Choosing the right crypto wallet is one of the most important decisions you can make when entering the world of crypto. A crypto wallet functions just like a regular wallet, only it takes the form of an app that stores passkeys, which allow you to sign for your cryptocurrency transactions.
In order to better understand this article, it is important to bear in mind the following considerations:
There are two types of wallets, hot wallets that have access to the internet and cold wallets that do not.
Additionally, there are such things as custodial and non-custodial wallets. The custodial wallet is hosted by a third party, whereas with a non-custodial wallet, the owner is responsible for securing their own passcodes.
Finally, there are also three subcategories: software wallets that run on apps on mobile devices; hardware wallets that are removable devices and paper wallets that function with QR codes.
With this in mind, here are our top five crypto wallet recommendations:
1. Coinbase Wallet
If you are looking for vast compatibility, this is the hot wallet for you. Coinbase Wallet supports “hundreds of thousands” of crypto assets and is known as one of the leading hot wallets on the market. It provides multiple advantages, including integration with various decentralized exchanges (DEXes), the option to utilize Ledger for secure cold storage, access to an array of coins for staking, and support for NFTs based on both Ethereum and Polygon networks.
2. Ledger Crypto Wallet
If you're looking for a cold wallet, Ledger Crypto Wallet may be a good fit for you. Their user-friendly interface and integration with other software wallets, such as Crypto.com, enables users to conveniently oversee a portfolio of over 5,500 tokens and coins via the Ledger Live app.
3. Trust Wallet
Trust Wallet stands out as our top choice for a mobile crypto wallet given its support for dApps and NFTs and the extensive range of supported assets. As Binance’s official mobile app, Trust Wallet offers non-custodial security with over 70 supported blockchains. Plus, as stated by Simpson, "the wallet has a built-in Web3 browser, allowing users to access dApps and blockchain games directly through the app. This feature makes buying NFTs easy, as users can look, purchase and store tokens using the incorporated decentralized exchange, all without leaving the app" (2023).
4. Crypto.com Defi Wallet
This non-custodial wallet gives you access to a full suite of DeFi services in one place. It is designed to give you full control and secure custody of your crypto, and it does not require you to provide your identity, which therefore reduces the risk of data breach.
Exodus is a great choice if you like to access your wallet on a desktop. Its varied functionality sets it apart from other options on the market. It runs on a light client, meaning it uses simple payment verification and doesn’t download complete blockchains, which in turn speeds up transactions. Plus, you can earn interest on more than 25 cryptocurrencies.
There are many other crypto wallets within the crypto space besides those we mention here, each with their own pros and cons. Our advice when choosing a crypto wallet is to identify your objectives, your non-negotiables and to research as much as you can. We suggest looking at reviews and forums in order to gain more insight on each of the wallets before making your pick.