20 Best Crypto Wallets in 2024 – Compare Bitcoin Wallets

Looking for the best Bitcoin wallet but not sure which option is best?

Read on to discover the 20 best crypto wallets for 2024. Our impartial reviews leave no stone unturned, covering everything from supported coins and security to device types and core features.

The Best Cryptocurrency Reviewed

With so many options in the market, selecting the best crypto wallet can be challenging.

Keep reading to explore the 20 best Bitcoin wallets in the market.

1. Best Wallet – Overall Best Crypto Wallet in 2024 With Multi-Chain Crypto Swaps and NFT trading

Topping our list of the best crypto wallets in 2024 is Best Wallet. This is a multi-chain crypto wallet designed to address some of the challenges present in many current wallet offerings such as multiple wallets required for various blockchains, lack of crypto news as well as network bridges and NFT marketplaces.

To address this, the creators of Best Wallet have created a comprehensive Web3 ecosystem that covers every aspect of digital asset management. This means that users of Best Wallet can interact with coins and tokens as well as NFTs from multiple chains such as Bitcoin, Ethereum, Polygon and BNB.

This ensures users aren’t confined to a single chain, allowing them to access limitless digital assets.

Acting as the backbone of the ecosystem is the $BEST token, which is the utility and governance token. Holders who stake $BEST tokens will receive benefits, including access to advanced analysis tools, swaps without fees, early token launch access and NFT drops.

Best Wallet currently stands at Phase 2 where you can’t buy the token yet. During Phase 6, the team will reward early adopters and power users with 10% of the total supply, depending on how much they used the app or how active they were on social media.

Part of the Best Wallet is the Best DEX. This is a decentralized exchange integrated into the wallet that lets you swap tokens on supported blockchains. If you use it on a browser, you don’t need to register. Simply connect your crypto wallet and you’re good to go.

Some of the planned updates for the Best DEX include token analytics and sentiment, as well as market insights and advanced price charts. Those who actively use the DEX will be eligible for the $BEST token airdrop.

All in all, Best Wallet aims to be more than just an anonymous crypto wallet. The developers seek to make it a comprehensive digital asset management solution for multiple blockchains and assets where you can seamlessly swap coins and trade NFTs.

The team is preparing for launch soon. Follow the Best Wallet on X and on the Best Wallet Telegram channel to get up-to-date information on the Best Wallet releases. 

2. Exodus – User-Friendly Non-Custodial Wallet for Diversified Portfolios 

Exodus is one of the top crypto wallets for beginners seeking non-custodial storage. Its wallet interface is very user-friendly across all supported devices. This includes a mobile app (iOS and Android), desktop software (Windows, Mac, Linux), and a browser extension (Chrome and Brave).

All supported devices connect to the same wallet account, offering great flexibility. Exodus is also ideal for actively viewing crypto portfolio balances. Users can set their preferred fiat currency, and Exodus will provide real-time prices for each crypto held. Moreover, Exodus adds statistics and insights, such as the portfolio’s best and worst-performing coins.

Exodus supports over 260 cryptocurrencies in total. This covers everything from BNB and Solana to Ethereum and Bitcoin. Exodus also supports NFTs, not to mention connections with Web 3.0 applications. The latter includes Uniswap and Raydium. Finally, the only fees payable are when sending crypto to another wallet.

For more info, check out our Exodus review or the comparison between Exodus and Trust Wallet.

3. Zengo – Multi-Chain, NFT Supporting, Non-Custodial Wallet with a Built-in dApp Marketplace

The Zengo mobile wallet is a feature-rich wallet that offers users all the tools they need to interact with Web3 in a simple and easy-to-use mobile app. Users can buy, sell, and trade over 120 different cryptocurrencies, alongside NFTs from multiple networks.

Users can also access dApps with WalletConnect, through a built-in dApp marketplace, creating a seamless Web3 experience for both beginner and advanced users.

Over 600 users have reviewed Zengo on Trustpilot, giving it an average rating of 4.2 stars—while thousands of users on the Apple App Store and Google Play Store have given it an average rating of 4.78/5.

While all the above features are enough to get Zengo onto this list, it is security history—1 million customers and no wallets hacked—and a novel security process that helps to drive it up to 2nd in the list of best crypto wallets in 2024.

The self-custody Zengo wallet uses MPC cryptography to secure a user’s private keys. This means that they’ve done away with seed phrases for wallet recovery, and instead replaced them with 3-factor authentication which utilizes a 3D face scan, an email address, and a recovery file.

Finally, and not lastly, all of this is available in the free version of Zengo. Those looking for more can opt for the paid Pro version which includes additional features such as:

• Legacy Transfer option to support digital continuity over generations
• Theft Protection by incorporating multi-factor authentication
• Web3 Firewall helps protect the platform against hacks and scams
• Priority Support

More can be learned about Zengo Pro on the Zengo website, or the mobile app.

4. Ellipal Wallet – Promising Crypto Wallet With A Highly Secure Air-Gapped System

The Ellipal Wallet is a highly secure crypto wallet known for its air-gapped security system. This means it doesn’t connect to other devices via USB, Bluetooth, Wi-Fi, NFC, or cellular networks. Such isolation significantly reduces the risk of online threats and hacking attempts.

In terms of build quality, the wallet is made from a sturdy aluminum alloy, offering resistance to dust, water, and physical damage.

The Ellipal Wallet comes in two models: Titan and Titan Mini. The Titan features a large 4-inch touchscreen, while the Titan Mini has a more compact 2.4-inch HD LCD screen. 

Both models have user-friendly interfaces, with the Titan Mini being more portable. A key usability feature in both is the built-in camera for QR code scanning, simplifying secure transactions.

With support for over 10,000 digital assets across nearly 50 blockchains, the wallet caters to many users. Its mobile app, compatible with Android and iOS, facilitates easy transactions, crypto swaps, NFT trading, and Web 3 integrations.

The wallet includes two-factor authentication with various options like PIN, password, gesture pins, and numeric passwords. 

A key security feature is the self-destruct mechanism, which resets the wallet under suspicious conditions, protecting against tampering. Furthermore, the wallet maintains its air-gapped status by allowing firmware updates via microSD card.

Another feature is the Ellipal Joy Seed Phrase Generator, which introduces a unique method for generating secure seed phrases, thus boosting the wallet’s overall security framework.

5. Ledger Nano – Crypto Hardware Wallet With Bluetooth Connectivity       

Ledger Nano is one of the best crypto wallets for safety. While this wallet retails for up to $279, it is aimed at investors that seek the highest level of security. And Ledger Nano excels in this regard. The Ledger Nano device is never connected to live servers.

In turn, this protects investors from remote hacking attempts. What’s more, even if the device is stolen, access is near-impossible. This is because Ledger Nano requires users to enter a PIN on the device before authorizing transfers. In the meantime, the wallet owner can recover their crypto tokens remotely.  That said, no crypto wallet – even Ledger Nano, is completely hack-free.

As such, users should be sure to keep their devices somewhere safe and private. Another top feature of Ledger Nano is that it supports Bluetooth connectivity. In turn, users can connect their wallet to the Ledger Nano app and desktop software without connecting to the internet. In doing so, users can buy, sell, and swap cryptocurrencies through third parties.

Additionally, Ledger Nano also supports staking. This will appeal to investors seeking income on their idle tokens. Although the top model offered by Ledger Nano costs $279 – its entry-level option retails for just $79. This provides all of the security features discussed above – apart from Bluetooth connectivity.

6. Keystone – Top Hardware Wallet With A Sleek UI/UX Design

Keystone is a 4-inch touch-screen hardware wallet that’s designed to provide users with an excellent mobile experience. With its sleek design, Keystone is appealing and easy to use, suiting the demands of numerous cryptocurrency enthusiasts who prefer hardware wallets with touchscreen over their physical buttons counterparts. 

To ensure the safety of users’ assets, Keystone comes with a lengthy seed phrase verification process that mandates users to input all of the 24 words into the device. Users can easily synchronize the wallet and explore all its features even while on the move.

The hardware wallet is compatible with numerous cryptocurrencies and it has the capacity to hold more than 5,500 different tokens. Also Also, Keystone supports popular chains like Bitcoins, Ethereum, Binance Smart Chain, Bitcoin Cash, Dash, Litecoin, Solana, Polygon, Tron, and XRP among many others. 

Also, Keystone supports NFT storage on some selected blockchain networks. One of the key strengths of this wallet is its dual battery feature, which can last for many years without any major issues. 

Another distinctive feature of the Keystone wallet is how it allows users to confirm transactions by just scanning QR codes. While offering advanced and industry-standard cold wallet storage features, Keystone comes at a considerable price of $169.

7. Trezor – Secure Cold Storage With a Time Delay Feature   

Trezor is also one of the best cold crypto hardware wallets in the market. This provider offers two models – ‘T’ and ‘One’. The One model is the entry-level option costing just $69. This comes with offline storage, and transactions require users to enter a PIN onto the device.

The Model T costs $219 and comes with touchscreen access and support for USB type C. That said, for the huge price difference, there is little to separate the two models. For instance, both the model T and One come with a time delay feature. This adds a time delay every time an incorrect PIN is entered.

After too many incorrect guesses, seconds turn into minutes and hours. This is because the time delay doubles each time. As such, if the Trezor device is stolen, the owner should have sufficient time to recover the funds remotely.

Trezor also comes with an iOS and Android app. It also offers desktop software for Windows, Mac, and Linux. This enables users to view their portfolio of cryptocurrencies via a user-friendly dashboard.

8. SafePal – Affordable Crypto Wallet With EAL5+ Security Chip

Priced around $50, the SafePal S1 wallet, supported by Binance Labs, offers an affordable solution for secure crypto and NFT management.

The wallet is equipped with an EAL5+ secure element chip, providing strong digital asset protection.

Its security is further supported by a self-destruct mechanism and two-factor authentication, effectively guarding against unauthorized access and potential hacking incidents.

Moreover, SafePal S1 impressively supports over 10,000 digital assets, including popular cryptos like Bitcoin, Tether, Ethereum, and various NFTs, catering to a wide range of user preferences.

Aimed at both experienced crypto enthusiasts and newcomers, the wallet is designed for simplicity and ease of use, mainly through its seamless integration with the SafePal app.

The wallet uses an air-gapped signing process, allowing it to operate offline, significantly minimizing risks from online vulnerabilities.

Also, users can efficiently manage their crypto assets through the SafePal app. The wallet includes a decentralized exchange feature, enabling direct trading on Binance Spot.

While focusing on functionality, the SafePal S1’s battery life may be limited. Additionally, its design prioritizes practicality over aesthetics.

Also, the wallet’s exclusive compatibility with the SafePal app, though advantageous for streamlined operations, may not fully satisfy users looking for integration with various wallets or exchanges.

9. SecuX – Popular Crypto Wallet That Offers A Military-Grade Security Chip

SecuX is a popular crypto wallet with two main products: the SecuX V20 and the SecuX Shield BIO.

Both the SecuX V20 and Shield BIO models stand out for their EAL5+ certified military-grade security chips, ensuring strong protection for digital assets.

Each wallet supports over 1,000 cryptos, including popular ones like Bitcoin, Ethereum, and Litecoin, and a wide range of ERC-20 tokens, catering to diverse user needs.

The Shield BIO wallet is known for its biometric recognition, offering a secure and convenient access method.

The V20 model has a large 2.8-inch color touchscreen and a polished aluminum chassis, which adds a premium feel and durability.

The V20 wallet offers a unique “Hidden Wallet” feature for additional privacy. Both models include PIN and passphrase support, further bolstering their security credentials.

The wallets are compatible with various operating systems, including Windows, macOS, Linux, Android, and iOS, thanks to their Bluetooth 5 and USB Type-C connectivity.

Priced at around $149, the Shield BIO offers a promising choice for users prioritizing biometric security, while the V20 provides a balance of premium features and user-friendliness.

The Shield BIO wallet includes a micro-scam alert feature, improving its security. Both wallets allow for firmware updates, maintaining their integrity and up-to-date functionality.

10. CoolWallet – Credit Card Sized Wallet With Staking Support

The CoolWallet Pro is a promising crypto wallet that’s highly portable, resembling a credit card in size and shape. 

It’s only 0.8mm thick and weighs a mere 6 grams, making it easy to carry in a regular wallet. This wallet stands out for its blend of convenience and security.

The CoolWallet Pro has a CC EAL 6+ security chip at its core. This chip is a significant feature, as it offers security standards similar to those in the banking industry, safeguarding against cyber threats. The wallet’s design is both tamper-proof and waterproof, improving its durability.

It connects to mobile devices via Bluetooth and includes biometric authentication, adding an extra layer of security. 

The mobile app, available for Android and iOS, allows users to manage their assets conveniently, including the ability to trade directly from the wallet.

A key feature of the CoolWallet Pro is its staking functionality. Currently, it supports staking for Tron, Cosmos, and Polkadot, with plans to expand to other assets like Tezos, Cardano, and ETH2.0 tokens. 

The wallet supports major cryptos and ERC-20 tokens, with ongoing efforts to increase its compatibility range. Also, the wallet’s battery life is reasonably good, lasting 2-3 weeks on a full charge.

Priced at $149, the CoolWallet Pro is on the higher end compared to some other wallets. However, its advanced security features, portability, and user-friendly design may justify the investment for those prioritizing these aspects.

11. COLDCARD – Bitcoin-Focused Wallet With Air-Gap Capability

The COLDCARD Mk4 is a premium, Bitcoin-specific hardware wallet, ideal for users prioritizing strong security features.

The Mk4 is specifically optimized for Bitcoin storage and transactions. This focus minimizes the complexities and potential vulnerabilities often found in multi-currency wallets.

A key feature of the COLDCARD Mk4 is its air-gap capability, which allows it to operate completely offline, thus significantly reducing the risk of online threats. The wallet also features dual Secure Element chips for more protection of private keys.

The wallet includes a full-sized numeric keypad and a large OLED screen, making it accessible for new and experienced crypto wallet users. 

Its USB-C connector ensures broad compatibility, while the clear plastic case design aids in identifying any physical tampering.

Additionally, the Mk4 wallet has unique security options like the “Duress Pin,” which opens a decoy wallet, and the “Brick Me Pin,” which disables the device in a compromise situation.

The wallet’s firmware is open source in line with promoting transparency and community trust. This allows public verification and contributes to its ongoing security improvements.

The wallet can be set up in an air-gapped manner, compatible with wallets like Sparrow. This setup ensures the seed phrase never gets exposed to online networks, improving security from the initial setup phase.

12. Opendime – Wallet That Offers A Unique Physical Bitcoin Transaction Capability

Opendime, known as the “Bitcoin Stick,” brings a unique concept to Bitcoin storage and transactions. Its latest version, v4, is designed like a USB stick, making it compact and easy to carry. It has improved tamper-proof features to ensure high security. 

The design is user-friendly, equipped with an intuitive LED light system for status updates and a multilingual interface, appealing to a wide range of users worldwide.

Its key feature is allowing physical Bitcoin transactions. Users can load Bitcoin onto the device and hand it over like traditional cash. This feature brings a tangible element to Bitcoin, similar to a physical currency in the digital space.

The device generates its private key internally, which remains hidden until the wallet is physically broken open. This feature assures that previous owners cannot access the funds.

Opendime is designed for simplicity, focusing exclusively on Bitcoin. This specialization ensures peak performance for Bitcoin transactions. 

The device is intended for one-time use; once the private key is exposed to spend the Bitcoin, it cannot be securely used again.

Opendime is an economical choice for Bitcoin transactions. Users incur miner fees only when loading and unloading Bitcoin. 

In-between transfers among Opendime holders are off-chain, thus free of transaction fees, making it a cost-efficient method for Bitcoin transfer.

13. CoinSpot – Offers A Highly Secure Wallet With Competitive trading fees

Founded in 2013, CoinSpot is a popular crypto exchange that primarily serves the Australian market but has features attracting a global user base.

The exchange uses advanced encryption, two-factor authentication, and multi-signature transactions to protect user assets. 

Compliance with Australia’s stringent AML/CTF laws further shows its reputation for safety and reliability. Impressively, CoinSpot maintains a clean security record with no past breaches.

The platform supports over 410 cryptos, including prominent ones like Bitcoin, Ethereum, and Tether. It also has unique offerings like a crypto debit card and an NFT marketplace to add to its functionality.

CoinSpot’s fee structure includes competitive 0.1% spot trading fees for market orders. However, instant buy/sell, swaps, and recurring buys have a higher 1% fee. The platform offers free deposit methods, free AUD withdrawals, and minimal fees for crypto withdrawals.

Users should note that CoinSpot manages private keys, implying a degree of control over funds. The absence of multi-signature support and non-open source code might concern users desiring full control and independent security verification. 

CoinSpot’s focus on the Australian market facilitates smooth AUD transactions, which is highly advantageous for Australian users.

14. Binance – Custodial Wallet Backed by the World’s Largest Exchange   

Binance is a leading cryptocurrency exchange that also offers an in-built wallet. This makes Binance ideal for storing and trading crypto simultaneously. The Binance web wallet also connects to an iOS and Android app. This enables traders to buy, sell, and transfer crypto while on the move.

There is no requirement to set the Binance wallet up, as it is automatically added to the user’s account. Moreover, it takes just seconds to register with Binance. Binance’s primary exchange and wallet support over 350 crypto tokens and thousands of pairs. Additional markets can be found in the Binance Innovation Zone – which hosts some of the best emerging cryptocurrencies.

The Binance web and mobile wallets are protected by various safeguards. This includes IP and device whitelisting, two-factor authentication, and cold storage. Binance also has a Safe Asset Fund for Users (SAFU). This takes a small percentage of trading commission revenues and adds the funds to an insurance pot.

The idea is that if Binance is hacked and users lose out – SAFU will cover the losses. Whether or not this is possible depends on the size of the SAFU and the extent of the hack. Nevertheless, Binance wallet users can also access its DeFi center. This covers dual investments, staking, savings accounts, and more. As such, Binance users can easily earn interest on their idle crypto investments.

Cryptoassets are a highly volatile unregulated investment product.

15. Bybit Wallet – Custodial Multi-Chain Web3 Wallet  

Bybit Wallet is a custodial wallet offered by one of the largest crypto exchanges by derivatives trading volume. This is an extension to Bybit’s offering as you can buy crypto directly from the wallet, access new coins on the Bybit platform, and stake or swap between blockchains.

Access your funds via mobile app or a browser extension. The latter makes it simple to connect to outside dApps like Lido, Uniswap or OpenSea if you want to use decentralized exchanges for coin swaps and NFT purchases.

However, being custodial means Bybit holds the keys to your wallet. This can be both bad and good. For example, if something happens to Bybit, you could lose access to your funds. On the other hand, if you forget your password, you can easily recover your access.

All this makes Bybit one of the best custodial Web3 wallets you can get, especially if you already use Bybit’s services.

16. OKX Wallet – Decentralized Web 3.0 Wallet Supporting High-Interest Yields  

OKX is one of the best Bitcoin wallets for combining safe storage with passive income. First and foremost, this is a decentralized crypto wallet app that is separate from the main OKX exchange – which is centralized. As such, The OKX wallet does not have access to the user’s private keys.

What’s more, the OKX Wallet does not require users to provide personal details. This ensures that users can remain anonymous. Supported by iOS and Android, the OKX Wallet app is compatible with over 50 blockchains. This should cover the vast majority of leading cryptocurrencies.

In addition to storage, OKX offers some of the highest interest yields in the space. This is because it connects with third-party dApps to find the best deals. OKX users can earn interest via staking, savings accounts, yield farming, and more. The OKX Wallet also supports decentralized token swaps via liquidity pools.

17. Trust Wallet – Best Bitcoin App for iOS and Android Users  

Trust Wallet is one of the best Bitcoin wallets for smartphone users. Its native app supports iOS and Android, and there are no fees to get started. The only fees payable are when transferring funds to another wallet address.

Setting the wallet up takes seconds, and fingerprint ID is supported. The Trust Wallet app is compatible with over 70 blockchain networks, from Bitcoin and Arbitrum to Solana and Cardano. Trust Wallet also supports NFT storage and provides access to the decentralized web.

For example, users can anonymously connect to Uniswap to earn interest, or OpenSea to buy NFTs. Moreover, Trust Wallet has an in-built staking tool. This offers competitive interest rates, but higher APYs are often available when using a dApp. Nonetheless, Trust Wallet is also one of the best crypto wallets for beginners.

According to our Trust Wallet review, the interface itself is clear and simple, and customer support is available around the clock. However, only support tickets are available – meaning no live chat. Trust Wallet also falls short when it comes to fiat payments. While it supports debit/credit card purchases, transactions are processed by a third party. This will invariably increase the cost – often up to 5%.

18. MetaMask – Simple and Free Crypto Wallet Supporting 6 Blockchain Standards  

MetaMask is a popular crypto wallet that was launched in 2016. Used by over 30 million people, MetaMask has become one of the best Ethereum wallets on the market. It’s also completely free to use. Smartphone users may prefer the iOS and Android app – which offers full functionality. Alternatively, desktop users can install the browser extension.

This is supported by Chrome, Edge, Brave, and Firefox. Both options initially connect to the Ethereum network – meaning support for thousands of ERC20 tokens. Additionally, Optimism, Polygon, Arbitrum, Avalanche, and Binance Smart Chain can also be added. But this needs to be done manually – which won’t appeal to beginners.

Moreover, MetaMask does not support Bitcoin deposits. There is also a lack of support for other large-cap cryptocurrencies, like Cardano, XRP, and Solana. Another drawback with MetaMask is its partnership with third-party payment processors. While this enables users to buy crypto with fiat money – fees are very high.

On the flip side, our MetaMask wallet review found that it does support a range of decentralized exchanges, including Uniswap and it’s considered to be one of the best crypto wallets for Android. This enables users to swap tokens and earn interest without leaving the MetaMask interface. Furthermore, MetaMask is also the best cryptocurrency wallet for investing in initial coin offerings (ICOs). This is because the best crypto ICOs almost always recommend using MetaMask.

19. Coinbase – One of the Safest Custodial Crypto Wallets     

Coinbase offers one of the safest ways to store crypto online. While its wallet is custodial, it comes jam-packed with security features. For example, all Coinbase accounts must be secured with two-factor authentication. Should an account holder log in from a new IP address or device – email authentication is required.

Coinbase also uses cold storage for 98% of client crypto assets. This ensures that the vast majority of its crypto holdings are kept away from live servers. We also like the Coinbase Vault feature. When activated, withdrawal requests must bypass a 24-hour grace period. This gives users time to recognize their account has been comprised and contact Coinbase accordingly. However, Coinbase also comes with various drawbacks – especially when it comes to fees.

For example, those wishing to buy and sell crypto via their Coinbase wallet will pay 1.49% per slide. Buying crypto with a debit/credit card is even more expensive at 3.99%. Moreover, Coinbase does give users access to their private keys. That said, Coinbase also offers a non-custodial DeFi wallet app, but this is separate from its main exchange.

20. Electrum – Secure Desktop Wallet for Storing Bitcoin     

Electrum follows the ethos that ‘less is more’. While its Bitcoin-only wallet lacks exchange features or interest tools – it enables investors to safely store their BTC tokens on a desktop device.

Electrum is free to use and comes with various safety nets. This includes the ability to keep private keys offline. Users only need to bring the private keys back online when they are ready to make a transfer. Moreover, Electrum does not have access to the user’s private keys.

Instead, they are encrypted directly on the user’s desktop device. That said, Electrum has also developed an Android app. This offers an additional security feature, as Electrum supports multi-sig transactions. In simple terms, this feature requires the user to confirm outgoing transactions on both the desktop and mobile wallets.

What is a Cryptocurrency Wallet?

Cryptocurrency wallets allow investors to store, manage, and transfer their digital assets. Whether it’s Bitcoin, Ethereum, BNB, or any other cryptocurrency – wallets provide access to the blockchain network.

This means that users can send and receive tokens without using a third party. Instead, crypto wallet transactions are peer-to-peer. In turn, users have full control over their cryptocurrency investments.

Crypto wallets are also crucial for keeping investments safe. After all, wallets aren’t governed by intermediaries, so unauthorized access will lead to a loss of funds. As such, choosing the best online Bitcoin wallet requires users to assess what security features are offered.

Nonetheless, many crypto wallets now offer additional services, enabling investors to manage their wealth. For example, the upcoming Best Wallet will support multi-chain swaps. Some crypto wallets also connect to Web3 applications like PancakeSwap and Uniswap.

This creates additional opportunities to increase wealth. For instance, users can lend their idle crypto tokens to a liquidity pool and passively earn a share of trading fees. The best cryptocurrency wallets also support NFT storage.

How do Bitcoin Wallets Work?

While there are many different types of crypto wallets, there are also plenty of similarities that remain constant.

For example, all wallets have a unique public address and a private key. These characteristics form the backbone of crypto wallets, so let’s explore them in more detail.

Public Addresses 

After setting up a new wallet, a unique public address is created. This enables users to receive crypto tokens from another person.

There is no harm in sending someone else a public address, as it only supports incoming transactions. This is no different from sending someone a Paypal address or bank account number to receive funds.

That said, as the name suggests, public addresses are ‘public’. By using a blockchain website that tracks public addresses, we can see how much the wallet is holding.

For example, the Bitcoin public wallet address below contains over 248,000 BTC – valued at over $6 billion.

34xp4vRoCGJym3xR7yCVPFHoCNxv4Twseo

This address belongs to Binance, the world’s largest crypto exchange. Not only do public addresses enable people to view the wallet’s balance – but all incoming and outgoing transactions.

However, wallet transactions are not tied to the user’s identity. Instead, users can only see what other public addresses the wallet has engaged with. In this regard, crypto wallets are ‘pseudonymous’ rather than ‘anonymous’.

Private Keys 

Private keys are the password for accessing the crypto wallet. Like a bank account password or ATM PIN – private keys should never be handed out.

Anyone that has the private key of a wallet can access it remotely. This doesn’t need to be from the same device – let alone the same wallet type.

As such, hackers are constantly on the hunt for private keys so they can steal the wallet’s contents.

Non-custodial crypto wallets, such as Trust Wallet, Metamask, and Ledger Nano, provide users with their private keys. This is displayed when creating the wallet. Users are then advised to write the private keys down and keep them somewhere private.

But unfortunately, not all users do this. For example, beginners will often keep their private keys on their laptops or Google Drive. In doing so, the private keys can be hacked remotely.

This is why beginners might instead consider a custodial wallet. This means that the user will not have access to their private keys. Instead, the custodial wallet provider keeps them safe and away from hackers.

This is similar to keeping cash in a bank account or gold in a regulated vault. Either way, the owner of the crypto tokens does not need to worry about security.

On the flip side, not all custodial wallets are created equal. Some custodians operate without any regulation at all. As such, investors should choose wisely when selecting a custodian to store their crypto investments.

How to Store Seed Phrases Securely

When using a non-custodial wallet, your private keys will be stored on a seed phrase. A seed phrase consists of 12-24 words, which, when entered in the right sequence, gives you access to all your private keys and digital assets. 

For effective storage of your seed phrase, we recommend using a storage device such as Cryptotag. Through this device, users can store at least 24 seed phrases and access multi-storage backup solutions. The device is built using titanium-grade plates. Thus, it can provide effective storage of your seed phrases. 

Why You Need a Crypto Wallet

Let’s explore why crypto investors need a wallet when accessing the blockchain ecosystem:

• Send Funds: Crypto wallets allow investors to send funds to another location. This could be a friend, family member, or business partner. Wallets also allow users to send funds to pay for goods and services.
• Receive Funds: Crypto wallets enable users to receive funds from another location. For example, after buying crypto from an exchange, the user can transfer the tokens to their wallet.
• Secure Storage: Wallets help keep crypto tokens safe. After all, cryptocurrencies have real-world value, so investors need to protect their investments.
• View Balances: Crypto wallets also enable users to keep tabs on their investments. Crypto prices change as every second passes, so wallets ensure that investors are well-versed in how their investments are performing.
• Token Swaps: The best crypto wallets allow users to swap tokens without using an external exchange. For example, swapping Bitcoin for Ethereum or XRP for Litecoin.

Do remember that not all crypto wallets offer the above features. This is why users are advised to do their research before selecting a provider.

Types of Crypto Wallets

There are many different types of crypto wallets – some aimed at beginners and others at experienced developers.

To ensure the best crypto wallet is selected, read on to explore the different options in the market.

Software Wallets

Most crypto wallets are software-based. Many different types of devices are supported, each with its pros and cons.

For example, desktop wallets secure the user’s private keys on their hard drive. This ensures that the private keys are encrypted and not accessible by the wallet provider. That said, desktop wallets require a lot of storage and are prone to remote hacking attacks.

Mobile wallets are the most convenient, as users always have access to their crypto tokens. This means users can easily send and receive funds at the click of a button.

Mobile wallets are also ideal for checking the real-time balance of a crypto portfolio. However, mobile wallets come with reduced security, as they are often only protected by a PIN or fingerprint ID.

Web wallets are even more convenient. These are offered by custodians, such as exchanges and brokers. Users can access their web wallet by entering a username and password.

The best web wallets in the market offer cold storage, two-factor authentication, and IP address whitelisting. However, web wallets do not give users access to their private keys. Furthermore, if the web wallet is hacked, the user’s crypto could be at risk.

Hardware Wallets

Hardware wallets also come with their pros and cons. For example, providers like Trezor and Ledger Nano offer institutional-grade security.

The private keys are kept within the hardware device, which is never connected to the internet. Another safeguard is that the user’s PIN needs to be entered on the device to transfer funds. This is another security control that protects the wallet from a remote hack.

But hardware wallets aren’t suitable when actively trading crypto. This is because the user will need access to the hardware device to authorize outgoing transactions.

Instead, those wanting to regularly buy and sell crypto will be more suited for a software wallet.

Paper Wallets

Paper wallets are another option worth considering. This option is aimed at long-term investors that do not want to buy a hardware wallet.

• As the name suggests, the private keys are written down or printed onto a sheet of paper.
• This is often a backup passphrase for simplicity.
• Also, the wallet’s public address will be printed, often as a QR code.

Considering that the only place storing the private keys is on a sheet of paper, this provides cold storage. As such, the private keys are never at threat of being hacked.

The only risk is that the paper is lost or damaged, meaning the user cannot recover the private keys. In this instance, there is no way for the user to regain access to the crypto funds.

How to Pick a Crypto Wallet

Many considerations need to be made when choosing the best crypto wallet.

The most important factors are discussed below:

• Custodial or Non-Custodial: Investors should assess whether they want to bear the responsibility of securing the wallet’s private keys. If so, a non-custodial wallet like MetaMask will suffice. If not, then a custodial wallet like eToro is more suitable. This removes the need to actively safeguard the wallet.
• Software or Hardware: Next, consider whether a software or hardware wallet is more suitable. The latter will appeal to those holding a significant amount of crypto. Software wallets offer more convenience, especially for those that regularly buy and sell crypto.
• Device Type: Investors should evaluate the device that they want to store the wallet. For example, on a desktop device or via a mobile app.
• Supported Cryptos: The wallet should support the cryptocurrencies held by the investor. For example, those holding Bitcoin will not be able to use Metamask.
• Features: We prefer crypto wallets that offer additional features, such as being able to earn interest or trade tokens. Best Wallet is great in this regard, as its wallet doubles up as an exchange.
• User-Friendliness: Beginners should ensure their chosen crypto wallet is user-friendly. For instance, sending and receiving funds should be seamless and not require any prior knowledge.

How to Get & Use a Cryptocurrency Wallet

Up to this point, we have covered everything there is to know about crypto wallets. Next, we will explain how to obtain and set up a crypto wallet in under five minutes.

For this walkthrough, we are opting for Best Wallet. This is because Best Wallet is the overall best crypto wallet for beginners and seasoned investors in the crypto space.

Step 1: Download Best Wallet

To get the ball rolling, download the Best Wallet from the App Store or from the Google Play store.

Step 2: Open the Best Wallet App

Once you download the app, open it. You’ll have to enter your email address and verify it.

Next, you’ll be greeted with “Secure your account” message. This is where you choose to set up your two-factor authentication. You can skip if you don’t want to.

Set up a four-digit password or use biometrics for the next time you log in.

Step 3: Create a Wallet

Final step is to create a wallet. Your main wallet will be an Ethereum-based wallet, which you can name and add a different background. This is designed so you can know your wallets even by color.

Click “Continue” when ready.

Step 4: Use Your Best Wallet

Now that you have your first wallet created, you can buy crypto with a credit card, you can send and receive tokens or you can swap them within the app.

Are Bitcoin Wallets Safe? How to Find Secure Crypto Wallets

Crypto wallets are designed to keep digital assets safe. But the reality is that crypto wallets are regularly hacked. This is often due to a lack of understanding of key security controls.

For example, clicking on a link from an unknown person, which turns out to be a keylogger. The hacker will then have access to the user’s wallet once they enter their credentials.

Another scam to look for is phishing emails. For instance, the email will impersonate the wallet provider or an exchange. Thinking the email is legitimate, the user clicks the link and types in their wallet credentials. Again, this would enable the hacker to access the wallet and steal the funds.

Another mistake that newbies make is storing private keys online. For example, on a laptop, in an email, or on the cloud. In all instances, this allows experienced hackers to access the private keys and the contents of the wallet.

The examples discussed above concentrated on non-custodial wallets. This is because non-custodial wallets give users full control over their private keys. This means the user is 100% responsible for keeping the private keys safe.

• A great alternative is to opt for a custodial wallet.
• This is because the safety of the wallet is the sole responsibility of the custodian.
• When choosing the right custodian, the crypto wallet is protected by institutional-grade security.
• For example, cold storage, 24/7 risk management teams, insurance, and IP address whitelisting.
• This offers an additional layer and security and ensures that a legitimate custodian is being used.

That said, custodial wallets still require users to follow basic security procedures. For example, using a strong password and checking that emails and links are credible before clicking them.

Conclusion

In summary, there are many things to consider when choosing the best crypto wallet. This is not only a choice between software and hardware wallets – but the device type.

Moreover, users also need to consider whether a custodial or non-custodial wallet is right for their goals and experience level. Non-custodial wallets are often the best choice as you get full control over your crypto assets.

For example, Best Wallet is an excellent option because it has a lot to offer, such as multi-chain swaps, NFT gallery or you can buy crypto directly via card.

References 

• https://coinmarketcap.com/rankings/exchanges/
• https://academy.binance.com/en/glossary/secure-asset-fund-for-users
• https://opensea.io/
• https://trezor.io/compare
• https://www.coinbase.com/blog/a-behind-the-scenes-look-at-the-biggest-and-quietest-crypto-transfer-on
• https://www.coinomi.com/assets/
• https://www.cnbc.com/2023/02/04/crypto-investors-lost-nearly-4-billion-dollars-to-hackers-in-2022.html
• https://support.simplex.com/hc/en-gb/articles/360014078420-What-fees-do-you-charge-for-card-payments-
• https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html
• https://brokercheck.finra.org/firm/summary/298361
• https://register.fca.org.uk/s/search?q=522157&type=Companies

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