Since its inception, Bitcoin Cash has maintained a stable user base, remaining in the top 10 category of cryptocurrencies by market cap. As a result, it has always been a favourite for crypto investors new and old alike.
Whether you have been around for a while or are new to the game, you might want to find out which wallet would be the best choice for storing and transacting in this coin. As a major coin, it has the support of countless platforms, but of course, not all are equal.
Depending on your preferences and needs, you need to find the wallet that will work best for you. In this guide, we will help you do precisely that by assessing the various options available for Bitcoin Cash out there.
What is a Bitcoin Cash Wallet?
Bitcoin Cash is an offshoot of the Bitcoin Blockchain, which came into existence in August 2017, following a hard fork of the main chain. Before you can start using Bitcoin Cash, you need to find a way to store it, and that is the role of a Bitcoin Cash wallet
Everyone who owns Bitcoin Cash uses a digital Bitcoin Cash wallet to keep track of it. Cryptocurrency wallets can be used to:
- Send Cryptocurrencies
- Receive Cryptocurrencies
- Trade Cryptocurrencies
- Spend Cryptocurrencies
- Withdraw Cryptocurrencies
Each Bitcoin Cash and cryptocurrency uses blockchain technology to complete transactions. However, crypto wallets cannot:
- Send Bitcoin Cash to any non-Bitcoin Cash crypto address
- Share user information with 3rd parties (not recommended)
- Withdraw or access bank funds (only Bitcoin ATM)
Your Bitcoin Cash wallet essentially holds your BCH private keys which provide access to your funds and the public key, using which you can receive payments.
Best Bitcoin Cash Wallet Providers
For more than a year now, Binance has held an indisputable lead in terms of trading volumes. As the most used platform globally, it currently handles over $940,000 in trading volume every 24 hours.
Though it was initially launched in China, it later shifted its headquarters to Hong Kong and Singapore due to regulatory pressure. Afterwards, it set up an office in Malta, but still maintains a presence in many countries.
Here is what you need to do to open a Binance account and set up your Bitcoin Cash exchange wallet:
Step 1 – Create Your Binance Account.
To create a Binance account, you simply need your email address and password.
Once you provide these, Binance will send you an email. Open and click the link to get into your account.
To access full site functionality, submit more of your details. Only then can you trade Bitcoin Cash and use the Binance Bitcoin Cash Exchange wallet.
Note: You can’t buy Bitcoin Cash with fiat money (like USD) on Binance.
Step 2 – Go to “Funds” > “Balances”
The exchange organizes all of your account wallets here. Any time you buy coins, they will reflect in one of these wallets.
Those wallets that have funds will be at the top while the rest will appear below them. To send Bitcoin Cash to your BCH wallet address, click “Deposit.” Then you can trade BCH with the other coins on the wallet.
For those who are just starting out in crypto as well as more seasoned players, Coinbase is an all-time favourite platform. It is wallet, exchange and crypto brokerage site, and to top it all up, it accepts fiat payments for crypto purchases.
You can therefore use a credit card, debit card or bank transfer to but BCH on Coinbase. As one of the biggest exchanges globally, it is a top target for malicious actors. But it only stores 2% of its funds in hot wallets and all its funds are insured.
Moreover, it is quite easy to create your own account. Here is what you need to do:
Step 1: Create Your Coinbase Account.
Go to Coinbase.com. and sign up for an “individual” account.
Enter your name, email address and create a strong password for the account.
In your inbox, find the email from Coinbase and then click the link to navigate to your new account.
Step 2: Find Your Bitcoin Cash Wallet.
When you click “wallets” you’ll be able to view your Bitcoin Cash wallet. Click the wallet to view your address.
You can now send Bitcoin Cash to this wallet, and in future, anytime you buy more BCH coins, they will reflect here.
Unlike the previous two exchange wallets, Exodus is a software wallet for your desktop. Founded in 2016, it is considered a relatively new entrant in the market. But to make up for its late arrival, the wallet is full of personalization features.
One of its unique design aspects is the fact that it is the first desktop wallet that has integrated ShapeShift. As a desktop wallet, it stores your digital assets directly on your PC. It is compatible with Windows, Linux and Mac OS.
To download and set up this wallet, follow these steps:
Step 1: Download Exodus.
First, you will need to download the wallet to your desktop and then follow the instructions on the screen to install.
Step 2: Open Your Exodus Bitcoin Cash Wallet.
On opening the wallet, you will see a big variety of supported coins. Click on “wallet” to the left of your screen. This will allow you to see all wallets including Bitcoin Cash. Click on it to view the balance and wallet address.
The Infinito Wallet is a multi-currency wallet for every crypto in your portfolio. It can hold Ethereum, Bitcoin, and many dozens more. We like Infinito’s intuitive design and attractive appearance. Read on to find out how to get your own.
Step 1: Download Infinito Wallet
Start by downloading the app from the official site and then install it on your mobile device.
Step 2: Go to the Bitcoin Cash Wallet already within Infinito
Once you open the wallet, your Bitcoin Cash wallet will already be active. You can immediately start sending, receiving and storing your coins.
Blockchain.com, more popularly known by its former name, Blockchain.info, is another popular wallet. It has a long-standing history in the crypto industry, having been in existence since 2011. Founded by a Luxembourg company, the wallet has a focus on simplicity and is accessible both online and via a mobile device app.
To open this multicurrency wallet, follow these steps:
Step 1: Create a Blockchain.com Wallet
Go to Blockchain.com and click “wallet” to create a new wallet. Enter your email address and password. Check your email inbox for a message from the site and click on the link to access your account.
Step 2: Find Your Ethereum Wallet Inside Blockchain.com.
To find your Bitcoin Cash wallet, click “wallet” and then select “Bitcoin Cash” to view your wallet address and account balance. The highlight of this account is that you can access it from any PC or mobile device using your email address and password.
Best Bitcoin Cash Wallets in Your Country
For Bitcoin Cash users in the UK, one of the best wallets has got to be Coinbase.
What makes it our favourite is the fact that it is one of a handful of regulated wallets.
In the UK, it falls under the purview of the FCA as well as the European regulator, MiFID. It has been in existence longer than most others and in that time, has built a solid reputation.
In the early days of crypto, it only supported digital asset trading using CFDs but it has recently introduced actual crypto asset trading. It supports most of the top coins and offers trading and exchange support services as well.
We give this platform our full recommendation.
Coinbase is also available in the US and Canada, after having focused on the UK market for most of its existence. As is the case with its UK arm, the US company also operates under regulatory oversight. It is licensed by FinCEN among other regulators.
Additionally, the platform is flexible enough to offer both new and seasoned users a great user experience. For traders in particular, the site is remarkable as it incorporates innovative features like copy trading and copy portfolio which are not on other platforms.
It has a strong security system based on proprietary algorithms as well as other popular features such as hierarchical deterministic (HD) algorithms, two-factor authentication and others.
Notably, Binance is one of the most popular Bitcoin Cash wallet solutions in New Zealand and Australia. However, it is not wise to keep your funds on an exchange for long-term storage. You can however use it for trading BCH with other available pairs.
Differences Between Exchange, Hardware and Software Crypto Wallets
As you might have noticed by now, there are many types of wallets for Bitcoin Cash, each of which has its own unique features, strengths and weaknesses. Let us familiarize ourselves with these terms so as to make the most appropriate choice to suit individual needs:
Exchange Wallets
Digital asset exchange platforms offer their users wallets where they can store their Bitcoin Cash after purchase. While this might be the most convenient form of storage for Bitcoin Cash, it is also the least secure as your funds are online. Use this provision for short-term storage to avoid losing funds to hackers. Here are some exchange wallets that support BCH.
Here are our favorite Bitcoin Cash exchange wallets:
- Coinbase Wallet
- Binance Wallet
Hardware Wallets
These are often considered the safest wallets for your BCH holdings as they are almost always offline. They come in the form of portable devices which you can plug in and out of your PC or mobile device to transact in crypto.
All hardware wallets for BCH purchased from the authentic manufacturers are reliable. But they differ significantly in price and features.
Here are some good examples of Bitcoin Cash hardware wallets:
- Ledger Nano S
- Trezor
- KeepKey
Software Wallets
Software wallets differ from exchange wallets in the sense that they store your BCH on a PC and not online. Though they are significantly safer than exchange wallets, they are still vulnerable when you connect to the internet.
But the best part about them is that your BCH holdings are always accessible for use in daily transactions. For long-term storage, however, your funds will be much safer with a hardware wallet.
Here are some good examples of Bitcoin Cash software wallets:
- Infinito Wallet
- Exodus
- Blockchain.com
Best Bitcoin Cash Wallet on Mobile
Best Bitcoin Cash Wallet Apple
Mobile wallets are among the most convenient types even though they are not the most secure. One of the best Bitcoin Cash mobile wallets for your iOS device is Coinbase.
Given all of the benefits it has to offer, Coinbase is among the most versatile choices. But if you would like an Apple mobile wallet with support for more coins, Blockchain.com is another option.
Best Bitcoin Cash Wallet Android
For Android users, Coinbase is also a top choice by virtue of the fact that it is regulated. However, you can also use the Jaxx wallet, which offers tons of functionality for its users. Jaxx also has a wide range of asset support and also offer basic trading.
There are hundreds of Bitcoin Cash wallets available on mobile devices. Most of them are not worth your consideration. Here are the things to consider when choosing Apple and Android crypto applications:
Apple
- Only compatible with Apple apps
- Many crypto apps are instantly banned by Apple due to T&C violations
- Apps from anonymous publishers will not be accepted
Android
- Android is application-agnostic
- All apps appear in the Play Store, even the scams
- Android apps can mine certain cryptocurrencies
The market is chock-full of cryptocurrency wallets and when it comes to choosing a Bitcoin Cash wallet, you may be spoilt for choice. However, there are some factors you need to keep in mind to ensure you make the right choice.
First, make sure that the wallet you choose pays sufficient attention to security features. Another important aspect to consider is convenient access and use as well as support for the currencies you use.
Notably also, you need to know what users are saying about a particular wallet and its service provider. Great forums for this kind of research include BitcoinTalk and Reddit.
And finally, always remember that your security is to a great extent in your own hands. Take care to set a strong password and keep your private key and recovery phrase secure. Never share them with anyone else.
More Cryptocurrency Wallets
FAQs
How is Bitcoin Cash different from Bitcoin?
Following a Bitcoin blockchain hard fork in 2017, the project split into two, creating a second chain. This was subsequently referred to as Bitcoin Cash (BCH). The technical difference between the two is that BCH supports larger block sizes than BTC.
Why was the Bitcoin fork necessary for the creation of Bitcoin Cash?
The community could not reach a consensus on how to scale the Bitcoin blockchain and this led to a split which caused the fork.
What is a hard fork?
A blockchain hard fork is the creation of a protocol that differs from the main one.
Are my funds safe during Bitcoin Cash network upgrades?
Yes. But as a general practice, always make a backup of your wallet.
What happened to Bitcoin Cash supports following the Bitcoin hard fork in 2017?
No. Bitcoin Cash and Bitcoin use different wallets and it would be wrong to do so.
What happened during the most recent Bitcoin Cash split?
In November 2018, the Bitcoin Cash team split into two rival factions with one team set on maintaining block size at 32MB while the other wanted it raised to 128MB. This caused another split, creating two chains.
