Benzinga's top picks for the best crypto wallets are Ledger and Coinbase Wallet.
A cryptocurrency wallet is a digital wallet that allows you to securely store, send and receive digital currencies like Bitcoin, Ethereum, and many others. It is essentially like a bank account for your digital currency, providing a safe and convenient way to manage your assets in the world of digital finance.
With the rising popularity of Bitcoin and other cryptocurrencies, having a reliable and secure crypto wallet is essential for anyone looking to invest or trade in digital assets. This year, the crypto industry has rebounded strongly, with a notable increase in prices and market capitalization exceeding $1 trillion. This has sparked optimism among many investors.
Whether you are a seasoned trader or a beginner investor, choosing the best crypto wallet is key tomanaging your cryptocurrencieseffectively. Check out Benzinga's top picks for the best Bitcoin and crypto wallets available in the market to help you make an informed decision on which one is best suited for your needs.
Quick Look: Best Bitcoin and Crypto Wallets
- Best for Easy Use: Coinbase Wallet
- Best Cold Wallet: Ledger Hardware Wallet
- Best Hot Wallet: Crypto.com
- Best Hybrid Crypto Wallet: SafePal
- Best Desktop Bitcoin Wallet: Electrum
- Best Mobile Bitcoin Wallet: BlueWallet
- Best Solano Wallet: Phantom Wallet
Disclosure: eToro supports the following currencies: BTC, ADA, DASH, DOGE, EOS, ETH, LTC, NEO, XLM, XTZ, TRX, ZEC. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. T&Cs apply. *The bonus is available to Benzinga readers in the US for open states only. Served by eToro USA LLC.
Table of Contents
- Quick Look: Best Bitcoin and Crypto Wallets
- 7 Best Bitcoin and Crypto Wallets
- 1. Best for Easy Use: Coinbase Wallet
- 2. Best Cold Wallet: Ledger Hardware Wallet
- 3. Best Hot Wallet: Crypto.com
- 4. Best Hybrid Crypto Wallet: SafePal
- 5. Best Desktop Bitcoin Wallet: Electrum
- 6. Best Mobile Bitcoin Wallet: BlueWallet
- 7. Best Solano Wallet: Phantom Wallet
- Best Crypto Wallets: Hardware vs. Software
- Software wallet
- Hardware wallet
- How to Find the Best Crypto Wallet For You
- Get the Best Crypto Wallet for You
- Frequently Asked Questions
7 Best Bitcoin and Crypto Wallets
Crypto wallets come in various forms - from hardware wallets to mobile and desktop wallets. Each has its own features and security measures, making it crucial to choose the right one for your needs. We've narrowed down your options for the best crypto wallets to store your digital assets.
1. Best for Easy Use: Coinbase Wallet
Read Review
Best For:
Active Crypto Traders
securely through Coinbase's website
Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards. ³Crypto rewards is an optional Coinbase offer. Upon purchase of USDC, you will be automatically opted in to rewards. If you’d like to opt out or learn more about rewards, you can click here. The rewards rate is subject to change and can vary by region. Customers will be able to see the latest applicable rates directly within their accounts.
Coinbase Wallet is known for being one of the easiest-to-use cryptocurrency wallets available on the market. Whether you are a beginner looking to dip your toes into the world of digital currencies or a seasoned investor, Coinbase Wallet offers a user-friendly interface and a range of features that make managing your cryptocurrency portfolio a breeze. With just a few clicks, you can buy, sell and store a variety of cryptocurrencies, making it easy to diversify your portfolio and take advantage of market opportunities.
Coinbase Wallet offers industry-standard security measures, including two-factor authenticator and biometrics, to protect your digital assets. It also provides tools such as real-time price tracking and customizable alerts to help you manage your cryptocurrency investments.
Why we chose it: Coinbase Wallet offers a friendly user interface, strong security features and seamless integration with the Coinbase cryptocurrency exchange.
Pros
- Easy to use interface
- Industry-standard security measures in place
- Range of tools available for managing cryptocurrency portfolio
- Real-time price tracking and customizable alerts
Cons
- Limited options for storing certain cryptocurrencies
- Fees can be higher compared to other wallets
2. Best Cold Wallet: Ledger Hardware Wallet
Read Review
Best For:
ERC-20 tokens
securely through Ledger Hardware Wallet's website
Trusted by millions of users worldwide, the Ledger Nano X, Stax and Nano S Plus offer unbeatable protection for your digital assets. With an ability to store 1,000+ different tokens (including all ERC-20 and BEP-20 tokens), a reputation for excellent user experience and ease of use, Ledger is a clear choice for all types of investors. However, for more savvy investors, Ledger’s Stax wallet may be the best option – boasting the world's first curved E Ink touchscreen that can be used to manage day-to-day transactions in comfort.
Ledger is a market leader in security for crypto wallets, undergoing audits from the French National Agency for the Security of Information Systems (ANSSI) and using tamper-resistant Common Criteria (CC) EAL5+ certified Secure Element (SE) chips on all nanodevices. Although it's not open-source like some competitors, its consistent track record of security and trust make it a reliable choice for those prioritizing security.
Why we chose it: Ledger can store a wide range of tokens and undergo regular security audits, making it the best crypto hardware wallet choice for investors.
Pros
- Provides a secure way to store and manage multiple cryptocurrencies
- Offers offline storage, protecting against online hacking attempts
- Easy to use interface for managing and monitoring cryptocurrency assets
Cons
- Initial cost to purchase the ledger wallet
- Some users may find it confusing to set up and use for the first time
- No physical customer support available for troubleshooting issues
3. Best Hot Wallet: Crypto.com
Read Review
Best For:
Sign Up Bonuses
securely through Crypto.com's website
Crypto.com is a leading centralized cryptocurrency exchange that offers a non-custodial wallet. A non-custodial wallet is a type of cryptocurrency wallet where the user has complete control over their private keys. The exchange is not responsible for security user funds, as they are not stored on a central server. Non-custodial exchange wallets are crucial as they protect users from counterparty risks such as exchange hacks and asset mismanagement – as exemplified by the FTX scandal.
Crypto.com’s DeFi wallet provides access to a wide range of DeFi services in one place and allows users to easily manage 100+ cryptocurrencies. Crypto.com’s non-custodial wallet is a great choice for beginner investors that want to leverage the Crypto.com platform and who value convenience and ease of use.
Why we chose it: Crypto.com provides features like staking, earning interest on holdings and cashback rewards, making it a versatile and convenient option for crypto users.
Pros
- Offers a wide range of cryptocurrencies to buy, sell, and trade
- Provides secure storage for digital assets with the option of offline cold storage
- Allows for easy access to decentralized finance (DeFi) services and staking options
- Offers a user-friendly interface and mobile app for convenient use on-the-go
- Provides rewards and cashback options for using the wallet for transactions
Cons
- Some users may find the fees associated with buying and selling cryptocurrencies to be high
- The platform may not support all cryptocurrencies, limiting user options
- Limited customer support options for troubleshooting issues with the wallet
4. Best Hybrid Crypto Wallet: SafePal
Read Review
Best For:
Crypto enthusiasts
securely through Safepal's website
SafePal offers a solution that is both easy to use and highly secure, making it an ideal choice for both beginners and experienced crypto investors. One of the key features of SafePal is its offline storage capability, reducing the risk of theft from hackers or malware. It also utilizes a secure element chip for added protection of assets and transactions.
Another key feature of SafePal is its support for hardware wallet integration. This means that you can connect your SafePal wallet to a hardware device, such as a Ledger or Trezor wallet, for added security. This provides an additional layer of protection for your assets, making it even more difficult for hackers to access your funds.
Why we chose it: SafePal offers offline storage capability and supports hardware wallet integration for added security and protection against hackers.
Pros
- Offers offline storage options for added security
- Simple user interface, which makes it a good choice for beginners
- Affordable price compared to other hardware wallets
Cons
- Limited storage capacity compared to other hardware wallets
- May not support all lesser-known cryptocurrencies
- Requires internet connection for transactions
5. Best Desktop Bitcoin Wallet: Electrum
Electrum is a software wallet that allows users to store, send, and receive Bitcoin. It was created in 2011 by Thomas Voegtlin and has since become one of the most popular wallets in the cryptocurrency space.
Electrum is known for its focus on security, using a hierarchical deterministic system and supporting multiple hardware wallets. It also offers advanced features like multi-signature transactions for added security.
Why we chose it: Electrum is the best Bitcoin wallet for desktop computer because of its strong security features, simple user interface and compatibility with hardware wallets.
Pros
- High level of security through encryption and password protection
- Ability to store multiple cryptocurrencies in one wallet
- Simple and user-friendly interface
Cons
- Limited features compared to other wallets
- Not as customizable as some other wallets
- Requires an internet connection to access funds
6. Best Mobile Bitcoin Wallet: BlueWallet
BlueWallet is a highly secure and user-friendly crypto wallet that allows you to securely store, send and receive Bitcoin and other cryptocurrencies. With a sleek design and intuitive user interface, BlueWallet makes managing your digital assets easy and convenient.
The wallet uses top-notch encryption techniques to ensure that your funds are safe from hackers and cyber threats. Additionally, BlueWallet also offers support for multiple cryptocurrencies, making it a versatile option for crypto enthusiasts. You can download BlueWallet on an iPhone or Android mobile phone.
Why we chose it: We picked BlueWallet as the best Bitcoin wallet for mobile because of its mobile app features and availability on both IOs and Android operating systems.
Pros
- Offers strong security features to protect your digital assets
- User-friendly interface makes it easy to navigate and manage your cryptocurrency
- Supports a wide range of cryptocurrencies for investment and storage
- Offers the ability to buy cryptocurrency directly from the wallet
- Compatible with both iOS and Android devices
Cons
- As with any digital wallet, there is always a risk of hacking or security breaches
- Users are reliant on the app and internet connection for access to their funds
7. Best Solano Wallet: Phantom Wallet
Phantom Wallet is specifically designed for the Solana blockchain, which is known for its high-speed transactions and low fees. The wallet allows users to securely store, send, and receive SOL tokens, as well as any other tokens built on the Solana network.
Phantom Wallet also supports a wide range of other cryptocurrencies, including popular ones like Bitcoin, Ethereum, and various ERC-20 tokens. This versatility makes it a great all-in-one solution for managing a diverse crypto portfolio.
Why we chose it: Phantom Wallet supports of its strong security features and support for a wide range of Solana-based tokens and decentralized applications.
Pros
- Compatible with a wide variety of cryptocurrency tokens
- Allows for staking and earning passive income on certain cryptocurrencies
- Offers integration with various decentralized applications (DApps)
Cons
- Some users may find the initial setup process confusing
- It may not have as many features as other well-established wallets
- There may be potential security risks if the user does not properly secure their private keys
Best Crypto Wallets: Hardware vs. Software
Crypto wallets fall into two categories: software wallets and hardware wallets. Which is the best crypto wallet for you? While both serve the same purpose, they differ in terms of where they are stored.
Software wallet
- Refer to wallets that are stored on the internet
- Also known as "hot wallet" or "hot storage"
- Convenient and easy to use
- Available through a variety of mediums such as an app, web browser or desktop
- Can be accessed from anywhere with an internet connection
Hardware wallet
- Physical wallets that store a user’s private keys offline
- Also known as "cold wallet" or "cold storage"
- More secure since they are not connected to the internet
- Less vulnerable to hacking since
- Widely considered to be the gold standard for storing crypto among investors
- Can be clunky to use
How to Find the Best Crypto Wallet For You
With so many options available, it can be difficult to find the best crypto wallet for you. However, the good news is that there are only two important factors to consider: security and wallet utility. While no wallet alone can perfectly cover both bases, it is possible to choose a wallet that balances your security and utility needs.
- Security: The most important factor to consider when choosing a cryptocurrency wallet is security. However, the best software and hardware wallets all have great security features, so you will likely have to get more specific. 2FA and multi-signature support are important security features to look out for. 2FA requires users to verify their identity in two ways, adding an extra layer of protection against hackers. Multi-signature support allows a group of people to control access to a wallet, preventing any individual from misusing funds.
- Utility: Wallet utility refers to the functionality and usefulness of a cryptocurrency wallet. Features such as exchange integration, DeFi integration, and support for multiple cryptocurrencies are important factors to consider when choosing a wallet.
Get the Best Crypto Wallet for You
Cryptocurrency wallets are a must-have for any serious crypto investor. While software wallets are more accessible, hardware wallets are the way to go for maximum security, as they keep private keys offline. The market offers several reliable hardware wallets, including Ledger, Trezor and SafePal, each with its own set of unique advantages and features.
In the world of cryptocurrency, your wallet is your fortress. It is crucial to choose a wallet that fits your specific needs and preferences to protect your digital assets from any potential security breaches. Don't let ignorance or recklessness be the Achilles heel of your crypto investments. Take the time to research and choose the best crypto wallet for you and safeguard your financial future in the ever-evolving world of crypto.
Disclosure: ²Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards. ³Crypto rewards is an optional Coinbase offer. Upon purchase of USDC, you will be automatically opted in to rewards. If you’d like to opt out or learn more about rewards, you can click here. The rewards rate is subject to change and can vary by region. Customers will be able to see the latest applicable rates directly within their accounts
Frequently Asked Questions
Q
How do crypto wallets work?
A
Crypto wallets work by storing the private and public keys needed to access and manage your cryptocurrency. When you send or receive cryptocurrency, the transaction is recorded on the blockchain and your wallet balance is updated accordingly. Your wallet also allows you to view your transaction history and manage your holdings securely.
Q
Should I put all my crypto in a wallet?
A
Generally, storing cryptos in a personal wallet is much safer than an exchange, especially if it’s a hardware wallet. This helps protect your assets from potential hacks or security breaches. However, it is important to research and choose a reputable wallet provider and always keep your private keys secure to avoid any potential risks. Consider diversifying your holdings and not putting all your crypto in one single wallet for added security.
Q
What is the most trusted crypto wallet?
A
The most trusted cryptocurrency wallet often depends on individual preferences and needs. However, some of the most popular and well-regarded crypto wallets include Ledger Nano S, Trezor, and Coinbase Wallet. It’s always advisable to do thorough research and choose a wallet that has a good reputation for security and reliability.
Q
What is the most popular crypto hard wallet?
A
The most popular crypto hard wallet currently is the Ledger Nano S. It is widely recommended for its security features and user-friendly interface.
