Web Wallets aren’t indeed the best alternative for saving your coins even the most securest web wallets aren’t the choice of professional crypto-currency traders. But there are some wallets that are worth the while such as Magnum Wallet.
What is Magnum
Magnum Wallet is a self hosted multi currency wallet listing more than 30 coins at the moment with some startup currencies to be implemented and a huge and ambitious road map to follow, including an atomic swap DEX and much more to come,
Magnum Wallet is not only a multi currency wallet but currently also an exchange using changelly as a partner API, you can convert any currency into one another without too much inconvenience. This is quite different to the reviews of other exchanges with MetaMask integration, and because Magnum Wallet is self hosted & multi coin, there is no need for MetaMask integration, where all the logic is based around the single Ethereum blockchain.
Create A Wallet
Like most web wallets the sign up process is really simple once you open magnum’s website you get a main screen like this,
By simply just entering and confirming password you can enjoy the simplicity of magnum wallet’s web interface and its services. No hardcore advanced terminologies – after confirming password magnum automatically saves your wallet address in the browser cache memory,and is totally out of the control of magnum for those people who don’t know about cache of a browser consider it as a temporary memory of the browser or RAM of the browser.
After getting all settled up we are then navigated to the dashboard of magnum which is easy to navigate and clean touching UI, Magnum shows coin value in both coins and FIAT values.
Dashboard consist of default added famous coins such as KMD, BTC, ETH, LTC and BTCH, for adding coin more coins one can simple click on the Add coin button on the extreme left of the screen (the option is also available in the wallets page) and add more coins to the default wallet.
Sending & Receiving Cryptocurrency
Sending and receiving coins is really easy and standard by clicking any currency we get a send and receive button where address and amount it to be entered.
Integrated Changelly Coin Swap API
One of the most amazing features making magnum stand apart from other web wallets is the exchange feature of magnum, magnum uses changelly as said before to make it simple to exchange coins for its user, magnum allows you to exchange coins from the list of 30 plus multi-currencies easily through some following steps,
First step is navigating to the exchange page and selecting coins, in the second step enter amount, third step is confirming or authenticating the transaction by entering your password and we are done it usually takes 30 minutes for a coin to be exchanged here is a pictorial representation of the process.
We can view our coins in both crypto and a list of FIAT currencies such as Euro,GBP,USD,PKR,JPY etc to stay updated for the value in our local currencies.
Wallet That Does Air Drop Claiming
Airdrops are freebies provided by magnum like coins back charged in transaction feeses, this is also one great feature by magnum to attract user base, this feature is encouraged by DPoS (Delegated Proof of Stake) or Digital Democracy.
Support and Security:
Magnum provides some good security features sign-up process may look simple but one thing a user should do is save the backup file in cold storage(offline) in case if the browser cache gets erased or any other emergencies. Backup file can be downloaded from the settings drop down.
Apart from this, the magnum wallet provides interaction with a famous hardware wallet known as Ledger now those of you familiar with Ledger it’s a hardware wallet which stores our coins offline in cold storage this device usually costs 100 to 150 Euros and is most suitable for big time crypto-currency traders having coins in larger number, this wallet type works with many web and desktop wallets and Magnum is one of them, currency in Ledger can be stored standalone as well.
If new in trading or stuck somewhere Magnum has got a community support through discord, reddit and email, whereas Magnum has got a Telegram bot which instantly provides notifications about transactions and coins. Links can be found in the footer section of Magnum’s website.