Best Crypto Wallet
Seeing the prices of different cryptocurrencies reaching new heights every day is really tempting to everyone on the sidelines and those without digital assets in their portfolios. If you have finally decided to enter the world of cryptocurrencies, know this: The essential thing in the process of buying Bitcoin or altcoins isn't the purchase itself but how you plan to store your digital assets.
If you have read our guide on the best ways to store cryptocurrency, then you are already familiar with the pros and cons of the different crypto wallet solutions.
In a nutshell - there is no universal solution and finding the best Bitcoin wallet usually depends on your individual needs and goals. This guide will focus on the best crypto wallets and find out how to choose a solution that best fits your needs.
So, let's get practical and single out the best cryptocurrency wallet for each individual case.
1. Exodus: Best Mobile Wallet App
If you are a beginner Bitcoin enthusiast, you will probably aim to buy and sell small amounts of cryptocurrency to get familiar and comfortable with the technology.
The most welcoming medium of storage, in that sense, is software wallets as they are intuitive and easy-to-navigate. Although there are plenty of great solutions, we can single out Exodus as the most beginner-friendly one.
Exodus is a multi-currency hot wallet that you can download and install on your Android or iOS device entirely for free. It also has a desktop wallet version if you want to keep track of your assets or trade from your computer.
The interface is clean and straightforward and will ease your journey into the world of cryptocurrency trading. As an added benefit, it has an incorporated exchange.
The functionality allows you to buy Bitcoin directly from your device with just a few taps. Exodus also supports crypto swaps for over 100 different assets. The full list of supported cryptocurrencies is available here.
Although unlikely, you can reach out to the 24/7 support if you face any difficulties with Exodus. They are very helpful and will explain everything you need to know.
2. Trust Wallet: Best Mobile Wallet App for Beginners
Trust Wallet is the official mobile wallet app of Binance, one of the leading cryptocurrency exchanges globally.
The software wallet supports over 40 blockchains, which means you can use it to store even the most exotic altcoins. Among the supported standards are BEP2, BEP20, ERC-20, and ERC-721. Recently, the wallet added support for Binance Smart Chain.
The app is decentralized and doesn't collect your personal data. It stores public and private keys locally to ensure maximum security and protection for your funds.
Trust Wallet has a built-in Web3 browser that allows you to interact with DApps easily. It also has an integration with Binance DEX, thanks to which you can buy hundreds of thousands of tokens with a debit or credit card.
The wallet is easy to use and with a very clean user interface. It is suitable for beginners, making their first steps into the crypto world and advanced traders and long-term HODL-ers because of its excellent security features.
3. Electrum: Best Mobile Bitcoin Wallet For Advanced Users
Although experienced crypto traders rarely opt for hot wallets, in the cases they do, they usually choose Electrum - one of the most established and best Bitcoin wallets.
Electrum is a hot wallet created in November 2011, soon after the launch of Bitcoin. Its source code is open and a result of the work of many blockchain developers, who, over the years, have actively contributed to it to bring it to the level it is today.
Electrum is considered a leading solution among hot wallets because of its stability and reliability, making it the preferred choice of advanced Bitcoin users. Electrum runs on decentralized, redundant servers, ensuring that the generated wallets are never down and that the private keys are stored securely. In terms of security, all transactions through Electrum wallets are verified by SPV. Users are also free to create standard wallets with two-factor authentication or multi-signature wallets. The seed phrases are also customizable.
The wallet is renowned for its advanced features. Although it lacks integration with a crypto exchange, it allows users to set custom transaction fees and choose between Segwit and legacy Bitcoin.
Electrum is entirely free and compatible with hardware wallets like Trezor and Ledger.
Bear in mind that Electrum works only with Bitcoin and has no customer support.
4. MetaMask: Best DeFi Wallet
MetaMask is among the most popular cryptocurrency wallets for Ethereum-based applications, used by over 1m users globally. It is available as a Chrome extension and as a mobile app (iOS and Android).
The crypto wallet supports only Ethereum tokens (ERC-20, ERC-721, and more). Examples include ETH, EOS, Maker, DAI, LINK, and others (more info here). MetaMask even supports collectables. Technically, you can also store Bitcoin, but you will have to buy it in its synthetic form (WBTC – wrapped Bitcoin on the Ethereum network).
The cryptocurrency wallet is very easy to use, user-friendly, and intuitive. It allows beginners interested in DeFi platforms to easily and directly interact with various applications through their web browser without compromising security.
Once you sign-up, the crypto wallet creates a wallet address with a unique key vault and a secure login. The passwords and private keys are generated and stored on your device, which means you are the one in control of your data.
Moreover, MetaMask has a built-in exchange and allows you to buy cryptocurrencies with Apple Pay, a credit or debit card.
MetaMask is open-source and supported by a global community of developers and designers interested in the blockchain world.
5. Trezor Model T: Best Hardware Wallet
If you don't have any restrictions on your budget and you want the best among the hardware wallets, then Trezor Model T is the cold storage solution to go with.
For about $200, you get everything you need to securely store over 1,600 cryptocurrencies (the full list is available here).
Thanks to the integration with crypto exchanges like Shapeshift and Changelly, you can trade on-the-go. Unlike most other hardware wallets, Model T features a large touch screen, making it much easier to use.
The security features are nothing but spectacular. The HD wallet even features a MicroSD slot that allows you to encrypt the device's PIN code and ensure a further layer of protection against attacks. The device is equipped with a USB Type-C cable that allows you to connect it to your phone or computer.
Many advanced users prefer Trezor Model T instead of Ledger Nano X because of the open-source code.
For the full characteristics, please check the official site.
6. Ledger Nano S: The Hardware Wallet that is the Best Bang for Your Buck
The majority of the cryptocurrency community will point out the Ledger Nano S as, undisputedly, the best value for money option among all cold storage wallet solutions.
You can get one of the first and best hardware cryptocurrency wallets for just EUR 59. The device comes in the form of a USB drive and is compatible with hundreds of cryptocurrencies that can be managed and tracked through the Ledger Live software. It is renowned for its ease of use, comparable to software Bitcoin wallets.
It supports over 50 separate cryptocurrency wallets and has the capacity to install between 3 and 20 different apps. Ledger's product uses the propriety Certified Secure Element (CC EAL5+) and is the first and only cold wallet independently certified by ANSSI, the French cybersecurity agency.
The Nano S, as well as its more expensive and functional cousin, the Nano X, run on their own custom OS (BOLOS). Depending on the point of view, this can be considered both as an advantage and a disadvantage.
On the one side, it is claimed to protect the cold wallets against malicious attacks better and isolate applications from each other, while on the other hand, its code isn't open for the community to review.
In 2020 Ledger suffered a hacker attack on their database. Although no coins or private keys were lost, the personal information of users who have purchased crypto wallets from Ledger up until July the same year was stolen. This includes names, phone numbers, email addresses, and even home addresses in some cases.
7. Trezor One: Best Altcoin Hardware Wallet
Trezor One is another device in the ranks of the top hardware wallets available and an alternative to Ledger Nano S. It was launched in January 2014 and became the original hardware wallet for secure cryptocurrency storage. It also was the first widely available cryptocurrency hardware wallet and had been topping the charts for popularity for a couple of years. However, after Ledger Nano S was introduced, Trezor One was dethroned and became the second most popular Bitcoin hardware wallet.
The device is compact and resembles a small calculator. However, it is a bit bigger than Ledger Nano S, although still very light - just 12g. The hardware wallet has an integrated small display and the capacity to store and manage thousands of cryptocurrencies. It is ERC-20 compliant, which means it supports even the most exotic altcoins.
Trezor One is compatible with different apps and mobile cryptocurrency wallets, including Mycelium, MyEtherWallet, and TREZOR Wallet.
The wallet shares most of the security features (with little exceptions) of the premium device, Model T, which is why it is a wise choice even for crypto investors with moderately-big portfolios.
However, unlike Model T, it can't be controlled independently and would require connection to a computer or laptop.
8. Samourai Wallet: Best Anonymous Bitcoin Wallet
Although the hardware and some of the software wallets mentioned above are also anonymous, we can't miss singling out Samourai as well.
The project was started with the goal to become "the most private and anonymous" Bitcoin wallet. It was also dubbed "a Bitcoin wallet for the streets." Over time, Samourai became one of the most preferred web wallets, proving that it has lived up to its potential.
Today, the non-custodial wallet is renowned by top security experts in the field for its robust privacy features. Some of these include TOR and VPN support, no address reuse, AES-256 encryption, offline funds transaction support, and more.
The activists behind the project have also developed additional desktop wallets solutions to complement the Samourai wallet and create a complete privacy-centred ecosystem. These include DOJO, a self-hosted full node server synced with the Samourai Wallet, and Whirlpool, which breaks your funds' link with their previous history.
Samourai Wallet comes for free but is available only for Android devices and supports just Bitcoin. If you want an anonymous wallet solution for iOS, you can check out Edge (which comes with client-side encryption and a built-in exchange), although it can't match Samourai's privacy features.
Best Crypto Wallet Summary
Identifying the best Bitcoin wallets is a subjective process that depends on the needs and the means of the user. The best crypto wallet for the day trader, the long-term investor who uses it as a savings account, or the individual who pays with Bitcoin, Ethereum, Litecoin, or Bitcoin Cash in his everyday life might be very different.
However, the common denominators and crucial factors in all cases are the Bitcoin wallets' security and functionality. No matter what type of cryptocurrency wallet you decide to use, don't ever compromise on that front.
Thankfully, today we have access to a plethora of crypto wallet solutions, including paper wallets, hardware devices, open-source and closed-source software solutions, all of which offer a secure way to store your funds. The only issue with finding the best cryptocurrency wallet is that we are spoilt with choices (a good problem to have)!