As the number of crypto users keeps going up, so does the rate of cyber theft related to cryptocurrencies. It is vital to have a highly secure wallet for keeping your crypto assets to protect your funds from being stolen. Some of the best wallets for storing crypto are also the most secure and easiest to use. But when it comes to selecting the right crypto wallet that suits your needs, it is important to ask yourself the following questions.
- How often do I trade? If you trade cryptocurrency regularly, it would be best to choose a hot wallet (online storage) since it makes sending, receiving, and using your crypto easier. However, you also use a cold wallet (oﬄine storage) to keep the bulk of your crypto assets safe.
- What currencies do I want to trade? The crypto wallet you pick should support the currencies you wish to trade, be it Bitcoin or other altcoins. If it can accommodate newly launched tokens, the better.
- How much can I spend? Most hot wallets are free (though the trading fees can be very high) and oﬀer faster transactions. If you plan to hold large amounts of crypto, purchasing a hardware wallet (cold storage) is more sensible.
- What functionalities are important? While almost all crypto wallets oﬀer trading capabilities, it is important to look for additional features like crypto staking, lending, and savings. These features can help you earn passive income by simply holding your crypto assets in that wallet.
⭐️ Read more on: How to Get a Crypto Wallet: Your Step-by-Step Guide
Best Wallet for Crypto
1. 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 experience in crypto.
It’s also backed by a recognized exchange, so there’s no risk of losing your coins.
Users have complete control over their crypto assets because the wallet is non-custodial.
It also supports over 500 cryptocurrencies, as well as digital assets like NFTs (non-fungible tokens).
You can also use the wallet to access the Coinbase exchange, which allows you to convert your cryptos at market rates.
2. Mycelium – Best for Mobile
Mycelium is one of the safest and most convenient wallets for mobile wallets. It’s available on iOS and Android. Like Coinbase Wallet, Mycelium has an in-app crypto exchange for your convenience. Mycelium only supports Bitcoin, Ethereum, and ERC-20 tokens.
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
3. Exodus – Best for Desktop
Exodus is a multi-currency desktop wallet that stores the private keys to your cryptocurrency in a secure oﬄine environment on your computer. This means you’re in complete control of your funds at all times. It is easier 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.
4. Electrum – Best for Bitcoin
Electrum oﬀers the most extensive security features for a Bitcoin wallet. Electrum is one of the most popular cryptocurrency wallets because it is one of the few that only supports Bitcoin. Its popularity stems from the fact that it has a central server that serves as both a Blockchain explorer and a Bitcoin node (lightweight client). This implies it can generate addresses while keeping all of your private keys offline. Hackers will have a harder time breaking into your system and stealing your coins as a result of this. This method also improves transaction speed while maintaining security. Of course, the wallet takes up less space on your mobile, which goes without saying. Another highlight is that it lets you adjust transaction fees depending on how long you want to wait for the transaction to complete. If you want your transactions to go faster, you have to pay more in fees.
Like Exodus, Electrum is compatible with hardware wallets like Trezor, Ledger and KeepKey for cold storage.
5. Ledger Nano X – Best hardware wallet
Ledger Nano X not only supports a large number of cryptocurrencies it 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 as well as 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 1800 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 payment wallet that is seamlessly integrated into social messengers like Telegram & WhatsApp that 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. Moreover, hi allows you to earn passive income by staking HI, recommending hi.com to others, and accepting gifts from friends and family.