SoFi wallet

Crypto wallets store your private keys, keeping your crypto safe and accessible . They also allow you to send, receive, and spend cryptocurrencies like Bitcoin and Ethereum.

As mentioned previously, it is not wise to keep large amounts of cryptocurrency in any hot wallet , especially an exchange account. Instead, it is suggested that you withdraw the majority of funds to your own personal “cold” wallet (explained below).

Do You Need a Wallet? Technically, you don’t have to keep your coins in cold storage or download a hot wallet program to your desktop . Many crypto exchanges allow you to store your cryptocurrency within a wallet on the exchange, and some people leave it at that.

They charge for certain transactions, staking, the launch of a new coin or token, consultation fee, and might even have VC investments . It seems like the crypto wallets are more into generating traffic first and making profits secondly, just like most software-based areas.