Bitcoin and other cryptocurrencies have been around for almost a decade, but they’ve only just become widespread. A cryptocurrency wallet is a software or hardware application that helps to store your cryptocurrency. If you want to invest in bitcoin or another digital currency, you will definitely need a crypto wallet. Buying, trading, and selling cryptocurrencies all require crypto wallets. Many of the finest cryptocurrency wallets are hardware devices, while others are software programmes. There are numerous Crypto wallets available on the market. So, today in this article we have compiled the hand-picked and the best cryptocurrency wallets.

What Is a Crypto Wallet?

A cryptocurrency wallet, often known as a Bitcoin wallet or crypto wallet. A crypto wallet is software or an app that you use on your mobile device to hold digital assets such as Bitcoin, Dogecoin, and Ethereum. You can also digitally sign your cryptocurrency transactions using the same wallet. A crypto wallet also protects your digital currencies by requiring a password to access it. Hardware and software are the two major forms of crypto wallets also known as cold and hot storage wallets, respectively. Hot storage wallets can be accessed via the internet. Whereas Cold storage wallets are downloaded and kept offline on a piece of hardware like a USB drive or a smartphone.

The 7 Best Crypto Wallets:

Exodus

Exodus is a hot wallet with live charts, an built-in exchange, and 24/7 customer service. Exodus is a desktop and mobile wallet with a straightforward user interface. The ability to exchange between an expanding number of cryptocurrencies is one of Exodus’ greatest popular features. Exodus now supports over 150 different cryptocurrencies. Exodus is a wonderful option for first-time cryptocurrency investors because it has a low bar for entry. Exodus has fast transaction speeds, user-friendliness, and extensive features. It is a self-custodial wallet. This implies that your asset wallets are solely yours, and all is encrypted and saved on your system. Your assets and private keys will be completely under your control. Unless you want to disclose your data, Exodus does not have access to it.

Pros-

• Great customer support.

• Easy- to use interface.

• It integrates with Trezor.

• Built-in exchange.

• A wide range of cryptocurrencies.

Cons-

• Security risks arose as a result of closed-source software.

Coinbase

Coinbase is a hot wallet that allows users to purchase, sell, and store digital currencies. Coinbase Wallet offers over 500 crypto assets, which is the most of any hot wallet on this listing. It can store non-fungible tokens (NFTs) and digital collectibles. The app connects to most major bank accounts and features a simple three-tab layout with easily recognised functionalities. The Coinbase Wallet is noncustodial, unlike the company’s exchange, which implies that only you have access to your wallet’s private key, which is produced with a 12-word recovery phrase when you sign up. It also has two-step verification, biometric logins, FDIC-insured USD balances, and digital wallets with AES-256 encryption. The Coinbase Wallet is a wonderful place to begin if you are newbie to cryptocurrencies. It is available as an Android or iOS app, with such an intuitive design and full integration with the company’s exchange, making transactions simple.

Pros-

• A solid track record of security.

• The user interface is simple to use and navigate.

• More than 500 cryptocurrencies are supported.

• Probably the most well-known cryptocurrency exchange.

• Support for multi-signature and two-factor authentication.

Cons-

• Transaction fees are high.

• Trading types are limited.

• Only mobile and tablet devices are supported (except for Chrome extension).

Trezor Model T

The Trezor Model T may be the greatest option for crypto investors looking for a cold storage wallet with the highest level of protection. Its Model T is the company’s second hardware wallet generation. The Model T has a touch screen, which is more user-friendly than the buttons on their prior model. The Trezor also contains a MicroSD card slot, which users can use to encrypt your PIN and safeguard your device from threats. Trezor Model T currently supports over 1,800 different cryptocurrencies. Because of the X’s Bluetooth connectivity, many consider the Model T to be slightly greater secure than the Ledger Nano X. 

Pros-

• A large number of cryptocurrencies are supported.

• It’s simple to set up.

• Provides exceptional security.

• A web-based user interface with built-in exchanges.

• Open-source with a large community and consumer support.

Cons-

• For a hardware wallet, the price point  is high.

• For a new user, this can be confusing.

• Typing on a small touchscreen.

• Quite a costly tool.

• Customer care support has to be improved.

Ledger Nano X

The Ledger Nano X is undoubtedly a great cold storage hardware cryptocurrency wallet. It is a second-generation wallet from Ledger, a French company that has been around for a while. The Nano X looks like a USB drive and connects with your device through USB or Bluetooth. Which means you can use the wallet without a computer if you have an iOS or Android device. Over 1,800 cryptocurrencies are supported. The item is solid and has a small LED screen. To begin, create a PIN and a 24-word seed phrase. The seed phrase serves as the private key for your wallet. This makes it simple to manage cryptos and NFTs. It achieves an excellent balance of accessibility and security. The Ledger Nano X employs micro-LCD and is equipped with the most convenient form factors.

Pros-

• It is Open-source.

• Bluetooth connectivity is convenient.

• Supports a massive amount of digital assets.

• Special hardware was used to protect your private keys.

• The battery life is 8 hours.

Cons-

• The Bluetooth connection isn’t as seamless as it could be.

• Only a few wallets can be stored simultaneously.

• Unlike other cold wallets, this one is quite pricey.

• Touchscreen support is not available.

Mycelium

Another of the oldest and most popular Bitcoin wallets is Mycelium. Mycelium is a mobile-only, open-source Bitcoin wallet. It interfaces with various hardware wallets and provides you complete control over transaction fees. Only Bitcoin, Ethereum, and ERC-20 tokens are presently supported by Mycelium. Mycelium also includes a few other unique features, like hardware wallet support, which allows users to store their Bitcoin on an offline storage device while viewing their holdings through Mycelium’s user interface. It’s ideal for experienced cryptocurrency users who desire features including QR-code-based payments, offline storage, and private key control. You’ll have sole access to your private key and PIN because the Mycelium wallet is noncustodial. Financial services are provided in partnership with Glidera, Cashila, and Coinapult.

Pros-

• Transaction fees are customizable.

• Open-source software.

• Transactions can be made offline.

• Trezor, Ledger, and KeepKey hardware wallets are all compatible with this platform.

Cons-

• Only a few cryptocurrencies are supported.

• It could be confusing for newcomers.

• Available only on mobile.

Electrum

Electrum, which was founded in 2011, is one of the most well-known crypto wallets today. Electrum is open source, allowing users to specify custom transaction fees, and supports both legacy Bitcoin and Segwit. The operating system protects your cryptocurrency wallet with security features including your PIN code, QR code, and passphrase. Using your keep key, you can keep complete control over everything. Because of its sophisticated options, Electrum is best suited for advanced users. It also allows users to choose the level of security they want to employ. Ledger, Trezor, and Keepkey are some of the other wallets that Electrum supports.

Pros-

• Open source.

• The setup and interface are not user-friendly for beginners.

• Security is higher than other hot wallets.

• Transaction costs that can be customized.

Cons-

• It only works for Bitcoin.

• There is no customer support available via chat, email, or phone.

Crypto.com 

Crypto.com is one of the fastest-growing cryptocurrency trading platforms, with over 250 cryptocurrencies available. The Crypto.com DeFi Wallet is a great option for individuals who are just getting started with decentralized financing. Defi wallets allow customers complete control over their digital assets as well as their private key, which they must keep safe. It has cheap trading costs and allows users to sell, hold, buy, and exchange a wide range of cryptocurrencies. A decentralized exchange, cryptocurrency credit cards, an NFT marketplace, and a standalone crypto wallet are also available. Without creating an account on Crypto.com’s exchange, customers can download and utilize the Crypto.com DeFi Wallet for day-to-day crypto activity.

Pros-

• Get interest on over 35 tokens.

• It supports a large number of cryptocurrencies.

• The interface is simple to use and has a lot of functionality.

• Staking CRO has a number of other advantages.

Cons-

• If users lose their private key and recovery phrase, you will be unable to access your funds.

• It can be difficult to navigate trading fee discounts.

Conclusion

Using Bitcoin and other cryptocurrencies necessitates the use of digital wallets. Above are some of the best crypto wallets. The key to picking the best crypto wallet for your needs is to make sure you understand the interface and exchanges, then look for one that keeps your investment safe and lets you use the cryptocurrency of your choice. Consider what feels right for you and go with that option.