Features of mobile wallets
Cryptocurrency wallets for mobile devices differ from each other mainly in three ways:
- The number and types of coins supported;
- security measures;
- additional features.
The main advantage is the ease of use during balance checks or transactions. Most developers of popular wallets release versions for mobile operating systems (at least iOS and Android) to maximize the potential audience.
The main risk when using such wallets is the breakage, loss, or theft of the device. So, no matter how convenient it is to use them, it is unwise to keep large amounts of money there. Only small funds for quick transactions. You should also pay attention to extra steps to protect your account – for example, linking it to a hardware wallet, many apps support this feature.
One way or another, it is safer than storing capital on a cryptocurrency exchange. The fact is that the private key will be stored on the mobile device offline and you do not need to trust it to third parties. Thus, protecting your funds comes down mainly to securing the device itself.
If the phone is lost or stolen, it is still possible to restore access to the wallet using the seed phrase. But the problem is that an intruder can get access to your wallet faster than you can restore it. That’s why you should keep only small amounts on your mobile device, and for the rest choose a more secure method, such as a hardware wallet.