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Online wallets may be less secure, but they do have a bunch of advantages for small amounts of cryptocurrencies. An online (or web) wallet allows you access to your cryptos via the Internet. Therefore, as long as you’re connected to the Internet (the cloud), you can reach and store your coins and make crypto payments. The online wallet provider stores your wallet’s private key on its server. The provider may send you the crypto code but store your keys and give you the ability to access your keys. Different services offer various features, with some of them linking to multiple devices such as your mobile phone, tablet, and computer.

Advantages of online wallets include the following:

 They enable fast transactions.

 They may be able to manage multiple cryptocurrencies.

 They’re convenient for use on the go and for active trading.

Disadvantages include the following:

 They risk your online security because of potential vulnerability to hacks and scams.

 They risk your personal security because of potential exposure to computer viruses.

 You aren’t storing your cryptos; a third party is.

Table 3-1 shows some popular online wallets.

TABLE 3-1 Popular Web Wallets

Name	Description	Pros	Cons
MyEtherWallet, www.myetherwallet.com	Open-source, decentralized cold wallet. You locally control your keys.	Most popular Ethereum web wallet. Works well with hardware wallets.	Has been hacked and may be vulnerable to phishing attacks.
Coinbase, www.coinbase.com	Popular cryptocurrency exchange that also provides a hot wallet.	Provides more than just wallet services. Long history handling cryptocurrency.	Limited tokens and coins supported. Keys stored online.
Guarda, https://guarda.co	Cold wallet that supports multiple cryptocurrencies and makes it easy to transfer funds between cryptocurrencies. Also offers a desktop wallet.	One of the first to support multiple types of coins and tokens. Doesn't store personal information.	User must manage local key storage.