“Not your keys, not your coins!”
It’s a phrase that you’re likely to come across whilst floating around the crypto space. In other words, you don’t truly own your tokens until you have exclusive access to them.
Keeping your crypto safe should be a priority for anyone deciding to invest, and you’ll be pleased to know that there are options available. You can store your cryptocurrencies in Centralised Exchanges (CEX), Decentralised Exchanges (DEX) and a variety of wallets.
It’s important to consider the advantages and disadvantages of the wallets available to you. There are various levels of security, accessibility and flexibility, meaning it really comes down to personal preference. Do you place more value on security or convenience? Do you prefer online wallets or offline wallets? Will you use both?
Types of Wallets
Cold Wallets – also known as Hardware Wallets.
Pros – These wallets are offline and provide a high level of security. If someone wants to steal from you, they’ll need to physically obtain your wallet and pin codes in order to access your tokens. The most reputable exchanges now provide high-quality cold storage options for their users.
Cons – Although safe, they’re not the most convenient. You have to power up and connect to the Internet which takes more time and effort to access your funds. Unlike hot wallets, they’re not usually free of charge. You could be looking at anything between $50 and $200, but it’s a worthy investment if you value security.
Hot Wallets – also known as Software Wallets
Pros – These wallets are online, which is an advantage if you prefer convenience. Web-based, desktop and mobile wallets are all examples of hot wallets. They are a popular option for buyers and traders, since they allow quick access and you can make transactions on the fly.
Cons – Hot wallets are relatively safe but can be more vulnerable to online attacks. People don’t often choose to keep large amounts of crypto in a hot wallet, just like you wouldn’t keep thousands of dollars in your pocket.
It’s not unusual to own a hot and a cold wallet. If you are actively trading and need to make quick transactions, you’ll benefit from a hot wallet. However, it doesn’t mean you should keep all your money there. Why not top it up with tokens stored in a cold wallet to ensure that the majority of funds are in the safest place they can be.
To look at these options in even more detail – check out What Kind of Bitcoin Wallet Should I use?
What is Huobi Wallet?
Huobi Wallet is a multi-chain light wallet. It supports multiple chains such as the Huobi Eco Chain (HECO), Polygon, the Ethereum network, the OKex Chain (OEC) and the Binance Smart Chain (BSC). Having the ability to support multiple chains means you are able to store different tokens from different chains all in one wallet.
One word – Flexible.
Those of you who own a hardware wallet will know that making transactions can be longwinded and even frustrating. You’ll need to connect your computer to your hardware wallet every time you want to access your assets.
As previously mentioned, it provides some added security but in the crypto space there is often a need for speed when transferring tokens. With Huobi Wallet, you are able to do this through your smartphone at any given moment. Your transactions are completed quicker than you can say “going to the moon!”
How To Set Up Your Huobi Wallet
When setting up your Huobi Wallet, you will be asked to back up your mnemonic keys. In the unfortunate event of losing your wallet or breaking your phone, your mnemonic will allow you to import your wallet. Keep this information very safe as it will be the only way to gain access to your funds. Anyone with the mnemonic keys can gain full access to your wallet.
The main page of the Huobi Wallet can be confusing at first, but we’ll take you through the different icons in this article.
The first few icons you see are the different chains available to use with the wallet. By clicking on any of those icons, you’ll be directed to the different Dapps such as DEX, Lending, Tools, and Games, to name a few.
Icons at the Bottom
At the bottom of the screen, you will see a selection of icons.
Home – this shows you an overview of the current wallet you are in.
Wallet – this opens up the wallet menu where you can add new wallets for different chains and also access your other wallets by tapping on the icon on the top left.
By tapping on the icon on the top left, you can switch to the chains that Huobi wallet currently supports. By tapping on the top right icon, you can create a new wallet on the chain that you have selected.
Market – here you are able to add your favourite list of tokens that you’re currently monitoring, making it easy to track price movements. On the top panel, there are various tabs which will take you to different pages like DeFi tokens and token rankings by market cap and price movement in the last 24 hours.
By clicking on any of those tokens, you can view the latest prices, on which exchange the tokens were last traded on, token details and much more.
Browser – this works like google chrome and allows you to interact with or visit dapps. Dapps are decentralized applications or basic applications on the blockchain where you can do yield farming, lending and borrowing or even play games.
Settings – this is where you’ll find important things like your password settings.
Who Is the Huobi Wallet for?
It’s for anyone and everyone, though there are some who may benefit more than others from the Huobi Wallet’s features.
If you are using different DeFi applications across different chains, this is where the Huobi Wallet really shines.
For example, if you are farming on 3 different dapps, claiming rewards can be tough because you will need to log in to 3 different dapps to achieve this.
With Huobi Wallet, there’s a ‘one click’ claim option which will save you a lot of time and effort. It will allow you to claim all your DeFi rewards with, you’ve guessed it – one click!
To explore all the features, you can download the Huobi Wallet HERE and discover how Huobi’s focus on speed, convenience, flexibility and security can support you on your investment journey.
New to Huobi? Register for a Huobi account and receive up to $300 worth as a ‘Welcome Bonus’ to help you start your investment journey! If you’re an existing user, check out Huobi Earn and start earning interest on your idle cryptocurrencies.