As of September 2024, UK businesses have faced a staggering 7.78 million cyberattacks, while crypto hacking thefts have doubled to $1.4 billion in just the first half of the year. This surge has made security a paramount concern for crypto traders in the UK.
It is critical for both beginner and experienced traders to ensure that their digital assets are stored in a safe and secure wallet. Let’s explore the top 4 safest crypto wallets available in the UK — Ledger, Bybit, Plus Wallet, and SafePal. Each of these wallets offers users unique features to help safeguard user holdings while maximising their potential.
1. Plus Wallet: Top-Tier Security with Earning Potential
Plus Wallet tops the list by offering not only robust security features but also the added benefit of earning potential. For those concerned about security, Plus Wallet uses top-level encryption, Face ID, and PIN protection to ensure that digital assets remain safe. But the big feature of Plus Wallet is the private keys stored directly on the user’s device, giving exclusive access to crypto holdings.
But Plus Wallet doesn’t stop there—it goes beyond mere security. Its Swap to Earn feature sets it apart from traditional wallets, rewarding users with USDT for every trade they make. This unique rewards system allows users to grow their holdings as they trade, providing a dynamic profit-generating opportunity.
Moreover, Plus Wallet offers seamless cross-chain functionality, making it easy to manage and swap assets across different blockchains without needing multiple wallets. The combination of top-notch security and earning potential gives Plus Wallet an edge, making it an ideal choice for both beginner and experienced crypto traders in the UK.
2. Ledger: Top Cold Storage for Long-Term Investors
The Ledger Nano X is a hardware wallet that provides secure ways to store crypto assets. As a cold storage solution, Ledger keeps private keys offline, reducing the risk of remote hacks. It supports over 5,500 tokens across multiple blockchain networks and integrates with Ledger Live, allowing users to buy, sell, and manage their crypto assets securely.
The Ledger Nano X is designed for long-term investors who prioritise security above all. However, Ledger’s reliance on a hardware device can be seen as a drawback for traders who make frequent transactions. Additionally, with prices ranging from $70 to $140, it may be a bit too costly for users who only need short-term solutions.
3. Bybit: High-Security Wallet for Active Traders
Bybit Wallet is known for its high-security features, including multi-signature technology and two-factor authentication (2FA). The majority of Bybit users’ assets are stored in cold storage, which adds an extra layer of security. Integrated with the Bybit crypto exchange, the wallet enables seamless trading, making it a popular choice for active traders.
Bybit’s high level of security and cold storage options make it a solid choice for those looking to trade frequently without compromising safety. However, it may not be as secure as hardware wallets like Ledger, and its reliance on the Bybit exchange could be a downside for users who prefer fully decentralized platforms.
4. SafePal: Budget-Friendly with Advanced Security
SafePal is a great option for those looking for a secure yet budget-friendly hardware wallet. SafePal offers three models (S1, X1, and S1 Pro), all equipped with a secure element chip and a range of safety features, including an anti-tampering self-destruct mechanism and a random number generator. SafePal wallets are 100% air-gapped, meaning they have no direct connection to WiFi or USB ports, further increasing security.
SafePal also features a mobile app that allows users to manage their portfolio, swap assets, explore DeFi, and even stake coins. While it offers a lot of features for its price, there have been some security concerns raised about the wallet’s connection to third-party applications. Still, SafePal stands out as a cost-effective option for users who want both security and functionality.
Which Wallet is the Safest Option?
One thing is certain – protecting digital assets on and offline is becoming increasingly more important. Each of these wallets offers strong security features tailored to different user needs. Ledger Nano X excels in offline security for long-term investors, while Bybit Wallet provides a high-security environment for active traders.
SafePal is a great choice for those on a budget who want advanced features and hardware-level security. Plus Wallet, on the other hand, offers a well-rounded solution, combining security features with the added benefit of passive income, making it the ideal choice for both new and seasoned traders looking to protect and grow their assets.
