Investors looking for the best crypto wallet should start here.
Bitcoin and other cryptocurrencies have been around for years, but cryptocurrency investing keeps becoming more mainstream. New cryptocurrency investors may not necessarily be tech-savvy and knowledgeable about this world. One thing all investors should know about is cryptocurrency wallets, which add a layer of safety by offering online, or hot, and offline, or cold, storage for your personal crypto key, which enables access to your holdings. Any investor looking for the best wallet to hold Bitcoin and other cryptos has several factors to consider, including the type of storage, security measures and ease of use. Here are some of the best cryptocurrency wallets to consider.
Exodus is a hot wallet featuring live charts, a built-in exchange and 24/7 customer support. It also supports more than 145 cryptocurrencies. Exodus is a great choice for new crypto investors and has a low bar to entry. Exodus is also an excellent choice for desktop crypto traders, given its high transaction speeds, ease of use and wide range of functionality. Exodus started as a desktop-only platform, but it now has mobile apps for Android and iOS and even allows users to buy Bitcoin with Apple Pay.
Bitcoin investors who are not interested in storing any other cryptocurrencies can simplify their lives by opting for Electrum, a hot wallet that has been helping investors store Bitcoin since 2011. Electrum is the most popular Bitcoin wallet and the oldest on this list. It is also fast and easy to set up and designed to provide unique, Bitcoin-specific security features that other wallets do not offer. One of the cool things about Electrum is its adjustable fees: Users can determine how small or large their transaction fees are based on how long they’re willing to wait for a transaction to be completed.
Mycelium is another of the oldest hot Bitcoin wallets. Mycelium began as a mobile-only app, and it is still one of the best options for mobile crypto storage for both Android and iOS users. Like Electrum, users can adjust their fees based on their transaction-speed flexibility. Mycelium also features hardware wallet support, which allows users to hold their Bitcoin in cold, or offline, storage while still using the Mycelium user interface. App users can take advantage of Mycelium’s in-app exchange, trading and education resources. Mycelium is Bitcoin-focused, but it also supports Ethereum and other ERC-20 tokens.
Ledger Nano X
If headlines about hackers stealing millions from crypto exchanges worry you, consider stowing your investments in a cold wallet, which stores your private keys offline and is therefore inaccessible to malicious actors online. The Ledger Nano X is arguably the best hardware cryptocurrency wallet for cold storage. It is a bit pricey at $119, but it has a number of unique features that make the cost worthwhile for thousands of crypto investors. Ledger launched its Nano S wallet in 2014, and it dominated the hardware wallet market for years. The Nano X resembles a USB flash drive and connects to online devices via USB or Bluetooth. The Nano X supports more than 1,800 cryptocurrencies, making it a great choice for altcoin cold storage.
Opolo is another excellent cold storage option for mobile users on Android devices. Unfortunately, it is not available for iOS users. Opolo allows investors to set up encrypted hardware wallets for more than 280,000 cryptocurrencies and tokens. These wallets use EAL6+ rated secure chips, the highest possible security certification for hardware wallets. Opolo’s other features include USB encryption, anti-theft protection, randomized keyboard access and virus-free usage. Its Bitcoin hardware wallets also allow users to backup and recover their crypto. However, all of these extra security measures come at a price. The basic Opolo wallet costs about $230.
Coinbase Global Inc. (ticker: COIN) is the world’s second-largest cryptocurrency exchange by trading volume, and it is publicly traded on the Nasdaq exchange. The fact that Coinbase is public provides investors with a level of unmatched transparency and trust. The Coinbase hot storage wallet supports more than 500 cryptocurrencies and a number of nonfungible tokens, better known as NFTs, and its user interface is one of the simplest and easiest to navigate. It also provides multisignature and two-factor authentication. Keys are protected by Secure Enclave, biometric authentication and optional cloud backups. Coinbase’s encrypted Google Drive and iCloud recovery phrase backup feature also provides peace of mind.
Trezor Model T
For crypto investors who want a cold storage wallet with the highest possible level of security, the Trezor Model T may be the best choice. The Model T is pricey at $190, but it features some key updates to Trezor’s popular first-generation Trezor One wallet. The Model T features a touchscreen, making it easier and more intuitive to use. The Model T is also the first hardware wallet in the world to implement Shamir Backup (SLIP39) for even greater security in recovery seeds, making it easy for users to recover their entire wallet if they lose their device.
Ledger Nano S
The Ledger Nano S is a top cold storage wallet for budget-minded investors. The Nano S is virtually identical to the Nano X, but it costs just $59. It supports the same number of cryptos and gives users access to Ledger Live software. The Nano S has the same certified secure chip — CC EAL5+ — security as the Nano X. However, the Nano S does not have Bluetooth connectivity and it stores up to only three apps at a time, compared to the Nano X’s 100-app capacity. The Nano S is Ledger’s top-selling wallet and is an ideal option for crypto newbies.
The eight best cryptocurrency wallets:
— Ledger Nano X
— Coinbase Wallet
— Trezor Model T
— Ledger Nano S
More from U.S. News