Looking for the best crypto wallets but not sure which provider is best suited for you?
This guide introduces you to what our analysts and the majority of virtual currency investors consider the best crypto wallets in 2024. These are affordable, ultra-secure, and have a solid reputation for protecting client assets and data. They are also user-friendly and are easily accessible.
Read on to learn how a Bitcoin wallet works, why you need one, types of crypto wallets, and everything else you need to know about digital currency wallets.
The Best Crypto Wallets for 2024
After carefully analyzing the crypto market, our analysts settled on the following as the best Bitcoin wallets to own in 2024.
- eToro – Overall Best Crypto Wallet in 2024
- Binance – Best Exchange-Based Bitcoin Wallet with $1 Billion Insurance
- Coinbase – One of the Most Secure Crypto Exchange Provided Crypto Wallet
- Huobi – Popular Crypto Wallet App for Trading
- Luno – One of the Most Beginner Friendly Bitcoin Wallets Today
- Crypto.com – Top Bitcoin Wallet for Passive Crypto Investing
- Electrum – Popular Bitcoin-Only Software Wallet
- Metamask – Most Popular Wallet for Web3 and DeFi Applications
- Exodus – Leading Multi-Platform and Free Bitcoin Wallet
- Trust Wallet – Best Mobile Wallet App for DeFi Trading and Investing
- ZenGo – Best Free Mobile Wallet app
- Trezor – One of the Most Secure Hardware Bitcoin Wallet
- Ledger Nano X – One of the Safest Premium Crypto Hardware Wallet
You may have noticed that this list comprises premium and free Bitcoin wallets. And herein below, we will cover each of these in detail. We will review their core features and explain why they all made it to the list of top digital wallets.
- A cryptocurrency wallet is where you store your public and private keys
- There are many ways to store your cryptocurrency, with hot and cold wallets being the two main types of crypto wallets.
- Many exchanges have been launched in the last few years
- Store most of your cryptocurrency offline in cold storage and some online in a hot wallet
- Crypto wallets have different applications that go beyond the financial sector
The Best Bitcoin Wallets Reviewed
To develop this guide, we scoured the markets and vetted some of the more popular crypto storage platforms. We were looking for such factors as safety and user-friendliness. We also assessed their accessibility, security measures around the wallet, the number of supported coins, and their reputation.
Here is a brief overview of the top Bitcoin crypto wallets available to investors and traders today.
1. eToro – Overall Best Crypto Wallet in 2023
eToro is the overall best crypto wallet today. This top-rated wallet provider doubles up as a regulated exchange – enabling investors to store and trade crypto coins in a licensed environment. The leading crypto wallet supports dozens of digital currencies, from Bitcoin and XRP to Dogecoin and SHIB.
eToro is also one of the most popular crypto exchanges and trading platforms in the world. The leading Wallet appeals to crypto investors and traders because of its user-friendliness, solid reputation of reliability, and commitment to the safety of client funds and data. It also is one of the few pro-regulation crypto exchanges and is currently regulated by virtually all top-tier agencies – from the SEC to FCA, ASIC, and even CySEC.
eToro Wallet is also popular because of its convenience. Here, you can buy Bitcoin, Ethereum, Dogecoin and tens of the hottest cryptos with PayPal, credit cards, debit cards, bank transfers, eWallets, and more. Not forgetting that you have the option of withdrawing your investment in the form of crypto or fiat.
Several key factors help it top our list of the best Bitcoin wallets available to users today. For starters, eToro provides its platform users with two multi-platform digital wallets. An exchange-based cold vault that stores more than 90% of their assets offline, as well as the mobile wallet app that encrypts and holds client private keys in the phone’s root storage.
It also makes it here because these wallets support virtually all the popular digital currencies. Further, we liked the fact that eToro has never been hacked despite the fact that it has been offering crypto trading and storage services for more than a decade. You will also like the fact that eToro insures client accounts for up to $1 Million with the Lloyds of London.
Crypto asset investments are highly volatile and speculative
2. Binance – Best Exchange-Based Bitcoin Wallet with $1 Billion Insurance
Binance is the largest and most liquid crypto exchange in the world. It is also one of the most accessible crypto trading platforms – available in 200+ countries and territories across the world. Plus, it presents users with some of the most convenient avenues of buying crypto, especially the Binance P2P that lets you buy Bitcoin and other crypto with 700+ fiat payment options.
Binance, The top Bitcoin exchange, makes it to our list of the best crypto wallets because it maintains an ultra-secure exchange-provided vault. And according to them, more than 95% of all client funds are held in these offline vaults. In addition to this, Binance operates a Secure Asset Fund (SAFU) – a $1+ Billion in-house insurance scheme. This has been set aside for the purpose of reimbursing Binance platform users should they lose their crypto hackers or other breaches.
The Binance wallet also makes it here because of the multiple security safeguards around the security of crypto assets. These include two-factor authentication, whitelisting of crypto addresses, and security audits of company systems as well as the publication of the exchange’s proof of reserve audit.
Note that Binance was at one time hacked, with the perpetrators making away with more than $500 Million worth of client assets. The exchange’s reaction to this was a full reimbursement of client funds, a spirited pursuit of the perpetrators that led to the recovery of most of the funds, and reinforcement of company assets. The latter has especially gone a long way in helping the top exchange avert any other system breach.
Other factors that convinced us to list Binance among the top Bitcoin wallet service providers include the user-friendliness of its trading platform. We also recognize that Binance maintains some of the most competitive crypto trading fees.
You will also appreciate the fact that Binance is home to one of the widest ranges of cryptos and crypto trading pairs. Plus, it integrates multiple beginner to advanced trading, analysis, and research tools, as well as a variety of passive income-generating tools.
3. Coinbase – One of the Most Secure Crypto Exchange Provided Crypto Wallet
Coinbase is the largest and most liquid exchange in the USA. It is also one of the most popular crypto apps and trading platforms in the world. It is famed for its solid reputation of reliability and user-friendliness – cultivated throughout the more than a decade that Coinbase has been in operation.
Coinbase has been repeatedly voted the best crypto trading platform for beginners thanks to its easy, quick, and straightforward account opening and crypto buying processes.
Coinbase also stands out as one of the few top-tier altcoin exchanges that give out free crypto to its platform users through the Learn-to-Earn program. This rewards learners with free crypto whenever they complete a qualifying crypto/blockchain-related educational program on the platform.
This publicly-traded crypto exchange ranks this high among top Bitcoin wallets because of its commitment to keeping client assets safe. It provides its clients with two free crypto storage solutions – the exchange-based vault as well as the mobile-based wallet app. According to the trading platform, the exchange-based wallet stores as much as 98% of client assets in an ultra-secure crypto vault that has never been hacked while insuring the remaining 2%.
The mobile-based wallet app, on the other hand, encrypts the private keys for your crypto and stores them in the root storage of your phone. Unlike the ultra-secure offline vault, however, the Coinbase wallet app has been raided by hackers severally – resulting in the loss of Millions worth of client crypto every time. The most recent Coinbase wallet app hack was in early 2021, when more than 6000 mobile wallet apps were compromised.
Note that most of these cases are a result of phishing attacks. In response to these, Coinbase introduced multiple security measures around this app infrastructure – ranging from multi-factor authentication, whitelisting of addresses, transaction cancellation, and account lockup. These have helped keep the majority of client accounts and digital assets safe.
Other reasons why we featured Coinbase among the Bitcoin accounts include the convenience of buying cryptocurrencies on the platform and the rage of supported cryptos. We also liked that it has both the Coinbase and Coinbase PRO trading platforms that appeal to beginner and expert crypto traders/investors.
Not forgetting that it, too, maintains a rather competitive transaction processing fee and integrates innovative crypto technologies into its platform – including Web 3 and NFTs.
4. Huobi – Popular Crypto Wallet App for Trading
Huobi is an equally popular Bitcoin trading platform and has consistently featured among the top 15 most liquid exchanges. Some of the factors that endear it to crypto traders and investors are its support for a wide range of cryptocurrencies, including a launchpad for new tokens and its user-friendliness. Some of the 45+ million individuals with Huobi trading accounts could also have been drawn by its competitive trading fees and security guarantee.
Huobi features here because, like all other top exchanges, it provides its platform users with highly secure and free Bitcoin wallets. You have the option of settling for their exchange-based crypto vault that holds 98% of your digital assets offline. But if you wish to have unregulated access and control over your digital currencies, you can settle for the Huobi mobile wallet app that encrypts your keys ad stores them in your phone.
Huobi has put in place multiple security safeguards around both wallets to guarantee the safety of your crypto investment. These include strong passwords, multi-factor authentication, anti-phishing code, whitelisting withdrawal addresses, and more.
The Huobi multi-platform wallet also makes it here because it integrates a range of innovative crypto programs. For example, in addition to serving as a wallet for hundreds of top digital currencies and tokens, it could also be used to store your NFTs. Not forgetting that it also integrates several passive income-generating avenues – including staking.
Both the exchange-provided and mobile app wallets are free. But Huobi exchange maintains highly competitive crypto transaction fees. And here, you can buy the best altcoins with credit cards, debit cards, or 100+ other payment options via the Huobi P2P platform.
5. Luno – One of the Most Beginner-Friendly Bitcoin Wallets Today
Luno is a top cryptocurrency exchange and one of the best places to buy Bitcoin, Ethereum, and all other top altcoins. For the ten years that it has been around, Luno has cultivated a reputation for reliability and security. And this forms part of the reason why we list it among the top Bitcoin wallets and accounts.
Like most crypto exchanges, Luno provides its platform users with free Bitcoin wallets – both the custodial or exchange-based vault and the non-custodial mobile wallet. These are highly secure, and the exchange has put in place multiple security measures around them to guarantee the integrity of your digital assets. The exchange-based vault, for instance, holds as much as 97% of all client digital currencies offline.
The mobile wallet, on the other hand, embraces such security features as a strong password and multi-factor authentication. In addition to storing your crypto, you can buy and sell 40+ digital currencies on the Luno Wallet.
You could also set price alerts for different cryptocurrencies and earn different rewards when you participate in the Luno rewards program. It also integrates several passive income generators like crypto saving and staking that earn you interest.
6. Electrum – Popular Bitcoin-Only Software Wallet
Several factors help Electrum stand out as one of the best crypto wallets to own for traders and investors. The most outstanding, however, has to be the fact that Electrum is a Bitcoin-only software wallet. Founded in 2011, it is also one of the oldest and most recognizable Bitcoin wallets. And throughout this time, it has cultivated a reputation for reliability, convenience, and security.
It is also worth noting that Electrum is one of the few open-sourced Bitcoin wallets operating today. This means that the non-exchange affiliated crypto wallet allows virtually anyone to inspect its code and either critique or make security recommendations. And this has been one of the many factors that have helped guarantee Electrum’s safety.
In addition to its open-sourced nature, Electrum has put in place multiple security measures around client accounts and their digital assets. These include two-factor authentication, transaction proof checking, and multi-signature support. It is also compatible with multiple hardware wallets, including Ledger, Trezor, and KeepKey.
Other factors that informed our decision to feature Electrum among the best free Bitcoin wallets include its user-friendliness. The wallet not only has a quick and straightforward account opening process but also maintains a highly navigable user interface. It also uses the lightweight client, which is easy to install and doesn’t take up less space. We also liked that it supports the Bitcoin lightning network as well as both standard deterministic and hierarchical deterministic accounts.
7. MetaMask – Most Popular Wallet for Web3 and DeFi Applications
MetaMask has been consistently hailed as the best wallet for Web3, DeFi, and dApps – and by extension, Ethereum. With more than 21 million active monthly users, MetaMask is by far one of the most widely used software wallets. Much of this is attributable to such factors as its user-friendliness, integration of multiple features, and ease of access. In addition to having free desktop and mobile apps, metaMask is also available as a web extension for popular browsers – including Chrome, Edge, Brave, and Firefox.
MetaMask is also popular because of its commitment to the security of client assets and private data. In addition to being open-sourced, the free non-custodial Ethereum wallet has also subjected its code to security audits by different security experts and independent researchers. In addition to this, it runs a bug bounty program and has put in place multiple security measures aimed at keeping clients safe.
You can storing the next crypto to explode on the all-popular multi-platform you can also earn passively when you stake your crypto here. You can also buy and sell Ethereum and thousands of other altcoins using Metamask.
Plus, you also have the option of swapping one cryptocurrency for another on Metamask. The transaction fee for buying and selling crypto is dependent on a number of factors – especially the network fees. Swaps, on the other hand, attract a fixed spread of 0.875%.
Other factors that help Metamask rank this high on the best free software wallets include the fact that it can also be used to store NFTs. It also lets you browse different dApps and exposes you to highly innovative Web 3 apps and programs. Not forgetting that it has an in-built decentralized crypto exchange.
8. Exodus – Leading Multi-Platform and Free Bitcoin Wallet
Exodus is a non-exchange affiliated multi-currency wallet, popular for its user-friendliness as well as its commitment to the security of client funds and data. It is a multi-platform wallet available both as a desktop and mobile app. Both have a quick and straightforward account registration process and one of the most navigable interfaces. Plus, like most other app-based software wallets, Exodus runs on a light client – effectively saving you on space.
Some of the safety measures placed around the Exodus wallet account include strong passwords and multi-factor authentication. It is also compatible with popular hardware wallets like Trezor.
Other notable attributes of the Exodus wallet include its support for a large number of cryptocurrencies. At the time of writing, you can store close to 300 cryptocurrencies from multiple networks on this digital wallet.
The wallet then integrates an in-app exchange that you can use to swap between hundreds of cryptocurrencies. You can also buy, sell, or stake different cryptocurrencies directly on the Exodus wallet.
9. Crypto.com – Top Bitcoin Wallet for Passive Crypto Investing
Crypto.com is one of the fastest-growing crypto exchanges and one of the best places to buy Bitcoin today. It supports more than 200 cryptocurrencies and even more trading pairs. It is popular among both crypto investors and active traders because of its affordability and integration of beginner and expert-friendly tools and resources. You, for example, stand to benefit from zero maker fees and a 12% discount on taker fees if you stake 50,000 CRO tokens.
In addition to having one of the most user-friendly exchanges, Crypto.com also operates one of the most comprehensive DeFi wallets. This free, multi-currency, and multi-platform crypto vault commit to the security of your digital assets by implementing multi-factor authentication, strong passwords, data encryption, whitelisting of addresses, and more.
Some of the DeFi wallet’s most attractive features include the crypto earn program that rewards you with competitive interest in staked crypto. The Swap feature, on the other hand, lets you swap 1000+ across multiple chains. You could also use the Crypto.com DeFi wallet to store your NFTs or browse popular dApps, and Web 3 programs.
10. Trust Wallet – Best Mobile Wallet App for DeFi Trading and Investing
Trust Wallet is the unofficial mobile wallet app for the Binance exchange and gateway to the Binance Smart Chain network. It is also considered the gateway to thousands of dApps and Web3 programs – accessible through its dApp browser. These, and the fact that it integrates a growing number of highly innovative crypto programs, make it one of the best multi-currency wallets out there.
Today, the Trust wallet is one of the most widely used cryptocurrencies, with more than 60 million monthly active users. The majority of these are drawn in by its convenience, security, user-friendliness, and affordability. Trust Wallet, for example, has one of the most beginner-friendly account registration processes and a highly navigable interface.
They may also be drawn in by the large number of supported cryptocurrencies. Or the fact that you could also store your NFTs here. In addition to storing digital assets, you can also buy crypto directly on the in-app exchange with other crypto or with fiat using a credit card or debit card. The Trust wallet also lets you earn competitive interest on your investment when you stake cryptos on the multi-platform wallet.
The Trust wallet exposes to thousands of dApps and Web 3 programs – some of which allow for active or passive crypto investing. These include leading decentralized exchanges like Uniswap, SushiSwap, and Pancakeswap. Passive income-generating avenues on this platform, on the other hand, include Aave, Curve Finance, Uniswap, and more that reward you with highly competitive interest when you stake or lock your crypto investments in a liquidity pool.
11. ZenGo – Best Free Mobile Wallet app
ZenGo is one of the safest crypto wallets, which has become massively popular because of its unique approach to safety. Unlike most of the wallets that we have featured here that require seed phrases during set-up and recovery, ZenGo embraces the MPC (Multi-Party Computation) technology that eliminates the need for seed phrases. This has oversimplified the account set-up and recovery for the crypto wallet as it embraces the 3D Face Lock verification for account creation, access, and recovery.
ZenGo is also popular among crypto investors because it supports a wide range of features. In addition to storing your crypto, for instance, it also serves as an NFT wallet. Further, it has integrated an in-app exchange that you can use to swap the 70+ supported cryptocurrencies. As it is still not too late to buy Bitcoin and other popular altcoins, you can also buy and sell tens of cryptocurrencies via the wallet at highly competitive transaction fees. Plus, it also gives you access to the fast-growing world of DeFi, dApps, and Web 3 innovations.
Other factors making ZenGo one of the best digital currency wallets include the fact that it integrates several passive income-generating avenues. It, for example, lets you earn yield through Lido and interact with Play-to-Earn games on the Sandbox metaverse. Plus, it maintains a highly responsive customer support team available 24/7 online.
12. Trezor – One of the Most Secure Hardware Bitcoin Wallet
Trezor is arguably one of the most popular and secure hardware wallets available today. It was introduced in 2014 by Satoshi Labs 2014 and went on to set a benchmark for quality, security, and user-friendliness for the hardware wallet market. So far, Satoshi Labs has created two Trezor wallet options – the Trezor Model T and Trezor Model One.
Though they both aren’t free, they have been widely embraced by the crypto community. Much of this can be attributed to the fact that Trezor wallet supports 1000+ digital currencies – both legacy and some of the best future cryptos. The hardware wallet is also quite user-friendly and features on-device screens, a desktop app, and browser extensions. Setting an account on your Trezor wallet is easy and straightforward.
When creating a user account, Trezor provides its users with a 12/24-seed phrase for backing up their accounts. You will also need to create a secret PIN that you will need to authorize crypto transfers out of the offline vault.
Other factors that help Trezor appeal to crypto investors and traders include the fact that it is compatible with different online wallets – like Exodus. This makes it appealing to active traders who want both fast access to digital assets and cold wallet-level security. Plus,you can also buy, sell, and swap different crypto with USD via the in-wallet exchange in the Trezor Suite App.
13. Ledger Wallet – One of the Safest Premium Crypto Hardware Wallet
Ledger is an equally popular brand of hardware wallets, famed for their commitment to keeping their client’s digital assets safe. Established in 2014, the company has so far introduced three different types of ultra-secure crypto vaults that store your private keys offline. These are Ledger Nano X and Ledger Nano S Plus – both USB-like devices – as well as the newly launched smartphone-like Ledger Stax wallet.
Several factors have crypto investors and traders convinced that Ledger is the best Bitcoin offline wallet out there. First is the fact that Ledger wallets have never been hacked – while the company systems were breached in mid-2020, resulting in the loss of client data, this didn’t result in the loss of digital assets stored in Ledger’s offline wallets. Secondly, Ledger wallets are popular because they support 1000+ digital assets – both established and new cryptocurrencies.
They are also popular because of their user-friendliness, made possible by their quick and straightforward account opening process. It can also be accessed via the Ledger Live desktop or mobile app. This app lets you manage your cold wallet and give you access to the in-app Ledger market, where you can buy, sell, and swap cryptos at highly competitive transaction fees.
The app also exposes you to the world of dApps and Web 3, where you can interact with multiple innovative crypto programs, apps, and NFTs. You can also earn passively by staking tens of popular cryptocurrencies using this app or by yield farming at the different DeFi programs.
Other factors that help the premium hardware wallet appeal to its 4+ million clients include its highly responsive customer support team available online 24/7.
The Best Crypto Wallets Compared
In the table below, we compare some of the core features of the leading software and hardware wallets:
|No. of supported crypto
|Fee for sending Bitcoin
|Free, Spread-only on trades
|Free, Up to 0.1% on trades
|Free to download, fixed 1% fee on trades
|Free transfers, $219 for Model T, $69 for Model One
|Free transfers, $79 for Ledger Nano S, $149 for Ledger Nano X
What is a Bitcoin Wallet?
A Bitcoin wallet refers to a digital wallet that you need to store your Bitcoin or altcoins like Ethereum, Ripple, Cosmos, and Litecoin. Like a traditional wallet that holds your physical cash, a crypto wallet holds the encryption material – often referred to as private keys or public keys – that gives you access to your crypto investment.
A cryptocurrency wallet comes in different shapes and forms. It can be a physical medium – with the most common being a USB- or Smartphone-like device. It could also be in the form of an online program or application both for desktops and smartphones or a service provided by third parties, especially crypto exchanges. The former gives you absolute access and control over your digital currencies, while the latter involves trusting a third party to keep this investment safe on your behalf.
Originally, crypto wallets are only supposed to serve as a safe keep for your digital currencies. Over time, however, popular Bitcoin wallets started extending their service offering beyond crypto storage. They started integrating innovative crypto programs into the wallets. These include an in-wallet exchange where you can buy, sell, convert/swap cryptocurrencies. They may also include passive income-generating avenues like staking, liquidity mining, and yield farming.
Why Do You Need a Bitcoin Wallet?
We need crypto wallets to keep digital assets safe. crypto wallets are fully decentralized and transactions are processed without a third-party intermediary, like a bank.
A wallet is a must-have for anyone looking to start investing in or trading cryptos. In fact, most exchanges automatically assign you an exchange-based crypto wallet immediately after you sign up for a trader account. Below, we look at the top five reasons why you need a Bitcoin wallet:
You need a digital wallet to store your crypto investments. Exchanges provide you with free wallets – both custodial and non-custodial. We, however, always advise our readers to invest in a safe and reliable hardware wallet.
Send and receive
You will also need a Bitcoin wallet if you need to send or receive cryptocurrencies. The wallet makes it possible for you to transfer virtual funds to crypto markets or internationally to friends, family, and acquaintances.
Some wallets will let you stake crypto on their platform and reward you with highly competitive interests. Others will give you access to DeFi markets that let you earn passively through liquidity pools, crypto saving, yield farming, crypto lending/borrowing, and more.
Buy and sell
A growing number of crypto wallets will also let you buy, sell, swap, and convert crypto directly on the wallet. These have established in-wallet exchanges or partnered with third-party crypto trading platforms that process the trades on their behalf. Some will even feature educational content teaching how to invest in crypto, earn passively, and buy NFTs.
Access other crypto technologies
In addition to storing your crypto, the best crypto wallet will also expose you to multiple innovative crypto technologies. These include dApp browsers, Web 3, and different DeFi apps and programs.
How do Bitcoin Wallets Work?
A crypto wallet has a few core roles. First is the storage of the encrypted private keys that give you access to your crypto investment. The second has to be the maintenance of the security and integrity of the said crypto. And thirdly, to facilitate the transfers in and out of your crypto portfolio.
Below, we look at how it achieves all these roles.
Storing private keys
This private key is supposed to be a secret and thus needs to be stored in a personal crypto wallet. Note that different wallets are programmed to be compatible with different blockchain technologies. You will, therefore, need to check if your preferred wallet supports your preferred crypto.
Keeping your keys secure
When creating a crypto wallet account, you will be provided with a recovery seed phrase. You will also be required to set a secret PIN or password. Some digital wallets are also optimized to support biometrics like fingerprints or face IDs.
The seed phrase – typically 12 or 24 random phrases – are needed to recover your wallet account should it be lost (for hardware wallets) or inaccessible (for software wallets). You will also need it when moving the wallet app from one device to another. The PIN is, on the other hand, needed to access the wallet and, in some instances, to transfer crypto out.
These two keep your crypto safe. You will also note that all crypto wallets either heavily encrypt the private keys before depositing them to your phone/PC. Others take this a step further and only store their client’s private keys offline. All these measures help keep your crypto safe from hackers and unauthorized access.
Facilitate deposits and withdrawals
Just as you would your current account to accept deposits from yourself and others while facilitating transfers to other accounts, a crypto wallet will also accept deposits and facilitate transfers out. Note that the nature of the deposits and withdrawals vary from one wallet to another.
Most crypto wallets do not accept fiat deposits or withdrawals. A few, however, especially exchange-based wallets accept fiat deposits. This means that you can sell your crypto for fiat cash and later withdraw these funds to your card or bank account.
Types of Crypto Wallets Available Today
Crypto wallets are generally grouped into two categories – software wallets and hardware wallets. Below, we explain these two types of crypto wallets in detail:
Software wallets refer to computer programs that are specially designed to offer crypto storage services. These are often in the form of apps (for both desktop and mobile) or service programs hosted on third-party servers.
Perfect examples of app-based software wallets are the crypto wallet apps provided by such exchanges as Binance, eToro, or Coinbase. They also include third-party apps like Electrum and Exodus. Examples of non-app-based software programs, on the other hand, are the storage-as-a-service programs offered by both crypto exchanges and other third-party crypto security companies.
Software crypto wallets can be further categorized into custodial and non-custodial wallets. Custodial wallets refer to digital wallets that hold cryptocurrencies on your behalf. Perfect examples of custodial wallets include the storage services provided by all the popular crypto exchanges, including eToro and Binance – that claim to hold 90%+ of your private keys in offline vaults.
Non-custodial wallets, on the other hand, refer to any crypto storage programs that give the user unrestricted access and absolute control over their digital assets. Instead of storing your private keys in offline servers controlled by an exchange or other third parties, these encrypt your private keys and deposit them into the root storage of your device (mobile or PC). Examples of non-custodial wallets are stand-alone wallet apps provided by exchanges like Huobi or third parties like Electrum and Exodus.
Hardware wallets refer to physical devices that come pre-installed with special programs for storing the private keys for your cryptocurrency. They serve the same purpose as software wallets – safe for the fact that they are non-custodial by design. Hardware wallets are also considerably safer than software wallets because they store the private keys to your cryptocurrency offline.
Some hardware wallets make it possible for users to transfer their cryptos while offline. Most, however, have a software interface in the form of a desktop or mobile app interface needed to manage the hardware device. To link the hardware device holding the cryptos and its managing interface, most wallets use a wired connection (like a USB cable) or a wireless connection (mainly Bluetooth).
How to Choose the Best Crypto Wallet
You now know about the top Bitcoin wallets and the difference between hardware and software wallets. We must observe that there currently are thousands of both premium and free crypto wallets, with each claiming to be the best.
Picking up the best crypto wallet requires users to consider their experience level. In this section, we will tell you what to consider when looking for the best Bitcoin wallet:
We recommended crypto users to invest in a reliable and reputable hardware wallet as this provides the highest levels of security guarantee. If you have to use a software wallet, check that it has put in place sufficient security measures like passwords and multi-factor authentication.
When assessing the affordability of the wallet, you will want to consider three key factors, These are the cost of the wallet (especially hardware wallets), the cost of transacting using the wallet, and the cost of integrated third-party programs. For example, if the wallet only facilitates crypto trades or swaps through a third-party exchange, confirm the exchange fees before initiating a transaction.
Check the number and quality of integrated products and services. We have mentioned that current wallets expose you to dApps, DeFi programs, and even Web 3. Confirm that the wallet only exposes you to quality programs that let you grow your investment passively, safely, and affordably.
Your preferred crypto wallet should also be easy to use. It should have a quick and straightforward account opening process as well as a highly navigable and responsive user interface.
You will also want to only download or buy a digital wallet that supports a wide range of cryptocurrencies and blockchain networks. This ensures that there are no limits to expanding your crypto portfolio. You may also want to consider going for a crypto wallet that also serves as an NFT wallet.
Depending on your investing goals, you will want to decide if you wish to use a custodial or non-custodial wallet. Custodial wallets and software-based non-custodial wallets are perfect for active traders. Hardware wallets, on the other hand, appeal to medium to long-term investors as well as heavy rollers.
How to Get a Cryptocurrency Wallet
So far, we’ve covered all important points to know about crypto wallets. Next, we’ll explain in more details how to obtain and set up a crypto wallet in few minutes.
As an example, we will choose eToro wallet as it is the overall best crypto wallet in 2023 for beginners.
Step 1: Register an Account
Start by creating a crypto trader account on the official eToro website. The process is quick and straightforward. You only have to hit the “Join Now” button on eToro’s official website and proceed to complete the user registration form that pops up.
Step 2: Verify your Identity
Note that since eToro is a multi-regulated crypto exchange, The platform requires users to subject all its clients to KYC checks. Simply submit a copy of your government-issued identification document, such as a passport or diver’s license.
Step 3: Download eToro Money Crypto Wallet App
You will now need to download the eToro Money Crypto Wallet App from Google Play Store or Apple App Store.
Step 4: Transfer or Buy Cryptos
Use the username and password you created when registering the crypto trader account above to log in to the eToro wallet app. You can proceed to deposit cryptos into this free wallet from your eToro trader account or third-party exchanges/wallets.
Conclusion – Best Crypto Wallets in the Market
This guide has reviewed the best crypto wallets of 2024. We also divulged how we select and rank the top Bitcoin wallets and platforms and discussed what our analyst and the larger crypto community consider the best places to keep your cryptocurrency safe.
We then looked at everything you need to know about crypto wallets – from what they are and how they work to the different types of digital wallets.
If you are looking to acquire a new crypto wallet, we shared a few tips on what to consider when vetting different options before providing you with a step-by-step guide on how to get a Bitcoin wallet.
Cryptoassets are a highly volatile unregulated investment product
Reviewed and Fact Checked by Joshua Downes, Fintech, Blockchain Writer and Investment Analyst.
FAQs on the Best Crypto Wallets in 2024
What is the best crypto wallet today?
We are strong advocates of the not your keys, not your cryptos mantra and advice our readers to only store their crypto in safe wallets that give them access and control over their digital assets. Some of the best crypto wallets on our list are Coinbase, Electrum, Ledger, eToro wallet Exodus, and Trezor
What is a crypto wallet?
A crypto wallet is an app, physical device, or storage-as-a-service equipped with a special program that stores the private for your virtual currencies. Your wallet holds the private keys needed to decrypt the blockchain network to access your investment. It could also refer to an NFT wallet.
How do I choose the best Bitcoin wallet?
Some of the key factors that you need to give utmost consideration when choosing the best Bitcoin wallet include its security, its cost and in-wallet transaction fees, and the number of supported cryptocurrencies. You will also want to look at its user-friendliness and the number of integrated features.
Which is the safest Bitcoin wallet?
Hardware wallets are generally safer than software wallets largely because they store the private keys for your crypto offline. The lack of internet access helps them avoid incidences of hacking, while wireless connection to app managers shields them from malware. The PIN, on the other hand, keeps your coins safe from unauthorized users who may have access to your physical device.
What is an offline wallet?
Also known as a cold wallet, an offline wallet refers to any crypto storage program/service that stores your coins in devices, servers, or digital storage units with no internet access. This may be an exchange-based cold wallet provided by a crypto trading platform or a non-custodial third-party cold wallet like Trezor or Ledger.