Safeguard your assets with a top crypto wallet.
Cryptocurrencies are risky enough with their fluctuating values, so investors shouldn’t expose themselves to additional downside by storing their assets unwisely. But many crypto owners, either without knowing better or due to apathy, don’t take proper precautions with where they hold their crypto, keeping their digital assets sitting on their exchange accounts. That’s a mistake. On May 10, popular crypto exchange Coinbase Global Inc. (ticker: COIN) acknowledged in a filing that cryptocurrencies held on its platform could be seized by the company in the case of bankruptcy. Whether you have Bitcoin (BTC), Ether (ETH) or a collection of altcoins, cryptocurrency wallets add a necessary layer of protection through online, or hot, and offline, or cold, storage for your private key. Your private key grants exclusive access to your crypto, so without it, you’re not truly in control. Here are eight of the best cryptocurrency wallets to consider.
MetaMask
MetaMask is a web-based, or hot, wallet, widely used by those in the world of decentralized finance, or DeFi, and the emerging Web3 economy, with more than 30 million users. MetaMask is a great crypto wallet for newer investors interested in exploring this world and is compatible with almost all major decentralized exchanges and a growing array of decentralized apps, or dApps. Easily installed as a browser extension or on your phone, users can swap and buy cryptocurrencies in a user-friendly and seamless way, and MetaMask supports transactions on an impressive variety of networks, including Ethereum, Polygon, Binance Smart Chain, Avalanche, Fantom and Celo. That said, MetaMask has limitations. It doesn’t support Bitcoin or Solana, for example, so don’t send those to a MetaMask wallet or they’ll likely disappear.
Type: Hot wallet
Cost: Free
Benefits and features: Ease of use, multi-chain access
Electrum
One of the older crypto wallets on the market, Electrum has been around since 2011, just two years after the creation of Bitcoin itself, and one year before Coinbase was created. Electrum is, in a way, the inverse of MetaMask: It supports only Bitcoin storage, and it’s less user-friendly than its Web3-focused counterpart. Electrum offers users the ability to adjust transaction fees based on how rapidly they want their BTC to be moved. Electrum offers security features like two-factor authentication and fund recovery through using a secret phrase, and also ultimately supports third-party plug-ins, including offline wallets.
Type: Hot wallet
Cost: Free
Benefits and features: Bitcoin only
Ledger Nano X
Hopping over to the world of cold storage, where your private key and crypto tokens are held completely offline and immune from hackers and malicious software, the Ledger Nano X is one of the safest crypto wallets that investors have access to. Equipped with a top-of-the-line CC EAL5+ chip for security, this Ledger product also allows users to download the Ledger Live app on their phones, connecting your hardware wallet via Bluetooth to the app, where you can securely manage, lend and stake your cryptocurrencies. The Nano X allows the installation of up to 100 apps at the same time and supports storage for more than 5,500 cryptos.
Type: Cold wallet
Cost: $149
Benefits and features: 5,500 supported currencies, high security, impressive storage
Trezor Model T
Perhaps the closest competitor to the Ledger Nano X is the Trezor Model T, another extremely high-security cold wallet for users wanting to leave nothing to chance. It’s tough to make the case that the Trezor Model T is worth a price nearly double that of its rival, but it has some upsides, including a touchscreen for ease of use and durable hardware that can withstand X-rays at the airport and temperatures up to 140 degrees and as low as negative 4 degrees Fahrenheit. This cold-storage crypto wallet supports more than 1,200 coins and, like many other wallets, offers recovery seed phrases allowing you to re-access your assets should you lose the device.
Type: Cold wallet
Cost: $280
Benefits and features: High security, touchscreen
Ledger Nano S
It’s not time to move on from the Ledger family of devices just yet: The Ledger Nano S is a cheaper, simpler version of its cousin, the Ledger Nano T. For a $90 discount, Nano S buyers get all the benefits of cold storage offered by the Nano T, but with access to only three apps at a time and no Bluetooth availability. Ledger asserts that the Nano S is “the world’s most popular hardware wallet,” and it’s replete with the same CC EAL5+ certified secure chip. The Nano S is also compatible with the Ledger Live software, which allows you to safely buy, exchange, and invest your crypto from the security of an offline storage device. If you just want simplicity and security at a low cost, it’s hard to beat the Ledger Nano S.
Type: Cold wallet
Cost: $59
Benefits and features: High security, practical, affordable
Mycelium
Back in the category of online wallets, Mycelium is one of the top hot wallets, with a long history. The software originated as a Bitcoin wallet, although it now supports some other cryptocurrencies. It’s not ideal for users seeking a wide variety of coin compatibility, and it may not have the smoothest user interface, but it is a popular choice for mobile crypto storage, with its app available on iOS and Android devices. The app also has a crypto exchange feature, plus education resources, and it lets users hold their crypto in a hardware wallet (sold separately), while still using Mycelium’s software. Mycelium allows users to adjust fees based on the urgency of their transaction.
Type: Hot wallet
Cost: Free
Benefits and features: Bitcoin-centric, iOS and Android-compatible, adjustable transaction fees
Exodus
Exodus is another top hot wallet, with availability on desktop and mobile — both iOS and Android apps are available — and an ability to connect to Trezor cold wallets for an extra layer of security. Known for its ease of use, smooth interface, live charts and 24/7 customer support, Exodus is a nice option for users just looking for a free but secure place to stash their crypto. If you own super-exotic tokens, there’s a solid chance Exodus will not be able to store them, but for less enterprising investors, Exodus does enough, supporting more than 180 cryptocurrencies, including all the usual suspects, such as Bitcoin, Ether, Binance Coin (BNB) and the like.
Type: Hot wallet
Cost: Free
Benefits and features: Ease of use, 24/7 customer support
Opolo
Last up is Opolo, a pricey but secure cold wallet for users looking to spend extra for one of the safest crypto wallets available. If you have a significant amount of digital assets, love messing around with obscure crypto projects and value Fort Knox-level security, Opolo is the hardware wallet for you. It’s not cheap, but it offers access to more than 280,000 cryptocurrencies and boasts an EAL 6+ rated secure chip, one level more secure than the EAL 5+ certified chips used by both previous Ledger models. Opolo has a 3.2-inch touchscreen display, making it easy and pleasant to use.
Type: Cold wallet
Cost: 299 euros
Benefits and features: High security, massive token selection
The 8 best cryptocurrency wallets:
— MetaMask
— Electrum
— Ledger Nano X
— Trezor Model T
— Leder Nano S
— Mycelium
— Exodus
— Opolo
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The 8 Best Cryptocurrency Wallets originally appeared on usnews.com
Update 05/16/22: This story was published at an earlier date and has been updated with new information.
