If there’s one thing that every crypto investor needs to have, it’s a crypto wallet. There are all kinds of different crypto wallets you can use, all of which have their own unique features and benefits. It can be quite confusing trying to figure out exactly which wallet is the best for you, and that’s why in this article, I’ll be going through all of the top crypto wallets in the market right now and helping you decide for yourself. So without any further ado, let’s begin!
What makes a good crypto wallet?
A crypto wallet can be either a physical wallet that you hold in your hand or a digital wallet that you can access through your smartphone or computer. Crypto wallets allow you to deposit or transfer any kind of cryptocurrency out there, and each wallet is secured by a unique “wallet key”. A good crypto wallet should be easily accessible to you and no one else. It should be secure, reliable, and easy to use. At the same time, it shouldn’t be too expensive to use or buy.
With all of that in mind, let’s take a look at a few of the top options out there:
1. Coinbase
Coinbase is by far the most popular crypto wallet in the world right now. This is particularly due to the fact that it’s super easy to use. The great thing about Coinbase is that you can download its app on any smartphone in the world and start using it right now. The user interface of the Coinbase app is super easy to understand and user-friendly. Whether you’re a teen or an 8-year-old, you’ll have no problem navigating through Coinbase and all of its features. The Coinbase wallet supports over 500 unique cryptocurrencies, including practically all of the “big names” like Bitcoin, Ethereum, or Cardano.
Coinbase also offers its own Visa card that can also integrate with Apple Pay or Google Pay. The Visa card makes converting from crypto to cash pretty seamlessly, and even though there might be added charges, the whole process is worth the charge. Coinbase is probably the best crypto wallet for beginners, and it has a lot of assets to back itself in case anything ever goes wrong. That’s something a lot of crypto wallets don’t have, so it’s important to keep that in mind.
2. Mycelium
Mycelium is one of the most reliable Bitcoin wallets in the market, and it now supports a range of other cryptocurrencies as well. It has been around for a long time, being launched all the way back in 2008. Needless to say, it was an early bird and has had more time to “evolve” as a wallet than any of its competitors. Mycelium is mobile-based and it offers all kinds of different “accounts”, including Bit ID accounts, Watch Only Accounts, Single Address Accounts, Hierarchical Deterministic Accounts, and Hardware Accounts. The tech behind the wallet is open-source and audited by some of the world’s top crypto auditing firms.
The Mycelium wallet supports cloud storage and cold storage, so you can easily use it with a hardware wallet as well. But if you prefer simply using your smartphone, all you have to do is download the Mycelium app and you’ll be good to go. Charges range from $0.25 to $8 per transaction, which can get a bit expensive, but overall, you shouldn’t have to worry about it too much. It has a great customer support and it’s usable in almost every country in the world. There’s also a rather high focus on security, and it’s generally considered one of the most secure wallets you can use.
3. Trezor
Trezor was the company that released the first-ever hardware crypto wallet. If you don’t know what that is, it’s basically a little device that actually contains all of your cryptocurrency, and it can even have a physical wallet key. The Trezor wallet can also work offline, so you don’t have to worry about having an internet connection wherever you go to use it. It sort of blends in cryptocurrency with the traditional way we’ve always used cash and credit cards. The only downside to Trezor is that it’s a device that you have to buy, and that can get a bit pricey. However, it’s important to note that hardware wallets are practically unhackable. As long as you have your wallet with you at all times, you don’t have to worry about it being hacked since it doesn’t have to be connected to a network or anything like that.
As far as hardware wallets go, though, it’s hard to find a better option than the Trezor wallet. There are some cheaper alternatives, but none of those come even close to the quality and intuitiveness of the Trezor wallet. It supports over 1500 different cryptocurrencies, including all of the big ones.
4. eToro
eToro aims to be an all-in-one solution for all of your crypto wallet needs, and it does a pretty good job at it. It supports thousands of different cryptocurrencies, and you can even trade between your own crypto assets as it supports over 500 unique “pairs”. eToro is regulated by the SEC, FCA, ASIC, and CySEC, which might turn away a few people, but at the same time, it makes sure that you don’t become a victim of a scam or fraud. If you want to keep all of your crypto assets in a safe and highly regulated place, then there really is a no better option than eToro. Customer support here is among the best in its class, with 24/7 support and numerous options including calls, emails, and texts.
eToro also has its own companion app that you can use to recover your lost keys, and just use the wallet on your phone if you like. It also has a few extra features that other wallets rarely have, such as trading services. Overall, this can be a great wallet for anyone looking for something different from the most basic wallets while still keeping things simple and straightforward.
5. Binance
Binance is a name that really needs no introduction at all. It’s one of the largest crypto exchanges on the planet, supporting literally every single cryptocurrency you can think of on a very secure platform. But aside from that, it’s also a great crypto wallet that can be a great alternative to the likes of Coinbase for its simplicity. Binance has one of the lowest commission rates in the world at just 0.10%. It has a great, easy-to-use, and well-designed app that you can download from the App Store or the Google Play store.
Much like eToro, Binance is also highly regulated by various different organizations across the world, and it has a much larger global reach when compared to practically any other wallet out there. It’s a great option for beginners and experts, and Binance is one of the most feature-packed wallets on this list. Additionally, Binance has a ton of different security features, but many people are still concerned about its lack of decentralization.
6. Kraken
Kraken is one of the simplest crypto wallets in the world. This is one platform that abandons all of the gimmicks and extra “features” that you’ll never use in the first place and focuses solely on creating a simple crypto experience. Much like Binance, Kraken is primarily a crypto exchange that happens to have a wallet, but the wallet itself is just as capable as any other crypto wallet.
On top of that, if you already use Kraken’s exchange service, which supports almost every major crypto, you could easily just transfer the crypto to your wallet from the exchange itself. Everything is simplified to the point where even someone with zero prior information about crypto would be able to use it. Kraken is primarily used on desktops, but it also has its own mobile app on both iOS and Android.
7. Ledger Nano X
Ledger Nano X is another hardware wallet that aims to give the Trezor a good run for its money. This cold storage wallet allows you to not only store your crypto but also trade it and stake it! It currently supports over 500 different cryptos, but that number is only set to rapidly grow as this is one of the best-selling hardware wallets out there at the moment. Unlike the Trezor Wallet, which doesn’t have its own app, the Ledger Nano X actually does have its own app called “Ledger Live”. There, you can have a lot of extra features, including more security features.
8. Robinhood
All of the wallets I’ve mentioned on our list so far focus solely on cryptocurrency, but if you wanted to diversify your portfolio a little bit, you could try to go for something that allows you to store and trade more than just cryptocurrency. Robinhood is one of the most popular trading apps in the world, allowing you to trade stocks, securities, index funds, and of course, cryptocurrency. Some of the world’s top cryptocurrencies are listed on the Robinhood app - which you can download on iOS or Android. Robinhood has a very friendly user interface and is generally a lot easier to use than most dedicated crypto wallets or exchanges. More importantly, you can keep track of all of your investments - crypto or otherwise - using this app.
What makes a good crypto wallet in your opinion? Let me know in the comments below! Subscribe to my YouTube channel for more information like this: