As cryptocurrency has been getting worldwide acceptance, even companies like Microsoft, Amazon, PayPal, and many others have started accepting the virtual currency as a mode of payment. And unlike physical money, storing cryptocurrency or making money with cryptos requires a cryptocurrency wallet where you can store, receive and exchange your digital assets.
Albeit there are plenty of cryptocurrency wallet in the market, but which is the best crypto wallet? What features should you look out for while getting a wallet? Is it safe to store my currency in a crypto wallet? We have made a list of the best cryptocurrency wallets for you, focusing on their usability, cost, and everything that concerns you.
Keep on reading to know the answers.
What is a Cryptocurrency Wallet?
Let’s start with the beginning, when people started using e-wallets in their early 20s. Digital wallets came into existence to store money in fiat currencies, make online and offline transactions, or transfer digital money (using QR codes) to your bank savings account. A cryptocurrency Wallet serves the same function of storing currencies for digital transactions and doesn't exist in any physical form.
A cryptocurrency wallet is a hardware or software application used to store cryptocurrencies. As its primary function is storage, it is also used for transactions to make online payments or exchange cryptocurrencies. One can also use the wallets to buy and sell crypto, lend and earn interest, as well bitcoin trading. This type of software is easy to use and secure, and fast.
For these wallets, the owner has a unique key, allowing them access to a blockchain network where coins exist. Using these keys, one can buy and sell any cryptocurrency and make the payment through a bank account using a simple payment verification mode.
Types Of Cryptocurrency Wallets
There are various factors to consider while deciding which wallet suits your requirement. For example, security, usability, storage capacity, blockchain, and crypto compatibility. However, the major classifications of cryptocurrency wallets fall under hot wallet, cold wallet, custodial and non-custodial wallet.
Custodial wallets basically rely on a third party to take control of your private keys. This type of wallet lessens your burden and takes care of your funds for you. In other words, the third party secures your funds and does the transactions for you. In conclusion, you must trust the custodians who hold your funds.
Unlike custodial wallets, non-custodial wallets let you keep control of your private data. Most crypto enthusiasts prefer non-custodial wallets.
Hot wallet signifies online storage, used by most users because of its online storage ability, flexibility, and easy accessibility. As hot wallets store the crypto online, one has the access to crypto assets anywhere and on the go.
As the name suggests, cold wallets are offline wallets, as they're not connected to the internet and comes in physical forms, such as a hard drive or a piece of paper. These are considered the most secure and safe wallets as the only way to lose them is either you have lost your wallet or stolen it. The only drawback of this cold wallet is that you won't be able to do the transactions when you are away from the computer.
The software wallets are in the form of web wallets, desktop wallets, and mobile app wallets. As a result, your wallet is directly connected to the internet, which leaves you vulnerable to any theft of data but as a benefit Software wallet is easily accessible.
A hardware wallet comes in the form of a physical device and the user can securely store the private key as it's not connected to the internet. Making access to your digital funds almost impossible for remote hackers. Private keys are to be kept as secret as this is your gateway to access the transactions of your digital assets.
Cryptocurrency Wallet: The List of 9 Best In 2022
Below we have included 9 top cryptocurrency wallet you may use:
Exodus Wallet is a leading multi-asset crypto wallet with a simple and beginner-friendly user interface, enabling users to trade and sell cryptocurrencies. Users also get to earn interest via staking on their digital assets.
One of the greatest features of Exodus wallet is its ability to swap between more than 150 types of cryptocurrencies. This wallet is easy to use and provides the best support, so if you are a beginner, you can swiftly make your way into the crypto market.
However, for the advanced user, this wallet may lack some features as it is a closed wallet, and its code is not open for everyone to see, which is a security concern for many. But with the help of an excellent support team, users can ensure that there is no leakage in the wallet and that their currency is safe.
Another notable feature is an option to set custom fees and automatic settings to keep costs down and complete transactions quickly.
Trezor wallet is best known for its strong security feature and for keeping track of hardware wallet. If you are using a Trezor wallet be rest assured that your cryptos and passwords are completely safe from any hacks.
Trezor is a cold crypto wallet, and its next-generation hardware has a faster processor, gives access to third-party exchanges, and is designed to provide top-notch security. Additionally, the newest model is a touch screen, further providing ease of use to beginners. The Trezor model also has a MicroSD slot that can be used to encrypt the PIN for wallet accessibility to provide more security from hackers.
Electrum Cryptocurrency Wallet
Electrum is an open-source wallet and has been around since 2011, just 2 years after Bitcoin was introduced. That said, Electrum Wallet enables users to safely store only Bitcoin currency. This wallet has been running in the community successfully for 10 years, for its ability to store Bitcoin specifically.
Additionally, Electrum being the original Bitcoin wallet, only facilitates smooth transactions of Bitcoin through Lightning Payment channels. Its easy-to-use interface and excellent primary function are what make it the first choice for Bitcoin users.
If you wish to increase your security level with 2-step authentication or keep it minimum, you can set the level of security accordingly. Overall, its features are very well set at an advanced level for Bitcoin users.
Zengo Cryptocurrency Wallet
Zengo is a non-custodial type of wallet and is the first wallet that gives you advanced security features to take control of your private keys. Here, Zengo has removed the private key vulnerability with a 3FA level security and MPC-based cryptography technology, that makes it more simple, secure and safe to store currencies.
ZenGo wallet offers one of the best security features in the community as you will get 24/7 in-app customer service and supports 70+ assets, including Bitcoin, Tezos, and Etherium.
Metamask Cryptocurrency Wallet
Metamask is the most preferred and excellent choice by users of the Ethereum blockchain. It is free, open-source and has mobile and browser-based wallets. In conclusion, you can store more than 500,00 digital assets that are built on Ethereum but it doesn't support Bitcoin. Being laced with advanced features, MetaMask can be integrated with various applications on the web for effortless crypto transactions.
MetaMask gives you full control over the private key, as it is a hot storage wallet. So you can store the private key locally and use your digital assets on the go as nothing is stored on the Metamask server.
Trust Cryptocurrency Wallet
Trust Wallet works in Partnership with Binance, which is a major crypto exchange medium. As a result, it is one of the best choices for transactions and trading digital currencies directly from the wallet. Moreover, it supports more than a million types of digital assets.
And allows users to interact with decentralized applications through its mobile app for any buying or selling. This wallet is a great choice for smartphone owners, while it can not be the wise choice for desktop-minded users.
It is an open-source and non-custodial wallet, meaning users are responsible for safeguarding their private keys and of course digital assets as well.
Crypto.com is by far the most likable wallet and fastest-growing crypto exchange platform. It has a fanbase of more than 10 million users from over 85 countries, as it offers to trade, store and make transactions using an extensive list of more than 250 coins with low trading fees.
crypto.com is selected as the best Defi crypto wallet as it gives full control over the private key and digital assets. It also offers cryptocurrency credit cards, a variety of decentralized finance tools, and an NFT marketplace.
Besides, this crypto.com wallet provides a wide range of tools to earn passive income on the crypto, along with an easy onboarding process and highly secured framework.
Coinbase Cryptocurrency Wallet
Coinbase Wallet is a non-custodial type of wallet, giving the user total control over their private keys. It also enables users to make transactions and store multiple currency assets and NFT safely, all in one place.
Coinbase wallet stands out in the community for its lowest fees and seamless access to decentralized applications. Its support for more than 100 countries makes it an excellent choice for active web users.
Coinbase also has a mobile app for iOS and Android users; additionally, you can set up a browser plugin. As a non-custodial wallet, it lets you have full control over your digital assets and transactions with the extensive feature of a well-known Coinbase cryptocurrency exchange.
The hot wallet offers a user-friendly interface that is also easy to navigate for beginners. The Coinbase wallet comes with full integration of bank accounts and credit or debit cards to top your wallet.
Binance Cryptocurrency Wallet
Binance is a one-stop central gateway for keeping and exchanging your cryptocurrencies. It has robust features for trading, auto-invest, staking and P2P trading.
Binance is one wallet with an average 24-hour trading volume which is worth $100 billion. Not only will your cryptocurrencies be in safe hands here, but you’d also be kept up to date with the market trends, and hence take the actions timely and in an appropriate manner.
Creating an account on Binance is effortless. And once created you can enable security features, such as two-factor authentication and universal two-factor authentication. 2FA protects your assets from any hacking attempts.
|Wallet||Best for||Type of wallet||No. of currency supported||Purchase cost||Security|
|Coinbase||Crypto Traders||Hot Wallet||45,000+||Free||Average|
|Exodus Movement||Beginners||Hot Wallet||225 crypto assets||Free||Excellent|
|Trezor Model||Crypto traders||Cold Wallet||More than 1000||189 EUR||Excellent|
|Electrum crypto Wallet||Bitcoin traders||Hot Wallet||1||Free||High level and Adjustable|
|Zengo||Everyone: From the crypto-curious to advanced users.||Hot Wallet||70+||Free||High security|
|Metamask||Best for Ethereum owners||Hot Wallet||Only currencies built on Ethereum||Free||Highly secure|
|Trust wallet||Beginners and App Users||Hot Wallet||160000||Free||Average to good|
|Crypto.com||Best deFi wallet||Non- custodial||250||Free||Top level|
|Binance||Best for crypto traders||Hot Wallet||1000+||Free||Safe security system|
How to Choose the Best Cryptocurrency Wallet?
When it comes to selecting the best cryptocurrency wallet, there are several factors you must consider. The deciding criteria can broadly depend upon how you are planning to invest in cryptocurrency, how much money you are going to trade for and invest or if you want to trade any specific cryptocurrency, such as Bitcoin or Ethereum.
Additionally, the level of security provided by the wallet plays an important role in choosing the suitable wallet for your needs.
Let’s understand the key features of cryptocurrency wallets in-depth and find out how each of these affects our selection for the best cryptocurrency wallets of 2022.
1. Wallet Usability
The first thing you should look out for while selecting the Wallet should be the user interface, it should be user-friendly. If you are a beginner make sure it is easy to navigate, while if you are an advanced user, you might want to select the one with advanced and much more technical features.
When it comes to wallet usability, the Hot wallet as well as cold wallet, both provide basic features like sending, receiving, storing, or buying and selling digital assets.
In case you are planning to buy a cryptocurrency and hold it, then a hardware wallet is probably the best choice, and in case you are planning to use it regularly on web applications or are a regular user, then a hot wallet with a browser plugin is suitable. Hot wallets are preferable due to their online accessibility almost anytime.
Strong security feature is the most looked out feature, or should I say it matters the most. Who wouldn’t want their assets to be completely safe, some may want the company to take this responsibility while others want to be the owner of their private keys, as in Non-custodial wallets.
Wallets are upgrading their security measures now and then to curb all kinds of online and offline thefts. As for the currency wallet owner, cold storage wallets are more secure than hot storage crypto wallets.
In a cold storage type of wallet, you can store the digital assets in a safe place and transfer crypto funds securely. Therefore, cold wallets are more secure than hot storage wallets, which is a significant consideration when selecting the most secure wallet.
While these wallets are considered best practice because you have complete control over your virtual assets, if you lose access to your wallet or forget your encryption password, you will lose all funds held in that wallet.
3. Supported Cryptocurrency
As it is said, “the more, the merrier”, we suggest you select the wallet that supports more than one type of cryptocurrency, until and unless you are interested in trading only Bitcoin or Ethereum-based currencies.
4. Level of Customer Support
As a beginner, It is wise to choose the wallet with easy to use interface, and even if not then look out for the no. of ways customer care support is provided.
Various open-source wallets don't provide customer care services as users are supposed to customize them and use them on their own. But while making the selection you can check out if they provide customer support via human interaction, mail services, or live chat.
Conclusion: Which Cryptocurrency Wallet Will You Go With?
When looking for a cryptocurrency wallet, it’s important to find a wallet holding a strong and high level of security, offers multiple ranges of crypto asset management features and allows seamless crypto trading.
We have done our research for the best cryptocurrency wallet in 2022, which is based on a range of crypto earning opportunities, an easy-to-use interface, robust security, and support for cryptocurrency storage. And make sure you are doing the feature check before investing in buying a wallet for you.