It is almost entirely up to you, the user, to keep the money and credit cards in your actual, antiquated wallet safe. It all comes down to situational awareness in addition to RFID protection to secure your cards from hackers.
Web3 cryptocurrency wallets are not the same. This is due to the fact that wallets may be opened almost anywhere, as well as the fact that many new cryptocurrency users are unaware of the variables that affect wallet security. In this instance, ignorance is not bliss.
Are you unsure of where to begin? For your convenience, we have ranked the safest Web3 wallets.
Remaining on the Correct Side of the Web3 Wallets’ Double-Edged Sword
Web3 wallets, which are hot wallets that let you access your cryptocurrency from any location, are incredibly flexible and firmly under your control. However, there are risks and obligations associated with doing away with the intermediary, a centralized system that handles your transactions and keeps an eye out for threats.
We are all susceptible to social engineering, which is the foundation of phishing attempts. If you’re not careful, ransomware and malware can steal your cryptocurrency holdings by operating in the background.
The core component of Web3 wallets, DApps, are not immune to attacks. Threats from blockchain and smart contracts, in addition to vulnerabilities and exploits, can empty that wallet.
It is your obligation to avoid “user error” when it comes to handling your money, but choosing a trustworthy, safe wallet provider is the first step in balancing the two sides of the cryptocurrency wallet debate—freedom and risk.
How We Selected the Safest Cryptocurrency Wallets
To grasp the Coinspect Wallet Security Ranking procedure and to know what to look for in a Web3 wallet, pay attention to all the factors that determine a crypto wallet’s level of security. Coinspect examined each of these elements, and you ought to do as well.
Permission Management for DApps
Coinspect evaluates Web3 wallet security by ensuring:
- Users must unlock the wallet before processing dApp requests.
- User confirmation is required before granting dApps access to various RPC methods.
- Active confirmation is required before switching to a different blockchain network.
- Users can list and revoke token approvals and dApp permissions.
- Requests to sign EIP-712 data with a chain ID different from the one that is now active or with unexpected requests are rejected by default.
- Users are notified of unexpected requests.
Physical Access at the Device Level
Restrictions on physical access can mean the difference between losing your money and protecting your valuables in the event that an intruder takes over your equipment. Coinspect searches for wallets that:
- Enable users to manually lock the wallet and lock it automatically after a predetermined amount of time (preferably under user control).
- Alert users when screenshots or seed phrases are duplicated.
- Permit (or require) the use of strong authorization techniques, such as biometrics, hardware tokens for two-factor authentication, strong passwords, and login rate limitation.
- Require authentication before granting users access to private keys or seed phrases while alerting them to the danger.
Confirming Intent
Errors and illegal transactions are avoided using concise transaction descriptions. Coinspect searches for wallets that:
- Can trace transactions via connections to blockchain explorers.
- Can preview results through simulated transactions.
- Clearly show ERC-20 Approve and EIP-712 signature requests from dApps.
- Provide complete and unambiguous signature request details, requiring scrolling to sign.
- Issue alerts when entering addresses with erroneous EIP-55 checksums.
Preventing Threats in Real Time
Crypto dangers are ever-evolving. In order to keep you ahead of the game, Coinspect searches for wallets that:
- Display the dApp URL and verify its legitimacy when connecting.
- Warn users about known malicious blockchain addresses or URLs — or block access.
- Notify users about the permissions granted to dApps.
- Warn users about unknown addresses and URLs.
The Safest Hot Wallets Available Online Right Now
1. MetaMask
With good cause, MetaMask is a seasoned Web3 wallet that has existed since 2016. Strong intent verification makes it difficult for attackers to get past MetaMask’s defenses, and it’s uncompromising on dApp permissions (excellent on all counts!).
You should protect your computer or phone locally because it is a little less secure against attackers who have physical access to your equipment.
2. Rabby
A more recent wallet that has swiftly gained popularity is Rabby. Rabby’s primary selling point may be that it’s fun to use, but security is also a strong quality. Rabby is a fantastic choice for those who want a wallet that recognizes risks, stops assaults, and ensures they have control over the permissions they select, even though MetaMask checks more boxes.
3. Coinbase
Coinbase has gained a solid reputation for being secure, dependable, and easy to use. It’s also the initial wallet that many newcomers to cryptocurrency test. You can rest easy knowing that Coinbase has safeguards against threats, dApp authorization, and intent verification. Because it supports biometric authentication, it is considerably more effective at preventing access to your devices by hackers who manage to get their hands on them.
4. Rainbow
Rainbow wallets are among the safest options available if you want strong protection for dApp permissions. However, there is a slight imbalance in this easy-to-use wallet. It is still far more robust than many lesser-known Web3 wallets, but it is less effective at threat detection, thwarting physical attacks when an attacker gains control of your device, and confirming intent.
5. OKX
You may safely and securely manage your cryptocurrency using OKX, a secure Web3 wallet, particularly when it comes to decentralized app permissions, physical access limitations, and intent verification. Although it’s unfortunate that OKX’s real-time threat detection isn’t as good as its other security features, it’s still a great option for more seasoned users who would rather handle attacks in different ways.
Now What?
Even if you’re new to cryptocurrency, the Web3 wallets in the Wallet Security Ranking Top 5 will help you cover all your bases if you’re searching for a wallet that is both easy to use and security-focused. This list is a good place to start if you’re determined to manage your cryptocurrency safely but don’t know where to begin because we’ve previously put them through their paces.
However, these are by no means the only trustworthy and safe wallets. You will come across a wide range of wallets if you choose to carry on your search. While not as robust as the Top 5, the majority are good at granting dApp permissions, but their other security features are inconsistent.
Make sure the wallet you select has gained your trust because not all popular wallets with years of experience are created equal!
