10 Best Crypto Wallets in India in 2023

Looking to invest in the crypto market but not sure which wallet to use? Read on to discover the best crypto wallets in India for 2023.

We review the top 10 crypto wallets for user-friendliness and security across various devices, including mobiles, desktops, browsers, and more.

Best Bitcoin Wallets in India Reviewed

Investors should conduct adequate research when choosing the best crypto wallet in India. In this section, we review 10 leading crypto wallet providers, exploring their key features, usability, security, fees, and more.

1. eToro – Overall Best Crypto Wallet for Indian Investors 

Overall, the best crypto wallet for Indian investors is eToro. This wallet not only enables investors to store crypto, but trade it too. eToro supports over 90 cryptocurrencies, including Bitcoin, Ethereum, and BNB. Meme coins like Dogecoin and Shiba Inu are also supported.

After buying crypto on eToro, the tokens are added to its in-built web wallet. This can be accessed by logging into the account. The wallet provides real-time data on crypto prices, enabling Indians to keep tables on their investments. The eToro wallet connects directly to its exchange. As such, Indians can buy and sell crypto at any given time.

Trading fees are very competitive, with eToro charging just 1% per slide. Moreover, the minimum trade requirement is just $10. Additionally, the eToro wallet also supports staking tools. This allows investors to passively generate income on their crypto tokens.

eToro also offers the best Bitcoin app. The app is regulated by the GFSC, while its primary exchange is licensed by FINRA, FCA, ASIC, and CyEC. The eToro wallet app offers additional functionality, such as being able to send and receive tokens. Moreover, eToro can help investors regain access to their wallet app if the security key is lost. Crucially, both the web and mobile wallets are very user-friendly.

This means that eToro is the best crypto wallet in India for beginners. In addition, eToro also offers passive investing tools. For example, smart portfolios are professionally managed baskets of cryptocurrencies. Each smart portfolio has its own strategy and provides instant diversification to the market. Copy trading is also popular on eToro. This allows users to ‘copy’ other eToro traders at no additional charge.

Cryptoassets are a highly volatile unregulated investment product.

2. MetaMask – Non-Custodial Crypto Wallet With Over 30 Million Users

With over 30 million users, MetaMask is also one of the best crypto wallets in India. MetaMask is compatible with various web browsers, including Firefox, Edge, and Chrome. It can also be downloaded as a mobile app for Android and iOS.

In particular, MetaMask is a great option for connecting to Web 3.0 applications. Whether it’s Uniswap, SushiSwap, or OpenSea – most dApps directly support MetaMask. Moreover, MetaMask is a non-custodial wallet. Unlike eToro, this means that Indians will control their private keys. But in the event the wallet is hacked, or the private keys are lost – MetaMask cannot recover the crypto funds.

Nevertheless, MetaMask is compatible with a wide range of cryptocurrencies. This includes all tokens on the Ethereum, Arbitrum, Optimism, Binance Smart Chain, Polygon, and Avalanche networks. However, when initially setting up the wallet, only the Ethereum network is supported. As such, other networks will need to be manually added.

MetaMask is free to download and use, and its interface is very user-friendly. That said, while MetaMask claims to support crypto purchases with credit cards, the service is provided by third parties. This includes MoonPay, Coinbase Pay, and Transak – all of which are known for their high transaction fees. For example, MoonPay charges 4.5% at a minimum fee of $3.99.

3. Coinbase Wallet – Web 3.0 Wallet Supporting Hundreds of Thousands of Crypto Tokens     

While the main Coinbase exchange is not available in India, its Web 3.0 wallet is. This is because the Coinbase Wallet is decentralized, meaning users do not need to provide any personal information to gain access. Instead, it’s just a case of downloading the app and creating a new wallet address.

Just like its primary exchange, the Coinbase Wallet is very user-friendly. It supports hundreds of thousands of crypto tokens, so is ideal for diversified portfolios. What’s more, the Coinbase Wallet also supports NFTs on the Ethereum and Polygon networks. We also like that the Coinbase Wallet connects to dApps.

This includes everything from PancakeSwap and Compound to Curve and ENS. In turn, traders in India can easily swap tokens, earn interest, and even borrow funds. The Coinbase Wallet also offers a proprietary NFT marketplace. In addition to its iOS and Android app, the Coinbase Wallet also comes as a browser extension for Chrome.

This makes it seamless to swap between device types. When it comes to security, the Coinbase Wallet is protected by biometrics and/or a password. Users are provided with their recovery phrases when setting up the wallet. This allows users to recover their Coinbase Wallet if the device is lost, or the password is forgotten.

4. OKX – Anonymous Decentralized Wallet With Aggregator Tools 

OKX is also one of the best crypto wallets in India for active traders. Not to be confused with the centralized exchange of the same name, the OKX wallet is completely decentralized and anonymous. It comes as a mobile app for iOS and Android and supports more than 50 blockchain networks.

This converts to thousands of cryptocurrencies, from Shiba Inu and Ethereum to Tether and Polygon. Moreover, OKX has an in-built aggregator tool. This connects to over 200 external dApps, providing traders with the most competitive exchange rates. For instance, suppose an investor has Dogecoin in their OKX wallet, but they want to swap the tokens for Arbitrum.

The OKX wallet will display each supported dApp by the exchange rate on offer. Through one click, the user can then swap their tokens. Additionally, the OKX aggregator tool also works for earning interest. It supports yield farming, staking, and savings accounts – ensuring users get the highest APYs.

Currently, OKX users can secure APYs of over 43% and 18% on ApeCoin and PancakeSwap. Stablecoins are also competitive, with Tether and USD Coin yielding over 5% and 13%. We also like that OKX supports a fully-fledged NFT marketplace. As a non-custodial app, OKX ensures that only the wallet owner has access to their private keys.

5. Exodus – User-Friendly Wallet for Diversified Portfolios

Exodus is the best crypto wallet in India for investors with diversified portfolios. This wallet supports a huge range of cryptocurrencies, including BNB, ZCash, Bitcoin, Ethereum, Tether, and Litecoin. Exodus offers some of the best portfolio tools in the wallet space, making it simple to track crypto investments.

For example, it clearly displays the real-time price of each cryptocurrency being stored alongside the overall portfolio value. Best of all, the portfolio value is displayed in fiat money. This enables investors to truly assess how their crypto tokens are performing. That said, Indian rupees are not currently supported – but US dollars and euros are.

Nevertheless, Exodus is available as a mobile app for iOS and Android, as well as a browser extension for Chrome and Brave. It also offers desktop software for Mac, Windows, and Linux. Exodus is completely free to use, and the wallet is non-custodial. The backup passphrase for the wallet is displayed when first setting it up.  In terms of key features, we like that Exodus supports crypto staking.

This tool is compatible with Ethereum, Cardano, VeChain, Solana, and other staking coins. The wallet also offers a calculator, enabling users to evaluate what staking rewards will be earned. While Exodus enables users to buy crypto with a credit card, payments are processed by MoonPay, Ramp, or Sardine. As noted earlier, these providers generally charge between 3-5%.

6. Ledger Nano – One of the Best Crypto Hardware Wallets for Long-Term Investors     

Priced between $79 and $279 depending on the chosen model, Ledger Nano is the best crypto wallet in India for safety. Once purchased and delivered, Ledger Nano requires users to set up a PIN. This PIN must be entered on the device for crypto tokens to leave the wallet.

If the user forgets their PIN, they can use their backup passphrase. Ledger Nano displays this when setting up the wallet. Furthermore, if the wallet is damaged or stolen, the funds can also be recovered with the backup passphrase. Another security feature is that Nano Ledger is a cold storage wallet.

In simple terms, this means that Ledger Nano is not connected to the internet. This alleviates the risk of the wallet being hacked remotely. Ledger Nano supports a huge range of cryptocurrencies, including all ERC20 and BEP20 tokens. For smaller-cap tokens, users will need to manually add the contract address.

7. Binance – Conveniently Combine Crypto Storage With Active Trading   

Looking for the best crypto wallet in India for traders? Overall, Binance is an option worth considering. After all, Binance is the world’s largest exchange for trading volume, and it supports over 350 cryptocurrencies. What’s more, Binance offers commissions of just 0.1% – and less when trading larger amounts.

Best of all, the Binance exchange connects directly to its custodial wallet. This makes it frictionless to use wallet balances to fund new traders. Although this is a custodial wallet, we found that Binance has implanted vast security controls. For example, it supports IP and device whitelisting. This means additional security checks are made when logging in from an unrecognized location or device.

Binance wallets are also protected by two-factor authentication. That said, while Binance notes that it uses a combination of hot and cold storage, it doesn’t provide a specific breakdown. Nonetheless, Binance also has an insurance fund in place that aims to compensate users if their wallets are compromised. Finally, the Binance wallet also supports interest accounts, staking, and other DeFi products.

8. Coinomi – Free Crypto Wallet Packed With Features  

Coinomi is a free crypto wallet that comes packed with features and tools. Available as an app and desktop software, Coinomi is a non-custodial wallet that stores private keys on the user’s device. It enables users to swap hundreds of tokens without leaving the wallet interface through dApp connections.

Coinomi also enables users to instantly convert crypto balances to gift cards. Another feature offered is cold staking. While this enables users to earn interest on their idle tokens, the crypto funds remain offline at all times. We also like that Coinomi enables users to set their own fees when transferring funds.

For instance, if the transaction is urgent, users can pay a higher fee to receive priority on the blockchain. Coinomi also supports crypto purchases with fiat money, but this is processed by Simplex. Finally, Coinomi notes that since its wallet was launched in 2014, it has never witnessed a hack.

9. Trust Wallet – Non-Custodial Wallet Supporting Over 70 Blockchains 

Trust Wallet is one of the most popular crypto wallets globally, with over 60 million users. It is free to download and available as an iOS and Android app. Trust Wallet can also be installed as an extension for Chrome browsers.

The wallet is very simple to use and is protected by the user’s PIN. Backup passphrases are displayed when setting the wallet up, which are simply a string of 12 words. Trust Wallet supports over 70 blockchains, converting to millions of crypto tokens and NFTs.

Trust Wallet also supports Web 3.0 applications, including PancakewSwap, OpenSea, and Uniswap. This enables users to trade and earn crypto tokens without leaving the wallet. Another feature of Trust Wallet is it has an in-built staking tool. This supports many staking coins, including BNB, Cosmos, TRON, Algorand, and Kava.

10. iToken – Access the Web 3.0 Economy via a User-Friendly App 

iToken is a decentralized crypto wallet backed by the Huobi exchange. It is supported by an iOS and Android app and is used by more than 10 million traders. iToken provides access to the Web 3.0 economy, including DeFi investments and NFTs ownership.

For instance, it comes with a native browser for dApp services, such as Uniswap and Compound. iToken also comes with a data aggregator tool, enabling users to find the best DeFi yields in the market. We also like that iToken supports over 1 million cryptocurrencies across the most popular blockchains.

iToken is a non-custodial wallet, so investors retain control of their crypto tokens. Moreover, iToken offers 24/7 customer support. However, iToken can not assist with compromised wallets. As always, this is the risk that investors take when opting for non-custodial storage.

What is a Cryptocurrency Wallet?

Crypto wallets store digital currencies safely. Just like a bank account, wallets ensure that crypto tokens remain in the owner’s possession – away from unauthorized access. Most wallets are software-based and are accessible via mobile apps and desktop devices. Additionally, wallets can also be accessed via browsers.

For increased security, wallets also come as hardware devices. In all instances, crypto wallets are protected by private keys. This is the password that provides access to the wallet.

As such, crypto investors are reminded that private keys should be stored somewhere safe. Most wallets generate private keys as backup passphrases. This is often a string of words that need to be entered in the correct order.

Additionally, crypto wallets come with a unique public address. Unlike private keys, this can be given to other people, as it enables the wallet to receive funds. When sending funds, users will need to enter the public address of the receiver.

Some of the crypto wallets discussed today also enable users to exchange tokens and even earn interest. With that said, users should remember to focus on what security controls the wallet offers. After all, the primary function of an India crypto wallet is to store tokens safely.

How do Bitcoin Wallets Work?

Although there are many different types of online Bitcoin wallets, the basics remain the same.

For instance, all wallets come with public addresses and private keys. This not only keeps the wallet safe but enables users to send and receive funds. Another characteristic of crypto wallets is that they connect to the blockchain. This reveals to the public what crypto tokens are stored in the wallet.

For example, the wallet address listed below belongs to the crypto exchange Bitfinex.

bc1qgdjqv0av3q56jvd82tkdjpy7gdp9ut8tlqmgrpmv24sq90ecnvqqjwvw97

This is a Bitcoin wallet that currently holds over 178,000 BTC tokens. This values the wallet at over $4.5 billion based on current prices.

As noted above, crypto transactions are sent on a wallet-to-wallet basis. So, if somebody was to send Bitcoin to Bitfinex, they would use the above wallet address. Transaction times vary depending on the blockchain. For example, Bitcoin usually takes 10 minutes. While Ethereum is much faster at approximately 15 seconds.

Another factor to consider is that transaction fees apply when sending funds to another wallet address. The fees are determined by the blockchain, based on market conditions.

Custodianship

It is important to understand how custodianship works when choosing the best Bitcoin wallet for Indians.

In simple terms, custodianship dictates who is responsible for safeguarding the wallet’s private keys.

• For example, custodial wallets are protected by third parties.
• This means that crypto investors do not need to spend time learning how to safeguard their wallets.
• That said, investors also need to research the legitimacy of the custodian.
• While eToro is a regulated custodian with over 30 million clients, we also came across providers that have shady credentials.

Non-custodial wallets, however, are the sole responsibility of the investor. While the investor will control their private keys, they will have nowhere to turn if the wallet is hacked. This is also the case if the investor misplaced their private keys.

Why You Need a Crypto Wallet

There are many reasons why Indian crypto investors need access to a wallet.

First and foremost, wallets enable investors to store their tokens, as well as send and receive funds. Moreover, the top crypto wallets in India provide access to exchange services.

This means traders can buy and sell crypto directly in their wallets. For example, the eToro wallet connects to its primary exchange, which supports over 90 cryptocurrencies.

That said, many wallet providers use third parties to process trades. This increases costs, so is something to bear in mind for those looking to actively trade.

The best crypto wallets in India also allow investors to earn interest. This comes in various forms, such as crypto savings accounts, yield farming and staking. Nonetheless, using these services is a great way to earn income on idle tokens.

Types of Crypto Wallets

Before choosing a crypto wallet, it is important to assess the different options in the market. After all, while some wallets are suited for experienced investors, others are aimed at beginners.

Software Wallets

Software wallets can be downloaded and installed on multiple device types – often for free.

Most beginners will opt for mobile wallets. These are often user-friendly and convenient for actively checking balances or sending funds. Mobile wallets also connect to smartphone cameras, so users can scan wallet addresses to avoid mistakes.

Another option is desktop wallets. These are downloaded on PCs and laptops and are often supported for Windows, Mac, and Linux. Desktop wallets usually allow users to install two-factor authentication.

This means that before outgoing transactions are authorized, confirmation must be made on a secondary device (e.g. a smartphone). That said, some wallet providers offer support for both desktops and mobile apps.

Another popular option is to use a web wallet offered by a regulated custodian. This will appeal to beginners that simply want long-term exposure to the crypto market.

For example, crypto investments on eToro are instantly added to the user’s web wallet. Not only is this convenient, but also secure. This is because eToro is licensed by multiple tier-one bodies, and it implements institutional-grade security.

Hardware Wallets

Crypto hardware wallets are another option to consider. This stores the crypto tokens in a physical device. The hardware device cannot be hacked remotely, as it remains offline at all times.

Furthermore, hardware wallets require users to enter a PIN on the device to authorize outgoing transactions.

Ledger Nano is one of the best crypto hardware wallets, but do remember that prices range from $79 to $279 – depending on the model.

Paper Wallets

Paper wallets also keep private keys offline at all times. The user will print the private keys onto a sheet of paper, and keep it somewhere safe.

While this restricts outgoing transactions, paper wallets are suitable for storing large amounts of crypto. Paper wallets are free too, so offer a great alternative to Ledger Nano.

When the time comes to transfer tokens from a paper wallet, this can be done remotely. The user will import the private keys into a software wallet and complete the transfer.

But do remember, if the paper wallet is lost or damaged, regaining access to the crypto tokens is impossible.

How to Pick the Best Crypto Wallet for You

Here are some tips on how to choose the best crypto wallet in India:

• Custodianship: First, decide between a non-custodial or custodial wallet. To recap, this determines who controls the private keys and is responsible for keeping the crypto tokens secure.
• Wallet Type: Next, decide on the type of crypto wallet to obtain. For example, an app, desktop software, or browser-based wallet. Paper and hardware wallets are also an option.
• Security: Then, explore what security features the wallet offers. The best crypto wallets in India come with two-factor authentication, ensuring transactions are only authorized on two separate devices.
• Supported Coins: Also, be sure to check what cryptocurrencies are supported by the wallet. After all, while MetaMask is a hugely popular wallet, it does not support Bitcoin. eToro, on the other hand, supports Bitcoin and 90 other leading crypto tokens.
• Additional Features: Investors should also assess whether they need access to additional wallet features. This might include staking for earning interest or the ability to swap tokens without leaving the wallet.

How to Get Use a Cryptocurrency Wallet in India

First-time investors might need some guidance on getting started with a crypto wallet.

In this section, we explain how to set up the eToro wallet app, which is free, secure, and user-friendly.

Step 1: Open an eToro Account

The first step is to visit the eToro website to open a Bitcoin account.

The reason for this is that eToro is a regulated provider. As such, it must comply with anti-money laundering and KYC regulations.  

Nevertheless, the eToro registration process is fast and simple. Click on ‘Sign Up’ and choose a username and password. Next, enter some basic personal information – such as a name and home address.

Then, upload proof of address and government-issued ID. eToro will verify the documents instantly. This means all account features are unlocked.

Step 2: Download eToro Wallet App

eToro will then display the links for its mobile wallet app. Choose between iOS and Android to complete the download.

Once downloaded, log into the wallet.

Step 3: Transfer or Buy Crypto

The eToro wallet is now set up. To receive crypto from another wallet, copy the public address displayed by eToro. This is unique to the wallet.

Don’t have any crypto tokens to hand? The eToro wallet also supports exchange services.

The minimum deposit is just $10, and eToro supports e-wallets and debit/credit cards. Over 90 cryptocurrencies are supported, including Bitcoin, Litecoin, and Shiba Inu.

Once crypto has been purchased, the tokens will be added to the eToro wallet app.

Cryptoassets are a highly volatile unregulated investment product.

Are Bitcoin Wallets Safe? How to Stay Secure with Crypto Wallets

When the correct procedures are followed, crypto wallets are usually safe. However, safety protocols will depend on the custodianship of the wallet.

For example, non-custodial wallets like Trust Wallet, MetaMask, and Coinomi are the sole responsibility of the user. This means that the user must keep their private keys safe.

If the private keys end up in the wrong hands because of a hack, the crypto tokens will likely be stolen. And when this happens, the tokens cannot be recovered.

As such, those opting for a non-custodial wallet should be well-versed in security practices.

• For example, mobile wallets should be protected by a PIN at the very least.
• For additional security, the smartphone itself should also be protected by a PIN or fingerprint ID.
• Similarly, desktop wallets should be protected by two-factor authentication.
• When opting for a hardware wallet, make sure the chosen PIN is not likely to be guessed by another person.

These wallet security procedures are likely to be intimidating for the casual investor. This is why custodian wallets are a great alternative.

But once again, ensure the custodian is a regulated provider with a solid track record. For example, eToro was launched in 2007 and is regulated in four jurisdictions – the US, Australia, the UK, and Cyprus.

No prior experience in wallet security is needed when using eToro. Plus, eToro enables beginners to buy and sell crypto from within the wallet interface.

Conclusion

In summary, wallets ensure that crypto investments are kept safe and secure. As such, investors should choose a suitable wallet wisely. The best crypto wallet in India for beginners is eToro.

This is a custodial wallet backed by a regulated exchange – so crypto investments are secured. eToro also enables wallet users to buy and sell over 90 crypto tokens – not to mention invest in professionally managed portfolios.

The eToro wallet is free and available as a mobile app and web interface. It takes just five minutes to get set up – including the verification process.

References

• https://www.itoken.com/
• https://www.fsc.gi/
• https://brokercheck.finra.org/firm/summary/298361
• https://metamask.io/
• https://support.moonpay.com/hc/en-gb/articles/360011930117-What-fees-do-you-charge-
• https://www.ibm.com/blog/exploring-blockchain-as-the-foundation-for-next-gen-apps-on-web-3-0/
• https://www.okx.com/web3/dex
• https://shop.ledger.com/pages/hardware-wallets-comparison
• https://www.binance.com/en/blog/all/how-and-why-assets-move-between-binance-wallets-4835275628753556476
• https://coinmarketcap.com/rankings/exchanges/
• https://www.nytimes.com/2022/10/07/business/binance-hack.html
• https://www.coinomi.com/en/#features
• https://www.itoken.com/en
• https://coinmarketcap.com/currencies/bitcoin/
• https://bitinfocharts.com/bitcoin/address/bc1qgdjqv0av3q56jvd82tkdjpy7gdp9ut8tlqmgrpmv24sq90ecnvqqjwvw97
• https://www.finra.org/rules-guidance/key-topics/aml

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Kane Pepi

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Kane Pepi

Kane Pepi is an accomplished financial and cryptocurrency writer who has an extensive portfolio of over 2,000 articles, guides, and market insights. With his expertise in specialized subjects such as asset valuation and analysis, portfolio management, and financial crime prevention, Kane has built a reputation for providing clear explanations of complex financial topics. He holds a Bachelor's Degree in Finance and a Master's Degree in Financial Crime, and is currently pursuing his Doctorate degree, which focuses on investigating the complexities of money laundering in the cryptocurrency and blockchain technology sectors. Kane's wealth of knowledge and experience in the field make…

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