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A Complete Guide to Picking Your Cryptocurrency Wallet for Copy Trading with FNDZ

What’s FNDZ?

FNDZ is the first decentralized finance (DeFi), blockchain-based social trading platform that facilitates copy trading by connecting retail investors with a network of experienced, proven, and productive traders. The DeFi infrastructure on which the platform is built enables FNDZ to provide a transparent and secure copy trading experience.

In order to start trading on the FNDZ platform, you will need an online or hardware wallet to trade and store your digital currency. FNDZ supports a variety of wallets to make the copy trading experience as simple as possible for all users, no matter their level of experience.

If you are just getting started or simply looking for a place to store your assets, you may be on the hunt for the best cryptocurrency wallet. This post takes a look at the long list of wallets which you can use to trade on FNDZ. Keep reading to get an unbiased view of each wallet and what you need to consider when choosing one

But before we begin, let’s explore what a crypto wallet is.

What’s a crypto wallet?

Cryptocurrencies, as you may know, are decentralized. That is, they aren’t kept in a single location, but are rather recorded as transactions and stored on the blockchain. Within blockchain and DLT networks, public and private keys are primarily used to verify that someone who wants to perform a transaction (e.g., send a token) is authorized to do so. The tokens themselves are stored on the blockchain and can only be accessed using a private key. Therefore, private keys need to be stored securely and protected from unauthorized access. This is where crypto wallets play an essential role.

Crypto wallets are software applications that hold your private and public keys. They allow you to send and receive cryptocurrency without requiring a third party to verify the transactions. In some cases, the program is linked to hardware that resembles a USB flash drive.

To put it differently, crypto wallets are similar to traditional bank accounts. They allow you to keep track of your balance and make transactions in one convenient location.

To trade or spend your cryptocurrency, you’ll need to keep the private key that allows you to open your crypto wallet safe and secure.

Do I need a cryptocurrency wallet to trade on FNDZ?

Yes, you’ll need a wallet address to buy or sell Bitcoin or other cryptocurrencies. This is because the keys stored in your wallet must match the public address the currency is linked to in order to send and receive coins. Simply put, your keys are proof that you are the owner of the digital money, and they allow you to perform transactions.

Here’s a practical example. When a copy trader invests in a trader’s vault on FNDZ, they will need to connect their wallet to the FNDZ platform and authorize a deposit from their wallet’s funds into the smart contract governing the trader’s strategy. The digital wallet’s software is directly connected to the smart contract, allowing you to submit transactions to the ledger.

How do I use a crypto wallet?

Crypto wallets vary in complexity, ranging from easy-to-use online apps to more advanced security solutions. The majority of digital wallets are password-protected, and many of them have additional security features like encryption, two-factor authentication, and other advanced safeguards.

Crypto wallets come in three broad categories: hardware wallets, online wallets, and software wallets.

Hardware wallets: In the case of hardware wallets, the keys are stored on a thumb-drive that is kept in a secure location and is only linked to a computer when you want to use your cryptocurrency. When you need to make a payment, the transaction is signed inside the hardware wallet and the output is delivered to the app. Hardware wallets are more secure than other options since they are rarely connected to the internet and therefore extremely difficult to hack.

Online wallets: An online wallet is a website or browser-based app that stores your unique keys on a server. Since they are web-based they can be accessed from anywhere, on any device which makes them more convenient. However, since your private keys are stored on a central server you are giving up some of the control over your assets. Online wallets offer multi-layer security features and are subject to rigorous auditing procedures, but phishing attacks are still possible because your private key is stored online.

Software wallets: Software wallets are applications which you install on your desktop or smartphone. They store your private keys on your local device or a flash drive. Unlike online wallets, you get to keep full control over your private keys. The downside is that software wallets are less convenient than their web-based counterparts where you can access your funds from any device. Plus, software wallets are not immune to file-stealing malware, which can compromise your private keys. You will also lose your assets if your device is destroyed or misplaced.

Regardless of the coin(s) you invest in, each wallet offers its own set of benefits that may be better suited to your needs. Are you someone who won’t be swapping coins or investing a huge sum of money anytime soon? Then hardware wallets are the best option for you. What about someone who wants instant access to digital assets that they can simply monitor and exchange? Software wallets may be the most convenient way to keep your cryptocurrency.

The golden rule is to keep all your passwords written on paper and stored in a safe place. Never under any circumstances, should you share your private key with anyone. This will give them complete access to your funds.

Now let’s take a look at the wallets that are compatible with FNDZ and their unique benefits.

Which wallets can I use on the FNDZ platform?

FNDZ is compatible with Binance Smart Chain (BSC) wallet, allowing copy traders to invest in the newest cryptocurrencies and diversify their portfolio. To get started, you will need to choose the wallet that best suits your needs.

ETH Wallet Options

MetaMask

Purchase Price: FREE

Cloud Storage: YES

Cold Storage: NO

Overview

MetaMask is a leading online wallet that is available in the form of a browser extension. The multi-browser wallet plugin supports both BEP2 & BEP20 (Binance Chain and Binance Smart Chain networks) and ERC20 (Ethereum Network). The wallet supports over 1,000 tokens and coins and is available on both desktop and mobile devices.

Why we support MetaMask

We support MetaMask because it is the most famous and widely used Ethereum wallet in the market. MetaMask comes with strong security features and a proven track record of reliability. Without a doubt, it is the best choice for investors who want a high level of convenience and flexibility. MetaMask supports both Ethereum and BEP networks, making it simple to connect with FNDZ and invest in multiple asset classes at the same time.

Pros

  • Supports multiple browsers and devices
  • Intuitive and user-friendly interface
  • Simple to open an account (no KYC required)
  • Many tools and custom settings
  • Multi-language support
  • A large amount of how-to guides available online
  • Strong security and reliability

Cons

  • Requires a stable internet connection
  • The browser can have access to your private keys and confidential data
  • Additional steps needed to use Binance Smart Chain

Download MetaMask

MetaMask Setup Guide

Wallet Connect

Purchase Price: FREE

Cloud Storage: YES

Cold Storage: NO

Overview

WalletConnect is an open-source protocol that allows your wallet to connect and interact with DApps (Decentralized Applications) from a mobile wallet. It works on both mobile and desktop and is becoming one of the standard choices for accessing an Ethereum DApp. WalletConnect wallets are safer than desktop or browser extension wallets because users can securely interact with any DApp using their mobile phones. The WalletConnect session can be started by scanning a QR code (desktop) or clicking an application deep hyperlink (mobile).

Why do we support WalletConnect

We support WalletConnect because it provides strong end-to-end encryption between wallets and DApps. WalletConnect is a great option for users who want to keep their mobile wallets and interact with desktop DApps at the same time. The open-source protocol opens up a whole world of DApps that were once only available to MetaMask and enables users to interact with any DApp without compromising their private keys.

Pros

  • Strong security with symmetrical encryption
  • Simple to use and interact with DApps
  • Available on both Android and iOS
  • It does not require any hardware or software
  • Does not require a browser extension
  • Compatible with over 75 wallets

Cons

  • Lack of additional tools and features
  • Lacks multi-language support
  • Has a limited number of online resources

Download WalletConnect

WalletConnect Setup Guide

Trezor

Purchase Price: $190 USD (Trezor Model T)

Cloud Storage: NO

Cold Storage: YES

Overview

Trezor has become the quintessential wallet for cold wallet storage. The Trezor Model T, for example, allows users to access third-party exchanges straight from the Trezor website. The Trezor comes with a USB Type-C cable so that it can be connected to both your smartphone and desktop. Trezor supports more than 1,600 cryptocurrencies and comes equipped with a MicroSD card slot, allowing you to use MicroSD cards to protect the pin.

Why we support Trezor

Trezor is one of the best hardware wallet options for FNDZ, due to its robust security features and a proven track record of all-round protection. The model T is one of the most widely used hardware wallets at this time and supports both BEP and ERC20 networks. Trezor is an ideal option for users who want the highest grade of security and flexibility to invest in multiple asset classes at the expense of some convenience.

Pros

  • Web-based user interface with built-in exchange features
  • More than 1,600 cryptocurrencies supported
  • Open-source software with leading security features
  • Strong community and customer support

Cons

  • Higher price point than online wallets
  • Requires some learning by first-time users
  • USB port is required to connect the wallet to your desktop

Purchase Trezor

Trezor Setup Guide

BSC Wallet Options

MetaMask

Purchase Price: FREE

Cloud Storage: YES

Cold Storage: NO

Overview

MetaMask is a leading online wallet that is available in the form of a browser extension. The multi-browser wallet plugin supports both BEP2 & BEP20 (Binance Chain and Binance Smart Chain networks) and ERC20 (Ethereum Network). The wallet supports over 1,000 tokens and coins and is available on both desktop and mobile devices.

Why we support MetaMask for BEP2 and BEP20

We support MetaMask because it is the most versatile and widely used BSC wallets in the market. MetaMask is one of the few wallets which are compatible with both Ethereum and Binance networks.

Pros

  • Supports multiple browsers and devices
  • Intuitive and user-friendly interface
  • Simple to open an account (no KCY required)
  • Many tools and custom settings
  • Multi-language support
  • A large amount of how-to guides available online
  • Strong security and reliability

Cons

  • Requires a stable internet connection
  • The browser can have access to your private keys and confidential data
  • Additional steps needed to use Binance Smart Chain

Download MetaMask

MetaMask Setup Guide

Binance Chain

Purchase Price: FREE

Cloud Storage: YES

Cold Storage: YES

Overview

Binance Wallet is a browser-plugin wallet that natively supports the Binance Chain (BEP2) Binance Smart Chain (BEP20) networks. Binance Wallet was developed by the Binance cryptocurrency exchange.

Why we support Binance Chain

Binance wallet is a unique product simply because of its wide range of features. The wallet supports multiple devices and browsers and can house a huge range of cryptocurrencies incl. some FIAT currencies. Binance releases regular security updates and provides multi-level security features to safeguard assets from phishing and malware attacks. The built-in exchange functionality makes it simple to purchase the native utility token — Binance Coin (BNB) — a handy feature when depositing into trader vaults on the FNDZ platform.

Pros

  • Built-in exchange functionality
  • Backed by the Binance cryptocurrency exchange
  • User-friendly and simple to navigate
  • Supports Binance Smart Chain by default, making it easy to use FNDZ
  • Supports more than 100 languages
  • Compatible with hardware

Cons

  • Lacks some custom settings of other wallets
  • Has fewer online resources than leading providers
  • Not ideal for beginners

Download Binance Wallet

Binance Wallet Setup Guide

Final thoughts

Choosing a crypto wallet is not an easy decision. There are tough trade-offs between security, convenience, features, and support. However, choosing any of these wallets will allow you to store and spend your crypto coins in a secure manner on the FNDZ platform.

You can expect a lot of reading and some trial and error. You may not find the perfect match for your preferences on the first try.

Whatever the case may be, we hope you found this guide useful and that it provides you with all of the required information and fundamental comparisons to use the FNDZ platform seamlessly.

FNDZ — Social Media

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FNDZ is the social trading platform making copy trading simple by connecting retail investors with an ecosystem of highly experienced traders using a decentralized finance platform (DeFi) based on transparency and smart contracts.

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