beginner
Cryptocurrency wallets are an essential part of the crypto ecosystem. No matter what type of wallet we’re talking about, it is always a gateway to all the things one might want to do with their digital assets: use them in dApps, buy NFTs or traditional products and services, or trade on cryptocurrency exchanges.
In this article, I will examine some of the best crypto wallets on the market and their individual pros and cons. And if you have already found your own best crypto wallet and want to use it, you can exchange cryptocurrencies like Ethereum or Bitcoin on Changelly, benefiting from low fees and great rates.
Here are the custodial and non-custodial wallets that I consider to be the best on the market, having tried them in the past.
- MetaMask: The best Ethereum wallet
- Exodus: Overall best cryptocurrency wallet
- Coinbase wallet: The best crypto wallet for beginners
- ZenGo: The most secure crypto wallet
- Ledger Nano X: The best cold storage wallet for beginners
- Trezor Model T: The best Bitcoin hardware wallet
- MyEtherWallet: The best hot crypto wallet for ETH
- BCVault: The most secure crypto hardware wallet
- Enjin: The best crypto wallet for NFTs
- Edge: The easiest-to-use mobile wallet
- Coinomi: The best Bitcoin hot wallet
How to Choose the Best Crypto Wallet
When it comes to cryptocurrencies, one of the most essential tools at your disposal is the crypto wallet. It is a digital safekeeping box where you can store, manage, and transact your digital currencies. Considering the multitude of wallets available on the market today, choosing the right one might seem complicated, but it doesn’t have to be so. This guide aims to clarify how to pick a crypto wallet that best suits your needs, with a focus on the types of wallets and the key security features you should consider.
Types of Crypto Wallets
Let’s start by examining the main types of crypto wallets you can choose from. This decision greatly depends on your specific needs, trading habits, and desired level of security.
Hot Wallets
Hot wallets are crypto wallets that require an internet connection to operate. These include online wallets (accessed via a web browser), mobile wallets (smartphone apps), and desktop wallets (downloaded and installed on your computer).
Pros:
- Easy to use
- Quick transactions
- Suitable for beginners
Cons:
- Vulnerable to online attacks
- Less secure than cold wallets
Cold Wallets
Cold wallets, also known as hardware wallets, store your cryptocurrencies offline. They are less prone to hacks as they are disconnected from the internet.
Pros:
- Highly secure
- Ideal for large holdings
- Suitable for long-term storage
Cons:
- Less convenient for frequent transactions
- Cost more than hot wallets
Paper Wallets
Paper wallets involve printing out your public and private keys on a piece of paper, which is then stored in a secure place.
Pros:
- Safe from online hacks
- Cost-effective
Cons:
- Can be easily lost or damaged
- Not user-friendly
Security
When it comes to cryptocurrencies, security is paramount. The decentralized nature of blockchain technologies means that once your crypto assets are lost or stolen, they are impossible to retrieve. Here are some key security features to look out for when choosing your wallet.
1. Private Key Control
Choose a wallet that gives you control over your private keys. Having control of your keys means you have full authority over your cryptocurrencies.
2. Two-Factor Authentication (2FA)
Two-factor authentication provides an additional layer of security. With 2FA, access to your wallet is not only dependent on something you know (your password) but also on something you possess (your phone or email).
3. Recovery Option
In case you lose your device or forget your password, a recovery option can save your assets. This often comes in the form of recovery phrases or backup solutions. This is a must for secure wallets.
4. Security Protocols
Ensure the wallet follows robust security protocols. Look for features such as end-to-end encryption, multi-signature support, and regular software updates.
Top 10 Crypto Wallets
Here are 10 of the best cryptocurrency wallets available right now.
MetaMask
Type: Software wallet (hot wallet)
Price: Free
Supported Cryptocurrencies: Ethereum and all ERC-20 tokens
MetaMask is one of the most popular Ethereum wallets and is often referred to as a gateway to the world of decentralized apps (dApps). It is a browser extension, which means it’s always at your fingertips, integrated into your online experience.
As a hot wallet, MetaMask facilitates real-time transactions, allowing you to interact with dApps on the Ethereum blockchain network directly from your browser. Despite being a software wallet, it offers robust security features that include seed phrase backups and password encryption.
However, keep in mind that, like all hot wallets, MetaMask is still vulnerable to online attacks. If you hold substantial amounts of crypto or if you are particularly security conscious, a hardware wallet (a cold wallet) might be a better fit for you.
Exodus
Type: Software wallet (hot wallet)
Price: Free
Supported Cryptocurrencies: Over 100 cryptocurrencies, including Bitcoin, Ethereum, and Litecoin
Exodus is a user-friendly software wallet that is perfect for beginners. It has a beautiful and intuitive interface that visualizes your crypto portfolio in a pie chart, making it one of the easiest-to-use Bitcoin wallets around.
Exodus supports a wide range of cryptocurrencies and also offers a built-in crypto exchange for seamless trading. This feature, coupled with excellent customer support, makes Exodus a strong contender for your digital wallet needs.
While Exodus encrypts your private keys and transaction data on your device, it doesn’t offer two-factor authentication (2FA), a feature you might want to consider for enhanced security.
Coinbase Wallet
Type: Mobile wallet (hot wallet)
Price: Free
Supported Cryptocurrencies: Bitcoin, Ethereum, and thousands of different cryptocurrencies
Coinbase Wallet is a stand-alone app, separate from the Coinbase exchange. It allows users to store their cryptocurrencies and explore the world of decentralized apps (dApps). With its user-friendly interface, it’s an excellent option for beginners and seasoned crypto enthusiasts alike.
The Coinbase Wallet provides you with full control over your private keys, which are secured using Secure Enclave and biometric authentication technology. It also features a decentralized exchange, allowing you to maintain control over your funds while trading.
As a hot wallet, it is still more susceptible to online attacks than cold wallets. However, its security features make it one of the safer hot wallets available.
ZenGo
Type: Mobile wallet (hot wallet)
Price: Free
Supported Cryptocurrencies: Bitcoin, Ethereum, Binance Coin, and many others
ZenGo is a pioneering mobile wallet that offers an innovative keyless security infrastructure, thus eliminating the most common cause of crypto theft — key loss. Despite being a hot wallet, ZenGo uniquely blends user-friendliness and advanced security.
ZenGo uses facial biometrics and your mobile device for account recovery, making it a game-changer in crypto wallet technology. Thanks to this feature, it is one of the safest crypto wallets among mobile-based options.
However, like other hot wallets, it is still more susceptible to online threats compared to hardware or cold storage wallets.
Ledger Nano X and Ledger Nano S Plus
Type: Hardware wallet (cold wallet)
Price: Ledger Nano X – $119, Ledger Nano S Plus – $69
Supported Cryptocurrencies: Over 1,800 cryptocurrencies
Being one of the leading hardware wallets on the market, Ledger Nano X provides the safety of cold storage combined with the convenience of a hot wallet with the help of Ledger Live. With the capacity to hold a high number of different cryptocurrencies, it’s a worthy contender for the safest crypto wallet title.
Nano X connects to your device via Bluetooth, allowing you to send and receive cryptocurrencies even on the go. It’s the more expensive sibling of Ledger Nano S Plus, which doesn’t offer Bluetooth connectivity but still provides top-tier security at a lower price point.
Both Ledger devices excel in security. They store your private keys offline, ensuring your crypto stays safe even if your connected device is compromised.
Trezor Model T and Trezor One
Type: Hardware wallet (cold wallet)
Price: Trezor Model T – $169, Trezor One – $59
Supported Cryptocurrencies: Over 1,600 cryptocurrencies
The Trezor Model T is a premium hardware crypto wallet that supports a vast array of cryptocurrencies. Its advanced features, like the touchscreen and support for more crypto coins, make it stand out from the crowd.
The Trezor Model T includes a handy touch screen, making it easier to manage your coins. Its younger sibling, the Trezor One, is packed with fewer features but provides the same high level of security at a more affordable price.
Both Trezor models provide offline storage, ensuring your private keys never leave the device, offering you the best form of crypto security — cold storage.
MyEtherWallet
Type: Software wallet (hot wallet)
Price: Free
Supported Cryptocurrencies: Ethereum and all ERC-20 tokens
MyEtherWallet, or MEW, is a free, open-source hot wallet that focuses on Ethereum and ERC-20 tokens. You can create a wallet in minutes and interact with the Ethereum blockchain for services like swaps and purchases.
Though it’s a hot wallet, it’s one of the safer web-based options out there. MEW lets you connect a hardware wallet, allowing you to keep your keys in a secure, offline environment while still enjoying the user-friendly interface of MEW.
Even though MEW offers a balance of convenience and security, as with all hot wallets, you should be aware of online threats and consider using a hardware wallet for large holdings.
BCVault
Type: Hardware wallet (cold wallet)
Price: $149
Supported Cryptocurrencies: Bitcoin, Ethereum, Ripple, Litecoin, and others
BCVault is a hardware wallet that differentiates itself from others by using encrypted storage instead of a recovery phrase. It allows you to securely manage over 2,000 cryptocurrencies, and every wallet is encrypted separately.
It features a random number generator for private keys, which makes your wallet even harder to hack. The device can also act as a U2F (Universal 2nd Factor) hardware token, which grants an additional layer of security.
However, this hardware wallet is more expensive than many others on the market. Its unique features make it a strong contender for the title of the safest crypto wallet, but its price may not make it the best choice for beginners.
Enjin
Type: Mobile wallet (hot wallet)
Price: Free
Supported Cryptocurrencies: Bitcoin, Ethereum, Litecoin, Binance Coin, ERC-20, ERC-721, and ERC-1155 tokens
Enjin is a mobile cryptocurrency wallet known for its security, privacy, and clean user interface. The Enjin wallet excels in storing a variety of cryptocurrencies and digital assets, including collectibles or NFTs (non-fungible tokens).
Enjin is one of the best Bitcoin wallets for mobile users, offering robust security features like hardware-level security (Enjin Secure Keyboard), two-factor authentication, and fingerprint login.
While it provides secure hot storage for your assets, remember it’s not as safe as cold storage. Hence, for storing large amounts of cryptocurrencies, you might want to consider a hardware wallet.
Edge
Type: Mobile wallet (hot wallet)
Price: Free
Supported Cryptocurrencies: Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Monero, and many more
Edge is a user-friendly mobile wallet renowned for its robust security measures and excellent user interface. Formerly known as Airbitz, Edge supports several popular cryptocurrencies, making it an ideal Bitcoin wallet for users with diverse portfolios.
Edge features client-side encryption, meaning your personal information, transaction data, and crypto assets are kept secure on your device. The wallet also offers two-factor authentication for an extra layer of protection.
Despite being a hot wallet, Edge implements remarkable security features. However, remember that cold storage wallets are the safest for holding large amounts of cryptocurrencies.
Coinomi
Type: Mobile/Desktop wallet (hot wallet)
Price: Free
Supported Cryptocurrencies: Supports over 1,770 assets, including Bitcoin, Ethereum, and altcoins
Coinomi is a well-established cryptocurrency wallet available on multiple platforms. Known for its versatility, it supports a vast range of cryptocurrencies and allows for the seamless exchange of assets within the app.
For a hot wallet, Coinomi provides robust security features, including strong encryption and IP masking. It is one of the few wallets that allow the user to handle private keys. Besides, Coinomi gives you the option to set custom transaction fees.
While Coinomi boasts top-notch security for a hot wallet, it’s crucial to remember that hardware wallets, which provide cold storage, have the best security for large amounts of cryptocurrencies.
Disclaimer: Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
