Crypto wallets are essential tools for purchasing, exchanging, and selling cryptocurrencies. Brokers use them to securely store cryptocurrency assets as well as authenticate transaction data. Hardware or software-based custom crypto wallets offer brokers more customized arrangements compared to crypto exchanges.
Read on to gain more knowledge of the different kinds of cryptocurrency wallets, how they operate and which one would best meet your needs.
Our Top Picks for Best Crypto Wallets of 2022
Coinbase Wallet – Best for Beginners
Electrum – Best for Bitcoin
Mycelium – Best for Mobile
Ledger Nano X – Best Offline Crypto Wallet
Exodus – Best for Desktop
Best For Beginners: Coinbase
The best wallets for beginners include Coinbase, Electrum and Mycelium as mobile options and Ledger Nano X and Exodus on desktop respectively.
Coinbase Wallet was selected as our top pick for beginners because it provides a user-friendly and highly secure cryptocurrency wallet supported by an established exchange.
Coinbase Wallet is an ideal wallet for novice crypto investors with no prior experience. The application connects to major ledgers, has an inviting and straightforward three-tab interface and clearly identifiable functions, can store non-fungible tokens (NFTs) and collectibles digital assets, and supports over 500 crypto assets – the highest total among hot wallets on this rundown.
Delineating between Coinbase the exchange and Coinbase wallet’s significance is vital. While both services can be used by opening accounts with them, only the latter offers non-custodial storage – meaning your private key remains on your device instead of in Coinbase’s servers – eliminating any fear that your monetary forms might be locked down due to hacking on their site.
Different Features Include:
- Uses the Secure Enclave chip available in Android, iOS, iPad and Mac devices to provide biometric authentication services (FaceID/TouchID).
- Decentralized exchanges offer token conversion without intermediaries.
- Personal cloud reinforcements to safeguard digital keys
Best For Bitcoin: Electrum
Due to its comprehensive security features and impressive adaptability, we chose Electrum as the superior Bitcoin wallet.
Established in 2011, Electrum is one of the oldest and most-recognized crypto wallets available today. Additionally, Electrum stands out among other wallets by being specifically tailored to facilitate Bitcoin transactions; as well as having various powerful security features to ensure its safekeeping. Clients can adjust costs according to how quickly their transactions will be completed; paying more in charges means faster execution of transactions.
One of the wallet’s greatest strengths lies in its lightweight client. These clients can be installed quickly and occupy much less space on your PC compared to traditional wallets. Furthermore, by employing basic installment verification (SPV), only parts of the blockchain need be downloaded – speeding transactions without compromising security.
Different Features Include:
- Open-source wallets allow anyone to examine the code, providing greater trust and wellbeing for all concerned parties.
- Custom transaction expenses also allow clients to customize their charges based on how long they want their transaction completed, or which type of client accounts they own.
- Hardware wallets (KeepKey, Ledger and Trezor) for cold storage purposes will also be important.
- Two-factor validation and multi-signature support.
Best For Mobile: Mycelium
After researching various crypto wallet options available to mobile phone users, we chose Mycelium due to its commitment to security and comprehensive transaction history data.
Mycelium is an exceptionally secure crypto wallet with a particular focus on Bitcoin. Since 2008, this wallet has provided users with portable programming wallets – one that’s ideal for Android and iOS clients alike.
Mycelium stands out among wallets for its security and transaction options, which include reproducible code that can be copied and compared with its initial source in order to detect potential security vulnerabilities, pin insurance options and customizable transaction fees ranging from low need, typical, financial and need. In addition, there are multiple client accounts types supported.
Different Features Include:
- An abstract transaction history that includes information such as block height in a blockchain network; digger expenses paid out within that blockchain organization; and sources of info/yields which provide addresses in a transaction.
- Through FIO organization’s wallet functionality and cryptocurrency driving services, FIO drives crypto wallet usage.
- Wallets, Exchanges and installment processors
- Watch-just mode is designed to assist clients in handicapping active transactions while tracking stocks and exchanges.
Best For Offline Crypto Wallet: Ledger Nano X
Ledger Nano X stands out as the top offline cryptocurrency wallet due to its variety of supported monetary forms, high security standards and portable exchanging abilities.
Ledger is one of the leading brands of hardware wallets on the market today. It first made headlines for its initial wallet, the Ledger Nano S, which boasted features-rich and highly secure cold storage capacity. Now its successor, Ledger Nano X builds upon this success with added features such as an internal battery pack, Bluetooth compatibility, and larger resource board capacities.
The Ledger Nano X wallet currently costs $119 and features a 128 x 64-pixel screen for quickly navigating applications. It can store over 1,800 coins and tokens – the highest capacity on our list – while managing up to 100 of them simultaneously through applications on its device. Bluetooth Low Energy support may also be turned off as needed and enabled via Android/iOS applications through Ledger Live to quickly exchange crypto in an efficient manner.
Different Features Include:
- Ledger uses its Secure Element chip, an innovative protection measure used for visas and international IDs that shields against different types of attacks.
- Ledger Live can also help users leverage cryptocurrency assets to lend and stake for loan and stake loans for extra income creation.
Best For Desktop: Exodus
Exodus was chosen as the best desktop crypto wallet due to its fast transaction processing speed, ease of use, and fluctuating utility of its client.
Exodus wallet stands out as one of the most visually captivating and user-friendly available today. While initially only compatible with work stations, Exodus now supports iOS and Android users as well as being compatible with Trezor hardware wallets from well-known hardware wallet brand Trezor. Yet its workstation app remains its core focus and is regularly updated by Exodus’ development team.
One of the main draws to Exodus’ popularity is its support for multiple currencies and assets, boasting more than 145 cryptocurrency assets than many other hot wallets combined. These include established altcoins like Ether, Litecoin, Tether and Dash as well as popular image coins such as Dogecoin and Shiba Inu.
Different Features Include:
- Adjustable charges only applicable for Bitcoin transactions made after September 2021
- Applications have been released to increase the wallet’s usefulness, including live diagrams, crypto marking and crypto stores.
- Runs on a light client, using SPV and not downloading full blockchains to speed transactions.