a clunky box to store your Bitcoins. So far these are the safest types of Bitcoin wallets you can find.
We are very sure that you will be extremely concerned about the security side of things. Generally most Bitcoin and crypto platform online are safe and secure to use. Generally, people will check the security history of the crypto wallet. Does it have a long list of unresolved security problems? Check the feedback by previous users to find out.
Look into the user experience and how effective they are in blocking hackers. Again, this is something that you will want to look at general feedback from users who have used their services before. Also have a look into news pieces of whether these platform have ran into any security problems before. Then deduce for yourself if the platform is safe enough to use.
3. Having one or multiple wallets
Having several bitcoin wallets depends on how many accounts you wish to maintain. Some people decided to just stick with one, while some others choose to go with several. However, we’ve looked into having multiple bitcoin wallets and find that a lot of bitcoin and similar currencies have forked out on their own. With that being said, a lot of user feedback is that it’s best for you to have multiple wallets than just sticking to one.
Users generally have multiple wallets to store their bitcoin wallet keys out of safety purposes. For instance, some people enjoy the tight security that comes with a hardware wallets, but also have a mobile wallet to enjoy its flexibility. On the other hand, we should also inform you that having multiple accounts will mean that you’ll spend more time maintaining each one. So think this through if you wish to have multiple wallet accounts or not. Think about the time you will need to spend on maintaining each accounts.
4. Accessibility to access bitcoin and other cryptocurrencies
As mentioned before, when we mention “Bitcoin” it doesn’t just refer to Bitcoin but also to all cryptocurrencies. A good Bitcoin wallet generally should have a diversified portfolio of cryptocurrencies. From the diversified amount of available cryptocurrencies, you will find that you have so many options of cryptos to choose from.
The more diversified your crypto portfolio is the better. It simply means that you will have more crypto investment returns (or not) for yourself in the long run.
5. Withdrawal fees
It’s no secret that crypto wallets charge a certain amount or percentage of withdrawal fees when you want to withdraw your crypto money. These withdrawal charges (in some cases are called transaction fees) are your typical admin fee. Some withdrawal charges are more expensive than the others.
Before you do your withdrawal, make sure to check what their Terms & Conditions say. Some wallet sites have a table of rate charges whereas some others are not as transparent. Also check for the timeframe for when the money will be deposited into your accounts. This is because some wallets take more than 2 weeks for the withdrawal money to be deposited into your accounts. Some takes less time of less than 3 days.
In conclusion, there are a lot of criteria for you to look into if you are looking for a great crypto wallet if you are living in the UK. As long as you follow the criteria we have suggested above, you should be set to find the best crypto wallet for yourself in the UK. But then most crypto wallets are international anyway. Therefore, choosing the best crypto wallets shouldn’t be too hard if you are from the UK.