5 Best Crypto Software Wallets Available in Philippines

Each day cryptocurrencies gain popularity as more people discover incredible opportunities through investments or trading. The FinTech revolution is firmly establishing its presence in the Philippines, with a recent study revealing that 28% of Filipino adults are now proud owners of digital currencies, making them the third largest cryptocurrency holders globally!

Investors in the Philippines already allocate 2% of their assets to cryptocurrencies. Given the promising trajectory of the crypto market, experts anticipate this allocation to surge to 5% within the next five years. As this enthusiasm for cryptocurrencies grows, a pivotal question surfaces: “What are the best crypto software wallets in the Philippines?”

This article delves into cryptocurrency software wallets, exploring the best options in the Philippines.

Crypto Wallet Overview

Crypto wallets serve as versatile tools, enabling you to purchase, store, and transfer cryptocurrencies while serving as your access point to decentralized apps (DApps). Analogous to how a bank account safeguards fiat currency, such as US dollars, crypto wallets securely store digital currencies like Bitcoin (BTC) and Ether (ETH). Moreover, they can accommodate various crypto assets, including tokens and NFTs.

Distinguishing them from traditional bank accounts, not all crypto wallets operate on a “custodial” basis. Opting for non-custodial alternatives empowers you with direct control over your crypto assets, eliminating the need to entrust a third party responsible for “holding” your cryptocurrencies on your behalf.

What is a Crypto Software Wallet?

A software wallet is a cryptocurrency wallet that operates through software, typically installed as a mobile app, accessed via a website, or installed as software on a desktop or laptop computer. The software wallet securely stores your private keys, which are essential for accessing cryptocurrency funds. To enhance security, the software wallet employs encryption and usually requires a password to access the wallet and its records and information.

It’s important to note that wallets do not physically store digital assets. Instead, they serve as an interface with the blockchain, where your digital assets and all associated transactions related to your wallet address are securely stored. Software wallets are available in various forms, including desktop, mobile, and web wallets.

An illustrative example of a software wallet in a mobile is Saakuru App, a tool designed for interacting with the Ethereum blockchain and other networks.

Factors to Consider in Choosing a Crypto Software Wallet

• Security:
• Robust encryption: Look for wallets implementing advanced encryption standards to protect your private keys.
• Two-factor authentication (2FA): Enhance security by choosing wallets that support 2FA for an additional layer of protection.
• User-Friendliness:
• Intuitive interface: A user-friendly interface ensures a smooth experience, especially for beginners.
• Easy backup and recovery: Wallets with straightforward backup and recovery processes provide peace of mind in case of device loss or failure.
• Cryptocurrency Support:
• Ensure the wallet supports various cryptocurrencies to accommodate multiple investment portfolios.
• Development Community and Reputation:
• Active development: Choose wallets with a solid and active development community, ensuring continuous updates and improvements.
• Reputation: Research user reviews and testimonials to gauge the importance of the wallet in terms of security and reliability.
• Customer Support:
• Responsive customer support is crucial for addressing issues and inquiries promptly.

Best Crypto Software Wallets in the Philippines

Saakuru App Wallet

To streamline and simplify the entry of new users into the Web3 space, the Saakuru App Wallet eliminates the need for users to memorize or securely store private keys and seed phrases. This user-friendly wallet offers features like fiat on-ramps from industry leaders Coinbase Pay and Simplex and an integrated decentralized application (dApp) marketplace.At the core of the Saakuru App Wallet is a commitment to enhancing the overall user experience, making it accessible for individuals at every stage of their Web3 and crypto journey. Tailored to cater to novices and seasoned users, Saakuru App facilitates acquiring, monitoring, and managing a diverse range of digital assets and NFTs. The seamless integration of Alchemy Pay also ensures that users can confidently and securely initiate their journey into digital assets using well-established fiat-based payment methods.

You can get and start using Saakuru App Wallet in both Google Play and Apple Store

Trust Wallet

Trust Wallet provides various options for purchasing cryptocurrencies, accepting diverse payment methods, and supporting a broad spectrum of digital assets. This user-friendly platform allows you to stake your crypto assets to earn interest and execute swift exchanges, all while ensuring the utmost levels of privacy and security. Additionally, the app offers a convenient feature to monitor cryptocurrency prices and view charts directly within its interface.

Beyond traditional functionalities, Trust Wallet is a unified hub for seamlessly managing NFTs, art, and collectibles. It grants access to your favorite dApps and introduces you to new opportunities within the expansive Trust Wallet ecosystem.

To fortify security, the application incorporates fingerprint and PIN code scanning, adding an extra layer of protection. Trust Wallet distinguishes itself by not storing user data on external servers. Instead, it empowers users to retain control over their data, stored securely on their devices, ensuring complete control over their private keys.

Coinbase Wallet

Crafted by the renowned U.S.-based centralized exchange (CEX) Coinbase, the Coinbase Wallet stands out as a robust solution in cryptocurrency wallets. Like Trustwallet, it extends its support to Ethereum and all EVM-compatible blockchains. However, its unique capability to accommodate cryptocurrencies on the Solana network, including SOL tokens, sets it apart.

A defining feature of the Coinbase Wallet is its commitment to self-custody. Users enjoy complete control over their private keys, eliminating the need for a Coinbase account during wallet installation. Nonetheless, users have the flexibility to seamlessly connect their Coinbase Wallet with their Coinbase account, streamlining asset transfers and facilitating trading activities on the Coinbase centralized exchange.

Security takes center stage in the Coinbase Wallet’s design, featuring advanced measures such as biometric authentication that leverages the Secure Enclave, ensuring a robust and secure user experience.

Abra Wallet

Abra, introduced in 2014, is a mobile application that allows users to purchase cryptocurrencies, stocks, ETFs, and various assets on the go through Android and iOS devices. Abra crypto wallet has earned acclaim for its user-friendly interface, robust cryptocurrency support, and straightforward approach to investing. Whether you’re a seasoned investor or a newcomer to the finance world, Abra also provides a seamless and accessible avenue for managing your diverse portfolio.

Abra has expanded its range of stablecoin deposit and withdrawal options, including Tether, Paxos, TrueUSD, and DAI. Users can seamlessly engage in deposits and withdrawals with these stablecoins, enhancing the platform’s versatility and accommodating broader user preferences.

Ronin Wallet

The dedicated cryptocurrency wallet designed for Axie Infinity is the Ronin Wallet. Operating on the Ronin blockchain, which serves as an Ethereum sidechain, this network substantially reduces the costs associated with playing Axie Infinity. Additionally, it simplifies the processes of trading and nurturing Axies, making the overall experience more accessible. Furthermore, the Ronin Wallet is compatible with other NFT games on the Ronin blockchain, offering a versatile solution for users engaged in various blockchain-based gaming activities.

The Ronin Wallet operates within the Ronin network, an Ethereum sidechain, and is available as a browser extension and a mobile app for Android and iOS.

This wallet facilitates connections with various Decentralized Applications (dApps) running on the Ronin network, including the viral game Axie Infinity, offering users a seamless and comprehensive experience within the decentralized ecosystem.

How Do You Protect Your Crypto Software Wallet?

Two-Factor Authentication (2FA):

• Activating 2FA provides an additional layer of security for your crypto wallet. This feature requires your password and a unique code from your mobile device for login. This dual-step verification process significantly deters unauthorized access.

Multi-Signature Wallets:

• Multi-signature (multi-sig) wallets require multiple private keys to authorize a transaction. These wallets are particularly suited for shared or business accounts, as they eliminate the risk associated with a single point of failure.

Secure Passwords:

• Utilizing robust and unique passwords for each wallet is fundamental to bolstering security. Password management tools like LastPass can generate and securely store complex passwords, minimizing the likelihood of unauthorized access.

Seed Phrase Backup:

• Remember to consider the significance of your seed phrase. Safely store it offline, as it serves as your recovery key. Adding an extra layer of protection involves splitting the seed phrase and storing it in two secure locations.

Cold Storage:

• Opting for ‘cold storage’ entails keeping your assets disconnected from the internet, rendering them impervious to online attacks. Classic examples include paper wallets, providing a secure means of offline storage.

VPN for Extra Shielding:

• Employing a Virtual Private Network (VPN) while accessing your crypto wallet enhances encryption for online activities. This not only masks your location but also safeguards against potential prying eyes, particularly on public networks.

Multiple Wallets:

• Diversifying your assets across various wallets functions as risk mitigation. Your other assets remain secure if one wallet encounters issues, reducing potential losses.

Trusted Sources:

• Only acquire hardware wallets from reputable vendors or official sources. Avoiding third-party sellers minimizes the risk of compromised devices and ensures the integrity of your wallet.

Secure Environment:

• Utilizing a secure, malware-free device and exercising caution, such as refraining from installing unknown apps or clicking on suspicious links, maintains a safe environment for your wallet activities.

By adopting these best practices, crypto wallet users can significantly fortify their security posture, minimizing the risk of unauthorized access, loss of assets, or the compromise of sensitive information. Staying vigilant and implementing these measures collectively contributes to a robust defense against potential threats in the dynamic landscape of cryptocurrency.

Conclusion

Selecting the right crypto software wallet is a critical step in ensuring the security and accessibility of your digital assets. In the Philippines, where cryptocurrency adoption is rising, users can benefit from reliable and user-friendly crypto software wallet options like Saakuru App Wallet. This wallet balances security, functionality, and ease of use, catering to beginners and seasoned investors.

As the crypto landscape continues to evolve, it’s essential to stay informed about updates, security measures, and new developments in software wallets. Regularly reviewing and reassessing your wallet choice ensures you use a solution that aligns with the latest industry standards and best practices.

References

• https://tradersunion.com/ratings/crypto/common/10-best-crypto-exchanges-in-philippines/
• https://medium.com/@charlottetessier24/an-overview-of-crypto-wallets-3876112f3f4f
• https://www.investopedia.com/best-crypto-software-wallets-5220762