Crypto digital wallets are an excellent way to safeguard your bitcoin holdings. Nothing beats knowing that your bitcoins are safely stored in a digital wallet and that you can access them at any time.
Choosing the correct digital wallet, on the other hand, might be a daunting task. There are over 150 different wallets to pick from. Fortunately, we’ve narrowed your options down to the most viable options.
Best Digital Wallets for Cryptocurrency
Following are some of the best digital wallets for cryptocurrency:
1. Coinbase Wallet
Coinbase is one of the most popular digital wallets for cryptocurrency, and it is very secure. You can use it to buy and sell bitcoin, Ethereum, Litecoin, and other cryptocurrencies. It is free to use, and the website is user-friendly.
2. Exodus Wallet
One of the safest digital wallets out there, Exodus is free to use and offers incredible features like Shapeshift integration and custom trading fee options. It has a “beautiful live chart” feature available on Windows, Mac, and Linux. In addition, Exodus encrypts your private keys and transaction data locally for your eyes only.
MetaMask Wallet is a digital wallet that stores Ethereum-based tokens. It’s one of the most popular digital wallets for Ethereum, and it’s very secure. You can use it on any computer as a browser extension or download it on your mobile device. When you install MetaMask, you will receive an account address, which you can use to log into your wallet. The wallet provides you with a seed phrase for added security. Make sure you store your seed phrase in a safe place.
4. Trezor Wallet
A good choice for those who want proper security, the Trezor wallet allows you to store your private key offline. It has a small OLED screen and two buttons so you can check transactions on the device itself. Trezor has the most robust security features and a solid track record of any hardware digital wallet.
5. Trust Wallet
Trust Wallet is another excellent option for storing your cryptocurrency offline. It’s straightforward to use and has many features, including support for the most popular cryptocurrencies and altcoins. It’s also available on Android and iOS so that you can access your funds from anywhere.
6. Bitgo wallet
Bitgo Wallet is an excellent choice for those who want to store their cryptocurrency in a safe and secure place. It offers two-factor authentication, multi-sig security, and HD wallet services. Plus, it has a very user-friendly interface.
The first of its kind, Cloudflare offers digital currency wallets backed by Cloudflare’s global network, providing extra security for your cryptocurrency assets.
This is a digital wallet and a tool that allows users to generate new wallets and manage their private keys. This makes it an excellent option for those just getting into crypto. It’s also user-friendly, making it simple to send and receive digital currency.
Ledger Wallet has been around since 2014 and is one of the most secure hardware wallets with high-security standards. Ledger Nano X, for instance, uses a specialized chip – the same one also used for credit cards and passports — to protect your wallet against attacks. The Ledger Nano X wallet connects via USB to a computer or mobile device via USB, which allows you to access the Ledger Wallet App to use your cryptocurrency holdings.
Mycelium is one of the most secure, convenient wallets with excellent security features. This wallet is available on iOS and Android, making it easy to manage your cryptos anywhere. Mycelium also provides a great backup solution through its 12-word backup phrase, which you can use to restore your wallet if anything happens to your phone or tablet. 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. This feature allows for added security for those who are not comfortable with the idea of leaving their coins on an online server.
Do I Need a Digital Wallet for Crypto?
Technically, you don’t have to keep your crypto in a cold wallet or get a hot wallet if you consider holding onto your crypto holdings as speculative investments. Many crypto exchanges allow you to store your coins within a wallet on the exchange.
You need a digital wallet if you want to buy, sell, trade, or transfer crypto to someone else or even to another wallet. A digital wallet can make sending and receiving digital money to and from other people’s accounts, crypto exchanges, and digital markets easier. Even if it’s created on a cryptocurrency exchange like Coinbase or Binance, you still have control of your wallet. The only difference is that the exchange keeps the private keys on your behalf.
By contrast, a non-custodial wallet like MetaMask allows you to note down and keep your private keys (seed phrase), giving you full control of your account. That means you’re the only one with complete access to the wallet, remembers the password and secret seed phrase that unlocks it, and manages the funds it contains.
📖 Read more: Digital Wallet for Bitcoin: Your Guide 2022
What to Consider When Choosing a Digital Wallet
It is critical to select a digital wallet that meets your specific needs and requirements.
- Supported digital assets – not every wallet will support the crypto assets you’re looking for. For example, some digital wallets may offer staking, yield farming, etc.
- Security – make sure the wallet has robust security features to safeguard your assets.
- Simplicity – How easy it is to set up the wallet, manage various assets or navigate new solutions and offerings. It all comes down to convenience and the ease of accessing different products like staking, yield farming, and other earning opportunities.
- Fees: How much does the wallet charge in fees? If you plan to use the wallet for crypto trading, make sure you understand what fees apply.
⭐️ You might be interested in: Staking vs. Yield Farming
hi Wallet – Secure Crypto Wallet that Makes You Money
If you’re ready to buy some crypto but aren’t sure which digital wallet to use, check out our secure and easy-to-use hi wallet. hi.com makes it very easy to participate in cryptocurrency. Unlike the traditional banking system that only wants to make money from you, hi has only one goal — to make money for you.
hi.com allows you – even if you have little to no crypto experience – to use/send/receive crypto and fiat within your hi wallet. It provides the possibility to send cryptos and fiat currencies within the hi app or even chat messengers – no need to install an external application.
In addition, hi lets you convert your cryptocurrencies at mid-market rates. This means converting freely between fiat and fiat, crypto and crypto, or fiat and crypto. 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.