Best Cryptocurrency Wallets in 2022

Stephen Ngari

Last updated 22nd Sep 2022

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Cryptocurrencies like Bitcoin cannot be stored like regular cash. These crypto assets require special tools for storage called cryptocurrency wallets.

A cryptocurrency wallet is a software or hardware that helps you interact with a blockchain. Apart from storing digital assets, crypto wallets help you trade, monitor, and manage your cryptocurrencies.

The perception about cryptocurrencies has shifted dramatically in the US since the advent of Bitcoin in 2009. Many people now consider cryptocurrency a worthwhile asset class, with about 16% of the population investing in these crypto assets.

Due to their value, crypto assets are always a target of malicious hackers. It’s not uncommon to hear beginners and experienced users lament about stolen cryptocurrencies due to a lack of knowledge or apathy in securing them. But it is very important to know how to store the crypto assets, for example, if you buy Bitcoin, you should choose the right Bitcoin wallet to store Bitcoin. In case you would like to learn how to do it, we created a complete guide on the best Bitcoin wallets in 2022.

US cryptocurrency investors can use different kinds of wallets to provide an extra layer of protection for their crypto assets. Settling on an excellent cryptocurrency wallet is always a daunting task for beginners and even experienced investors.

This article comprehensively covers the best crypto wallets in the US to store crypto assets. We also look at different crypto wallets, the benefits of the best crypto wallets, and what to consider before choosing a crypto wallet. After going through our lists, you’ll be able to select the ideal wallet for your crypto investment.

What Types of Cryptocurrency Wallets Are There?

A crypto wallet provides a means to access your cryptocurrency. They generate a unique pair of keys called public and private keys.

The public key is a string of alphanumeric characters which you use to receive crypto assets to the wallet.

On the other hand, a private key (another long and complex string) digitally signs and verifies transactions. The key is used when sending transactions from your wallet. Losing your key means permanent access restriction to your wallet.

You can compare a private key to the PIN of your online bank account. Never share it with anyone because it may compromise your wallet.

The primary function of a crypto wallet is to store, send and receive cryptocurrencies. However, there’s a raging evolution of these wallets, with a majority adding layers of sophistication and features. Some wallets now allow users to buy, sell, collect NFTs, and stake crypto assets.

There are two main categories of crypto wallets. They differ in their modus operandi and features. We look at these cryptocurrency wallets in the next section.

Hot Wallets - Best Crypto Wallets For Beginners

A hot wallet (or hot storage wallet) is a digital cryptocurrency storage tool that needs an internet connection for operation. This type of wallet provides convenience and quick access to your assets. A hot wallet can also hold different digital assets and are best suited for frequent traders.

A hot storage wallet can be split into five main categories:

Desktop & Laptop Wallets:

• These hot wallets can be downloaded and installed on your personal computer(PC), e.g., Guarda wallet. The private keys are stored and encrypted locally. Desktop PCs are susceptible to online attacks and malware that may infect your PC.

Web Wallets:

• You can access these hot wallets via a web browser like Chrome and Firefox. They typically come as browser extensions, making it easy to connect to different blockchains. They are convenient and easy to set up. However, third parties store your keys, and they are more vulnerable to cybercriminals, e.g., metamask

Mobile Apps:

• Mobile wallets are mobile apps you can install on your smartphone or tablet to be able to use a hot wallet. You can monitor, send and receive your crypto assets on the go with these crypto wallets. Similar to mobile and desktop wallets, they are susceptible to attacks, e.g., Trust Wallet

Apps:

• These cryptocurrency wallets are hot wallet apps that can operate on multiple platforms, e.g., Exodus wallet.

Wallets Provided by Exchanges/Brokerage Platforms:

• Brokers and exchanges have an inbuilt hot wallet. The crypto providers manage the keys for the investor. e.g., eToro wallet, Coinbase wallet

Web and exchange/brokerage wallets are inherently custodial wallets. This means that third parties manage your wallet’s private and public keys. This is a great way to manage your hot wallet, especially for non-technical users.

The secret to using custodial wallets is to find reputable and highly secure wallets. Unsecure wallets may lead to compromising your funds. Crypto providers may also go under or get hacked, resulting in losses for the investors.

On the other hand, users have to handle their key sets when using non-custodial wallets. Seasoned investors usually use the phrase ‘not your keys, not to crypto’ to denote the danger of letting third parties manage your keys.

Non-custodial cryptocurrency wallets are best for long-term investors and those who understand the technical side of managing wallets.

Cold Wallets - Best Crypto Wallets For More Experienced Users

A cold wallet (or cold storage wallet) stores the keys offline, away from the internet. Cold storage provides better security than hot wallets. Here are the two main categories of cold wallets.

Paper Wallets:

• These cold wallets are sheets of paper containing unique key addresses. Some also have QR codes which make it easy to send, receive and use cryptocurrencies. They are immune to cybercriminals but present potential risks

Hardware Wallets:

• These are physical cold wallet devices that generate and manage key addresses without the internet. Operating offline makes these wallets more secure. Hardware wallets are flexible and convenient for cold storage, although on a lower level compared to hot wallets.

Investors with larger amounts of crypto assets and long-term holders prefer cold wallets. They provide maximum security compared to hot wallets.

Overall, the most important thing for any investor is to keep their private keys safe, whether using a hot or cold wallet. It’s also imperative to keep off websites that ask for your private keys due to phishing attacks.

Now that we have an overview of how wallets work, let’s look at the best crypto wallet choices in the US.

Top Hot & Cold Cryptocurrency Wallets

The sheer number of cryptocurrency wallets in the market makes it challenging for investors to select the best choice.

Wallets offer different features and prices. Your pick will definitely depend on your needs. Simply, some investors prefer cold wallets over hot wallets. Our analysis considers a myriad of factors ranging from ease of use, security, and cost. Here are some of the best wallets in the US.

Best Crypto Wallets Overall

There are currently over 23.3 million cryptocurrency owners in the US with many more expected to invest - meaning a huge need for secure crypto-wallets. A majority pick wallets based on opinions and referrals from friends. This is not always the best method for choosing cryptoasset storage. In some cases it may be a friend is using a hot wallet, but the buyer is better suited to a cold storage wallet.

We’ve compiled a list of the best wallets in the US based on different criteria. We also consider technical and non-technical investors. Our ranking features both hot and cold wallets based on ease of use.

Here’s a more in-depth look at each of these wallets.

eToro Crypto Wallet

Best for: Beginners

eToro is a leading multi-asset platform regulated in the US. It’s popular for its social trading feature and support for a healthy number of cryptocurrencies and altcoins. Here are some pros and cons of the eToro hot wallet.

Metamask Crypto Wallet

Best for: Convenience

Users install the Metamask app as a browser extension or as a mobile app. The hot wallet is trusted by over 30 million people globally, providing an easy connection to blockchains like Ethereum and Binance smart chain.

It also serves as a gateway to other blockchain applications.

Ledger Nano X Crypto Wallet

Best for: Portable Offline Storage

Ledger Nano X is a popular hardware wallet capable of storing multiple crypto assets. The USB-like hardware wallet stores the keys offline to prevent evolving online threats.

Apart from the Ledger Nano X, users looking for a cheaper option can use the lesser expensive Ledger Nano S, which retails at about $59.

Like many hardware wallets, the Ledger Nano X can connect to other third-party apps and exchanges. Here are its pros and cons.

Trezor Model T Crypto Wallet

Best for: Securing Long-term Holding

Trezor model T is another trusted, cold storage hardware wallet. It provides a more complete solution securing assets offline with various technologies like network isolated authentications.

Here are some pros and cons of the Trezor Model T wallet.

Ellipal Titan Crypto Wallet

Best for: Advanced Users

Ellipal is a hardware wallet that resembles a small rugged smartphone. It operates completely offline, eliminating the possibility of remote attacks.

The wallet uses airgap technology and can store more than 10,000 crypto assets and tokens, making it one of the more competitive hardware crypto wallets for storage space. It’s tamper-proof and wipes away data when it detects a breach.

Here are some advantages and drawbacks of the Ellipal Titan.

If you’re looking for a more extensive list of crypto wallet options then have a look at the section below for rankings by each type.

Best Cryptocurrency Wallets By Type

Picking the correct type of wallet requires making conscious and educated decisions. Generally, frequent cryptocurrency traders use hot/software which is flexible and convenient.

Conversely, institutional traders and long-term holders (HOLDers) prefer hardware wallets due to their robust security.

Best Software Cryptocurrency Wallets

Here are the top software wallets in the US in order of user experience.

Best Hardware Cryptocurrency Wallets

Hardware wallets are a type of wallet that provides the ultimate security solution for cryptocurrency. Here are some of the best hardware wallets in the US. Our lists order hardware wallets by price.

Best Mobile Application Cryptocurrency Wallets

There are multi-platform wallets that support phones and still sync data to the desktop wallet. Many US investors prefer this type of wallet for their ease of use in monitoring and trading cryptocurrencies on the go.

Here are the best mobile wallet choices in the US in order of ease of use.

Top Free Cryptocurrency Wallets

Hardware wallets come at a cost. Most free cryptocurrency wallets fall under the category of hot wallets.

Our list covers some of the best free cryptocurrency wallets.

What to Consider When Choosing A Crypto Wallet?

Cryptocurrency trading mostly happens online. The digital tools you use can determine your success or failure. Apart from selecting a good exchange/brokerage, it's paramount that you find an excellent, secure wallet.

Every crypto wallet has its pros and cons, and there’s no fit for all crypto wallets. Personal needs mapping for your investment and the type of wallet you need is paramount before deciding on a wallet. Some factors to consider include security, accessibility, price-to-quality ratio, and ease of setup.

Below, we also highlight other vital factors that tend to influence the new generation of cryptocurrency traders and potential crypto wallet choices.

Do Crypto Wallets Support NFTs?

A Non-fungible token (NFT) is a digital representation of unique data on a blockchain. Examples of NFTs include in-game collectibles, arts, videos, and music. The Ethereum, Cardano, and Solana blockchains are popular for supporting NFTs.

Some crypto wallets, such as Ledger, Exodus, and Trezor, support NFTs. A majority support NFTs based on the Ethereum chain standards. Always ascertain whether a wallet supports your NFT standard.

Native crypto wallets such as Yoroi and Phantom support NFTs for specific blockchains only.

NFTs investors also can use wallets that link to NFTs marketplaces such as Opensea. Metamask and Coinbase wallet integrate with Opensea to facilitate easy buying and selling of NFTs.

Is Staking Possible With A Crypto Wallet?

Staking is a rewarding mechanism used by proof of staking(PoS) blockchains. Users who stake get rewards through “locking up” their coins and earning interest passively. It’s a similar mechanism to a savings account in a bank.

There are crypto wallets that support staking. Native blockchain wallets are the best for staking with a high annual percentage yield(APR). Wallets like Ledger, Exodus, and Trust wallet support staking for multiple coins.

Can I Use The Same Crypto Wallet For Multiple Exchanges?

It’s possible to use a single wallet to connect to multiple exchanges. You can send and receive funds as long as a crypto asset is supported by the wallet and exchange.

Some coins also have different parameters, conditions, and formats for addresses. Always confirm the blockchain network and network you are using before sending.

Below are examples of XRP, Ethereum, and Bitcoin wallet addresses to reiterate the importance of staying alert when carrying out transactions on your wallet and exchange.

XRP Address:

Ethereum address:

Bitcoin:

Can I Trade On Decentralized Exchanges Using A Cryptocurrency Wallet?

Decentralized exchanges (DEXs) are digital platforms that use automated mechanisms to facilitate buying and selling of cryptocurrencies between users. They operate without central intermediaries.

There are wallet applications you can use to connect to DEXs. These include browser extensions and apps. You can navigate to the DEX from your wallet to buy and sell crypto assets.

Cryptocurrency wallets such as the Coinbase and Metamask wallets can connect to DEXs such as UniSwap and 1inch exchange.

Can I Buy Cryptocurrency Using A Crypto Wallet?

Wallets like Trust, Ledger, and Exodus make buying and selling cryptocurrencies possible. Some wallets integrate with exchanges providing a means to trade crypto assets. For instance, Exodus wallet partners with FTX exchange to provide this feature.

Others like Trust wallet have an inbuilt buy feature making it easy to buy crypto assets like Bitcoin and Ethereum using credit/debit cards. The process is easy, albeit expensive.

US cryptocurrency investors can buy cryptocurrency directly from a wallet like Trust wallet. Here is a step-by-step process on how to buy Bitcoin using this wallet.

• Step 1: Download and install the IOS or Android Trust wallet

• Step 2: Select the create wallet option

• Step 3: From the dashboard, select Bitcoin(BTC)

• Step 4: Enter the amount to spend and select your payment method

• Step 5: You’ll be redirected to a page to complete the payment

• Step 6: BTC is deposited into your wallet

How Do You Cash Out And Spend Cryptocurrency From A Wallet?

An exchange that supports crypto to fiat is excellent for cashing out your cryptocurrency holdings. Assuming you have some Ethereum coins in your Trust wallet, you can use an exchange like Binance to convert your tokens to cash. Here is a step-by-step guideline on accomplishing this:

Some wallets provide ways to spend your crypto assets directly from the wallet. Merchants and companies like Travala.com, Starbucks, and AT&T accept cryptocurrency payments. These organizations readily accept Bitcoin.

Wallets such as Coinbase support cryptocurrency spending by using a QR code. By scanning your QR code or entering your Bitcoin address, you can pay for coffee, travel, or pay for a movie ticket.

Top Tips For Cryptocurrency Wallet Users

• Actively research the best type of wallet for your needs

• Always double and triple-check your wallet address before making a transaction. An incorrect address may lead to a loss of funds forever.

• For web wallet users, bookmark the official site for the wallet to avoid phishing attacks.

• Buy a protective casing for your hardware wallet to avoid physical damage.

• Never login to your wallet using public internet.

• Create multiple copies of your seed phrase and keep them separately

• Never enter your seed phrase on a website as it could be a scam/phishing site

• Customer Service staff will NEVER ask for your seed phrases. Anyone asking for your seed phrase is possibly scamming you.

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