Crypto wallets are an essential tool for buying, trading and selling cryptocurrencies. Traders need them to store crypto securely, as well as to protect and validate transaction information. Be it hardware or software, also called hot and cold crypto storage, custom crypto wallets offer traders dedicated solutions compared to those from crypto exchanges.
Read on to learn about the different types of cryptocurrency wallets, how they work, and which one you should pick.
Best for Beginners: Coinbase Wallet
Coinbase Wallet as the best crypto wallet for beginners because it’s an intuitive and highly secure wallet backed by a well-known exchange.
- User-friendly interface that is easy to navigate
- Supports more than 5,500 digital assets
- Multi-signature and two-factor authentication support
- Backed by a reputable trading platform that is able to recoup lost or stolen assets
- Similar security issues and weak points as other hot storage alternatives
- Only available on mobile and tablet devices (except for Chrome extension)
Best for Ethereum: MetaMask
MetaMask as the best crypto wallet for Ethereum because its user-friendly interface provides quick and easy access to thousands of tokens and decentralized apps within the Ethereum network.
- Intuitive interface design on browser extension and app
- Can be linked to NFT marketplaces
- Supports thousands of dApps
- Fees to buy Ether can be high
- Cannot directly store Bitcoin
Best for Mobile: Trust Wallet
Trust Wallet is a popular mobile online crypto wallet and the official mobile app of Binance, one of the leading cryptocurrency exchanges in the world.
- Supports a vast range of coins and tokens
- Earn interest on one of 12 different cryptos
- Simple and easy-to-use interface
- Built-in Web3 browser
- Owned by Binance, who has faced regulatory issues in the U.S.
- Educational resources on coins and tokens are limited
Best Hardware Crypto Wallet: Ledger Nano S Plus
Ledger is one of the most well-known brands in the crypto space, with hardware wallets that are a popular choice among crypto enthusiasts.
- Install up to 100 apps at the same time
- Buy and sell crypto directly through the Ledger Live app
- Verify all transactions with 2-button presses
- Compatible with 50 other hardware wallets
- More expensive than its original entry-level wallet
- Custom operating system is not open source
Best Desktop Bitcoin Wallet: Electrum
Founded in 2011, Electrum is one of the oldest and most well-known crypto wallets today. It’s also one of the few remaining crypto wallets that only deals in Bitcoin, a currency that Electrum is uniquely outfitted to support.
- Fast and easy to set up
- Greater security than other hot wallets
- Customizable transaction fees
- Wallets don't suffer downtime thanks to server configurations
- Setup and interface not ideal for beginners
- No customer support via chat, email or phone
Best Mobile Bitcoin Wallet: BlueWallet
BlueWallet is an excellent alternative for Bitcoin traders who can’t or don’t want to make sense of more complex software on their desktop computers.
- Modern design with an accessible user interface
- Supports both on-chain and lightning transactions
- Create or import multiple wallets
- Multi-signature vaults for added security
- No two-factor authentication
- Advanced tools could use in-app tutorials
Best for Desktop: Exodus
Exodus as the best crypto wallet for desktops because of the speed of its transactions, ease of use, and the varied functionality of its client.
- Supports over 260 crypto assets
- Compatible with Trezor One and Trezor T hardware wallets
- Allows users to buy Bitcoin with Apple Pay
- 24/7 customer support
- High transaction fees on the in-wallet crypto exchange
- Lack of native 2-factor authentication may bother some users
- No multi-signature support
Best DeFi Wallet: Crypto.com
The Crypto.com DeFi Wallet is an excellent choice for users starting their journey into decentralized finance.
- Choose your preferred trading fee and confirmation speed
- Over 250 coins, including BTC, ETH, CRO, ATOM, DOT and LTC
- Earn interest on more than 21 cryptocurrencies
- Funds are inaccessible if you lose your private key and recovery phrase
- Built-in token swap has some geo-restrictions
Other crypto wallets
Trezor
Along with Ledger, Trezor is one of the two most well-known brands of hardware wallet in the world of crypto.
- Choose between the entry-level Trezor One and the Trezor Model T
- Intuitive & convenient interface — including a touchscreen for the Model T
- More expensive than other hardware wallets with similar functionality
- No support for iOS devices
KeepKey
- Reasonably priced hardware wallet
- Device display supports QR codes
- Supports a limited number of coins
- Heavier than similarly priced competitors
Atomic Wallet
- Supports over 300 coins and tokens
- Supports credit card purchases and in-wallet exchanges and conversions
- No hardware wallet integration
- Not many coins are available for the atomic swap feature
Source: Money.com