Crypto Wallets on iOS: How Secure Are They Really?

iPhones are known for their closed ecosystems and meticulous app review processes, which make them very popular. Similarly, cryptocurrencies have gained a lot of popularity in recent years, with many adopting digital currencies. This combination has made it easier for users to manage their cryptocurrencies thanks to the secure nature of Apple devices. More specifically, iOS crypto wallets have recently seen a rise in prevalence, leaving many wondering how safe these apps actually are. A closer look at the security of crypto wallets on iOS can determine the pros and cons that come with securely storing your tokens.

Why iOS Crypto Wallets Have Gained Popularity

More and more individuals have taken to using crypto wallets on iOS for a number of reasons, one of which is accessibility and convenience. Accessing and utilizing dedicated crypto wallets for transactions and other activities is much easier as part of your daily routine. Generally, iOS apps sport ecosystem-specific, intuitive designs, and crypto wallets are no different. Users can access optimized and streamlined user interfaces, making navigation a breeze and enhancing visual appeal. Furthermore, it is that much easier to integrate within the Apple ecosystem, including the use of Touch and Face ID for better security. A great example of smooth integration is using your crypto wallet on multiple platforms, such as online Crypto or Bitcoin casinos.

According to crypto expert Wilna van Wyk, crypto casinos are, in essence, the same as regular iGaming platforms. The only difference is that players use Bitcoin, Ethereum, TRON, etc., instead of regular currency to gamble (source: https://casinobeats.com/online-casinos/bitcoin-casinos/). Whether your crypto wallet is being used for iGaming activities or online shopping, utilizing it between different platforms is a breeze on iOS. Lastly, most iOS applications are optimized for the Apple device, which means better overall performance and smoother scrolling. This is no different for iOS crypto wallets, as each app is set up to ensure compatibility with Apple devices without any lag or bugs. In turn, this adds to the appeal of utilizing an iOS device to manage, transact, and store your cryptocurrencies.

The Different Types of iOS Crypto Wallets

There are three main types of iOS crypto wallets: custodial, non-custodial, and software wallets (or, instead, mobile apps). Custodial wallets allow you to give a third party control of your private keys to manage on your behalf. Usually, users do not have control of their digital assets and must access a crypto exchange or web-based platform via a dedicated iOS app. While this is great for buying, trading, and selling, and offers enhanced security, this exchange has some downsides.

One example is the "not your keys, not your coins" concept, which means users are susceptible to hacks and scams as they do not control their assets. In comparison, non-custodial wallets give you full access and control of your private keys, and in turn, your crypto coins. However, this also means you are solely responsible for any activity related to your digital assets, including the process of safeguarding. Software wallets are dedicated mobile apps that do not take you to a third-party site or platform. This is the most popular option, as users can access their smartphone wallets directly. Of course, this also means a large variety of software wallets are available on iOS, many of which offer unique features.

Security Pros for iOS-based Crypto Wallets

Where security features are concerned, there are a number of reasons why iOS is a secure ecosystem for your crypto wallet. The robust operating system means there is an array of built-in security features to protect users. For one, iOS devices tend to 'sandbox' third-party applications, which stops a compromised app from affecting the entire device. If one app has a virus or has been hacked, sandboxing stops said app from being able to modify (and potentially compromise) another app. The iOS app store has an in-depth and rigorous app review process to ensure you do not fall victim to any malicious software.

With Android devices, this process is not as meticulous and may lead to potential data breaches. In addition, biometric authentication features add an extra layer of security, especially when using your crypto wallet. You want to ensure you are correctly configuring this feature so you can use it to its maximum potential. Lastly, all iOS devices have a secure subsystem added to their chipsets known as a Secure Enclave. In its simplest form, it adds extra security by protecting the device user's sensitive information even if the cell phone or application processor kernel is compromised.

Security Cons for iOS-based Crypto Wallets

In comparison, there are still some security vulnerabilities that come with using an iOS device. For example, no one is safe from phishing attacks, as they can target anyone. With the development of technology, phishing scams have become more advanced and, in turn, sophisticated. Some may specifically target crypto users and aim to gain access to their digital assets through several strategic ways. This may include emails with suspicious (often malicious) links, SMS prompts, social media messages, and suspicious accounts. Usually, the aim is to compromise user data or gain access to login credentials, where they can then steal your tokens.

Another aim of phishing attacks may be to infect your device with malware or spyware. The outcome still leads to leaked personal information, but this is a far more intrusive attempt. In addition to compromising your data, malware can also affect the functionality of your device in general by significantly slowing it down or causing glitches. Attackers may also attempt to intercept critical communications from mobile carriers or two-factor authentication codes sent via SMS. As a result, they can trick mobile carriers into doing a (very illegal and unethical) SIM swap by having a number transferred to their own SIM card.

Some attackers particularly target iOS users and engage in social engineering, wherein they trick users. This can be by posing as a family member or friend, or pretending to be a mobile provider or shipment service. In turn, users could end up sending funds to fraudulent addresses, or even worse, revealing their private keys to a malicious party. iCloud and cloud backups, while secure for the most part, hold some risk of exposure. While it is very convenient to store your backup information, storing an unencrypted wallet backup could spell disaster. If your login credentials are compromised, it would be easy for attackers to access this information and get their hands on your digital assets.

Tips for Securing Your iOS Crypto Wallet

Doubling up on security is probably a good idea, especially if you have a crypto wallet. A great starting point is to create complex passwords for your device and ensure they differ from one platform to another. For example, do not have your device password be the same one you use for all your other accounts. Enabling 2FA (Two-Factor Authentication) is another means of protecting yourself and your digital assets, as it adds an extra layer of security. Be sure to regularly update your apps and software for security patches, securely store your recovery information, and be on the lookout for any phishing attacks.

To Conclude . . .

Remaining vigilant and proactive is still essential even though iOS devices offer a good variety of security features that help protect your assets. Conducting research to find ways to secure your crypto wallet is always a great idea and can help educate you on cyberattacks. To answer the main question, iOS crypto wallets are very secure but require the user to make the relevant effort.