If you’re serious about investing in cryptocurrencies, you need a reliable and secure crypto wallet. But with so many options available, it can be difficult to know which one to choose. That’s where we come in. At Money, we’ve done the research and analysis to provide you with a comprehensive guide to the best crypto wallets on the market.
Our team of experts has spent over 72 hours researching and comparing 25 different hardware, software, and web crypto wallets. We’ve considered 20 distinct criteria, taking into account the type of wallet and its intended use. Our guide will help you understand the differences between hot and cold wallets, and which one is right for you. So whether you’re new to the world of cryptocurrencies or a seasoned trader, read on to learn everything you need to know about crypto wallets.
Our Top Picks for the Best Crypto Wallets of January 2024
Best Hot Wallets of January 2024
If you’re looking for a hot wallet, consider these top picks:
| Wallet Name | Best For |
|---|---|
| Coinbase Wallet | Beginners |
| MetaMask | Ethereum |
| TrustWallet | Mobile |
| Electrum | Desktop Bitcoin |
| BlueWallet | Mobile Bitcoin |
| Exodus | Desktop |
| Crypto.com | DeFi |
Best Cold Wallets of January 2024
If you prefer a cold wallet, check out these top picks:
| Wallet Name | Best For |
|---|---|
| KeepKey | Beginners |
| Ledger Nano S Plus | Hardware |
| SafePal | Hybrid |
Best Crypto Hot Wallet Reviews
When it comes to choosing a hot wallet, there are several factors to consider, including security, accessibility, and ease of use. Here are our top picks for the best crypto hot wallets:
Coinbase Wallet
Coinbase Wallet is our pick for the best hot wallet for beginners. This wallet is intuitive and highly secure, backed by a reputable exchange. It supports over 100,000 digital assets and offers multi-signature and two-factor authentication support. The user interface is easy to navigate, with a simple three-tab layout and clearly identifiable functions. The wallet can store popular coins such as Bitcoin, Litecoin, and Dogecoin, as well as all ERC-20 tokens and tokens on EVM-compatible blockchains.
One of the greatest advantages of Coinbase Wallet is that it is non-custodial, meaning the private key is stored in your device, not in Coinbase’s servers. This means you don’t need to worry about your currencies being locked for any reason or exposed to a cyberattack on the website. The wallet also uses the Secure Enclave chip available in Android, iOS, iPad, and Mac devices to provide biometric authentication.
MetaMask
MetaMask is our pick for the best crypto wallet for Ethereum. It provides quick and easy access to thousands of tokens and decentralized apps (dApps) within the Ethereum network. The wallet has an attractive and straightforward design for beginner investors looking to store and send Ethereum-compatible cryptocurrencies and interact with dApps. MetaMask is also notable for its compatibility with other blockchain solutions. Users can add almost any blockchain network to the app, and the wallet fully supports popular Web3 networks, including Polygon, BNB Chain, and Avalanche.
MetaMask is built on open source code, which allows developers and security experts to review the software to make sure it’s secure. Account information is encrypted and stored locally, which means users have full control of their private keys. The wallet also allows users to quickly swap between layer one and layer two Web3 solutions.
Trust Wallet
Trust Wallet is our pick for the best crypto wallet for mobile. It features a clean, scannable app interface, built-in support for dApps and NFTs, and the largest number of supported assets on our list. The wallet is non-custodial, which means it does not keep your private keys, and the user is responsible for safeguarding them. One of the wallet’s greatest advantages is that it supports over 70 blockchains, allowing it to store a wide variety of digital assets.
Trust Wallet is also a great mobile option for NFT and decentralized app enthusiasts. The wallet has a built-in Web3 browser, allowing users to access dApps and blockchain games directly through the app. This feature makes buying NFTs easy, as users can look, purchase and store tokens using the incorporated decentralized exchange, all without leaving the app.
Electrum
Electrum is our pick for the best Bitcoin wallet. It is one of the oldest and most well-known crypto wallets today, and it’s uniquely outfitted to support Bitcoin. The wallet hosts a variety of robust security features, including 2FA, transaction proof checking, and multi-signature wallet support. Users can adjust their fees depending on how long they’re willing to wait for a transaction to be completed, and the wallet uses a light client, which can be set up in a matter of minutes and takes up less space than traditional wallet clients on your computer.
Electrum is an open-source wallet, which means its code is available for scrutiny, helping to build trust with consumers. It supports both standard deterministic accounts and Hierarchical Deterministic (HD) accounts, and it integrates with hardware wallets for cold storage, including KeepKey, Ledger, and Trezor.
BlueWallet
BlueWallet is our pick for the best Bitcoin wallet for mobile. It’s an excellent alternative for Bitcoin traders who can’t or don’t want to make sense of more complex software on their desktop computers. The wallet’s interface is welcoming and easy to navigate for beginners, but the app also includes a number of additional features that more advanced users will appreciate. It supports both on-chain and lightning transactions and allows users to create or import multiple wallets.
One of the wallet’s greatest assets is its multi-signature vaults for added security. However, it doesn’t offer two-factor authentication, and its advanced tools could use in-app tutorials.
In conclusion, these are our top picks for the best crypto hot wallets. Each wallet has its own unique features and advantages, so it’s important to choose the one that best fits your needs and preferences.
Best Crypto Cold Wallet Reviews
Other Crypto Wallets We Considered
When looking for a cold wallet to store your cryptocurrencies, there are many options to choose from. In addition to our top picks, we also considered other popular wallets in the market. Here are some other crypto wallets we considered:
Trezor
Trezor is a well-known brand in the world of crypto, and its hardware wallets offer excellent security measures and support for many assets. The Trezor Model One and Model T are both great options for those looking for a cold wallet.
The Trezor Model T features a touchscreen interface, making it more intuitive and convenient to use. However, it is more expensive than other hardware wallets with similar functionality. Additionally, Trezor does not support iOS devices, which can be a drawback for some users.
While Trezor is a great option for those who use Exodus as their main hot wallet due to their native compatibility, other cold wallet brands outmatch the build and number of supported currencies of Trezor’s models.
Robinhood Wallet
Robinhood Wallet is a Web3 crypto wallet that allows existing Robinhood users to fully manage their digital assets. It features a clean, minimalist design that is convenient for beginner crypto enthusiasts and can connect to a wide range of dApps.
As a self-custody wallet, only users hold their private key, meaning they have full ownership and control of their crypto and NFTs. However, Robinhood Wallet is only available on iOS devices as of January 2024, which can be a drawback for Android users. Additionally, the company’s well-documented history of controversies may leave some traders uncomfortable with using Robinhood’s crypto wallet.
Atomic Wallet
Atomic Wallet is a hot storage wallet that supports over 1000 coins and tokens. It also supports credit card purchases and in-wallet exchanges and conversions. One highlight is the Atomic Swap feature, which uses a decentralized crypto exchange housed within the wallet to exchange currencies without third parties.
Despite its many advantages, the Atomic Wallet didn’t land on our top list because other blockchain wallets offer better features. Additionally, it doesn’t have hardware wallet integration, which can be a drawback for those looking for a cold wallet.
Zengo
Zengo’s unique approach to user security makes it a contentious wallet among crypto traders. Through various security tools, including biometric encryption, three-factor authentication, and multi-party computation cryptography, it can operate as a non-custodial wallet but without private keys.
However, not having private keys is a big source of contention for some traders. Additionally, not all features are available worldwide, which can be a drawback for international users.
Overall, while these wallets didn’t make our top picks, they are still great options for those looking for a cold wallet to store their cryptocurrencies.
Crypto Wallets Guide
What is a Crypto Wallet?
A crypto wallet is a digital tool that stores the secure digital codes needed to interact with a blockchain. It functions as an owner’s identity and account on a blockchain network and provides access to transaction history. Contrary to what its name may suggest, a crypto wallet does not actively store cryptocurrencies.
How do Crypto Wallets Work?
When someone sends bitcoin, ether, dogecoin or any other type of digital currency to your crypto wallet, you aren’t actually transferring any coins. What they’re doing is signing off ownership thereof to your wallet’s address. That is to say, they are confirming that the crypto on the blockchain no longer belongs to their address, but yours.
To participate in transactions, crypto wallet users need two digital codes: a public key and a private key. The public key is a string of letters and numbers generated by the crypto wallet provider that you need to share with others to be a part of any blockchain transaction. The private key is a string of numbers and letters that only the owner of the wallet should know and should never be shared with another person. Once both keys are verified, the balance in your crypto wallet will increase or decrease accordingly.
Types of Crypto Wallet
Crypto wallets can be broadly classified into two groups: hot wallets and cold wallets. Hot wallets are digital tools that are always connected to the internet, while cold wallets are kept offline.
Hot wallets are highly convenient and can be accessed from anywhere with an internet connection. However, they are less secure than cold wallets and are vulnerable to a wider variety of attacks. On the other hand, cold wallets are more secure due to their offline storage, but transactions take longer on average, and it is nearly impossible to recover currencies without a backup of your digital keys.
How to Set up a Crypto Wallet
Setting up a cryptocurrency wallet is a generally straightforward process that takes no more than a couple of minutes. The first step is to determine the kind of crypto wallet you want to use since hot wallets and cold wallets have different set up processes. Then, follow these steps:
For hot wallets…
- Download the wallet. Make sure the wallet is legitimate before downloading any software. Verify that you are on the correct website and not on a fake version of it built to steal your information.
- Set up your account and security features. If you are using a non-custodial wallet, this is when you’ll be given your private key, a random 12 to 24-word string of words. If you lose or forget these, you will not be able to access your crypto. You can enable added security tools, like two-factor authentication (2FA) and biometrics, during or after the set-up process.
- Add funds to your crypto wallet. For non-custodial wallets, you may have to transfer crypto from elsewhere, as not all wallets allow you to buy crypto with fiat currency directly. As for custodial wallets, you’ll need to fund them using a credit or debit card before you can purchase crypto, in some cases.
For cold wallets…
- Purchase the wallet online. When buying a cold wallet, avoid third-party resellers. Buy the product directly from the developer to avoid issues, such as the device being tampered with beforehand.
- Install the device’s software. Each brand has its own software that must be installed onto the hardware device before it can be used. Make sure to download the software from the company’s official website. Then, follow its instructions to create your crypto wallet.
- Deposit your cryptocurrency. You’ll need to transfer crypto into your hardware wallet from elsewhere, such as from a crypto exchange. Some wallets may have their own exchange built-in, which will allow you to buy crypto directly from the wallet.
What to Look for in a Crypto Wallet
When selecting a crypto wallet, it is important to consider factors such as security, ease of use, and compatibility with your preferred cryptocurrency. Look for a wallet that offers two-factor authentication (2FA), biometric authentication, and multi-signature functionality. It is also important to choose a wallet that is compatible with the cryptocurrencies you own.
Investing in Crypto Prudently
While crypto wallets are essential for storing and trading cryptocurrencies, it is important to invest in crypto prudently. Do your research before investing in any cryptocurrency, and be aware of the risks involved. Keep your private keys safe and secure, and never share them with anyone. Finally, always use a reputable crypto wallet provider to ensure the security of your digital assets.
Crypto Wallet Glossary
If you’re new to the world of cryptocurrencies, the jargon and technical terms can be overwhelming. Here’s a glossary of common terms you may encounter when dealing with crypto wallets:
- Blockchain: A type of ledger that records digital transactions and is duplicated across its entire network of systems. The shared nature of blockchain creates an immutable registry that protects users against fraud. Cryptocurrencies are traded on the blockchain.
- BTC: The currency code used to represent Bitcoin, the first decentralized cryptocurrency. Bitcoin wallets specialize in storing and using this cryptocurrency.
- Hierarchical Deterministic (HD) account: An account that may be restored on other devices by using a backup phrase of 12 random words that’s created when you generate the wallet.
- Light client: Also called light nodes, these clients don’t need to download an entire blockchain to verify transactions. They tend to be faster than regular clients and require less computing power, disk space and bandwidth.
- mBTC: Short for millibitcoin, which is one-thousandth of a bitcoin (0.001 BTC or 1/1000 BTC). This is a common exchange value.
- Multi-signature: Wallets with this feature require more than one private key to sign and send a transaction.
- Open-source: Software that has a source code that may be studied, modified or redistributed by anyone. The source code is what programmers use to adjust how a piece of software works.
- Seed phrase: Newly opened crypto wallets randomly generate a string of 12 to 24 words known as a seed phrase. Users with non-custodial wallets must keep this phrase and are recommended to write it down in a safe location, since it stores all the information needed to recover access to their wallet and funds.
By understanding these terms, you’ll be better equipped to navigate the world of crypto wallets and make informed decisions about your investments.
Latest News on Crypto Wallets
As the crypto market continues to evolve, the importance of secure and reliable crypto wallets cannot be overstated. With the increasing value of cryptocurrencies, investors are seeking the best options to store their digital assets safely.
Hardware wallets, such as Ledger and Trezor, are becoming increasingly popular due to their offline storage capabilities and enhanced security features. These wallets are designed to protect against hacking attempts and keep your digital assets safe from potential threats.
Moreover, some wallets are now offering multi-currency support, allowing users to store a variety of cryptocurrencies in one place. This is particularly useful for investors who hold multiple digital assets and want to manage them efficiently.
As the crypto market prepares for the next Bitcoin halving, it’s important to ensure that your digital assets are stored safely and securely. By using a reliable crypto wallet, you can have peace of mind knowing that your investments are protected.
Best Crypto Wallet FAQs
What is the best crypto wallet?
When it comes to choosing the best crypto wallet, it’s important to consider factors such as ease of use, support for a wide range of coins and tokens, and security features. Hot wallets should offer strong security tools, like two or multi-factor authentication and multi-signature support, while charging minimal or no fees. Cold wallets should be available at a reasonable price point and supported by a variety of hot wallets to facilitate trading.
Based on our research, some of the best crypto wallets available in the market are Coinbase Wallet, the Ledger Nano S, Exodus, and Trust Wallet. For bitcoin wallets, we recommend Electrum and BlueWallet.
How to get a crypto wallet
To get a hot or software wallet, you can download the software to your mobile or desktop device. For custodial wallets, you’ll also have to go through a registration process on the wallet’s website or app.
If you prefer a cold or hardware crypto wallet, you’ll need to purchase the physical product, which can be done through the brand’s online store. Once you receive it, you’ll need to set up the wallet before you start using it.
What is a fiat wallet?
A fiat wallet allows you to store a virtual representation of your fiat money, such as USD, EUR, or GBP, in a digital storage compartment. Fiat money is a currency issued by governments and is not backed by a physical commodity like silver or gold. Many crypto exchanges in the USA offer fiat wallets, which eliminates the wait time for depositing fiat to an exchange.
What crypto wallet should I use?
If you’re an experienced crypto investor who is only interested in trading specific coins, you should look for a wallet that specializes in that particular currency. However, if you’re a beginner in the crypto market, we recommend sticking to Coinbase Wallet, our best crypto wallet for beginners, or Trust Wallet, our best crypto wallet for mobile.
What is the safest crypto wallet?
The safest crypto wallet should provide the highest degree of security for your public and private keys, including technology such as two-factor authentication and multi-signature support for software wallets. If safety is your primary concern, we recommend the Ledger Nano S, our best hardware crypto wallet, since cold wallets are inherently more secure than hot wallets.
In summary, choosing the best crypto wallet depends on your individual needs and preferences. Whether you opt for a hot or cold wallet, make sure to prioritize security and ease of use.
How We Selected the Best Crypto Wallet
Choosing the best crypto wallet can be a daunting task, with over 25 options to consider. To help you make an informed decision, we evaluated each wallet based on security, functionality, and cost. We also took into account the different types of wallets, such as hot and cold wallets, and considered different factors for each.
Our top priority when evaluating crypto wallets was safety. We favored wallets that offer two or multi-factor authentication, biometrics, multi-signature support, open-source code, and strong security protocols for transactions. We also avoided recommending any hardware with additional points of failure, such as bluetooth.
In addition to safety, we also considered the general functionality of each wallet. Wallets with a larger number of tradable assets, live charts, staking and lending capabilities, and hardware wallet compatibility scored higher with us.
Finally, we took cost into consideration. The cost of a crypto wallet varies depending on the type of wallet. We favored reasonably priced cold wallets and online wallets with exchanges that charge less for processing transactions. We also looked for wallets with customizable transaction fees.
After evaluating all of the options, we selected the wallets that scored the highest in each category. By choosing one of our recommended wallets, you can have peace of mind knowing that your crypto assets are secure and easily accessible.
Summary of Money’s 10 Best Crypto Wallets of January 2024
Best Hot Wallets of January 2024
- Coinbase Wallet: Ideal for beginners, Coinbase Wallet offers a user-friendly interface and supports a wide range of cryptocurrencies.
- MetaMask: The best option for Ethereum users, MetaMask provides easy access to decentralized applications (dApps) and allows for seamless interaction with the Ethereum network.
- TrustWallet: Designed for mobile users, TrustWallet offers a simple and secure way to store and manage cryptocurrencies on the go.
- Electrum: The best desktop wallet for Bitcoin, Electrum is known for its speed and reliability, making it a popular choice for experienced Bitcoin users.
- BlueWallet: A top choice for mobile Bitcoin users, BlueWallet offers a simple and intuitive interface, as well as support for Lightning Network transactions.
- Exodus: A versatile desktop wallet, Exodus supports a wide range of cryptocurrencies and offers a built-in exchange for seamless trading.
- Crypto.com: The best DeFi wallet, Crypto.com offers easy access to decentralized finance (DeFi) protocols and allows for seamless swapping of tokens.
Best Cold Wallets of January 2024
- KeepKey: Designed for beginners, KeepKey is a simple and intuitive cold wallet that offers robust security features.
- Ledger Nano S Plus: A hardware wallet that offers top-notch security, the Ledger Nano S Plus supports a wide range of cryptocurrencies and offers a user-friendly interface.
- SafePal: A hybrid wallet that combines the security of a cold wallet with the convenience of a hot wallet, SafePal is a top choice for users who value both security and ease of use.
Frequently Asked Questions
What are the top-rated crypto wallets for security and features?
When it comes to the security and features of crypto wallets, there are several options that stand out. Some of the top-rated wallets for security and features include Ledger Nano X, Trezor Model T, and KeepKey. These wallets offer advanced security features such as two-factor authentication, PIN codes, and seed phrases. They also support a wide range of cryptocurrencies and have user-friendly interfaces.
Which is the best crypto wallet for a user in the UK?
For users in the UK, there are several options for crypto wallets, but one of the best options is Coinbase. Coinbase is a popular wallet that offers a user-friendly interface and supports a wide range of cryptocurrencies. It also offers insurance protection for the cryptocurrencies stored in its wallets, which provides an added layer of security.
What are the leading hard wallets for cryptocurrency storage?
Hard wallets are a popular option for users who want to store their cryptocurrencies offline. Some of the leading hard wallets for cryptocurrency storage include Ledger Nano S, Trezor One, and KeepKey. These wallets offer advanced security features and support a wide range of cryptocurrencies.
Which cryptocurrency wallet app is most recommended for ease of use?
For users who are looking for a cryptocurrency wallet app that is easy to use, one of the most recommended options is Exodus. Exodus offers a user-friendly interface and supports a wide range of cryptocurrencies. It also has a built-in exchange feature that allows users to exchange cryptocurrencies directly within the app.
What are the best options for a multi-cryptocurrency wallet?
For users who want to store multiple cryptocurrencies in a single wallet, there are several options available. Some of the best options for a multi-cryptocurrency wallet include Exodus, Jaxx, and Coinomi. These wallets support a wide range of cryptocurrencies and offer user-friendly interfaces.
How do I choose the most suitable Bitcoin wallet for Android?
When choosing a Bitcoin wallet for Android, it’s important to consider factors such as security, ease of use, and supported cryptocurrencies. Some of the most popular Bitcoin wallets for Android include Mycelium, Bread, and Electrum. It’s important to do research and read reviews to find the wallet that best suits your needs.