“Not your keys, not your bitcoin,” cypherpunks usually use this phrase to persuade beginners to use wallets rather than exchanges. After all, most Cryptos are based on the concept of self-sovereignty.
So, even if cryptocurrency is only available in digital form, you must store it somewhere, whether you plan to use it to purchase goods and services today or to invest it in the future.
That’s why, when you start buying crypto, you’ll also need to hunt for the best crypto wallets. Fortunately, crypto wallets work similarly to physical billfolds— they keep track of your cryptocurrency and save information verifying ownership of any tokens you have in them.
There are various wallets available today. We reviewed ten of the most popular wallets on the market to save you time.
The Best Crypto Wallets
There are different wallets from software wallets, mobile wallets, third-party custodial wallets, multi-sig wallets, and hardware wallets. If you hold a wealth of cryptocurrency, experts recommend considering a hardware wallet for maximum security.
Most beginners will begin by using an exchange wallet such as Binance or Coinbase, then progress to a hot wallet (typically a mobile app), and then to a cold/hardware wallet as their security needs grow.
When setting your crypto wallet, there are things you should keep in mind:
- Security– Make sure your crypto wallet is encrypted and has a strong password.
- Private keys– You control your private keys, and you shouldn’t share them with anyone.
- Backup & recovery– Make sure you have a backup of your wallet in case you lose access to it.
- Fees– Wallet fees can vary, so compare the prices of different wallets before you choose one.
Now that you know the essential basics, let’s get into the top ten wallets:
Pros and Cons
|User-friendly(easy to navigate)Supports multi-factor and two-factor authentificationAccepts 500+ crypto assetsBacked by a trustworthy exchange, able to recover assets lost or stolen||Similar security risks and flaws as to other storage alternativesOnly mobile and tablet devices support it (except for the Chrome extension)|
Coinbase Wallet is a self-custody wallet that provides complete control over your digital assets. This implies that your Wallet’s private keys (which signify cryptocurrency ownership) are held on your mobile device rather than on a centralized exchange such as Coinbase.com.
Coinbase Wallet is an excellent wallet for newbies to cryptocurrency. The software can link to the most prominent bank accounts. It also features a user-friendly interface with a straightforward three-tab structure and easily recognizable functionalities.
Coinbase Wallet offers over 500 crypto assets– the most sought-after wallet on this list. It can hold non-fungible tokens (NFTs) and digital collectibles, making it an excellent choice for investing in the emerging digital collectible market.
It’s vital to understand the difference between Coinbase crypto, the exchange, and Coinbase the wallet. Coinbase crypto exchange is one of the largest crypto exchanges, with a trading volume of $2,963,851,215.09.
It is possible to utilize the Coinbase wallet without first creating an account with one of the big bitcoin exchanges.
Nowadays, Coinbase has an extension on chrome. The Coinbase Wallet extension is the most secure and user-friendly way to use cryptocurrency apps in your browser. You can use the Wallet extension to access hundreds of dapps, trade tokens on DEXs, earn interest on your crypto, and buy NFTs. The new Wallet extension ensures interoperability with all desktop apps, so you don’t have to worry about switching to another wallet when using the most recent desktop dapps.
2. Ledger Nano X
Pros and Cons
|Suitable Bluetooth connectivityOpen-source software that comes with customer and community support.Ledger Live interface is simple and easy to useStorage for three to twenty different apps||Bluetooth integration as a potential cyberattack variable Inadequate wallet storage|
This is one of the most popular non-custodial wallets on the market, and it’s also one of the most straightforward wallets to use with a PIN code and a recovery word. Ledger wallets include a certified chip design with software to withstand advanced threats. You can also buy cryptocurrency directly through the Ledger Live App and send, receive, and stake it.
The Nano X is designed like a USB drive and connects to your device via USB or Bluetooth. You can use the wallet without a PC by connecting it to your iOS or Android device. It accepts over 1,800 different cryptocurrencies. This list grows year after year as the Bitcoin community requests support for their favorite cryptocurrencies.
While the device is a cold storage hardware wallet, the Ledger team has developed the Ledger Live software, serving as a user interface for all of your assets. This helps users add new wallets for various cryptocurrencies to their devices and manage their portfolios.
Users can use open-source 3rd party tools such as Electrum, Lily Wallet, Caravan, or Casa Wallet with Ledger hardware wallets in multi-sig setups. You can begin your crypto journey by purchasing crypto through a Ledger Live exchange integration, then secure, manage, receive, send, and stake your crypto assets.
Pros and Cons
|Customizable trading feesFast and easy to useMore shielded than the majority of hot walletsWallets do not experience downtime as a result of excellent server configurations.||There is no proper customer support; only documentation and community are available.The setup and interface are not suitable for beginners.Only supports Bitcoin trading|
Electrum— founded in 2011, is one of the earliest and most well-known crypto wallets today. It’s also one of the few existing crypto wallets that only accept Bitcoin, a currency that Electrum distinctively handles. The wallet includes several powerful security features that other wallets do not. Users can adjust their fees based on how long they are willing to wait for a purchase to be completed ( Pay more fees, and your payment gets completed more quickly.)
Although it doesn’t have an immense selection of other cryptocurrencies, you can use Electrum on various devices. It’s also one of the few wallets that allow you to import your private keys into other software wallets if you wish to do so.
One of the wallet’s most valuable features is that it employs a lightweight client. You can set up light clients in minutes and take up less space on your computer than traditional wallet clients. The wallet only downloads details of the blockchain when using simple payment verification (SPV), which speeds up transactions without compromising security.
4. Trezor Model T
Pros and Cons
|Open-source software that comes with customer and community support.Web-based user interface with built-in exchangesSupports several cryptocurrencies||Priced higher than competitors|
The Trezor Model T is one of the most popular wallets, offering multi-signature security and a magnetic dock for convenience. The device requires a computer connection and is compatible with Trezor Suite and third-party desktop wallets such as Electrum, Exodus Wallet, Magnum Wallet, and Blockstream Green.
The new Model T has a touch screen, which may be easier for newbies to use than the buttons on their original version. The Trezor also has a MiniSD card slot, permitting you to encrypt the PIN and further safeguard your device from attacks.
Trezor supports over 1600 tokens and is the only fully open-source hardware wallet, allowing thousands of people to create their own devices. SatoshiLabs, named after Satoshi Nakamoto, was founded by long-time Bitcoin miners Marek “Slush” Palatinus and Pavol “Stick” Rusnak.
Pros and Cons
|Earn interest on over 35 tokens. Select your desired trading fee and confirmation speed. Supports over 100 coins, including BTC, ETH, CRO, ATOM, DOT, and LTC.||Some geo-restrictions apply to the built-in token swap. If you misplace your private key and forget the recovery phrase, you cannot access your funds.|
The Crypto.com DeFi Wallet is an ideal choice for newcomers to the world of decentralized finance. Defi wallets give users complete control over their crypto assets and private key, which they must keep safe. They also allow users to swap cryptos one-to-one and gain access to various Cryof tools to earn residual income on the crypto they already own — features not available in traditional, custodial wallets.
It’s essential to distinguish between custodial and non-custodial wallets on this exchange. You can download Crypto.com DeFi Wallet and use it for day-to-day crypto activities without the need for a Crypto.com exchange account.
Hardware wallets also called “cold wallets” like Ledger and Trezor, are physical devices that store your private keys offline and away from the internet. This makes them the most secure options for storing your cryptoassets.
While cold wallets are the safest way to store your cryptocurrency because they are entirely offline and cannot be hacked, they also pose a similar risk: You cannot access your crypto if you lose the physical drive or the private key. There is no password reset feature, no back button, nothing. If you lose it, your money is completely gone.
You are not bound to a single type of wallet for the rest of your life; you can have multiple crypto wallets. You can take the best features of each wallet, such as keeping a small amount in a mobile wallet for transactions while keeping the majority of your holdings in a more secure hardware wallet.