Web wallets (also called hot wallets) are less secure
than hardware (cold) wallets because they are exposed not only
to software attacks, but also to phishing. In some cases, even two-factor
authentication does not help, since attackers have learned to intercept this
data as well.
However, online cryptocurrency clients are convenient to use, can be
accessed from any device connected to the Internet, and allow for fast
transactions. Hot clients are useful for those who store and use small amounts
of cryptocurrency. Otherwise, it is preferable to use hardware, mobile or
desktop wallets.
Blockchain
Blockchain.com (old domain -
Blockchain.info) is one of the first and most popular crypto wallets, created
in 2011. Despite its popularity, the crypto wallet has security problems. There
are many known cases of hacking of Blockchain.com accounts. Blockchain supports
Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Stellar (XLM), and Paxos
(now USD Digital).
The Blockchain wallet is popular due to its wide functionality: users can
exchange cryptocurrencies, crypto loans, deposit at interest and manage
multiple accounts. One of its main drawbacks is incompatibility with SegWit
addresses.
Coinbase
Coinbase provides custody
services for storing and exchanging cryptocurrencies. Despite being an online
wallet, Coinbase is considered one of the safest crypto wallets as the platform
works with institutional clients and is regulated by the US Securities and
Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Security is ensured by authorizing a new device to log into your account using
email and 2fa, as well as integration with hardware crypto wallets. Coinbase
supports many cryptocurrencies, but only works with legacy bitcoin addresses.
Coinbase provides additional 2fa protection for sending transactions.
Stellar Wallet
As the name suggests, the browser-based Stellar Wallet is designed to store
Stellar (XLM). It is approved by cryptocurrency developers. The wallet has a
minimalist, intuitive interface that lets you get started in a matter of
seconds. At the same time, it provides a full set of options for working with
the coin: creating wallets, logging into existing wallets, storing, receiving
and sending XLM.
Stellar Wallet also supports integration with Ledger and Trezor hardware
wallets.
BitGo
BitGo web wallet has minimalistic functionality for working with
cryptocurrencies. The company offers services to both individuals and corporate
clients. BitGo is focused on user security, so browser and IP authorization is
required to log in to an account, as well as mandatory two-factor
authentication. BitGo crypto wallet contains a simple and intuitive web
interface, supports more than 10 cryptocurrencies, allows you to manage
multiple crypto accounts and connect third-party services for registering taxes
or storing private keys, as well as freeze addresses for a specific period. But
the interface is only available in English. Each of the created crypto accounts
is protected by an additional password.
Coinb.in
Coinb.in is a functional, open source, multi-signature web wallet licensed
by the MIT. The client contains a tree structure and allows you to create
derived keys. These wallets are called HD Wallets or Hierarchically
Deterministic. Coinb.in is a rare representative of browser-based crypto
wallets that support the new bech32 SegWit addresses. It uses Javascript to
generate addresses and transactions and also works offline.
Strongcoin
It is a hybrid bitcoin wallet. The company was founded in 2011 at the dawn
of cryptocurrencies, although the crypto wallet is relatively new. StrongCoin
stores user keys on the server, but before that they are encrypted in the web
browser, so third parties will not be able to access the coins. StrongCoin
allows you to buy cryptocurrency using the third party service Glidera.
StrongCoin allows you to create a PDF and print a paper wallet for storing
bitcoins with full control over private keys. The crypto wallet has simple but
limited functionality and only supports two cryptocurrencies: BTC and BCH.
Cryptopay
Cryptopay is a hot bitcoin wallet with advanced functionality and built-in
cryptocurrency exchange functions, as reflected in the client's name. When
creating an account, Cryptopay asks for personal data, which negatively affects
the privacy of users. The company provides Cryptopay customers with prepaid
debit cards for buying BTC and paying with cryptocurrency. There is also an
affiliate program to reward users. Cryptopay supports 4 cryptocurrencies:
Bitcoin, Ethereum, Litecoin and Ripple, as well as fiat currencies. The main
disadvantage of a crypto wallet is custody.
MyEtherWallet
MyEtherWallet or MEW is one of
the most popular hot Ethereum wallets created by Ethereum developers. MEW only
supports Ether and ERC20 tokens. Previously, the web client interface was quite
complex for beginners, but after upgrading to version 5, it has been greatly
simplified. One of the strengths of MyetherWallet is the availability of the
MEW Connect mobile app for iOS and Android, which enhances security by pairing
a browser client with a mobile device for two-step authentication. MEW allows
you to integrate Trezor, Ledger, BitBox02 and KeepKey.
MyCrypto
MyCrypto is an open source
browser-based ERC20 wallet created by the MEW team in 2015. You can connect to
MyCpypto using hardware wallets, the Parity Signer app, the MetaMask plugin,
and some other crypto wallets. There is a more secure desktop version of the
crypto wallet. With MyCrypto, users can manage their crypto portfolio and track
statistics on it. Previously, MyCrypto belonged to MyEtherWallet, but then the
development teams split up and a separate crypto wallet was created for
Ethereum and tokens based on its platform.
