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.

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.

Gemini also offers various additional features. For example, Gemini Earn enables users to earn interest on crypto with an APY of up to 8.05%. 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)!

More:


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 and GOBankingRates.