Cryptocurrency is becoming more and more present in our lives. After learning the the basics, you may be interested to find out what are the best crypto wallets that exist. Because trusting someone with your money is delicate, doing some research is very important. To make this step easier for you, in this article, we discuss what is the best wallet for crypto and what types of wallets exist in general. So if you are ready to satisfy your curiosity, then read on!
Note: This article is written for informative purposes and under no circumstances should be regarded as a solicitation to buying or selling cryptocurrencies.
What is a Crypto Wallet?
The first thing you should know is that there are different types of wallets that are defined by your use and needs. Here are the main ways
Hot and Cold: Hot wallets are connected to the Internet, whereas Cold wallets have no Internet connection and to store keys offline, they use a physical medium. Generally, cold wallets are considered safer than hot wallets.
Software and Hardware: Most Software wallets are hot wallets and can be web, desktop, and mobile wallets. On the other hand Hardware wallets are a type of cold wallets because they are not connected to the Internet and have a physical device that uses public or private keys, generated by a random number generator (RNG).
Best Software Wallets
Here is our selection of Top Crypto Wallets.
Binance supports over 200 cryptocurrencies, including the most famous ones: Bitcoin and Ethereum. The platform offers users the possibility to buy, sell, and exchange cryptocurrencies. With customer support available 24/7 and in multiple languages, Binance is a great and safe place for your tokens. The mobile app has some interesting and useful features, for example, an option to switch between a Lite and Pro interface, depending on your knowledge of cryptocurrency. Also, the app is supported on almost every OS.
The Exodus crypto wallet is supported both on your desktop and on your mobile device. What is great about this wallet is that it has over 100 digital assets and you can easily switch between them. This is possible thanks to Exodus’ user-friendly interface that makes it very suitable for beginners. In addition to that, just like for Binance, the customer support is very helpful.
Another advantage of Exodus is that it provides users with access to the private key to their Bitcoin. However, it is a closed source software which means that the code source is available only for the Exodus team.
Electrum has the reputation of being the first wallet - ever since 2011. Electrum is perfect for Bitcoin, as it is exclusively dedicated to this cryptocurrency. The complexity of its interface makes it best for people with more advanced knowledge of the digital asset, especially considering there is no customer support.
A big advantage of Electrum is how secure it is: it is truly great because you can set the level of security. Besides, you can customize the transaction fees.
Coinbase is one of the most famous names in the universe of cryptocurrency. Considered more like a cryptocurrency exchange than a personal wallet, Coinbase still offers the possibility to deposit or withdraw Bitcoin. One of its biggest advantages is that it’s quick and easy to use, thus making it more accessible for beginners. You can find 62 tradable cryptocurrencies and use it directly from your iPhone or Android device.
Although Coinbase is safe and secure, you should be aware that if you want to have access to the private keys of cryptocurrency held on the exchange, this is not possible. Also, transaction fees can be high.
Just like Electrum, Mycelium is dedicated to Bitcoin only and is one of the oldest wallets out there. It has a user-friendly interface and is designed for Android and Apple devices - this ensures a good mobile experience. This Bitcoin exchange allows users to set the transaction fees.
Other Famous Wallets
Best Hardware Wallets
Now, let’s see the best crypto hardware wallet - or our two favorites.
Trezor is one of the most famous hardware wallets. The Trezor Model T is a part of the company’s second generation wallets.
The model supports over 1 600 cryptocurrencies and users have the possibility to access third-party exchanges through the website. Trezor Model T has a USB Type-C cable which means that users can connect it to their smartphones or computers.
Ledger Nano X is another very famous hardware wallet. It uses a custom built OS (BOLOS) and CC EAL5+ certified Secure Element (SE) chip. Just like Trezor Model T, it is the second generation wallet from the company. One of the device’s advantages is its small size - it is about the size of a USB drive and users can connect it to their phones or computers.
Even if Ledger has been on the market from the early years, it faced serious data breaches in July 2020.
If you are interested in cryptocurrency, you might enjoy our dedicated articles on the History of cryptocurrency and How to avoid crypto scams.
Images: Unsplash: @bermixstudio and @thoughtcatalog; Binance; Exodus; Electrum; Coinbase; Mycelium; Trezor; Ledger
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