10 Best Crypto Wallets for Safe Crypto Storage in 2024

Crypto wallets offer a secure solution for safeguarding cryptocurrency, albeit with a distinct operational approach compared to stashing physical currency in a wallet. The market presents many alternatives, causing careful consideration to align the choice with individual requirements. 

Wallets vary in support for specific coin types, while many accommodate Bitcoin, some are exclusive to Ethereum, and others are versatile across all cryptocurrencies. They predominantly fall into two categories: hot wallets (connected to the internet) and cold wallets (offline storage).

In our quest to assist you in identifying the most suitable option, we have assessed the prominent choices and selected the finest crypto wallets currently accessible.

>> Best Crypto Wallet: Zengo >>

10 Best Crypto Wallets

• Zengo – Best Crypto Wallet Overall
• Ledger – Best Hardware Wallet for Hot Wallet Integration
• Electrum – Best Desktop Wallet
• Coinbase Wallet – Best for Beginners
• MetaMask – Best for Ethereum
• Trust Wallet – Best for Binance
• BlueWallet – Best Mobile Wallet
• Exodus – Best for Customer Support
• eToro – Best for User-Friendly Interface
• Public.com – Best for Affordability

Zengo – Best Crypto Wallet Overall

Zengo stands out as an innovative and user-friendly cryptocurrency wallet in the constantly changing digital assets landscape. 

Among the many excellent cryptocurrency wallets available, Zengo sets itself apart with its distinctive and progressive approach to crypto storage and management. Its utilization of "mathematical secret shares" is a standout feature, showcasing its commitment to pioneering solutions in the industry.

Pros

• Implementation of mathematical secret shares
• Support for multiple currencies
• Emphasis on security and privacy
• Streamlined recovery process
• Dedicated customer support

Cons

• Limited availability of advanced features
• Dependency on the internet
• Restricted anonymity options

>> Consider Zengo >>

Ledger – Best Hardware Wallet for Hot Wallet Integration

Ledger is a prominent figure in crypto wallets. Its pricing spans from approximately $79 to $149, and Ledger can merge with many widely-used software wallets like Crypto.com and Guarda. 

Ledger boasts an esteemed mobile application and a distinct desktop application, and its developers are launching a browser extension.

Two-factor authentication is an option Ledger provides alongside an array of educational resources for its users. A more sophisticated version of Ledger is known as "Stax," featuring an advanced display expected to be released later in 2023 at an estimated cost of around $280.

Pros

• Staking is offered for a variety of cryptocurrencies, ranging from popular options like Ethereum and Polygon (MATIC) to lesser-known ones such as Ark (ARK) and Casper (CSPR)

Cons

• Faced a security breach in July 2020
• Customer support options are limited

>> Consider Ledger >>

Electrum – Best Desktop Wallet

Established in 2011, Electrum stands as a pioneer and highly acclaimed crypto wallet in the present day. It remains among the limited selection of crypto wallets only dedicated to Bitcoin, a digital currency that Electrum is specifically designed to accommodate.

This platform offers an array of formidable security measures such as 2FA, transaction validation, and bolstered support for multi-signature wallets. Users can customize their transaction fees based on their preferred duration for completion: By increasing the fees, transactions can be expedited.

Pros

• Quick and simple setup process
• Enhanced security compared to other hot wallets
• Customizable transaction fees
• Wallets experience no downtime due to server configuration

Cons

• The setup and interface may not be suitable for beginners
• Lack of customer support through chat, email, or phone

>> Consider Electrum >>

Coinbase – Best for Beginners

Coinbase Wallet proves to be an ideal option for newcomers venturing into the world of cryptocurrency. The application seamlessly integrates with most major bank accounts and boasts a user-friendly interface, featuring a simple three-tab layout and easily recognizable functions, making navigation a breeze.

This wallet is capable of housing well-known cryptocurrencies like Bitcoin, Litecoin, Dogecoin, and BNB. It supports all ERC-20 tokens and tokens on EVM-compatible blockchains, encompassing over 100,000 digital assets, a remarkable figure compared to other platforms.

It's crucial to differentiate between the Coinbase exchange and its wallet counterpart. While the exchange stands as one of the oldest and most renowned cryptocurrency trading platforms in the United States, storing digital assets in its web wallet facilitates trading but exposes your coins to heightened cybersecurity risks.

Pros

• User-friendly interface with easy navigation
• Support for over 100,000 digital assets
• Multi-signature and two-factor authentication support
• Backed by a reputable trading platform capable of recovering lost or stolen assets

Cons

• Shares similar security concerns and vulnerabilities as other hot storage alternatives
• Limited availability, accessible only on mobile and tablet devices (except for Chrome extension)

>> Consider Coinbase >>

MetaMask – Best for Ethereum

MetaMask stands out as the top choice for an Ethereum cryptocurrency wallet because of its intuitive interface that offers swift and effortless entry to an array of tokens and decentralized apps (dApps) within the Ethereum network.

With over 30 million active users every month, MetaMask is among the most extensively used Ethereum wallets. Its simplicity and accessibility likely contribute to its popularity: it boasts an appealing and uncomplicated layout, catering to novice investors seeking to store, send Ethereum-compatible cryptocurrencies, and engage with dApps.

MetaMask is renowned for its adaptability with various blockchain solutions. The application allows users to integrate nearly any blockchain network. It seamlessly supports well-known Web3 networks such as Polygon, Binance Smart Chain, and Avalanche. 

Users can conveniently access popular NFT marketplaces like OpenSea and exchange a diverse range of collectibles by directly linking them to their blockchain wallet.

Pros

• Intuitive interface design on browser extension and app
• Can be connected to NFT marketplaces
• Supports thousands of decentralized applications (dApps)

Cons

• High fees for purchasing Ether
• Unable to directly store Bitcoin

>> Consider MetaMask >>

Trust Wallet – Best for Binance

Trust Wallet stands as a well-liked mobile cryptocurrency wallet and the endorsed mobile application of Binance, a leading global cryptocurrency exchange. Despite its association with Binance, the wallet operates on a non-custodial basis, meaning it doesn’t retain your private keys, leaving the user accountable for their protection. 

With support for over 65 blockchains, Trust Wallet can accommodate an extensive range of digital assets boasting over 4.5 million coins and tokens, the most significant number on our roster.

Trust Wallet presents an excellent mobile solution for NFT and decentralized app enthusiasts. The wallet features an integrated Web3 browser that enables users to directly access dApps and blockchain games through the application.

Pros

• Supports an extensive variety of coins and tokens
• Opportunity to earn interest on one of 12 different cryptocurrencies
• Simple and user-friendly interface
• Features a built-in Web3 browser

Cons

• Owned by Binance, which has encountered regulatory issues in the U.S.
• Limited educational resources on coins and tokens

>> Consider Trust Wallet >>

BlueWallet – Best Mobile Wallet

BlueWallet offers a great option for Bitcoin traders who are unable or unwilling to grapple with more intricate software on their personal computers. It shares similarities with Electrum as both are dedicated Bitcoin wallets, allowing them to wholly concentrate on enhancing and advancing the Bitcoin experience on the platform.

The wallet presents a user-friendly interface that’s easy for novices to navigate. It incorporates several extra features that may appeal to more proficient users. Aside from fundamental functions such as sending, receiving, and storing BTC, BlueWallet enables users to execute batch transactions, personalize fees, and establish a Tor connection for heightened privacy.

Pros

• Contemporary design featuring an accessible user interface
• Supports both on-chain and lightning transactions
• Ability to create or import multiple wallets
• Multi-signature vaults for enhanced security

Cons

• Absence of two-factor authentication
• In-app tutorials could be beneficial for utilizing advanced tools

>> Consider BlueWallet >>

Exodus – Best for Customer Support

Exodus stands out as a visually attractive and user-friendly wallet in the market. Originally designed for desktop use only, Exodus has now expanded its reach with iOS and Android apps, as well as compatibility with Trezor wallets, a well-known hardware wallet brand. 

The primary offering remains the desktop wallet application, compatible across Windows, Linux, and Mac operating systems and consistently updated every fortnight.

The extensive range of supported currencies is one of Exodus’ key attractions: it accommodates over 260 cryptocurrencies and NFTs, surpassing many other popular hot wallets in this aspect. This includes established alternative coins such as Ether, Litecoin, XRP, and Bitcoin Cash alongside trending meme coins like Dogecoin and Shiba Inu.

Pros

• Compatibility with over 260 crypto assets
• Supports Trezor One and Trezor T hardware wallets
• Enables users to purchase Bitcoin with Apple Pay
• 24/7 customer support

Cons

• High transaction fees on the in-wallet crypto exchange
• The absence of native 2-factor authentication may be a concern for some users
• No multi-signature support

>> Consider Exodus >>

eToro – Best for User Friendly Interface

The eToro Money crypto wallet is a standout choice for safeguarding digital assets in the realm of cryptocurrency storage, offering a wide range of advanced security features aimed at protecting your holdings from unauthorized access. 

Among its formidable security measures, eToro Money integrates robust DDoS (Distributed Denial of Service) protection to shield against malicious attacks that can overpower and disrupt online services.

The wallet adheres to strict standardization protocols and follows industry best practices to ensure the security of your cryptocurrencies. These protocols encompass stringent security standards and encryption methods, making it extremely challenging for unauthorized individuals to breach the wallet's defenses.

Pros

• The platform is simple and easy for users to navigate
• CopyTrader feature enables new traders to replicate strategies used by professionals
• Virtual dummy account provides $100,000 for practicing trades
• Mobile app includes advanced trading features

Cons

• Elevated non-trading fees
• Lack of crypto-to-crypto trading pairs
• Customer support requires improvement

>> Consider eToro >>

Public.com – Best for Affordability

Established in 2019, Public is an American financial services firm co-founded by Jannick Malling and Leif Abraham. The company's headquarters are located in New York City, and it specializes in creating a fractional mobile and web investing platform. As a regulated broker-dealer, Public.com ensures that securities in each account are safeguarded for amounts up to $500,000.

Public stands out as a user-friendly stock trading mobile app tailored for novice investors charging no commission fees. Its primary focus is on individuals who may be hesitant to invest due to limited financial knowledge, restricted access to costly financial products, and the high share prices that demand substantial investment. 

Public.com was specifically designed to tackle these challenges and provide wider accessibility to the stock market for many investors.

Pros

• Fractional shares are permitted
• The social media element fosters connections among investors
• User-friendly mobile app
• No Payment for Order Flow

Cons

• Limited account types
• Restricted investment selections
• Limited features

>> Consider Public >>

Our Ranking Methodology for the Best Crypto Wallets

Forbes Advisor assessed prominent cryptocurrency wallets and gathered information. The evaluation involved analyzing each wallet using seven essential criteria.

• Stablecoins: Exploration of support for well-known stablecoins, with a focus on Tether, USDC, Dai, TrueUSD, and Paxos Standard.
• Top Cryptocurrencies: Assessment of the availability of the top 20 cryptocurrencies based on market capitalization.
• Usability: Evaluation of usability, differentiated for Best Exchange/Hot Wallets and Best Cold Wallets. Factors considered include exchange integration, staking accessibility, and the wallet's capability to convert coins internally.
• Customer Service: Examination of available customer support options, encompassing phone, email, live chat, and 24/7 support.
• Costs and Fees: Analysis of fee structures for Best Exchange/Hot Wallets, covering transaction fees, coin transfers, and conversions. For Best Cold Wallets, the evaluation also incorporates the initial cost of hardware storage.
• Security: Weighted consideration of security measures, including the ability to recover stolen assets, security features like two-factor authentication and password encryption, and noting any previous security breaches or hacks.
• Additional Features: Assessment of supplementary wallet features, such as educational resources, live charts, and support for non-fungible tokens (NFTs).

To derive the overall rankings, scores for each wallet were calculated by assigning weights to these key factors and summing the weighted values.

>> Best Crypto Wallet: Zengo >>

Best Crypto Wallets – Buyer’s Guide

What Is a Crypto Wallet?

A digital wallet, also referred to as a crypto wallet, is a software application that stores private and public keys essential for engaging with a blockchain network and overseeing cryptocurrency. It empowers users to transmit, receive, and safeguard digital assets like Ethereum, Bitcoin, and other cryptocurrencies.

Crypto wallets are categorized into two groups: hot wallets and cold wallets. Hot wallets are internet-connected and are more susceptible to hacking threats, whereas cold wallets operate offline offering enhanced security measures.

Different crypto wallets include desktop wallets, mobile wallets, web-based wallets, hardware wallets and paper-based ones. Each variant of wallet boasts its distinct merits and demerits. Thus users should opt for the most suitable one based on criteria such as security level offered by it along with ease of use.

Inter-wallet compatibility proves beneficial when seeking access to supplementary features. However, having multiple wallets for the same crypto or token may escalate security concerns due to increased exposure points that might divulge the keys securing your crypto assets.

Why Do You Need a Crypto Wallet?

Cryptocurrency manifests as a sequence of code within a larger blockchain framework. Upon acquiring a cryptocurrency like Bitcoin or Ethereum, your verification of possession relies on both a public key and a private key.

The public key functions akin to your bank account number, serving the purpose of locating your crypto but not granting access to it. The private key serves as your distinct identifier as the rightful owner.

Misplacing the private key may result in forfeiture of access to your cryptocurrency. Any individual gaining possession of your private keys holds unrestricted access to your cryptocurrency.

Within the realm of cryptocurrency, there exists a popular adage: "Not your keys, not your coins." This underscores that without control over one's keys, full authority over their crypto assets is unattainable.

How Do Crypto Wallets Work?

When someone transfers bitcoin, Ether, Dogecoin, or any other digital currency to your crypto wallet, they aren’t actually moving coins. 

Instead, they’re transferring ownership to your wallet's address. This means that they’re confirming the transfer of the cryptocurrency from their address to yours on the blockchain. The process requires two essential digital codes: the public key and the private key.

The public key is a combination of letters and numbers that’s automatically generated by the provider of the crypto wallet. For instance, a public key may appear as follows: B1fpARq39i7L822ywJ55xgV614.

A private key is also composed of letters and numbers; however, it should only be known by the owner of the wallet. Think of a crypto or blockchain wallet as similar to an email account. When someone wants to send you an email, they require your email address. In the case of crypto wallets, this corresponds to your public key which needs to be shared for any blockchain transaction participation. 

Just like you wouldn't disclose your email account password to anyone else, similarly, your private key for crypto wallets should remain confidential.

By employing these two keys, users of crypto wallets can engage in transactions without jeopardizing the security of the currency being exchanged or the transaction itself. It’s imperative that the public key linked with your digital wallet matches with your private key to validate any funds transferred or received. 

Subsequently, upon successful verification of both keys, there will be corresponding adjustments in the balance within your crypto wallet.

>> Best Crypto Wallet: Zengo >>

What to Look For in a Crypto Wallet?

Before selecting a best cryptocurrency wallet, it's crucial to start by questioning yourself:

• How frequently will you engage in cryptocurrency trading? Whether it's a daily activity or occasional, hot wallets are more suitable for active traders due to their speed and practicality. However, even active traders can find value in a cold wallet, using it akin to a savings account to store most their currencies.
• What types of cryptocurrencies do you intend to trade? Are you focused on buying and storing Bitcoin, or do you have an interest in various cryptocurrencies, including altcoins and stablecoins? Ensure the chosen crypto wallet supports the currencies you wish to trade and is versatile enough to accommodate potential additions in the future.
• What budget are you allocating to crypto accumulation? If you plan on amassing significant amounts of crypto, hardware wallets are well-suited for such activities. While hot wallets are often free, hardware wallets require an upfront payment for ownership. Some hot wallets may have higher trading fees but offer faster transactions or enhanced functionality.
• What specific functionality do you require in a wallet? Beyond trading, do you have other plans for your crypto assets? Those seeking passive income opportunities should consider wallets that allow crypto lending, staking, and deposits.

Upon examining the aforementioned inquiries, we’ve compiled some broad recommendations on qualities to consider in a cryptocurrency wallet.

• Supported Currencies: When it comes to supported currencies, the general principle is "the more, the better." Unless your interest is exclusively in trading Bitcoin in which case, a dedicated Bitcoin wallet is recommended. We advise choosing a wallet that supports a variety of popular altcoins, such as Ethereum, Cardano, and Solana.
• Accessible Interface: An accessible and user-friendly interface is always appreciated, irrespective of whether you're a seasoned crypto trader or a newcomer. Look for wallets that streamline the process of initiating basic trades without unnecessary complexities.
• 24/7 Customer Support: While particularly beneficial for newer traders, having round-the-clock customer support is a valuable feature. This becomes especially crucial for wallets undergoing frequent updates, as they may encounter bugs or visual glitches that require prompt assistance.
• Hardware Wallet Compatibility: For individuals seriously contemplating entry into the crypto space, a hardware wallet is a prudent choice. Even infrequent traders should consider this option to secure their most critical assets. Investors with a hot wallet compatible with at least one brand of hardware wallet gain an advantage, allowing them to seamlessly transfer their crypto assets back and forth as needed.

>> Consider Zengo >>

Types of Crypto Wallet

There are two primary categories of crypto wallets: hot wallets and cold wallets. Hot wallets are constantly linked to the internet, whereas cold wallets remain offline.

Hot Wallets

Hot wallets represent digital tools with an unbreakable link to the internet. Users use these software applications from a smartphone or desktop computer for tracking their digital assets and engaging in transactions. Some hot wallets are accessible via web interfaces or as extensions for internet browsers, allowing users to employ them across multiple devices.

The primary advantage of hot wallets lies in their convenience. The encryption and storage of your public and private keys occur within the app or website of your wallet, enabling access from any location with an internet connection unless restricted to a specific device. This accessibility makes them particularly suitable for frequent traders and individuals contemplating using bitcoins for transactions.

Due to their constant online accessibility, hot wallets are exposed to higher cybersecurity risks. Cybercriminals can exploit undisclosed vulnerabilities within the wallet's supporting software or use malicious software to infiltrate the system. Web-based wallets hosted by cryptocurrency exchanges are especially susceptible as they represent lucrative targets for crypto thieves overall.

Pros

• Exceptionally convenient, accessible from anywhere with an internet connection
• Easier recovery of access in the event of a lost private key compared to cold wallets

Cons

• Less secure than cold wallets, susceptible to a broader range of attacks
• Custodial wallets entail storing your keys on the exchange's servers

Cold Wallets

Cold storage wallets securely hold your digital keys offline, typically on a physical device or paper. Hardware wallets often take the form of a USB drive, enabling crypto transactions while connected to a computer. "Paper" wallets may store keys as print-out QR codes, written on paper, or engraved on alternative materials like metal.

The deliberate design of cold storage wallets aims to thwart hacking attempts. Unless the wallet owner falls for phishing schemes, hackers cannot remotely access the owner’s keys. A thief would need physical possession of the USB drive and then overcome its password protection to access your crypto.

This heightened security level can lead to pitfalls for wallet owners. Losing your USB drive or paper without a backed-up private key means losing access to your crypto assets indefinitely. In contrast to hot wallets that offer recovery through seed phrases, regaining access with cold storage is impossible due to its two-key security system's stringent nature.

Pros

• Enhanced security compared to hot storage wallets because of offline storage
• Hot storage wallets are compatible with many hardware wallets

Cons

• Transactions typically have a longer processing time on average
• Almost impossible to recover currencies without a backup of your digital keys

What Are the Risks of Using Crypto Wallets?

Cryptocurrency presents a major risk due to its extreme fluctuations, as evidenced by the dramatic price shifts of Bitcoin in recent years. The global regulatory landscape for crypto is still evolving, leaving consumers vulnerable to various cryptocurrency-related crimes and fraudulent activities.

Although companies providing crypto wallets may promise security to their customers and users, digital assets such as cryptocurrency aren’t covered by insurance. There have been multiple crashes in the crypto market, with Bitcoin's value significantly decreasing from its peak in 2021.

Many high-profile breaches have targeted crypto exchanges; for instance, the notorious Mt. Gox hack in 2014 resulted in the loss of hundreds of millions of dollars worth of Bitcoin.

A single software glitch can lead to catastrophic consequences, illustrated when an individual unintentionally accumulated the entire $300 million worth of Ether and subsequently erased it while attempting to return it to its rightful owners.

>> Best Crypto Wallet: Zengo >>

Best Crypto Wallets – Frequently Asked Questions

What Is a Fiat Wallet?

A digital wallet enables individuals to store a digital version of their fiat currency, including currencies like USD, EUR, and GBP. Fiat currency is government-issued and not tied to physical assets like gold or silver. 

Cryptocurrency exchanges in the United States provide digital wallets for fiat currencies, streamlining depositing fiat on an exchange and enabling swift transactions for buying and selling cryptocurrencies.

How to Get a Crypto Wallet?

The initial stage involves familiarizing yourself with the various categories of wallets to determine the most suitable option for your trading requirements. Acquiring a "hot" or software wallet necessitates downloading the corresponding software onto your mobile or desktop device and, for custodial wallets, completing the registration procedure. 

Acquiring a cold crypto wallet entails purchasing the physical product, typically from the brand's online store, and awaiting its delivery to your residence.

Is Coinbase a Free Wallet?

Coinbase Wallet doesn’t impose any fees for maintaining funds and supported digital currencies or transferring the main crypto balance from one Coinbase Wallet to another. Coinbase imposes charges on all transactions, including non-Coinbase wallets and payment options.

Final Thoughts

In the fast-evolving realm of digital currencies, selecting a wallet holds significant importance. The most suitable crypto wallet for you ultimately relies on your specific needs, inclinations, and focal points. Whether you prioritize top-notch security, user simplicity, support for multiple currencies, or a fusion of these aspects, a wallet exists that aligns with your criteria.

From conventional hardware wallets such as Ledger, known for their robust security measures to groundbreaking and user-friendly solutions like Zengo and Trust Wallet, each wallet offers something distinct. Evaluate your priorities, consider your level of expertise, and determine whether you lean towards controlling private keys or favor the ease of a keyless system.

>> Best Crypto Wallet: Zengo >>