Cryptocurrency wallets on Android – how to create a wallet for cryptocurrency
As of 2022, there are 5 categories of vaults for saving digital assets. Mobile wallets are among the most popular. Their popularity is due to increased security and ease of use. And since demand breeds supply, some developers of virtual products intentionally create cryptocurrency wallets for Android.
Choosing a mobile wallet among dozens of competitors is difficult. But a list of the most popular and high-quality software will help.
This cryptocurrency wallet was launched in 2016 as a browser extension. But by 2022 there were mobile versions for Android and iOS. The creator of MetaMask is ConsenSys. It employs more than 500 people from the corporation’s offices in New York, Washington, D.C., and San Francisco.
The source code of MetaMask cryptocurrency storage is open. At the same time, the wallet provides clients with a non-custodial method of private key saving. This fact means that only users have access to them and seed phrases.
MetaMask allows clients to work with decentralized applications in different blockchains. Predominantly, the cryptocurrency wallet supports dApps on the Ethereum network. But by 2022 the functionality of the software is expanded.
As of June 21, 2022, the mobile program supports 37 blockchains. In total, wallet users can store 37 coins and tens of thousands of tokens. The latter will be able to be added through the software interface.
MetaMask has no developer-integrated commissions. Clients only need to pay network fees for transactions. The amount of commissions depends on the cryptocurrency used.
MetaMask has two additional built-in services:
- A tool for making swap exchanges inside the vault.
- Service for buying cryptocurrencies for fiat money. The function is implemented with the help of MetaMask’s strategic partners – Wyre and Transak payment systems.
This cryptocurrency wallet appeared in 2019. The creator of the mobile software is KZen Network Corporation. Members of the cryptocurrency community know that the company raised $4 million in investments to develop the vault.
ZenGo is open source. The mobile software is a custodial cryptocurrency. For this reason, some investors are afraid to use ZenGo. But customers can check the reliability of the code and the absence of malicious algorithms on their own. Also, KZen Network is controlled by Israeli regulators and legislation of the country.
ZenGo only allows users to store cryptocurrencies. For example, investors have no access to the NFT market and DeFi sector.
Fees for using the proprietary cryptocurrency exchanger are integrated into the vault. The fee ranges from 2% to 4% and depends on the converted digital assets. KZen Network does not charge any other fees.
Inside the software there are 2 auxiliary services (the creators of the wallet did not report on the development of new additional tools):
- A proprietary cryptocurrency converter
- Service for purchasing coins and tokens for fiat
This cryptocurrency wallet was created by Coinbase Global, Inc. in 2012. The vault is the corporation’s flagship product and a competitor to the popular Blockchain Wallet software. The basis of the project was laid by 3 cryptocurrency enthusiasts:
- Fred Ehrsam
- Brian Armstrong
- Ben Reeves
At first, the cryptocurrency wallet was called Toshi. But in 2018 the developers renamed it Coinbase.
The source code of Coinbase is closed. But the program for Android cell phones is non-castodial. It allows you to create a cryptocurrency wallet for Android in Russian, where the private key along with the sid-phrase is stored by the client. With all that, the developer company has a good reputation in the market of virtual assets. For these reasons, customers can safely use Coinbase.
At first, Coinbase was only focused on storing cryptocurrency assets. But by 2022, the developers have greatly expanded the functionality of the digital product.
There are no commission fees built into the mobile program. It is free to download and use. Customers only have to pay network fees for making cryptocurrency transfers.
Coinbase offers 2 additional tools:
- Ethereum’s dApps browser for interacting with decentralized exchanges and other applications
- A protocol for dealing with non-exchangeable tokens
Guarda is Open Source type software. The cryptocurrency wallet is non-custodial. Private keys and mnemonic phrases are stored on the client side.
At first, Guarda could only store ETH. But by 2022, the developers greatly expanded the list of supported crypto-assets. The creators also updated the functionality.
As of June 21, 2022, Guarda supports more than 50 digital networks. At the same time, users of the cryptocurrency wallet can save more than 10 thousand virtual assets.
The Guarda mobile app is free to download and use. There are no built-in commissions.
There are 6 auxiliary services integrated into Guarda. They allow:
- Buy crypto-assets for fiduciary currencies
- Participate in stacking of digital coins
- Take cryptocurrency credits
- Earn through an affiliate program
- Create tokens and promote them
- Exchange cryptocurrencies
This vault was released in 2015. It is one of the best mobile cryptocurrency wallets. It was created by developers Kosale Kemachandre and Taylor Monahan. At first, the project was a hobby of the programmers. But later it became a cryptocurrency corporation with a large staff.
The source code of MyEtherWallet is open. The developers published it on the project website and the GitHub platform. At the same time, MEW is a non-custodial cryptocurrency wallet.
At first, MyEtherWallet only allowed to store ethers and worked through desktop browsers. Versions for mobile OS are released after several years (as of June 2022, the software release date for Android and iOS is unknown). At the same time, the wallet’s functionality has greatly expanded.
MEW developers have integrated commissions into the mobile software. The vault charges a fee for exchanging BTC for RenBTC. There are no other commissions from the developers of MyEtherWallet in the program.
MEW customers have access to four investment tools:
- Function of buying cryptoassets for cash
- Branded digital asset converter
- Service for working with Ethereum blockchain dApps
Electrum closes the top cryptocurrency wallets for Android. Its debut version was launched at the end of 2011. The wallet was created by the German developer and neural network specialist Thomas Fotglin and his anonymous team. Already by the beginning of 2012, the program became popular among cryptocurrency users because of its respectability and almost no competition.
The Electrum program code is open. It is published on the project website. In 2015, Thomas Fotglin said that third-party improvements to the software were allowed. For this reason, as of 2022, some of the updates are implemented by crypto-enthusiasts. Electrum is also a non-custodial wallet. Downloading of private keys is available through the mobile program interface.
At first, Electrum was only desktop software. Later, mobile software for Android was released (launch date unknown). At the same time, the original Electrum is designed to work with Bitcoin. As of June 21, 2022, the developers do not plan to increase the number of supported cryptocurrencies.
Electrum has no built-in commissions. Cryptocurrency wallet users pay only Bitcoin network fees. At the same time, the vault is equipped with an algorithm for calculating the recommended fees for fast BTC transactions.
Electrum customers have access to 3 additional tools:
- Lightning Network (second-level Bitcoin chain protocol for fast and cheap transfers through payment channels)
- Two-factor authentication (implemented in a separate type of Electrum accounts with a paid service)
- Service for integration with third-party plugins
Features of Android cryptocurrency wallets
Mobile vaults make it easy to operate with digital assets. They are much like desktop cryptocurrencies. Mobile software clients are downloaded and installed on users’ smartphones. The main information is usually stored on the device (depending on the software):
- Private keys
- Transaction History
- Address balances and other information
The main feature of cryptocurrency wallets for Android is the use of mobile cameras. They allow customers to scan QR codes to make quick digital payments. For this reason, mobile cryptocurrency vaults are better suited for regular spending.
Another feature of Android wallets is mobility. For 2022, users almost always keep their smartphones with them. If necessary, it allows to carry out urgent transactions and check the balance of cryptocurrency numbers.
Pros and cons of cryptocurrency wallet to phone
Mobile virtual asset stores have an equal number of advantages and disadvantages. Here are the main pros and cons of such wallets.
|Portability. Purses on phones allow customers to conveniently operate cryptocurrencies away from home without a personal computer.||Average level of security. Mobile cryptocurrencies are more secure than browser-based ones. However, their security does not reach the level of the hardware storage.|
|Convenience. Often clients are more comfortable using mobile vaults than other cryptocurrencies. This is due to the compactness of interfaces on phones.||Fake apps. Attackers often fake cryptocurrency programs and publish them in the Google Play store.|
|Non-custodiality. Many cryptocurrencies on smartphones allow customers to manage private keys.||Phone breakage or loss. In the absence of a Sid-phrase, it will be impossible to restore the wallet.|
|Simplicity. The interface of many wallets on phones is intuitive for beginners.||The imperfection of Android. This OS is less secure than iOS. On average, Android smartphones are infected with malware more often. This increases the risk of investment theft.|
How a mobile crypto wallet works
Many Android apps for altcoin savings function in part according to the “light” storage model. Customers do not need to download blockchains to their smartphones. Cryptocurrency programs often apply only subsets of transactions. Other information is stored on developers’ servers and is rarely used:
- Complete record histories on networks
- Blockchain characteristics
- Lists of trusted virtual chain nodes and other information
Transaction subsets are often sufficient for stable customer experience with cryptocurrency networks. Other information is rarely used by repositories. However, in doing so, users have to rely on unknown trusted nodes.
How to choose a mobile wallet
Different storages are equipped with different features and have their own characteristics. For this reason, it is necessary to choose a cryptocurrency wallet for Android according to 8 criteria:
- Security level
- Type of key storage
- Status of program code
- Level of anonymity
- The number of supported cryptocurrencies
- The presence of an integrated exchanger
- HD function
- The simplicity of the interface
Typically, participants in cryptocurrency networks choose decentralized wallets for smartphones. They have an increased level of security. Such vaults often have PIN and biometric (fingerprint and/or facial) authorization features.
Using centralized software is not recommended. They are more vulnerable to hacker attacks. Cryptographic data encryption also does not save from information leakage from developer servers. Such wallets provide for registration by cellular number and/or e-mail address. This reduces the anonymity.
Users must have access to private key management. This increases the reliability of cryptocurrency storage. Only non-custodial wallets have this feature. Their developers do not store private crypto-keys on their servers. For this reason, hacking of non-custodial wallets’ databases by attackers rarely causes financial damage to users.
When choosing a cryptocurrency wallet, you need to know the status of software resources. Open Source vaults for digital assets are safer than closed source software. This is due to the possibility of helping developers. Some enthusiasts look through the source codes of the crypto wallets in use and seek out vulnerabilities. If technical flaws are found, users report them to the developers. Creators of cryptocurrencies often reward such enthusiasts financially.
At the same time, the Open Source status allows users of wallets to conduct source code audits. Such audits give customers an opportunity to evaluate the security of the software they choose for themselves.
A high level of data privacy is a basic selection criterion for many crypto users. Typically, anonymous wallets have the following characteristics:
- No requirement to enter personal information
- No account system
Many investors assemble an investment portfolio of several digital assets. It is more convenient to store purchased coins and tokens in a single wallet. For this reason, it is important to choose secure multicurrency software. Such software will allow you to control your entire investment portfolio in a single application.
An integrated cryptocurrency converter is worth considering as an additional option. Such services allow exchanging virtual assets right inside wallets. This is convenient, because there is no need to use third-party platforms, such as digital exchanges, to convert available cryptocurrencies. However, the presence of a built-in exchanger is not the main criterion for choosing a vault.
Hierarchical-determined vaults exist for 2022. Members of the cryptocurrency community often refer to them as HD wallets. Such mobile apps allow customers to use multiple addresses for the same coins at once. Special algorithms create numbers based on seed phrases to store specific coins.
The intuitiveness of the UI is useful for beginners and experienced users alike. The clear interface allows you to better navigate in the selected application from the very beginning. At the same time, using a program with simple navigation will not irritate the client over a long distance.