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Cryptocurrency has increased in both popularity and use in recent years. Unfortunately, as more people utilize crypto, the potential for hackers to steal from legitimate buyers increases.
According to Reuters, a report they received from CipherTrace revealed that consumers lost over $1.9 billion to cryptocurrency crime and fraud last year.
Choosing a cryptocurrency wallet that is designed to keep your crypto safe from hackers can help solve this problem. We’ve identified the best crypto wallets to help you find the right option for your needs.
Table of Contents
Top Crypto Wallets
If you are looking for a crypto wallet, here are the top choices worth considering.
1. Exodus
Exodus is a software crypto wallet for people who are new to cryptocurrency. It is secured within your computer or mobile device and supports over 100 types of crypto.
You won’t have to register for this wallet. Instead, you can simply download it to your computer. Additionally, Exodus can integrate with Trezor if you’d like to upgrade to a hardware wallet easily later on.
Once downloaded, a password will protect your wallet. However, there is not a two-factor authentication or multisignature address required.
That said, according to its developers, Exodus is a secure environment to store your cryptocurrency thanks to your private key.
Since Exodus is highly user-friendly, it a good choice for those who are new to the space. Thanks to its intuitive design, you can feel comfortable with your cryptocurrency storage while you get your feet wet.
Pros
- Intuitive desktop design
- Hardware integration available with Trezor
- No registration required
- 100+ cryptocurrencies supported
Cons
- No two-factor authentication
- No multisignature address required
Best for: Cryptocurrency beginners
2. Trezor
Trezor is a hardware crypto wallet. These look like a small external hard drive that you can connect to your computer or smartphone when you want to add or remove cryptocurrencies from your wallet.
You have two choices for the Trezor hardware wallet, including:
- Trezor One for $59
- Trezor Model T for $181
Both wallets support 1,000 cryptocurrencies and have a small screen to view your holdings. However, you’ll have to connect it to your desktop or mobile device to add or remove crypto.
As a limited USB connection, your crypto will be safe even if you connect to a compromised computer.
It’s important to note that your Trezor wallet will come with recovery information. If you both lose the wallet and the recovery information, you’ll lose your crypto for good. As a result, it’s critical to keep track of this information.
Pros
- Secure offline storage
- 1,000 cryptocurrencies supported
Cons
- Upfront cost for the hardware wallet
- Relatively complex setup
Best for: Secure offline storage
3. Electrum
Electrum is one of the more established Bitcoin wallets. Although it may be a recognizable name in the Bitcoin space, it is not ideal for newbies.
The wallet is full of useful tools and features, but it is easy to feel overwhelmed by the options. Consequently, more advanced users stand to gain the most by using Electrum.
If you use Electrum, you’ll need to download the software wallet onto your desktop or mobile device.
There are also options available for offline or ‘cold’ storage that you can use to safeguard your Bitcoin.
Pros
- A suite of features designed for the experienced user
- Two-factor authentication
Cons
- Only Bitcoin transactions are supported
- Complicated features could be overwhelming
Best for: Advanced Bitcoin users
4. Mycelium
Like Electrum, Mycelium is an older name in the space. Since Mycelium was first released, it has expanded to be compatible with Android and iOS devices as a software crypto wallet.
A couple of standout features you’ll find within Mycelium include control over your private keys and payment options based on QR codes. Additionally, the wallet works seamlessly with offline storage options.
Although the developers of Mycelium claim that it was created for cryptocurrency newbies, most users find it slightly overwhelming. The features that serve as an asset to experienced users may confuse newer users.
Pros
- Mobile friendly wallet
- QR-code payment options
- Offline storage options
Cons
- No desktop version available
- Overwhelming features for new to crypto users
Best for: Advanced cryptocurrency users
5. Ledger Nano
Ledger offers two different kinds of hardware wallets, including the Ledger Nano S and the Ledger Nano X. They cost $59 and $119, respectively.
Both are relatively small devices that offer the opportunity to store your cryptocurrency safely offline. Additionally, the stainless steel cover provides a sturdy design to safeguard your crypto physically.
With each model, you’ll have access to Ledger Live software to check your balance and make transactions.
Although Ledger supports over 1,800 cryptocurrencies, the hardware wallets can only store a fraction of that at a time. Fortunately, the stored currencies will be very safe in their offline storage.
Pros
- 1800+ cryptocurrencies supported
- Secure offline storage
Cons
- Upfront cost of the hardware wallet
- Lengthy setup process for beginners
Best for: Robust offline storage
6. Atomic Wallet
Atomic Wallet is a software wallet that allows users to buy cryptocurrency. This can be an easier option for beginners because there are fewer steps and accounts involved.
Although you will receive private keys from Atomic Wallet, other security features are not provided. For example, it doesn’t offer two-factor authentication.
However, the company’s website indicates that increased security measures may be released soon.
Pros
- Mobile and desktop options
- Ability to buy cryptocurrencies directly through the wallet
- 500+ cryptocurrencies supported
Cons
- No hardware support options
- Not all cryptocurrencies are available for purchase
- No two-factor authentication
Best for: Buying cryptocurrency from your wallet
7. Trust Wallet
Trust Wallet is a software crypto wallet for mobile use only. Once you download the app, you’ll be able to purchase Bitcoin with a card in less than 5 minutes.
You can continue to buy and exchange cryptocurrencies through the app. This creates less of a need to maintain an account at a separate exchange.
A feature that sets Trust Wallet apart is the ability to earn interest on your cryptocurrency. You can earn up to 130% APR on your cryptocurrency if you choose to stake your assets.
Although this is not the right choice for everyone, the opportunity to earn cryptocurrency through Trust Wallet shouldn’t be overlooked.
Pros
- Can earn interest on your crypto
- Straightforward design
- 160+ cryptocurrencies available
Cons
- No desktop options available
- No two-factor authentication
Best for: Earning interest on your cryptocurrency
8. MetaMask
MetaMask is a browser-based crypto wallet. With a MetaMask wallet, you can receive and transfer cryptocurrency and tokens. Furthermore, you can store your NFT art and other collectibles.
However, the storage is limited to Etherum and ETH-based coins. As a result, MetaMask is for users who are interested solely in the available cryptocurrencies.
Although there are a limited number of cryptocurrency options available on MetaMask, the interface is easy to use. Anyone who is new to cryptocurrency will be able to navigate the wallet’s features easily.
Pros
- Buy coins directly through your wallet
- Private key storage
Cons
- Browser only options
- Only supports ETH and ETH based coins
Best for: Ethereum cryptocurrency specialists
9. Gemini
Gemini is a cryptocurrency exchange that offers you a wallet to store your newly purchased cryptocurrency. Keep in mind that exchanges don’t give you access to a private key.
While this means that your cryptocurrency is more vulnerable to hackers, you’ll find that Gemini takes security very seriously.
As the world’s first cryptocurrency exchange and custodian to become SOC compliant, Gemini focuses on protecting cryptocurrency you place in their care.
From Gemini Pay to Gemini Earn and more, the wallet’s wide array of tools are useful to all traders and are worth evaluating while you determine which crypto wallet to use.
Pros
- Protected by insurance policy
- 30+ cryptocurrencies supported
Cons
- Confusing transaction fees
- No private key
Best for: Insured cryptocurrency storage
10. Coinbase
Coinbase is primarily used as a cryptocurrency exchange and is one of the most popular ways to buy and sell cryptocurrency. While you can store cryptocurrency on the platform, it should not be a long-term storage solution.
Similar to Gemini, you won’t have access to a private key with Coinbase. This makes your cryptocurrency more vulnerable to hackers.
However, an exchange like Coinbase could serve as a short-term storage solution as you set up your private wallet and get started with cryptocurrency.
Just remember that you should upgrade to a more secure wallet as you put more funds into cryptocurrency.
Pros
- Easy to navigate
- Mobile and web access options
- Protected by insurance policy
Cons
- Relatively high transaction fees
Best for: Ease of cryptocurrency purchases
Cryptocurrency Wallet Considerations
While you explore your options, here’s what you should look for in a crypto wallet.
Usage
Consider how you plan to use the wallet. Various cryptocurrency wallets are created with different users in mind.
Here are some questions to think about:
- Do you need mobile or desktop access to your cryptocurrency?
- Are you willing to purchase a hardware wallet?
- Do you want easy access to buy, sell and exchange cryptocurrencies?
- How many features do you want your wallet to have?
- Would you like to earn interest on your cryptocurrencies?
As you answer these questions, the right cryptocurrency wallet should become clear.
Security
Security is a critical factor to consider when scoping out potential cryptocurrency wallets. Take some time to determine what level of security you are comfortable with.
Once you decide, then choose a wallet based on this comfort level. Here are a couple of security features you may want to consider.
Multisignature support
Cryptocurrency wallets that require multisignature support will involve two or more private keys. You’ll need all of the private keys to sign or send a transaction. Although this can be tedious, it is highly secure.
Two-Factor Authentication
With two-factor authentication, you get an extra layer of security. Presumably, two-factor authentication ensures that only you will be able to access your cryptocurrencies.
Backup Options
You don’t want to be stuck in a situation where you cannot access your cryptocurrency wallet. Take the time to consider the backup options that you want available.
Supported Currencies
Are you planning to purchase specific currencies? Or do you want to have access to a large swath of cryptocurrencies?
Ensure the wallet you choose supports your cryptocurrency usage intentions.
Exchanges
Cryptocurrency exchanges are likely where you will purchase your new assets. Consequently, it is critical that the wallet you choose is compatible with the exchange you want to use.
FAQ
Before choosing a cryptocurrency wallet, here are some frequently asked questions to help you make a decision.
A cryptocurrency wallet is a type of software or a physical device designed to store public and private keys to track cryptocurrency transactions.
When you acquire cryptocurrency, you can store your private keys in a wallet for safekeeping.
Not all cryptocurrency wallets are equal. Their safety depends on the number of security measures in place. The more security measures embedded in the wallet, the safer it is to store your cryptocurrency.
In general, hardware wallets are deemed to be the safest option for cryptocurrency storage. However, they are not infallible. If you lose the physical device, then you will likely lose access to your cryptocurrencies.
Many users prefer to use software wallets which allow for users to have more convenient access to their cryptocurrencies. However, this comes with higher risks for hacking.
Yes, many crypto wallets have fees of some kind. Before you move forward with a particular wallet, make sure you are comfortable with the fee structure.
The exact method for adding funds to a crypto wallet will vary based on the wallet.
However, the general method is to provide the receiving address to your wallet. At that point, the transaction can take place.
Summary
If you want to invest in popular cryptocurrencies, it’s advisable to have a cryptocurrency wallet of some kind.
Without a wallet in place, your assets will be vulnerable to hackers. It’s important to protect your new assets by placing the private keys in a secure wallet.