Best Cryptocurrency Wallets in 2023

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

Wallets are essential for sending and receiving crypto, as well as keeping it secure, but with so many different wallets available, it can be hard to know which to choose.

This guide will review some of the best crypto wallets available, discussing everything you need to know about their cost, features, and user-friendliness. We’ll also delve into the different types of wallets available, how they work, and how to use them.

Top Cryptocurrency Wallets

	Partner Name Label	Label	CTA	Disclaimer
	1. Coinbase	4.2	Visit Websitecoinbase.com
	2. eToro	4.8	Visit Websiteetoro.com					This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC) which is highly volatile, unregulated in most EU countries, does not fall under EU protections & is not supervised by the EU regulatory framework. Investments are subject to market risks, including the loss of principal.
	3. Ledger	2.4	Visit Website
	4. Metamask	2.3	Visit Website

Best Cryptocurrency Wallets Compared

1. Coinbase Wallet - Best Wallet Overall

Coinbase Wallet is a self-custody cryptocurrency wallet that enables users to interact with various blockchains and decentralized platforms. Users have complete control of their crypto, and the wallet can be linked to your Coinbase account, making it easy to access and trade your coins.

The user experience is smooth and the app has an attractive interface. It's incredibly easy to turn cash into NFTs with Coinbase Wallet - the app supports crypto purchases with a card, as well as NFT purchases. Users also have access to DEXs, liquidity pools, and DAOs.

2. 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. While customers can use the exchange wallet for simplicity and easy access to trade their coins, they also have the option to transfer their assets to eToro Money, a more secure private wallet.

A benefit of eToro Money is that it comes with an unlosable private key, so users will always be able to recover access to their wallet. Here are some pros and cons of the eToro hot wallet.

eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. Virtual currencies are highly volatile. Your capital is at risk.

3. Ledger Nano X Crypto Wallet - Best 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 protect against evolving online threats.

Apart from the Ledger Nano X, users looking for a cheaper option can use the less 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.

4. 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.

It may be pricey, but it comes with a touchscreen display and a suite of apps to manage your wallet from your desktop, phone, or browser. What's more, you can trade your coins and pay for goods and services directly in the app.

5. MetaMask Crypto Wallet - Most Convenient

Users can 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 is appreciated by users due to its abilities to store NFTs and act as a gateway to other blockchain applications. Anyone can access DeFi platforms and gaming dApps if they have a MetaMask wallet.

What Is a Cryptocurrency Wallet and How Does It Work?

A cryptocurrency wallet is 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.

Wallets typically have a public and private key. A public key acts like your bank account number. It’s a long sequence of characters used to send crypto to your wallet. You can share this with anyone who wishes to send you crypto. Private keys act like the PIN to your bank account. Of course, you’d never share this with anyone. The private key gives you complete custody over your wallet.

Wallets come in different types, and we’ll discuss this in greater detail later. Here are some of the main uses cases of a crypto wallet:

• Secure Storage of Your Crypto: This is the primary function of any crypto wallet. It will keep your keys secure and accessible for you.

• Send and Receive Crypto: With your private and public keys, it's actually quite easy to send and receive crypto. You can send and receive from crypto exchanges or other wallets.

• Swapping: Some wallets will allow you to exchange one crypto for another. For instance, swap Tether (USDT) for Bitcoin (BTC).

• Staking: Some wallets will allow you to stake your crypto and earn interest passively. However, this isn't a feature of all wallets.

• Manage Your Portfolio: Wallets may provide you with tools showing value, trends, and market prices.

Some wallets are non-custodial, which means that you will be in charge of storing and protecting your own private keys and seed phrase. This makes you the only person who has access to your wallet.

Other wallets are custodial, meaning that a company such as a crypto exchange will take care of your private keys on your behalf and you will simply need your password to access your wallet account. When choosing a custodial wallet, it is vital to select a reputable and secure platform as you will be trusting it with your crypto.

What Types of Cryptocurrency Wallets Are There?

Crypto wallets come in a variety of types, and each one differs in terms of security, features, user-friendliness, and price. We’ve discussed each type in more detail below.

Hot Wallets - Best Crypto Wallets For Beginners

A hot 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.

Hot wallets are best suited to frequent traders or those with small amounts of crypto who want a free and user-friendly storage solution. However, being connected to the internet can leave hot wallets vulnerable to hacking, which is why they are less secure than cold wallets.

Hot storage wallets can be split into the following main categories:

Desktop & Laptop Wallets:

These hot wallets can be downloaded and installed on your personal computer. The private keys are stored and encrypted on your hard drive. Desktop wallets could potentially be susceptible to online attacks and malware that may infect your PC.

Best Desktop Cryptocurrency Wallets

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

Web Wallets:

You can access these hot wallets via a web browser like Chrome or 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 may store your keys, and they can be more vulnerable to cybercriminals.

Best Web Cryptocurrency Wallets

Here are some of the most popular crypto wallets available as browser extensions.

Mobile Wallets:

Mobile wallets are 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 desktop wallets, they can be susceptible to attacks.

Best Mobile Cryptocurrency Wallets

Here are some of the best crypto wallets that are available as mobile apps.

Wallets Provided by Exchanges/Brokerage Platforms:

Brokers and exchanges tend to provide users with free wallets to store their crypto. These are the most convenient place to store crypto that you want to trade, and the simplest to use as they don’t require you to set up a private wallet or store your private keys.

The downside is that large exchange wallets can be a target for hackers, so you should choose a reputable platform with strong security. The best platforms keep the majority of users’ crypto in cold storage and offer additional security features such as 2FA, encryption, and crypto insurance.

Best Exchange Cryptocurrency Wallets

Here are some of the most secure platforms that provide crypto storage.

eToro Disclaimer : This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.

Cold Wallets - Best Crypto Wallets For More Experienced Users

A cold wallet (or cold storage wallet) stores your keys offline on something physical. As they are not connected to the internet, cold wallets are the most secure place you can store your crypto. However, they tend to be less convenient for accessing and trading your coins.

Cold wallets are best suited for investors who are holding a significant amount of crypto for the long term.

Here are the two main categories of cold wallets.

Hardware Wallets:

These are physical devices, often in the form of USB sticks, that generate and manage key addresses without the internet. Hardware wallets represent the most secure place to keep your crypto, but you will need to pay for this level of security.

Best Hardware Cryptocurrency Wallets

Here are some of the best hardware wallets in order of affordability.

Paper Wallets:

These cold wallets are sheets of paper containing unique key addresses. You can write down or print your keys in the form of character strings or QR codes. Although paper wallets are immune to hacking, they have mostly fallen out of favor since the development of hardware wallets.

This is because they are vulnerable to other risks. For example, you need to be careful how you create your private keys, as online generators could still leave your wallet open to attacks. Paper wallets are also easily lost or damaged.

What to Consider When Choosing A Crypto Wallet?

Before choosing your wallet, here are a few things you should keep in mind when picking the best crypto wallet:

• Security: Look out for two-factor authentication (2FA) for any prospective wallet. This feature allows you to authorize every login and withdrawal. Other wallets go beyond and provide biometric access to wallets, allowing users to use their fingerprints to log in. Others provide self-destruct PINs, air gap storage, and much more.

• Wallet Reputation: Research if the company has had any previous security incidents. Good wallets will have their code as open-source so that everyone can scrutinize it. Look at how long the company has been in operation, its accolades, and its accreditation. Please be careful because some companies are set up as exit scams. Check for reviews on trusted and verifiable third-party sites.

• Ease of Use: There are simple and intuitive wallets, making the user experience enjoyable. Yet, there are also barebone wallets, too complicated for beginners. For beginners, we recommend starting with wallets that are simple to use. According to your preferences, check for compatibility with Bluetooth, IOS, Android, Windows, or Mac.

• Customer Support: This is especially important for hardware wallets. If the customer service team is responsive and helpful, your crypto journey will be much easier. We recommend seeking help from official sources only.

• Supported Cryptocurrencies: Select a wallet that is compatible with many cryptocurrencies. This will ensure that you can continue managing your portfolio centrally as you add to it. Which coins you can store in a wallet will depend on which blockchains it supports.

• Backup Options: Your wallet needs to have a mechanism for recovery. This is important in case your device fails. Some wallets offer dry runs for restorations for testing out the recovery process. Please ensure that it works before using the wallet.

• Mobile Version: Many desktop apps will come with their own mobile version. However, the mobile versions will have limited features compared to desktop apps. If you move a lot, then this is something you'll have to consider.

Below, we also highlight other 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, Trezor, and Coinbase Wallet, support NFTs. They mostly 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.

NFT investors can also use wallets that link to NFT 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 rewards mechanism used by proof of stake (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 good for staking with a high annual percentage yield (APY). Wallets like Ledger, Exodus, and Trust wallet support staking for multiple coins.

Many platforms, such as Binance, Coinbase, and eToro, also enable you to stake supported cryptocurrencies that you hold in your exchange wallet.

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 that the blockchain networks selected in your wallet and exchange are the same 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 address:

Can I Trade On Decentralized Exchanges Using A Cryptocurrency Wallet?

Decentralized exchanges (DEXs) are digital platforms that use automated mechanisms to facilitate the 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.

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.

If you choose to use an exchange wallet, like Coinbase or eToro, then you can easily buy, sell, or trade your crypto without needing to move it.

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 to Transfer Crypto to a Wallet?

If you’ve bought some crypto on an exchange, you might want to keep it secure by transferring it to your own private wallet. The process differs slightly, depending on the type of wallet.

Software Wallets

The steps below will walk you through how to transfer Bitcoin from Binance to Exodus wallet, but the process will be much the same for other coins, exchanges, and software wallets.

• Step 1: Visit the official Binance website and log in into your account

• Step 2: Click on the withdraw tab

• Step 3: Log in to your Exodus account and navigate to your Bitcoin wallet

• Step 4: Click receive and copy the receiving address

• Step 5: Go back to Binance, and from the dropdown menu, select Bitcoin

• Step 6: Paste the Exodus receive address and select the correct network

• Step 7: Enter the amount you want to transfer from Binance to Exodus wallet

• Step 8: Confirm that everything is okay and execute the transfer

Hardware Wallets

In the following example, we’ll provide you with step-by-step instructions on transferring Bitcoin from Coinbase to a Ledger wallet:

• Step 1: Open your Ledger Live and log in

• Step 2: Select the receive button for Bitcoin. Next, you’ll need to open the desired app on your Ledger device

• Step 3: Verify the address shown on your device and copy the address

• Step 4: Shift to Coinbase and log in. On the dashboard, select Accounts

• Step 5: Select Bitcoin. Paste the address from your Ledger device

• Step 6: Enter the amount to transfer

• Step 7: Click continue and verify the 2FA from your phone

• Step 8: Once you confirm, the transaction is executed

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 log in to your wallet using a public network

• 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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FAQs

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