Before buying any cryptocurrency, it’s a good idea to choose a wallet that will protect the investment. While hardware wallets like Ledger or Trezor may be the safest store for the cryptocurrency, online wallets are perfect for everyday use. They run on the cloud and are accessible from any computing device in any location.
Online wallets are most often provided by exchanges, though they’re sometimes offered by third parties. Connected to the Internet, they’re generally easiest to set up and use. Most of them only require an email address and a password to create an account, and web wallets are usually designed to provide a simple and straightforward user experience.
The biggest advantage to online wallets is that you can’t lose them like a mobile wallet, and they’re accessible from any computer with an Internet connection.
While they are more convenient to access and are free to use, online wallets store users’ private keys online and are controlled by a third party which makes them more vulnerable to hacking attacks and theft.
Below are some of the most popular online cryptocurrency wallets:
The Blockchain Wallet is an easy way to send, receive, store, and trade digital currencies. Blockchain claims to be #1 Bitcoin wallet “with over 28 million wallets, $200B transacted, and the lowest fees in the industry.”
When creating a Blockchain Wallet, users are recommended to take the following steps:
Blockchain currently supports Bitcoin (BTC), Ether (ETH) and Bitcoin Cash (BCH). To send funds from the wallet, users will need the recipient's receiving address or QR code.
To request, the address or QR code can be shared with the sender.
The Blockchain Wallet is completely free to use. However, users will be charged a small transaction fee each time cryptocurrencies move in or out of the wallet.
Blockchain Wallet’s platform will automatically deduct the appropriate transaction fee from user’s funds, based on the size of the transaction and the level of network activity at the time.
The Blockchain Wallet is available in 25 languages and 22 currencies. The wallet can also be used on the go. It’s simply necessary to download the Blockchain app to access the same wallet, same funds, and same transactions, all on a mobile device.
Uphold is a cloud-based digital money platform enabling users to buy, hold, convert and transact across dozens of currencies, including 8 cryptocurrencies, as well as four precious metals.
Uphold serves 184+ countries, across 30+ currencies (traditional and crypto) and commodities with frictionless foreign exchange and cross-border remittance for members around the world.
Uphold provides instant and secure access to Bitcoin, XRP, Ethereum, Litecoin, Bitcoin Cash, BAT, Dash and CRED.
Besides being a web wallet, Uphold is also supported by Android and iOS.
Uphold is free to join and the majority of Uphold's services, particularly for verified members, are absolutely free. Sending and receiving a financial value between any Uphold member, and holding financial value on the platform is 100% free.
MyEtherWallet (MEW) is a free, open-source tool for creating wallets that work with the Ethereum platform. Even though the wallet is being created online through the web, all of the user information and funds are stored on the user’s computer, not on the MEW servers.
MyEtherWallet supports Ethereum, Ethereum Classic, as well as any standard Ethereum token (ERC-20) issued on the Ethereum platform.
MyEtherWallet is completely free to use. Transaction fees are charged when users send Ether, but those go to the miners working on the Ethereum blockchain and not to MEW.
In addition to being accessible in a web browser, MyEtherWallet is also compatible with Geth, Mist, MetaMask, Jaxx Wallet, Ledger Nano S hardware wallet and TREZOR wallet.
GreenAddress is a “multi-signature” Bitcoin wallet, which means GreenAddress shares control of Bitcoin with users.
“Our per-transaction two-factor authentication, multi-signature, and deterministic wallet allow you unprecedented control over your transactions,” the platform says on its website.
The main GreenAddress accounts are 2of2 accounts. This means that two signatures are required to validate any transaction: one from the user, and one from the service.
“We sign your transaction only if it complies with the limits you have enabled, and only when you provide two-factor authentication. This means that a potential coin thief has to first access your wallet and then also hack into your two-factor authentication in order to try to steal your coins.”
GreenAddress aims to provide a convenient-to-access wallet that emphasizes security and privacy. It allows an easy access from anywhere, controlled by a single user.
BitGo is a business solution for crypto with such big-name customers as Kraken and Bitstamp. Their BitGo Web Wallet solution is an HD Bitcoin wallet with two-factor authentication.
BitGo is a high-security multi-sig wallet that pledges to protects your Bitcoin from theft and loss. BitGo wallets are easy to use and offer advanced security features such as spending limits and multi-user access.
It’s a multi-currency platform supporting over 7 cryptocurrencies including Bitcoin, Bitcoin Cash, Ripple, Litecoin, Ethereum, Ethereum Classic, etc.
BitGo was initially developed as a centralized platform where users were not the only ones to have access to their private keys. Later on, it was developed on Android and iOS to allow users to gain complete control over their private keys and funds.