In August 2022, the number of cryptocurrency wallet users worldwide reached 84 million, up from 76 million a year ago. The cryptocurrency market is growing rapidly, and more and more users are interested in it and, consequently, in storing digital currency.
If you are searching for the best cryptocurrency wallet in 2023, our article will help you choose. We have selected the most popular options that exist on the market.
Types of Cryptocurrency Wallets
There is a huge number of wallets that allow you to conduct transactions in cryptocurrency. Such wallets are usually classified into the following types:
- Non-custodial wallets — the user has full access to private keys.
- Custodial wallets — the company that created the wallet stores your private keys.
Read more about the differences between non-custodial and custodial wallets in the article.
There are also hot and cold wallets. The first are more convenient, as they are constantly connected to the Internet, which allows you to quickly conduct transactions. However, they are mainly used to store small amounts, as they are less protected from hacker attacks than cold wallets. Cold wallets, in their turn, are more secure as they are not connected to the network. But therein lies their disadvantage — it's more complicated to perform operations.
From these four categories, the remaining types of wallets can be distinguished:
- Hardware wallets are standalone devices that resemble flash drives. They need to be connected to a PC.
- Paper wallets are QR codes that need to be printed on a printer.
- Desktop — programs that are installed on PCs and laptops.
- Mobile — designed for smartphones and tablets.
- Browser-based — web versions made as a website or extension.
In addition, there are separate wallets provided by cryptocurrency exchanges. Such wallets are multi-currency and can support several hundred cryptocurrencies simultaneously.
Best Hardware Wallets for Cryptocurrency
Such wallets are physical devices. They carry private keys that allow transactions to take place. The hardware itself is encrypted. This is the most secure option, as it is extremely difficult to hack them. The most popular hardware wallets include the following.
Ledger hardware wallets are presented in different versions. The manufacturer offers 3 models: the Staks, Nano X, Nano S Plus priced at $279, $149, and $79, respectively. The devices are available in several colors. The wallets are completely safe and can store more than 5,000 coins. To conduct transactions, they need to be connected to a PC.
Trezor hardware wallets come in two models: Trezor T and Trezor One. They are priced at $219 and $69, respectively. The T model features a touchscreen and is integrated with 1,456 cryptocurrencies. It also provides anonymization of transactions through CoinJoin technology. The One model is presented as a two-button pad and supports 1,289 cryptocurrencies. However, it does not have a transaction anonymization feature.
SafePal cryptocurrency wallet is presented in one model — SafePal S1. It costs $49.99. The wallet supports 15 languages and 54 blockchains with an unlimited number of cryptocurrencies in them. Coins are added via firmware, which is not entirely convenient for users. Also among the disadvantages is the lack of PC connectivity, it is carried out through special software. However, the SafePal wallet is cheaper than the mentioned above options.
Coolwallet cooperates with different exchanges and brands. The cost of all wallets is the same — $149. These support more than 20 blockchains. The wallets are managed through the CoolWallet app, which includes a hot wallet module. For security, CC EAL6+S.E chips are involved, which are used by the US military.
The BitBox cryptocurrency wallet is available in one variant. Its price is €115.83. The multi-currency wallet connects to your phone and computer and has an OLED display. The manufacturer also offers a version that supports only Bitcoin.
Hardware wallets are useful because you can store your primary assets on them. They are safe to use. However, when using hardware wallets, the transaction process becomes more difficult. If you are looking for the best cryptocurrency wallets and security is a crucial criterion for you, hardware wallets are a reliable option.
Best Desktop Wallets
Desktop wallets are software and are installed on computers and laptops. They were among the first to appear. The private keys are on computers, not third-party servers, so the risk of hacking is minimal. If you choose which cryptocurrency wallet is better to use, and at the same time value both convenience and security, then this option will suit you. Among the most popular are the following.
Exodus is a multichain wallet that supports more than 12 blockchains. It has an extension for Google Chrome and a mobile app. Exodus provides built-in charts for market analysis and swap. It partners with Trezor and stores digital coins on its servers.
Electrum cold storage bitcoin wallet has multiple levels of encryption. It doesn't take up a lot of space on your computer as it doesn't download the whole blockchain. One of the advantages of Electrum is multi-signature. The owner of the wallet can share the permission to transfer cryptocurrency to several users.
Atomic Wallet is also one of the most popular crypto wallets. It is presented in desktop and mobile versions. It is a cryptocurrency wallet with withdrawal to card. NFT staking and collection are also available.
However, Atomic Wallet has been subjected to a cyberattack. The damage from the hack amounted to more than $100 million. Approximately 5,500 crypto wallets were compromised as a result of the hacking attack.
Based on the situation with the Atomic Wallet hack, we can conclude that desktop cryptocurrency wallets are not as secure as hardware wallets. We advise you to follow the news and user reviews, so that you do not regret the choice you made.
Best Mobile Cryptocurrency Wallets
Mobile cryptocurrency wallets are suitable for those who want to be able to conduct instant transactions. Such wallets can be downloaded and installed quickly.
Based on reviews, we have gathered the best mobile cryptocurrency wallets for you.
Trust Wallet is a cryptocurrency wallet created by one of the largest exchanges - Binance. There are both mobile and browser versions. The wallet supports a huge number of cryptocurrencies and works with popular decentralized applications. Users can withdraw funds to a bank card. Trust Wallet has a built-in Smart Swap system, which helps to find the best operator for cryptocurrency exchange, focusing on the rating of users.
We dedicated an article to Trust Wallet.
Mycelium is considered to be one of the safest mobile wallets. According to the developers, about 8% of Bitcoin owners use it to store cryptocurrency. The wallet is non-custodial. Consequently, the responsibility for the safety of their keys lies directly on the user himself. However, the administration does not have access to the keys either, which provides greater protection. Bitcoin wallet does not support bank cards.
MEW Wallet works with the Ethereum blockchain. In addition to the key cryptocurrency, it supports tokens created according to the ERC-20 standard. The developers also added Binance Smart Chain and Polygon. The wallet is integrated with Metamask, Trezor, Ledger and decentralized applications, supports staking and exchange functions. MEW Wallet has a browser-based and paper version. A backup function is available.
Trustee Wallet is a multi-currency cryptocurrency wallet. It supports more than 1200 crypto and fiat currencies, allowing users to withdraw funds to a card. The application has a built-in cryptocurrency exchanger. Trustee Wallet supports popular decentralized apps and exchanges, and also issues its own bank cryptocurrency card.
Coinbase Wallet is owned by the crypto exchange that shares the same name. It is available in mobile and browser versions. During registration, an ENS address is issued. Seed-phrase can be saved in Google Drive. However, this is not completely safe, so be careful when using this feature. In addition, the wallet supports NFT and decentralized applications. To use Coinbase Wallet, registration on the cryptocurrency exchange itself is required.
Mobile cryptocurrency wallets are not the safest wallets. However, they are perfect for everyday use, as they are intuitively easy for beginners and will certainly not cause difficulties in mastering.
Best Browser Cryptocurrency Wallets
A browser-based cryptocurrency wallet is a rather risky option for storing assets. However, such wallets allow you to conduct transactions in literally a couple of clicks. They do not require the installation of any application.
Browser wallets can be in the form of an extension or be a separate website. To ensure security, encryption and two-factor authentication are used. However, this cannot guarantee full protection, as the extension or website itself is prone to hacking.
Let's take a look at the most popular browser-based cryptocurrency wallets.
Binance Wallet is created by the cryptocurrency exchange Binance . The wallet supports Binance Chain, Binance Smart Chain, and Ethereum Network. Works with a huge number of cryptocurrencies. It supports BEP-2, BEP-20, ERC-20 and NFT tokens. The wallet allows you to buy digital coins via bank cards, as well as exchange them using decentralized exchanges. Integrated with Ledger. Convenient for direct work with the cryptocurrency exchange Binance.
MetaMask is one of the most popular crypto wallets. Works with Ethereum crypto networks, Bitcoin Smart Chain, Polygon, etc. Supports decentralized applications. The wallet allows you to exchange cryptocurrencies and buy assets using bank cards. There is a mobile version for installation on smartphones. The minuses of the wallet include the fact that it works only in the Google Chrome browser.
Read the full review of MetaMask wallet in the article.
Browser wallets are only suitable for quick transactions. They are also extremely convenient for withdrawing assets into fiat due to the support of bank cards and for trading cryptocurrencies. However, browser-based cryptocurrency wallets are not the safest option for storing assets, as they are constantly connected to the internet.
Which Crypto Wallet to Choose?
In the article, we described the most popular options. Choosing a cryptocurrency wallet depends on your goals and preferences. Consider several important factors when making your decision:
- Do not use just one cryptocurrency wallet. It is better to stop at several: a hardware or desktop one is suitable for storage, and a mobile or browser-based one for regular transactions.
- Study reviews of the work and see what guarantees the developers provide. Choose those that guarantee compensation in case a hack occurs.
- Also find out how to withdraw money from a cryptocurrency wallet, and whether the proposed options are suitable for you.
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