Nowadays, there are more than 290 million cryptocurrency users around the world. When you invest in cryptocurrency, you must find a secure location to keep the private keys to your funds. It’s better to use a crypto wallet, which operates somewhat differently than a traditional wallet.
It would help if you started by deciding which of the many available crypto wallets is best suited to your needs. Most cryptocurrency wallets can store Bitcoin (BTC), while some may only be able to store Ethereum (ETH). While hot wallets are always online, cold wallets save their funds offline.
You should look around if you need a place to save more than one cryptocurrency. We have sifted through the industry’s top contenders to identify the top cryptocurrency wallets. To simplify your search, we have divided our top picks into two categories: hot and cold wallets.
- Consider first whether you’d prefer a hot or cold wallet if you’re going to utilize a wallet that doesn’t store your funds for you. You may have never heard of either of these, but the critical distinction between a “hot wallet” and a “cold wallet” is whether or not they have internet access.
- A “hot wallet” is a digital wallet stored on a device with internet access. The sites are typically cost-free to join and have optional paid upgrades for things like trading and staking. In contrast to cold storage wallets, where access to your cryptocurrency is not dependent on being physically present, a “hot” wallet relies on having internet connectivity to facilitate cryptocurrency transactions.
- A cold wallet is stored on a computer or other device that is not connected to the web. They typically come at a monetary expense due to the necessity of purchasing dedicated hardware to store your coin. Contacting other users may be more complex because they are offline. Yet, recovering data may be highly challenging if the physical device is lost.
Wallets for cryptocurrencies exist in various shapes, but they all serve the same fundamental purpose: to secure private keys that provide access to your digital holdings. It would help if you didn’t leave this to chance, as losing your “private keys” could mean losing access to your cryptocurrencies permanently.
Many cryptocurrency fans like non-custodial wallets because they provide you complete control over your personal information. Unlike when storing cryptocurrency on an exchange, you have complete control over the safety of your private keys with a non-custodial wallet. Some of the possible risks of leaving your crypto in someone else’s hands are illustrated by the bankruptcy of crypto platforms FTX and BlockFi. This has left consumers wondering whether their funds are lost forever.
- Crypto.com DeFi Wallet
Crypto.com, The company best renowned for its cryptocurrency exchanges, also developed a wallet called DeFi Wallet. Decentralized finance (DeFi) is a subfield of the cryptocurrency industry concerned with financial products, including lending, saving, and insurance, that doesn’t include an intermediary. Crypto.com DeFi Wallet customers can utilize their cryptocurrency assets on the DeFi mobile app and the DeFi browser extension. There’s also a desktop app that works with Ledger hardware wallets.
Two-factor authentication is another feature that could be appealing to privacy-conscious customers. Notably, several rivals don’t offer 2FA, claiming that doing so increases the likelihood of losing your cryptocurrency and is rendered unnecessary by some of the core technologies of wallets.
Guarda is a free, universal cryptocurrency wallet that may be used on mobile devices, desktop computers, or as a browser add-on. More than 400,000 digital items are said to be supported. Guarda incorporates the Ledger hardware wallet, allowing users to store their digital assets in cold storage. Staking software is also a feature of Guarda.
Regarding software, Exodus has you covered with a mobile app, desktop app, and browser extension. Its devices integrate with the Trezor cold wallet to make it simple to move cryptocurrency from hot to cold storage. Users may purchase, sell, and stake cryptocurrencies without leaving their wallets. The Exodus software is free to use and provides a wealth of educational materials for those interested in learning more about cryptography. Over 250 digital currencies are compatible with Exodus, including many of the most widely held assets. But compared to rivals, who boast storage for tens of thousands of file kinds, that number needs to be higher.
- Coinbase Wallet
You are familiar with Coinbase. It runs the most crucial cryptocurrency trading platform in the United States. But Coinbase Wallet is a standalone service that allows customers to take custody of their cryptocurrency holdings rather than deposit them in Coinbase’s cold storage. Those who have never used a non-custodial wallet before may find the Coinbase Wallet an excellent starting point because of its seamless integration with the Coinbase exchange.
Besides being free, the app’s strengths include its compatibility with mobile devices and browser-based access to decentralized apps. Although its browser add-on is compatible with the Ledger hardware wallet, it still needs to catch up in some respects, such as having a desktop app.
If you frequently interact with apps built on the Ethereum blockchain, you’ve probably heard about MetaMask. MetaMask is a free, open-source cryptocurrency wallet that supports all Ethereum-based tokens (over 700,000). In addition to supporting cryptocurrency transactions, MetaMask is compatible with various “Web3” applications already available online.
Although a desktop client is not currently available, MetaMask does offer mobile and browser-based wallets. Similarly, the MetaMask mobile app does not support staking out of the box. Tokens can be staked without effort by utilizing web-based apps that link with MetaMask. But remember that MetaMask may not be of much value to you if you don’t plan on frequent use of Ethereum and its associated coins.
- Atomic Wallet
More than 1,400 cryptocurrencies can be stored in an Atomic Wallet, and users can also purchase, sell, and stake their digital assets from within the wallet. Atomic Wallet cannot sync directly with cold storage, unlike some of its rivals.
Compared to similar services, Atomic Wallet stands out thanks to its optional premium membership, which grants access to additional features and the ability to earn awards with every transaction. However, Atomic Wallet lacks a browser extension that can significantly facilitate using cryptocurrencies while interacting with decentralized applications, unlike other hot wallets.
- Trust Wallet
Another cryptocurrency storage product that works with a significant exchange is Trust Wallet. Users can purchase, sell, and digital trade assets straight from their wallets thanks to their status as Binance’s official wallet. It claims to be compatible with over a million distinct digital asset types. Yet, there needs to be a precise mechanism for moving assets from active to inactive status. Nonetheless, it is open-source, a feature shared by only a few rivals.
A cryptocurrency wallet can be either a piece of software or hardware designed specifically to store digital money. Cryptocurrencies, however, are not a real thing. Coin wallets are the only approved places to store cryptocurrency. This software is user-friendly, trustworthy, and quick.
Cryptocurrency wallets are plentiful, making it challenging to choose a single solution. You can find the best option by comparing the above-mentioned top crypto wallet apps and software and the popular features they offer.