What is the best Cryptocurrency Wallet?
Cryptocurrency wallets are a vital ingredient of modern digital trade. Although they come in many forms, the core function of each one of them is to provide control over your digital assets. Since a crypto wallet is something not to take a chance with, investors ponder about what is the best cryptocurrency wallet.
Buying cryptocurrency is useless if you cannot keep it in a fool-proof wallet. That makes digital wallets an essential tool for holding cryptocurrencies, although they work differently than tucking cash into a blindfold.
With countless options available in the market, selecting the correct type of crypto wallet that best suits your needs is vital for growth. However, crypto wallets support different coins – most hold Bitcoin, some manage Ethereum, while others help remaining coins.
We have carefully selected and listed below to help you choose the best cryptocurrency wallet.
What is Crypto Wallet?
A crypto wallet is a device, program, or service which stores private keys for cryptocurrency transactions. In addition, they also send, receive, spend and trade cryptocurrencies like Bitcoin, Ethereum, etc.
Users can buy their private wallets; however, the best crypto exchanges also offer to hold facilities in their wallets.
Examples of crypto wallets are Trust Wallet, Trezor, Electrum, etc. Furthermore, crypto wallets are divided into two main categories: hot and cold wallets.
A hot wallet is always connected to an internet connection; it is cheaper and has medium-level security. In contrast, a cold wallet is expensive but more secure and is only connected to the internet when a transaction is required.
Best Crypto Wallets
Here are our picks for the best crypto wallets.
Coinbase
If you are a beginner, then the Coinbase wallet is your option. It is secure, intuitive, and backed by one of the best crypto exchanges. The platform is highly user-friendly and it connects significant bank accounts.
Additionally, beginners can easily set up their accounts and navigate with a simple three-tab layout and identifiable functions.
It can store all significant coins, including Bitcoin, Litecoin, Dogecoin, and Ripple. Similarly, it supports all ERC-20 tokens and EVM-compatible blockchains, thus covering more than 5,500 digital assets.
Pros
- User-friendly interface
- Two-factor authentication support
- Supports more than 5,500 digital assets
- High-level security backed by a reputable platform
Cons
- Available only on mobile and tablet devices
Trust Wallet
It is one of the best wallets for mobile because it offers a clean and scannable user interface. In addition, it supports NFTs and dApps and the most significant number of supported assets. Additionally, you can transfer crypto to a trusted wallet with a few clicks.
Further, it is backed by Binance, one of the leading cryptocurrency exchanges. However, it is a non-custodial app, which means the platform does not keep your private keys and safeguards them.
Similarly, it supports over 40 blockchains; thus, it is capable of storing over 4.5 million coins. You can easily buy NFTs as it has a built-in Web3 browser.
Pros
- Earn interest on 12 different cryptos
- Simple navigating interface
- Built-in Web3 browser
- Supports a vast range of coins
Cons
- Limited educational resources
MetaMask
If you are looking to access thousands of tokens and dApps without having to navigate through multiple screens, then MetaMask is the solution. MetaMask also is the best app for Ethereum and its related network.
Moreover, it has over 30 million monthly active users; thus, it is highly regarded among users. In addition, it is simple, intuitive, and easily accessible. Furthermore, the platform is compatible with other blockchains, thus having a competitive advantage over other wallets.
In addition, it supports all types of browsers and supports Web3 networks. Therefore, users can easily access NFT marketplaces.
Pros
- Supports thousands of dApps
- Easily linkable to the NFT marketplace
- Browser extension on the app
- Intuitive design
Cons
- Cannot directly store Bitcoin
Ledger Nano S Plus
The Ledger has a state-of-the-art security framework and trading capabilities and supports many digital assets. It provides an easy-to-use integrated Ledge Live app.
In addition, Ledger provides hardware wallets, a popular choice among crypto enthusiasts. Its wallet uses a Secure Element component – a chip used to secure credit cards and passports.
Further, the latest Nano S Plus has greater storage capacity and uses a USB-C cable port. The wallet is price-efficient, will cost around $85, and is easy to carry as it is sleek in design.
Pros:
- Trade cryptocurrency directly through the Ledger Live app
- Verify transaction with 2-button presses
- Compatible with 50 other hardware wallets
Cons:
- Expensive than its entry-level wallet
Electrum
Electrum is highly customizability and provides extensive security. It is rich in history and is one of the oldest digital wallets; similarly, it is the only remaining wallet that supports only one cryptocurrency – Bitcoin.
Furthermore, the platform includes two-factor authentication, proof checking, and multi-signature wallet support. Another cool feature is that users can reduce fees by waiting more for their transaction to complete.
In addition, it uses a lightweight client system, which means you can set it up in a matter of minutes. Since it downloads only partial parts of the blockchain, thus transaction speed is quick.
Pros
- Fast and straightforward setup
- Customizable transaction fees
- Greater security features
- Excellent server configuration reducing downtime
Cons
- No customer support via phone, email, or chat
Frequently Asked Questions
Which is the safest crypto wallet?
Here are a few crypto wallets offering the best security features:
- Trust Wallet
- Electrum
- Coinbase
- Crypto.com
Which crypto wallet has the lowest fees?
As studied by experts, Binance charges the lowest fees as compared to other wallets.
Which type of crypto wallet is safer?
Cold wallets are the best option to store your coins. However, the best cryptocurrency exchanges have developed excellent security features for their hot wallets.
Parting Thoughts
What is the best cryptocurrency wallet is a question each investor should consider once he plans to buy cryptos since it is one of the significant steps in completing your crypto journey.
We have introduced you to some of the best crypto wallets through this guide. Although all these wallets are the best in one or the other, Trust wallet is our top pick as its easy interface, high security, and excellent customer support make it the go-to platform.
Before choosing a crypto wallet, we recommend you keenly study the critical features of that wallet. It is essential to store your assets with a wallet that can keep them safe.
We hope you enjoyed reading about what is the best cryptocurrency wallet. Please share which is your trusted wallet and what other wallets you have used.