Cryptocurrency wallets are indispensable for purchasing, selling, and trading cryptocurrencies. Traders require them to keep crypto assets securely and to protect and validate transaction data. Whether hardware or software, also known as hot and cold storage, custom cryptocurrency wallets give traders more specialised alternatives than crypto exchanges.
Learn about the many types of bitcoin wallets, how they operate, and which one you should choose by reading on. We’ve added Public.com in this comparison table because some people searching for crypto wallets are also interested in crypto exchanges.
If you want to learn more about where to buy and sell cryptocurrencies, as well as the advantages and downsides of centralised versus decentralised exchanges, you may want to read our article on the Best Crypto Exchanges.
We chose Exodus as the best programme for beginners because it is free, offers excellent customer care, and optional cold storage support. Exodus is a desktop and mobile wallet with a straightforward user interface and an integrated exchange.
The ability to exchange an increasing number of cryptocurrencies is one of the most popular aspects of Exodus. Currently, Exodus facilitates exchanges between over 150 distinct cryptocurrencies.
This wallet is ideal for newbies just entering the crypto sector due to its simplicity. In addition, it provides excellent customer service, a crucial trait for newbies entering a sector that many would perceive to be complicated.
While it is excellent for novices, expert users may feel that it lacks some functionality. First, Exodus is a wallet that is not open source. This goes against the spirit of Bitcoin and blockchain and raises security issues because its code is not publicly accessible. Users instead rely on the Exodus team to ensure the wallet’s security is impenetrable.
2. Coinbase Wallet
We chose Coinbase Wallet as the best cryptocurrency wallet for beginners because it is an easy-to-use, highly secure wallet backed by a reputable exchange. The Coinbase Wallet is a fantastic wallet for novices with less crypto experience. The software can connect to the majority of major bank accounts and features a user-friendly design with a straightforward three-tab layout and properly labelled functionalities.
Coinbase Wallet is capable of storing non-fungible tokens (NFTs) and digital collectibles, and it supports over 44,000 coins and tokens – the most on our list. It is essential to distinguish between the Coinbase exchange and the Coinbase wallet. The Coinbase wallet can be used without registering with one of the big bitcoin exchanges.
It’s also non-custodial, which means its private key is saved on your device and not on Coinbase’s servers, so you don’t have to worry about your currencies getting frozen for any reason or being exposed to a cyberattack on the website.
3. Best for Bitcoin: Electrum
We chose Electrum as the best Bitcoin wallet due to its comprehensive security features and high degree of customization. Electrum is one of the oldest and most well-known crypto wallets available today. Electrum is also one of the few remaining crypto wallets that deals exclusively in Bitcoin, a currency for which it is uniquely equipped.
The wallet’s lightweight client is one of its major strengths. Light clients can be installed in minutes and require less space on your computer than standard wallet clients. Using simple payment verification (SPV), the wallet merely downloads a portion of the blockchain, thereby accelerating transactions without affecting their security.
Mycelium was chosen for mobile users because it allows you to regulate transaction costs and interacts with a hardware wallet. It is a Bitcoin wallet that is only available for mobile devices. Mycelium now supports just Bitcoin, Ethereum, and ERC-20 tokens.
Mycelium is similar to the Electrum wallet in certain aspects. Some of the distinctions are that it is exclusively available on mobile devices, has a more modern user interface than Electrum, and has an exchange.
Mycelium, like Electrum, was an early wallet in the space. You can also specify custom transaction fees, similar to Electrum, so you can pick how long you’re willing to wait for a transaction to be processed.
5. Ledger Nano X is the Best Offline Crypto Wallet
Why we chose it: We chose the Ledger Nano X as the best offline crypto wallet because of the wide range of currencies it supports, its high security standards, and its mobile trading capabilities.
Ledger is one of the most well-known hardware wallet brands on the market today. Its first wallet, the Ledger Nano S, a feature-packed and extremely secure cold wallet, sparked its first success. The Ledger Nano X builds on the success of the Nano S by including a built-in battery as well as features like Bluetooth connectivity and enhanced asset management capabilities.
The Ledger Nano By costs $158.22 right now, features a matte black finish, and a 128 x 64-pixel screen for cycling through apps. The wallet supports over 5,500 currencies and tokens — one of the most on our list — and can manage up to 100 of them simultaneously via the device’s apps.
6. Metamask is the Best Ethereum Wallet
Why we chose it: We chose MetaMask as the best Ethereum crypto wallet because its user-friendly design allows for quick and easy access to thousands of tokens and decentralised apps over the Ethereum network.
With over 30 million monthly active users, MetaMask is one of the most popular Ethereum wallets. The wallet allows users to connect with decentralised programmes, or dApps, and may store and send Ethereum-compatible cryptocurrencies. Users can connect straight to the wallet to gain access to major NFT markets such as OpenSea.
MetaMask’s popularity stems largely from its ease of use and accessibility. The wallet’s design is friendly and easy, as if it was created with inexperienced investors in mind.
7. Trezor Model T
We chose Trezor as the most secure hardware wallet because it has the most robust security features and a proven track record. Trezor, like Ledger, is synonymous with cold wallet storage for crypto assets. The Model T represents the company’s second generation of hardware wallets.
The Trezor Model T is quite similar to the Ledger, however it provides direct access to third-party exchanges such as Changelly and CoinSwitch via its internet interface. Even while this is incredibly convenient, its $195 price tag is hardly justified.
8. Ledger Nano S
We chose the Ledger Nano S because it provides an economical entry point into hardware wallets with cold storage. The Ledger Nano S is the first hardware wallet introduced by Ledger, and one of the first hardware wallets ever created.
The Nano S is compatible with over 1800 digital cryptocurrencies. This wallet does not include a USB Type-C connection, therefore customers with more contemporary smartphones may have difficulty connecting their devices.
9. Crypto.com is the Best DeFi Wallet
Why we chose it: We chose Crypto.com as the best defi crypto wallet because to its wide range of decentralised finance solutions, smooth onboarding procedure, and robust security architecture.
The Crypto.com website DeFi Wallet is an ideal solution for individuals who are just starting out in the world of decentralised finance. Defi wallets provide customers complete control over their digital assets and private key, which they must maintain safe.
Last but not least is Opolo, an expensive but secure cold wallet for consumers willing to pay a premium for one of the most secure crypto wallets accessible. Opolo is the hardware wallet for you if you have a considerable quantity of digital assets, enjoy tinkering with odd crypto projects, and value Fort Knox-level protection.
It is not cheap, but it provides access to over 280,000 cryptocurrencies and has an EAL 6+ certified secure chip, which is one level more secure than the EAL 5+ certified chips used by both prior Ledger models. Opolo includes a 3.2-inch touchscreen display that makes it simple and enjoyable to use.
How Do Cryptocurrency Wallets Work?
You are not transferring any coins when someone gives bitcoin, ether, dogecoin, or any other sort of digital currency to your crypto wallet. What they’re doing is transferring ownership to your wallet’s address, which means they’re certifying that the cryptocurrency on the blockchain no longer belongs to their address, but to yours. This requires two digital codes: a public key and a private key.