Every year, cryptocurrencies become more and more widespread; the development of IT technologies largely facilitated this. The demand for cryptocurrencies is due primarily to the realities of current crisis events in the world. Thus, a cryptocurrency wallet is an essential tool for anyone who wants to use cryptocurrencies.
In this guide, we review the best crypto wallet providers in the market today.
In the world of cryptocurrencies, storing funds is an inevitable problem. We usually use so-called "cryptocurrency wallets" for this. They hold virtual funds rather than physical bills and coins, so they rely on software. Choosing a cryptocurrency wallet matters more than a cash wallet. There isn't much difference in terms of the security of funds with physical wallets. However, it's different with cryptocurrency wallets — the software handles security.
A programmer can program the wallet in several ways — some of which are more secure, others less so. The method of access can also affect security. A cryptocurrency wallet can not only be a computer program, but also a mobile app, a string of characters written on a piece of paper, or a dedicated physical device resembling a flash drive. We will describe all types of cryptocurrency wallets later in this article.
Aside from security, the user interface can also be programmed in many ways. In some wallets, it is clearer, in others less intuitive, but the most significant difference is the method of access:
Some of the access methods described are considered more secure than others. However, no malware must be installed on the device where you use the cryptocurrency wallet. It is the most common reason for losing funds, usually irrevertable. You can also install a second operating system on your computer(dual-boot or VM) that you can use solely for this purpose.
If you still decide to use the wallet on your primary device, make sure that it is not infected, do not visit suspicious sites, and be careful not to install viruses on it. Even the best wallets for crypto can't fully protect you from viruses, so be sure to exercise caution.
The primary purpose of a cryptocurrency wallet is to store, receive and send cryptocurrencies securely. However, many wallets also integrate cryptocurrency exchanges with them. This way, the users avoid transferring cryptocurrencies to an exchange. Others offer the ability to store multiple cryptocurrencies within a single app. Some of them even allow you to stake your funds. Thus, your capital grows by a few-odd percent per year.
Things to keep in mind while choosing a crypto wallet:
There are hundreds of cryptocurrency wallets on the internet. Which one is the best? We hope our list of the 10 best crypto wallets will help you make the right choice.
Ledger Nano X is an excellent choice for those who use their cryptocurrency wallet frequently. One of the best cold crypto wallet.
Features and benefits of Ledger Nano X:
Weight and dimensions: 34 g (1.19931 oz) / 72mm × 18.6mm × 11.75mm (2.83 in × 0.73 in × 0.46 in).
Level of security: CC EAL5+
Ledger Nano S is one of the best crypto hardware wallets used to store cryptocurrencies and NFTs offline.
Features and benefits of Ledger Nano S:
Weight and dimensions: 16.2g (0.57 oz) / 56.95mm × 17.4mm × 9.1mm (2.24 in × 0.69 in × 0.36 in).
Level of security: CC EAL5+
Trezor Model T allows storing cryptocurrencies offline securely.
Features and benefits of Trezor Model T:
Weight and dimensions: 22 g (0.77 oz) / 64 mm x 39 mm x 10 mm (2.52 in x 1.54 in x 0.39 in).
Level of security: High. Through FIDO2, the Trezor Model T is considered to be one of the safest cold storage cryptocurrency wallets in the world.
Exodus is a trendy choice among cryptocurrency users because of ease of use, high interface clarity, and intuitiveness.
Features and benefits of Exodus:
Level of security: Exodus is a software wallet. Thus, it is only as secure as the device it’s installed on and the user’s security practices.
Please check the transaction fees applied.
Trust Wallet is a mobile software wallet that allows you to store multiple cryptocurrencies.
Features and benefits of Trust Wallet:
Level of security: to reach the highest security level, please follow these tips from the developers.
Coinbase Wallet supports hundreds of thousands of tokens and a whole world of dapps. It puts you in control of crypto, keys, and data.
Features and benefits of Coinbase Wallet:
Level of security: The developers guarantee industry-leading security. To reach the highest security level, please follow the tips from the developers.
Atomic Wallet can store multiple cryptocurrencies. One only needs to download it once and then can conveniently store over 300 different cryptocurrencies and tokens right away. The extensive selection of cryptocurrencies makes many people believe Atomic Wallet is one of the best crypto wallets for altcoins.
Features and benefits of Atomic Wallet:
Level of security: Atomic Wallet guarantees a high level of protection. Get more info.
AirGap is a free, software-based wallet for storing multiple cryptocurrencies where security levels are not an issue.
Features and benefits of AirGap Wallet:
Level of security: With the protection provided by AirGap Vault, AirGap is one of the best crypto wallets for Bitcoin. In contrast, the AirGap Vault app, which serves as cold storage, is available only on mobile for Android and iOS devices.
MetaMask is a software wallet. It does not require any physical device to function, and it is entirely free.
Features and benefits of MetaMask:
Level of security: MetaMask is popularly used, especially by Ethereum miners, because of its ease of use and top security.
Binance Wallet is an application that enables users to purchase and sell digital currency.
Features and benefits of Binance Wallet:
Level of security: The developers implemented IP address and device whitelisting to ensure the highest security level. Thus, unauthorized access is prohibited. To reach the highest security level, please follow the tips from the developers.
eToro enables its users to purchase, store, receive, and transfer crypto on the eToro Money crypto wallet with no hassle.
Features and benefits of eToro:
Level of security: The developers claim that eToro is one of the safest crypto wallets available. They have equipped it with high-level security features and standardization protocols.
There are many good cryptocurrency wallets available. The primary choice before you is:
Regardless of which wallet you decide on, remember to watch out for malware on the device you use it on. Viruses can irrevertably wipe out your entire cryptocurrency account balance, so be extra careful; you can also use your cryptocurrency wallet on a separate device or a separate operating system to avoid this situation.
A cryptocurrency wallet is a program that stores cryptocurrencies. Its primary functions are receiving and sending cryptocurrencies. However, some wallets allow for more capabilities. They are Proof of Stake cryptocurrencies, staking, exchanging cryptocurrencies, etc. Each wallet has two addresses — private and public. With the personal address, you can manage your available funds, and with the public address, you can receive funds.
We divide cryptocurrency wallets into:
A hardware wallet is considered more secure because the private keys are stored on a dedicated device, away from your computer's disk. It makes it impossible for viruses to intercept it unless connected to an infected computer. However, no matter what type of wallet you avoid, it is essential to ensure that the device you use is virus-free. It is the only way to prevent hackers from the unauthorized appropriation of your cryptocurrencies.
In terms of security, if you don't want to spend any money on buying a cryptocurrency wallet, consider the AirGap wallet.
There are various Bitcoin wallets. Their prices range from 100% free software wallets to hundreds of dollars, like the Trezor Model T. They vary in functionality and security. By storing private keys on a separate device, physical wallets are considered more secure than software wallets, where private keys are stored on your computer's disk.
So if you are planning to transfer more significant amounts of money to your wallet or intend to use a cryptocurrency wallet regularly, consider purchasing a hardware wallet. It doesn't have to cost much — the Ledger Nano S, for example, costs about $50. However, suppose you only use the wallet occasionally or trade small amounts. In that case, a software wallet will be sufficient for you, and you can set it up for free by downloading the mobile app or a suitable program for your computer.