10 Best Crypto Wallets to Store Cryptocurrencies [2023]

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.

There is no universal solution and finding the best Bitcoin wallet usually depends on your individual needs and goals, and 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.

Transparency: We may get compensated when you click on links in this article.

1. Coinbase: Best Crypto Wallet for Beginners

coinbase

Coinbase is the best crypto wallet for beginners. The wallet is intuitive and comes with an easy-to-use interface. Users can store thousands of crypto assets, including traditional cryptocurrencies like Bitcoin, decentralized apps from Aave to ZRX, thousands of tokens and even NFTs.

The self-custody Coinbase Wallet gives users complete control of their cryptocurrencies, safely stores NFTs right in the wallet, and is backed by industry-leading security.

The Coinbase Wallet and Coinbase exchange app are different products.

The Coinbase Wallet can be used by everyone independently from the traditional Coinbase exchange app. The Coinbase Wallet lets users manage their own private keys to store crypto assets directly on their devices instead of in a centralized exchange or brokerage account.

Users of the Coinbase wallet do not necessarily need an account with the Coinbase exchange, but it is possible to connect the Coinbase Wallet with the Coinbase account.

Individuals looking to buy or sell cryptos without the need to manage private keys use the Coinbase app, which is available in over 100 countries. Therefore, the Coinbase app is an all-in-one solution for a beginner who wants to buy and sell cryptos, connect their account and manage all from one place. At the same time, the Coinbase wallet is primarily used by people who are purely looking for a free crypto-wallet-only product.


2. Gemini: Best Mobile Crypto Wallet App

gemini

Gemini is a fully licensed mobile crypto wallet with enhanced trading features and premium support. Investing in over 75 cryptocurrencies is possible with as little as $5. The Gemini Wallet stores most assets within its institutional-grade air-gapped cold storage system. In addition, some portions of assets are stored within the insured online hot wallet.

Assets stored within Gemini’s high-security storage are covered with various protections, like insurance against various types of digital asset losses from the hot wallet and extensive internal controls within their storage and production environment. In addition, Gemini is regulated by the New York State Department of Financial Services, subject to the capital reserve- and cybersecurity requirements.

The Gemini Credit Card is a Mastercard issued by WebBank and where users earn crypto rewards of up to 3% in Bitcoin, Ether and other cryptos on every purchase using the credit card. In addition, the Gemini Active Trader is a high-performance trading platform for cryptocurrencies with enhanced features like advanced charting, block trading and multiple order types that more active traders are using.


3. ZenGo: Best Keyless Software Wallet App

zengo crypto wallet

Software wallets come in all shapes and sizes. What most of them have in common is their excellent usability, quick and easy interaction. However, just a few of the solutions on the market have a flawless reputation when it comes to security.

ZenGo is intended to bring software wallet security to the next level by eliminating the risk of having a single point of failure. The bottom line – even if someone penetrates your hot wallet, he simply won’t be able to steal the funds. How so? Through dividing the private key into two parts and decentralizing its storage on the company’s servers and your device. That way, a transaction can’t be authorized without interaction between both parts of the key.

While the security model isn’t as robust as with the most advanced hardware wallets, the truth is ZenGo hasn’t been hacked yet. Furthermore, its team is very much invested in security and conducts ongoing research and analysis to develop new and better mechanisms to protect user funds.

But ZenGo isn’t only about security. The wallet has a fantastic UI and is very beginner-friendly. It is stacked with many great features, including the option to buy, trade and sell crypto in just a few taps, support for various payment methods, 24/7 human support, fair and transparent fee policies and an interest-earning program where up to 5% APY can be earned on BTC.


4. Exodus: Best Mobile Wallet App with Desktop Features

exodus 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 one of 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.

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.


5. Trust Wallet: Best Mobile Wallet App for Binance Smart Chain

trust wallet

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.

Trust Wallet is available for iOS and Android devices. The app is among the highest-rated cryptocurrency mobile wallets on both marketplaces.


6. Electrum: Best Mobile Bitcoin Wallet For Advanced Users

electrum bitcoin wallet

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.

In terms of user-interface and user experience, Electrum might look to you like it hasn’t changed anything since it was developed a decade ago. And this is mostly the truth. Although looking a bit outdated, the layout is simple and does its intended job perfectly. However, it might not be so easy to use for beginners.

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.


7. MetaMask: Best DeFi Wallet

metamask 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. 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.


8. Trezor Model T: Best Hardware Wallet

trezor t

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.

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.


9. Ledger Nano S: Best Low Cost Hardware Wallet

ledger nano s

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.


10. Trezor One: Best Altcoin Hardware Wallet

trezor one

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.


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)!

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Best Way to Store Cryptocurrency Guide

We are in the middle of the craziest cryptocurrency bull market ever, which has seen even the most conservative investors raise an eyebrow and consider including digital currencies into their portfolios.

If you are looking to join the crypto assets revolution, then sooner rather than later, you will face the question of how to ensure the security of your coins and what is the best choice for storing your crypto.

In this guide, we will see what ten years of history had taught us about the specifics of keeping your cryptocurrency safe.

What Is a Cryptocurrency Wallet?

A cryptocurrency wallet is a medium of storage for digital assets. Like the case with cash and fiat money, with cryptocurrencies, you also need a secure place to store your crypto assets.

While in the case of cash, these mediums usually are your bank account or your physical wallet, with cryptocurrencies, the wallets come in various forms. What is common with all of them, however, is the way they work.

When you want to acquire crypto assets, you need an address to send it to. The address is the cryptographic location of your wallet. The wallet address is like a bank account number, and there is no harm in giving somebody else your bank account number. All they can use it for is to transfer your digital currencies.

When you buy or receive cryptocurrency, what happens is that the wallet records and stores the location of your digital assets on the public ledger that records and authenticates all transactions. That is because Bitcoins and altcoins don’t exist physically but instead work as transactional records that detail which private and the public keys have control over the funds.

Now, let’s take a minute to look at private and public keys. Each wallet address has a unique public and private key. The public key is linked mathematically to your wallet address and comes as a “hashed” version. To avoid getting too technical, just remember that it adds a further layer of security.

What is more important is the private key. It grants access to the cryptocurrency in the wallet (think of it as a password). DON’T SHARE YOUR PRIVATE KEYS WITH ANYONE!

Examples

Wallet address: 7BzP1Ep3QS1si33MbOcTL1SLsa3DivfMa

Private Key: 03bf350d7722836548sb13h0c2na813e14al0a7f2b7ss17014d4a9a7edecf7989a

Public Key: 24s0nbcf911kd3df5161vav111s140kfl24a1d518

Cryptocurrency wallets do more than just store your coins. They also allow you to make transactions, check balances, keep historical records, etc.

Cryptocurrency wallets have been around since 2009 when Bitcoin emerged. They have been evolving ever since, and today, we have a plethora of options to choose from.

Types of Cryptocurrency Wallets

Cryptocurrency wallets come in a variety of different forms. Usually, there are two main categories – hot and cold wallets (the idea of cold storage is that it isn’t connected to the internet. However, for further clarification, crypto enthusiasts divide them even further, into categories like software wallets, hardware wallets, paper wallets, mobile wallets, hosted (online) wallets, and desktop wallets.

Mobile Wallets

Mobile wallets come in the form of a mobile app. They run on your phone and are considered among the most convenient to use.Mobile wallet software solutions are suitable for those who own small amounts of crypto and want to pay or trade them on-the-go.

To send Bitcoins with a mobile wallet, all the user has to do is scan a QR code. This makes mobile wallets one of the most user-friendly solutions.

Desktop Wallets

The desktop software wallets are installed locally on the device. However, the consensus is that the desktop or the laptop shouldn’t be connected to the internet to serve as cold storage and be considered entirely safe to store your cryptocurrency.

The best thing to do is wipe the dust off your old computer and reinstall it with genuine software. After you are sure there isn’t any malware or potential hacking and security threats, you can install the desktop wallet program.

Desktop wallets are considered among the safest solutions. The downside is that you can’t take them with you and are also prone to physical damage or loss like a short circuit, theft, etc.

Hardware Wallets

As their name suggests, hardware wallets come in the form of a separate device like a USB stick, for example.

Hardware wallets are considered the safest option to store your cryptocurrency. These data storage devices are produced by leading companies, specialized in crypto security to protect private keys from hackers, and malware and phishing attempts. A hardware wallet is deemed impenetrable, considering that you keep your device password safe (usually a 24-word phrase that you should input each time you want to access your funds).

Important: Although many consider hardware wallets to be the safest option, one of the leading companies in the field, Ledger, recently became a victim of a hacker attack that leaked personal information for hundreds of thousands of Ledger Nano S and X device users. Although no coins were stolen, as a result, the phone numbers and addresses of many crypto investors were exposed.

The fact that hardware wallets are small and portable devices makes it easier to carry around or store them in a safe deposit box if you want. They can be connected to machines with various operational systems – be it Windows, Linux, or Mac. The devices work as read-only, and there is no risk for loss of funds even if the computer is compromised.

Hardware wallets have advanced security measures in place and are resilient to malware. The only risk here is the one of loss, theft, or destruction of the wallet device.

Paper Wallets

The paper wallet is the old-school, DIY-type solution that is considered as safe as hardware wallets (if not more).

However, it is worth noting that it might not be the most convenient choice for beginners due to the way it works.

It is created through an open-source online wallet generator. Although this might sound strange, the fact that the generation process can be entirely randomized and even controlled by you (you can input random symbols or change the sequence) makes it completely secure.

Once the wallet is created, you should write down your keys on a piece of paper (not on a computer) and store them in a safe place. Your paper wallet will be completely secure because it won’t be connected to any servers. The only risk is if you lose or destroy the piece of paper with the written keys.

If you want to make a transaction, all you have to do is scan a QR code, and you are good to go.

Web and Online Wallets

Many crypto exchange platforms offer you the chance to create your own wallet within your profile on the platform. However, you should bear in mind that the wallets generated by exchanges are the least secure option since you won’t be in charge of your private key.

The history knows dozens of cases where the security of digital currency exchanges had been compromised, and users have lost all funds stored on the exchange platform.

Although the security features of most exchange wallet solutions have improved over time, it still isn’t advisable to use the wallets cryptocurrency exchanges provide you with.

If you decide to use the web wallet on your trading platform, make sure to keep only small amounts of cryptocurrencies there. The best way is to use it for trading and cash out asap.

What Is the Best Way to Store Your Cryptocurrencies?

The best way to store your cryptocurrencies is in a hardware wallet. Next in line are paper and software wallet solutions.

Best Way To Store Cryptocurrency Security Usability Price Supported Assets Suitable for Beginners
Hardware Great Great $30-$150 Many Yes
Paper Great Poor Free A Few No
Software Good Great Free Many Yes
Desktop Good Good Free Many Yes
Web Poor Great Free Many Yes

You can also take advantage of a desktop wallet option if you have a spare computer always to keep disconnected from the web.

Make sure to avoid web/online wallets.

5 Pieces of Advice on How to Better Protect Your Cryptocurrencies

No matter what type of crypto wallet you choose, if you don’t know how to use it properly or adhere to the best security practices, you will be putting your assets at risk.

Here are five things to look for:

1) Never Share Your Private Keys With Anyone

Hardware wallet producers like Ledger and Trezor never stop reminding their users that they would never request to receive their individual private keys. Giving your private key away is basically throwing your cryptocurrencies in the bin.

2) Back-up Your Private Keys

This is as important as advice #1. Don’t forget that if you lose your private keys, you won’t be able to access your funds. That is why it is essential to have them written down on separate mediums and find a secure way to store this highly-sensitive information. Make sure to keep them safe in different places so that you can have individual access at any point.

3) Use Wallets Only From Credible Solution Providers

The crypto industry is relatively new. This means that there are a few leaders and dozens of unreliable or at least not-so-transparent service providers in every niche. Make sure to choose only exchanges or wallet producers that are known for their clear reputation. Otherwise, you may one day wake up with no sign of your crypto.

4) Use Multi-Signature Wallets

Alternatively – solutions that require more than one confirmation to authorize transactions. The idea is to limit the risk of theft as a single controller cannot carry out a transaction. The simple truth here is the more layers of security you have, the better. The good thing is, today, the majority of the hardware, software, and desktop wallets are multi-signature.

5) Update Your Wallet Regularly

Those using any type of app- or software-based wallet solution should make sure they update it regularly. Updates should take place only through the app and not from any third-party sources like sites or email invitations. Keeping your wallet up-to-date ensures it has better security in place and avoids soft spots for hackers.

Best Crypto Wallet To Store Cryptocurrency Summary

Thanks to the evolution of the crypto wallet niche, today, users have access to all types of solutions. Which one is the best depends on yout needs.

Often, a combination of a hardware wallet (to keep the majority of your Bitcoins) and a software wallet (to keep a small part to pay or trade) is preferred among the average user. Others, who are in for the long run and don’t make many transactions prefer desktop or paper solutions.

However, whatever you choose, make sure to protect your private keys and always double-check emails and notifications urging you to update your wallet. If you have even the slightest doubts, get in touch with the wallet provider.


FAQ

What are the best crypto wallets?

The best crypto wallets provide an excellent mix of high-security standards, user experience and affordable costs. Based on our research, some of the best crypto wallets are Ledger, Electrum, and Trezor, while three combined exchange and wallet apps lead the list.

Which crypto wallet has the lowest fees?

There is no specific crypto wallet that has the lowest fees for every cryptocurency stored. The costs depend on the cryptocurrency, trade activitiy, platform features, the company headquarter, regulation and security standards.

About the author: Alexander is the founder of daytradingz.com and has 20 years of experience in the financial markets. He aims to make trading and investing easy to understand for everybody and has been quoted on Benzinga, Business Insider, Investors Business Daily, Newsweek, GOBankingRates, capital.com, investing.com and other top financial publications.