Crypto wallets are an essential tool for buying, selling, or trading digital assets. You need the wallet to store your crypto assets securely and protect and validate transactions.
But there are diﬀerent types of crypto wallets: hot wallets, cold wallets, and even custom wallets that oﬀer dedicated services to traders.
A cold wallet stores your private keys completely oﬄine on a device not connected to the internet. Because they’re oﬄine, hardware wallets are the most secure wallets for keeping your crypto holdings.
On the other hand, a hot wallet runs on your computer, smartphone, or web browser, so the keys are stored online. This makes it easier to send, receive, and use your crypto. Hot wallets, however, are more vulnerable to hacking attempts since they leave your keys connected to the Internet. This list is curated based on security and ease-of-use.
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Best Crypto Wallets of 2022
Coinbase Wallet – Best for Beginners
Coinbase Wallet is probably the most popular Bitcoin wallet in the market. It boasts excellent security features such as multi-sig vault storage, which requires multiple people to enter their keys to access funds. The wallet’s highly intuitive and easy-to-navigate interface makes it the best option for beginners with little to no experience in crypto.
A reputable exchange also backs it, so you don’t have to worry about losing your funds.
Given that the wallet is non-custodial, users are fully controlling their crypto assets. In addition, it supports more than 500 cryptocurrencies, including digital assets such as NFTs (non-fungible tokens). The wallet also oﬀers access to Coinbase exchange, allowing you to convert your cryptos at market prices.
Mycelium – Best for Mobile
Mycelium is one of the safest and most convenient wallets for mobile. This wallet is available on iOS and Android, making it easy to manage your cryptos anywhere. Like Coinbase Wallet, Mycelium has an in-app crypto exchange for your convenience. However, it only supports Bitcoin, Ethereum, and ERC-20 tokens, so your choice of coins is limited.
It has excellent security features, including several levels of PIN protection for that extra layer of security. Moreover, Mycelium allows users to set transaction fees based on their preferences – there are diﬀerent fees for priority, normal, economic, and priority transactions. Lastly, the wallet has an in-built feature called “cold storage” that allows users to store large amounts of coins on external drives for security purposes.
Exodus – Best for Desktop
Exodus is a multi-currency desktop wallet that stores the private keys to your cryptocurrency ina secure oﬄine environment on your computer. This means you’re in complete control of your funds at all times. It is easy to use, visually appealing, and oﬀers varied functionality to users. In addition, Exodus encrypts your private keys and transaction data locally for your eyes only.
Although Exodus now has apps for iOS and Android, the desktop wallet is still the best product the company has ever created. The wallet supports more than 145 currencies, including ETH, BTC, LTC, DogeCoin, etc. Additionally, Exodus wallet is integrated with Trezor wallets, making it easier to store some of your crypto holdings oﬄine.
Electrum – Best for Bitcoin
Electrum oﬀers the most extensive security features for a Bitcoin wallet. As one of the few remaining crypto wallets that only supports Bitcoin, Electrum boasts huge popularity. It is popular because it has a central server that operates as a Blockchain explorer and Bitcoin node (lightweight client). This means it can generate addresses inside the wallet while keeping your private keys oﬄine. This makes it difficult for hackers to attack your system and steal your funds. This system also speeds up transactions without compromising security. Of course, it goes without saying that the wallet takes up less space on your device.
Another highlight is that it lets you adjust transaction fees depending on how long you wait for the transaction to complete. If you want your transactions to go faster, you must pay more fees. Like Exodus, Electrum is compatible with hardware wallets like Trezor, Ledger, and KeepKey for cold storage.
Ledger Nano X – Best hardware wallet
Ledger Nano X not only supports many cryptocurrencies but also oﬀers the best security features for cold storage. More specifically, it utilizes a specialized chip – the same one also used for credit cards and passports — to protect your wallet against attacks. The Ledger Nano X also comes with a built-in battery and Bluetooth Low Energy connectivity for an enhanced digital asset management experience. You can also connect your wallet to the Ledger Live app on Android or iOS if you wish to convert, lend or sell your cryptocurrency. Currently, Ledger Nano X supports more than 1,800 currencies – and you can manage 100 simultaneously via the app.
The only downside of Ledger Nano X is that it is much more expensive than other crypto wallets – it currently retails at $119.
Send and Receive Money with hi
hi is a digital wallet that is seamlessly integrated into social messengers like Telegram & WhatsApp. It allows you to send, receive and earn cryptocurrency with ease. Even with little to no crypto knowledge, you can use hi to send and receive crypto and fiat from anywhere in the world. That’s not all, and you can use hi to convert freely between fiat and fiat, crypto and crypto, or fiat and crypto at mid-market rates. The mid-market rate is the average between the buy and sell prices of two currencies at any time and is thus the fairest rate you can get.
You can also use hi.com to earn passive income through any of the following methods: