Cryptocurrency wallets are a convenient way to store and send digital currencies such as Bitcoin, Ethereum and Litecoin. They can be downloaded from the Web or installed on a desktop, laptop, tablet or smartphone. Some are more secure than others, so it’s important to choose the right one for your needs.
The best cryptocurrency wallet for you depends on your preferences, level of crypto experience and budget. For instance, if you’re new to crypto, you may want to pick a wallet that is easy to use and offers basic security features like two-factor authentication. Alternatively, experienced users may look for more advanced options, such as in-wallet exchange and multi-signature transactions.
Wallet rankings were evaluated on several key factors, including the cost of the product, the level of support available and the supported cryptocurrencies. We also considered other aspects such as usability and the ability to move your crypto into cold storage.
Price – The wallet should be affordable and accessible to everyone, especially beginners. Ideally, it should be free to download and offer a comprehensive range of features.
Security – The best crypto wallets are highly secure, offering multi-factor authentication, multi-signature functionality and other security measures to help keep your private keys safe. They also offer a high level of encryption to protect your data.
Customer service – Most crypto wallets provide customer support via email, phone and live chat. They should be able to answer your queries quickly and efficiently.
Supported cryptocurrencies – The best crypto wallets should support a wide range of coins and tokens. If you’re new to the market, consider choosing a wallet that supports multiple currencies, so you can start trading right away.
Hardware wallet compatibility – If you’re serious about investing in cryptocurrencies, then you’ll need a hardware wallet to ensure your coins stay safe. Fortunately, many hot wallets are compatible with several different models of hardware wallets, so you can switch between them whenever you need to transfer your holdings.
Recouping stolen assets – If you lose your crypto, some hot wallets will refund you. This is a useful feature to have, particularly if you plan to hold non-fungible tokens (NFTs).
Multi-signature – Some crypto wallets offer multi-signature functionality, which requires another user or users to sign each transaction before it can be sent. This can slow down transactions, but it’s an extra layer of protection.
Dedicated app – Some wallets come with a dedicated mobile application that makes it easier to manage your coins. They are often more secure than online wallets.
Supported cryptocurrencies and tokens – Cryptocurrency wallets should support the most popular cryptos, such as Bitcoin and Ethereum. They should also support a variety of tokens, so you can easily trade them with other people.
Private key protection – Make sure your crypto wallet allows you to store your private key offline, or on a hardware device that cannot be connected to the Internet. This can prevent hackers from finding your private keys and using them to access your wallet.