Before wondering about the best Flux storage wallet, it’s good to know more about the project itself.
What is Flux (FLUX)?
The Flux ecosystem is a decentralized development environment that provides a set of solutions and computing services. The developer tools featured on Flux are designed to create real-world use cases and underlying technologies that will accelerate the adoption of blockchain technology across industries.
The Flux team is actively building strategic partnerships with other crypto projects. Partnership is one of the fastest ways to deliver finished applications and other products to the end user. It is also a way to unite the disparate crypto space by creating an ecosystem of complementary and interacting products.
What is FLUX token
The ecosystem uses its own FLUX coin based on Proof of Work. The coin is used as a useful asset for entering the system and transactions within it. It serves as the main incentive to operate the FluxNode server hardware that powers the system.
Flux can be GPU mined, earned as a node reward, or bought on a cryptocurrency exchange. Flux is technically a fork of Zcash.
Like any other cryptocurrency, it can be used for trading or as an investment tool. The coin can be bought, sold, exchanged FLUX to USD and some digital assets.
How to buy Flux
At the time of writing, the coin is ranked 131 by market capitalization. It is trading at around $0.85. The coin is available on the Binance, Bittrex, KuCoin, Gate.io and some other exchanges. You can also buy Flux for cryptocurrency in the LetsExchange instant exchange service.
The algorithm for buying on a centralized exchange is basically the same for all sites, and you are familiar with it if you have ever exchanged WAX to USD.
If you are not yet an exchange client, you need to create an account. Many sites will additionally require account verification.
After completing all the formalities, fund your account with fiat currency or cryptocurrency from those supported by the exchange. Please note that a commission is charged for depositing funds on many sites and its size depends on the method of replenishing the deposit.
When the funds are credited to the account, find a trading pair with Flux and create a buy order.
Until the next transaction, store coins in an exchange or offline wallet.
Where to store Flux
All cryptocurrency wallets are conditionally divided into two types: software or hot and hardware or cold. There are no clear right or wrong solutions for this question, as the wallet should be as close as possible to your needs.
As a rule, when choosing a wallet, several basic points are taken into account:
- How often do you plan to trade. For active traders in general, software wallets are more suitable. With a long-term investment, the speed of entry into the system does not matter so much. In this case, a cold wallet is more preferable.
- What currencies do you plan to trade. The number of cryptocurrencies supported by different crypto wallets varies greatly. Since Flux is far from the most popular and sought-after coin, you should probably pick up a multi-currency vault.
- Your resilience. If you are very afraid of hacking, it is better to get a hardware device.
- How much does it cost and how cost effective is it? Hardware devices cost at least $50. Software wallets are available for free.
- What the wallet you are interested in “can do”. Every year, competition between wallet creators is intensifying, and user requests are growing. In addition to secure storage and income and expenditure transactions, modern versions of crypto wallets can have built-in functionality for asset exchange, staking, access to market news, etc.
Ledger devices are deservedly considered one of the best on the market. In the crypto community, the Ledger Nano S and the more advanced Ledger Nano X are especially popular.
The Nano S model supports several hundred coins and tokens, and their list is regularly updated. But due to the small amount of memory, you can actively use only a few to choose from. It is easy to use and very reliable. To simplify asset management, the device integrates with the Ledger Live app.
The “older” Nano X model has an increased amount of memory and it can store more different coins at the same time. The device also supports Bluetooth. In general, it is much more convenient to use and costs more than twice as much as the “younger” model.
Trezor was the first manufacturer of hardware wallets and remains among the industry leaders to this day. This brand of wallets are more flexible and compatible when you need to quickly move from offline storage to trading.
Trezor One is a small device with a small display to show the balance and other information. The wallet supports over 1000 coins and tokens. It is compatible with Myсelium, MyEtherWallet and Electrum software wallets.
Trezor Model T is a more advanced model with advanced features. Accordingly, it costs more. The device has an enlarged screen, a microSD card slot. The number of supported cryptocurrencies exceeds 1200 items.