Types of Soft Wallet 

Mobile

A mobile wallet is the direct crypto equivalent of an App. It  allows you to manage your crypto on your smartphone.

If you search the Apple Store or Google Play Store you’ll find a huge number listed, differing in their design and features, but the approach to custody is the key distinction (introduced above).

Non-custodial wallets can vary in terms of the options for conveniently storing your Private Key/Seeds.

Mobile wallets are by default connected to the internet so are described as Hot Wallets. All the screenshots shown so far are of a Mobile Soft Wallet.

Remember there are two approaches for custody (who ultimately looks after the funds) so Mobile Wallets will come in those flavours – custodial (the wallet provider controls the keys) or non-custodial (you are in control).

Web

Where a Mobile Crypto Wallet is the equivalent to your banking App, a Web Wallet functions in a similar way to accessing your bank account via a browser – such as through a laptop or tablet. It doesn’t need any software to be downloaded, just the entering of credentials, so compromises security for convenience.

As you’ll see later in this section, buying and selling crypto will likely involve creating a web wallet with a service called a Cryptocurrency Exchange.

Desktop

A Desktop Wallet is the pc equivalent of a Mobile Wallet in that it involves downloading an application and storing your Private Keys or Seed Phrase locally. 

You can compare this to downloading a game rather than streaming it. You are in control of your Private Keys, but loss of your computer or damage to your hard drive could mean you cannot access your crypto funds. We’ll explain how to mitigate that when we dive into the actual functions.