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Best Crypto Wallets UK

Investing in cryptocurrencies is relatively straightforward and has gained considerable popularity, as can be gauged by the number of crypto exchanges operating in the market. However, purchasing crypto is the easy part. The tricky bit is storing your crypto assets securely.

In this guide, we compare the best crypto wallets in the UK for user-friendliness, secuirety, core features, fees, and more.

Key Points 

  • While crypto exchanges are popular when it comes to storing assets, they are frequently targeted by hackers and other malicious entities. 
  • A cryptocurrency wallet is a device or software that stores your cryptocurrency keys, allowing you to access your assets. 
  • The wallet contains a public key (wallet address) and a private key needed to sign transactions. Anyone with access to the private key has complete control of the assets held in that specific wallet. 
  • There are several types of wallets available in the market. These include software wallets, hardware wallets, and paper wallets. Each wallet has its advantages and disadvantages.

Best Crypto Wallets In The UK 2024

Before we go into an in-depth review of the best crypto wallets in the UK, here’s a quicj rundown of our top options:

  1. eToro Overall best crypto wallet in the UK 
  2. Best Wallet – Relatively new crypto wallet that addresses concerns associated with older wallets
  3. Huobi – Multi-currency wallet excellent for diversification
  4. Binance – Excellent wallet option for trading major cryptocurrencies 
  5. Coinbase – Top crypto wallet ideal for beginners
  6. ZenGo – Excellent choice for Crypto, NFTs, and DeFi dApps 
  7. Crypto.com – DeFi wallet for UK-based traders

What Is A Crypto Wallet? 

A cryptocurrency wallet is a software or hardware application that uses the blockchain to access your crypto. It functions as a wallet for your cryptocurrency, similar to a traditional wallet in which you put cash and cards. However, the difference is that a crypto wallet, instead of holding physical items, contains the pass keys needed to sign for crypto transactions and also provides the interface for you to access your cryptocurrencies.

Wallets allow everyone to access cryptocurrencies. When cryptocurrencies were first introduced, sending and receiving cryptocurrencies was considered challenging. Today, crypto wallets have made that process quick and seamless. The first ever crypto wallet belonged to Bitcoin creator Satoshi Nakamoto. The second belonged to Hal Finney, who worked with Nakamoto and was reportedly the first individual to run the Bitcoin client software wallet. Finney received 10 BTC as a test transfer from Nakamoto, thus kicking off Bitcoin’s story.

Crypto Wallet

A crypto wallet uses an internet connection to access the blockchain network for your assets. In fact, cryptocurrencies are not stored anywhere. Instead, they are bits of data stored in a database. A wallet finds the bits of data associated with your public address and shows you the information in the app interface.

Wallets simplify the sending and receiving of cryptocurrencies by giving users several ways to conduct transactions. You can enter the recipient address, select an amount to send, and then sign the transaction using the private key to complete it. Receiving crypto in your wallet is simpler, with the sender only requiring your public address to send you crypto.

Types Of Crypto Wallets 

There are primarily two types of wallets: custodial and non-custodial. A custodial wallet is hosted by a third party that holds your keys for you. Some crypto trading platforms offer users a custodial wallet, making trading on the platform simple. On the other hand, a non-custodial wallet allows you to retain complete control of your private keys.

Additionally, there are two subcategories of crypto wallets: hot and cold. A hot wallet is a wallet connected to the internet or to a device that has an internet connection. On the other hand, a cold wallet is one that is not connected to the internet. Cold wallets are considered to be far more secure than hot wallets. A further subcategory of wallets is software, hardware, and paper wallets.

Software Wallets 

A software wallet is an application that runs on your desktop, laptop, and mobile phones. Once installed, they allow you to access your cryptocurrency, complete transactions, display your balance, and more. Some software wallets come with additional functionalities, such as crypto exchange integration.

Software wallets, especially mobile wallets, can facilitate payments in physical stores and locations by using NFC or scanning a QR code. These wallets are compatible with desktop, Android, and iOS devices. Popular software wallets include MetaMask, Trezor, Mycelium, and Electrum. Most software wallets are hot wallets, meaning they maintain an internet connection. This can be an advantage and a disadvantage, something we will discuss later.

Hardware Wallets 

Hardware wallets are the most popular type of wallet in use. This is because it allows you to store your private keys offline, neutralizing the threat from hackers. A hardware wallet resembles a USB drive, with several essential features. You can plug your hardware wallet into your computer and make transactions. Most hardware wallets can sign a transaction automatically and don’t even require you to enter their key. This neutralises the risks of a hacker attempting to log your key presses or record your screen.

Most hardware wallets cost between $200 and $400, with Ledger and Trezor being the most popular.

Paper Wallets 

Early crypto users used paper wallets, which just involved users typing out their keys on a piece of paper. This eventually evolved into using QR codes, allowing wallets on mobile devices to scan them. However, paper wallets can easily be damaged or lost, which is why most users don’t prefer them.

The Best Crypto Wallets In The UK Reviewed 

We have tried and tested the best crypto wallets in the UK and narrowed our list of top-rated providers down to just seven. We will look at several factors when considering each wallet, such as convenience when sending and receiving funds, security tools, wallet types, user-friendliness, and features.

1. eToro – Overall best crypto wallet in the UK

eToro sits at the top spot o our list of the best crypto wallets in the UK.  The wallet is extremely user-friendly and can be used by any trader, regardless of their experience level. The wallet lets users purchase, store, transfer, and trade assets using a private on-chain address.

eToro - best crypto wallets UK

The eToro wallet is connected to one of the world’s best crypto trading platforms and offers access to a plethora of cryptocurrencies, along with a social platform for skill development. It also synchronizes with your trading account, meaning you must have an account on eToro to use this wallet. The wallet also supports a plethora of crypto assets such as Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and others.

Supported Assets

eToro supports a range of ERC-20 tokens. These include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Bitcoin Cash (BCH), Dash (DASH), Tether (USDT), and others. eToro currently does not support the opening of ERC-20 wallets. These tokens are accessible only to those with access to such wallets.

Fees

You can access the eToro wallet free of charge on your Android and iOS devices.

Additionally, you can send and receive most major cryptocurrencies for free. However, you will be required to pay blockchain fees. These fees depend on the cryptocurrencies being used and the network you are sending them to.

eToro places limits on currency conversion to ensure maximum security. Investors in the UK have minimum and maximum transaction limits, while daily and monthly transactions are also capped.

Security

eToro is one of the safest crypto wallets on the market. When you set up your wallet, it verifies your information. You can only access it using your private credentials, such as username, passcode, face ID, and two-factor authentication. eToro is also backed up by DDOS protection and standardisation protocols to help protect unauthorized account access.

Pros & Cons of eToro Wallet

Pros:
  • Supports multiple major cryptocurrencies
  • Highly user friendly
  • Compatible with Android and iOS
  • Not supported on desktop
Cons:
  • Only those who have an account on eToro can use this wallet

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

2. Best Wallet – New crypto wallet addresses concerns associated with older wallets

Our next pick for the best crypto wallets in the UK is Best Wallet. It is a relatively new wallet in that addresses concerns regarding traditional wallets. Best Wallet is a decentralised, self-custody wallet that gives users complete control of their private keys. This allows them to have complete control over their crypto, allowing them to purchase, trade, and store their crypto securely. It also features a built-in DEX that supports thousands of tokens.

Best Wallet

One of the most notable features of Best Wallet is its multi-chain interoperability. This facilitates the integration of DeFi platforms across a host of chains. Such a high level of support is not generally supported in dApps and marks a critical point in how users manage and interact with their assets.

Best Wallet also offers several other features to help it stand out among its peers. The wallet provides real-time insights into the user’s portfolio, keeping them updated about market movements. The native BEST token allows users to access exclusive advantages such as staking rewards, gas fee discounts, early access, and NFT drops.

Security & More Features

Security is crucial when it comes to crypto. This is why Best Wallet offers several advanced cryptographic techniques to secure the wallet. This is complemented by biometrics and multi-factor authentication. The wallet also incorporates an integrated NFT gallery that allows users to manage, purchase, sell, and trade NFTs.

The wallet’s roadmap is a testament to the high aspirations it has. Its initial stages focus on establishing basic features, NFT transactions, and incorporating an AI-based chat function, along with other crucial features. The next stage of the roadmap contains features such as a crypto news aggregator and an educational section. Best Wallet is available on Android and iOS.

Pros & Cons of Best Wallet 

Pros:
  • Offers multi-chain functionality and a built-in DEX
  • Reduced trading fees and other waivers
  • Insights into trending projects and early access to new launches
Cons:
  • Some features of the wallet have still not been launched

3. Huobi – Multi-currency wallet excellent for diversification

Next on our list of the best crypto wallets in the UK is Huobi. This provider is primarily known for its digital asset exchange services. The Huobi platform offers support for a vast range of digital assets. This makes the Huobi wallet an excellent option if you are looking to diversify and purchase a number of cryptocurrencies, all on a single platform.

The wallet was officially launched on the 14th of September, 2018, and offers support for major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), USDT, Litecoin (LTC), and other major tokens.

Huobi Crypto Wallet App

Regarding storage options, Huobi allows users to purchase cryptocurrencies via its websites and keep the assets in their wallets. You can also download Huobi’s mobile app, which is compatible with both Android and iOS.

Either way, both options allow you to access various tools and features associated with the Huobi exchange and Huobi wallet. One advantage of using the Huobi wallet is that users can exchange cryptocurrencies via the Huobi platform and pay only a 0.20% commission per slide. They can also use the Huobi Earn feature and earn interest on their crypto. Additionally, users can also access staking services and crypto loans.

Pros & Cons of Huobi Wallet 

Pros:
  • Supports a large number of cryptocurrencies
Cons:
  • The platform faced some problems when it comes to regulations

4. Binance – Excellent wallet option for trading major cryptocurrencies

The first thing we need to understand is that the Binance wallet is different from the Trust Wallet, although both belong to Binance. The wallet is exchange-based, giving users a relatively seamless experience when it comes to storing cryptocurrencies. Binance is the world’s largest crypto trading platform, handling billions in trading volume.

Binance Trust Crypto Wallet UK

The Binance wallet is extremely convenient to use, giving users the platform’s full functionality. It is also a highly secure wallet, providing access to security features such as two-factor authentication and universal two-factor authentication. Additionally, Binance has a Safe Asset Fund for Users (SAFU) in the event that the platform faces a breach and funds are compromised.

The Binance wallet is one of the best crypto wallets in the UK for those who want to buy and sell digital assets regularly. This is because trading commissions are set at just 0.10% per slide. Binance also offers access to over 1000 trading markets, covering both large-cap and small-cap tokens.

However, for all its pros, the Binance wallet has several drawbacks. First, the Binance wallet is difficult to use, especially for beginners just starting out and getting ready to purchase their first cryptocurrencies. The second drawback is the inadequate customer support. User experience with customer support has significantly varied, with many believing their issues were not addressed adequately.

Pros & Cons of Binance Wallet 

Pros:
  • Supports over 1000 markets
  • SAFU protection in the event of a catastrophic hack
Cons:
  • The Binance exchange faces considerable regulatory scrutiny

5. Coinbase – Top crypto wallet ideal for beginners.

Coinbase is another popular crypto exchange in the UK. It supports millions of users. The platform offers users two storage options when it comes to wallets. Users can download the Coinbase wallet app, available on Google Play and the App Store. This wallet is a non-custodial wallet, which means you are responsible for the security of your passphrase and private keys.

Coinbase Crypto Wallet UK

If you lose access to your passphrase or private keys, your wallet will be compromised, and recovery of stolen funds could prove difficult. This is why Coinbase also offers a custodial wallet, where your crypto is stored on the platform, with Coinbase handling all security aspects. However, we will be talking about the non-custodial wallet.

Overview 

The Coinbase wallet is a smartphone app that offers self-custody for users. The wallet is also available as a browser extension on Chrome but has limited functionality in this avatar. According to Coinbase, the wallet gives users complete control over their assets and private keys. The wallet uses 2FA to protect user accounts and supports thousands of coins. The wallet also has a web browser that allows access to decentralised exchanges and Decentralised Autonomous Organizations (DAOs).

The Coinbase wallet is unparalleled when it comes to coins and tokens. The wallet is compatible with all ERC-20 tokens and can also be used to store keys to Dogecoin and Litecoin holdings. The wallet can be integrated with the Coinbase platform, allowing users to trade directly through the wallet app. Additionally, it can also be integrated with the Ledger wallet.

Coinbase wallet also allows users to stake Ethereum (ETH) and Polygon (MATIC). The wallet is free to use, although transaction fees may apply if users use the wallet to make trades on the Coinbase trading platform.

Pros & Cons of Coinbase Wallet 

Pros:
  • Users can choose between a custodial and a non-custodial wallet
  • Excellent security features
  • An excellent reputation
  • A limited selection of token pairs
Cons:
  • Standard exchange commissions amount to 1.49%

6. ZenGo – Excellent choice for Crypto, NFTs, and DeFi dApps

Another great option for anyone looking for the best crypto wallet in the UK is ZenGo. The wallet is a versatile, multi-asset, and multi-chain Web3 wallet that offers many features. This includes connecting to dApps and storing NFTs, making it an ideal crypto wallet for advanced users.

ZenGo has carved an excellent reputation for itself and has a presence across 180 countries, including the UK.

ZenGo Crypto Wallet UK

The Zengo wallet is a consumer-grade, non-custodial crypto wallet with no seed phrase vulnerability. This gives users unparalleled security for their crypto assets without sacrificing convenience. Convenience is one area where the ZenGo wallet truly excels. The wallet is available on Android and iOS and is completely free. There is a paid version called ZenGo Pro, but the free version, called ZenGo Essentials, is suitable for most users.

The ZenGo wallet is self-custodial, meaning users are responsible for the security of their funds in a truly trustless manner. This is made possible through a process called MPC Cryptography. MPC Cryptography has long been available to institutional users but was unavailable to retail customers until more recently.

Features 

The ZenGo wallet supports over 1000 assets, including major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), BNB (BNB), Tezos (XTZ), Dogecoin (DOGE), and several others. It also supports stable-coins such as USDT and USDC, as well as NFTs on Ethereum and Polygon.

ZenGo comes with a simple and intuitive user interface that features the convenience and familiarity of a Web2 wallet or application. This resolves most of the UI/UX issues generally associated with most crypto wallets.     The ZenGo wallet also supports ENS addresses.

Users can use the ZenGo wallet to purchase crypto directly, meaning assets such as Bitcoin, Ethereum, USD Coin, and others. The wallet also supports several payment methods, such as Apple Pay,     Credit cards, debit cards, and bank wire transfers. The wallet also supports NFTs, offering holders the same security and features as cryptocurrency holders. ZenGo wallet users can view their NFT collection, hold their NFTs on multiple blockchains, and manage them all through their wallet.

Fees 

There are no fees associated with the basic usage of the wallet, with the ZenGo Essentials wallet being free to download. Those who want to upgrade to the Pro version must pay $19.99 per month or $199.99 per year. ZenGo’s free wallet offers pretty much all the features and functions a typical wallet user requires.

However, users may encounter different fees should they use other features associated with the wallet. This includes Network fees, Processing fees, Spread, Gateway fees, and conversion fees.

Pros & Cons Of ZenGo 

Pros:
  • No seed phrase vulnerability
  • No single point of failure
  • Buy, Sell, and trade crypto directly from the wallet
  • Excellent customer support
  • Supports NFTs
  • The free version is suitable for most users
Cons:
  • The wallet lacks asset support compared to some of its competition
  • It does not support DeFi and dApp access directly in the wallet

7. Crypto.com – DeFi wallet for UK-based traders

Rounding up our list of the best crypto wallets in the UK is crypto.com. It is one of the world’s most popular crypto exchanges and currently has a user base of over 70 million. Users can access over 250 major cryptocurrencies on Crypto.com through the wallet, accessing deep liquidity and low trading fees.

Crypto.com Best Crypto Wallet UK

The Crypto.com wallet is the platform’s proprietary non-custodial wallet, allowing users to store their coins securely. The wallet is ideal for those who have experience in trading cryptocurrencies. Thanks to its access to hundreds of major crypto assets, users can diversify their portfolios easily. The wallet offers features such as asset management, swapping, spot trading, and derivatives. It also offers advanced features not usually available with other wallets, such as stop-loss limits and over-the-counter (OTC) trades.

Security 

Security is one of the most crucial aspects when it comes to managing your crypto assets. The Crypto.com wallet is well known for its security, which includes multi-factor authentication to add an extra layer of security to assets and transactions. Multi-factor authentication requires more than one form of identification to access your wallet and funds.

The Crypto.com wallet includes biometrics, passwords, email, phone numbers, and authenticator verification. If your account is compromised, Crypto.com allows you to restore up to $250,000 in unauthorised withdrawals.

Recovery Phrases 

Crypto.com allows you to set a passcode to secure your wallet. It also assigns a unique recovery phrase you can use in case you lose your password.

Two-Factor Authentication 

Two-factor authentication requires two different types of authentication to access your crypto wallet. The Crypto.com wallet is integrated with authenticator apps like Authy and Google Authenticator to generate a one-time code to access your wallet and confirm transactions. When interacting with the wallet to conduct transactions, users must generate a code from Authy or Google Authenticator and complete their trades.

Biometric Tools 

The Crypto.com wallet also supports biometric identification to access your wallet. iPhone users can use Apple’s Face ID to ensure the security of their wallet. Android users can also use features such as Face ID and fingerprint scanner to access and use their wallet.

Why Do You Need A Crypto Wallet?

Theoretically, you don’t need a crypto wallet to invest in digital assets. This is because these assets can be managed through an exchange or broker. Once you complete your transaction, you are not required to withdraw your assets to a wallet unless you want to. However, if you wish to have more control over your assets, you can consider transferring your assets to a crypto wallet. Doing so will allow you to be in complete control of your private keys and assets. 

How to Choose the Best Crypto Wallet

In this section below, we will look at the factors you must consider when selecting a crypto wallet. Remember, each crypto wallet comes with its own pros and cons, so a little extra research is highly recommended.

Supported Assets

Crypto Coins on Wallet

The first thing you must consider is the assets supported by the wallet of your choice. Some multi-currency crypto wallets support thousands of crypto assets, while others are designed for one specific cryptocurrency, such as Bitcoin wallets or Ethereum wallets. The ideal wallet for you should be one that supports all the cryptocurrencies you wish to trade.

User Experience

User experience is another crucial factor you must consider when selecting a cryptocurrency wallet. This is mainly because some crypto wallets have been made with retail traders and beginners in mind, while some are aimed at experienced traders. You must consider your trading experience and select a wallet that gives you the experience you are looking for.

Custodial Or Non Custodial

Remember, crypto wallets are available in two types: custodial and non-custodial. Non-custodial wallets require you to be responsible for your private keys and backup seed phrases. If you own a non-custodial wallet and it is compromised, you will have no proper recourse. This is why experienced traders prefer non-custodial wallets. Meanwhile, custodial wallets are the best option for beginners.

Security

Crypto Wallet Factors

Security is the most crucial factor you must consider when selecting a crypto wallet. Not all wallets come with adequate safeguards. Some may have vulnerabilities that can be exploited, putting your funds at risk. If you prefer using a web wallet, select one where the chosen provider keeps most client funds in cold storage. Other security features you must consider are biometrics, two-factor authentication, and address whitelisting.

Fees

Fees are another important factor you must consider when selecting a crypto wallet. Apart from hardware wallets such as Ledger and Trezor, most crypto wallets available in the UK are free to access. However, it would be best to consider what fees the wallet provider charges when transferring funds. For example, the Binance wallet app charges 0.0005 to withdraw BTC. While this may not seem high, at current prices, users can end up paying up to £35 to withdraw their BTC.

How to Get a Bitcoin Wallet in the UK

Setting up a wallet takes minutes if you follow the instructions listed below. For our example, we will be using the overall best bitcoin & crypto wallet in the UK –  eToro.

Step 1: Download the eToro App

eToro Wallet App

First, you must download the eToro wallet from the Google Play Store or the Apple App Store. Once you download the wallet, register your account with your trading platform and use your credentials to log in.

Step 2 : Open an Account

Next, you must share your personal details, such as your name, email, phone number, and date of birth. You must also create your username and a strong password for added security.

Step 3: Verify the Account

Next, you must set up and verify your identity, phone number, and location to finish activating your wallet.

Step 4: Transfer Funds

Once your account is activated, you can transfer funds and receive cryptocurrencies from other wallets and crypto trading platforms.

Conclusion

Selecting the best crypto wallet in the UK is an important decision for your investment process. This guide has looked at the best crypto wallets in the UK and looked at each wallet in detail, understanding the pros and cons of each.

While there are many wallets available to UK clients, we recommend eToro as the best wallet for UK investors. This stable crypto exchange is giving users a secure way to store, send, and receive cryptocurrencies. The eToro wallet is connected to the exchange, which is widely regarded as the best crypto trading platform.

Cryptoassets are a highly volatile unregulated investment product

FAQs 

What Are Cryptocurrency Wallets Used For? 

Cryptocurrency wallets allow you to send, receive, and store digital tokens.

We found the eToro wallet to be the best crypto wallet in the UK.

When it comes to hardware wallets, Ledger and Trezor are considered the best options.

In most cases, you must log into your wallet and click on the “Receive assets” button. This will display your wallet address, which you can copy on your dashboard.

Hardware wallets are considered to be the most secure wallets in the market. The most popular hardware wallets are Trezor and Ledger, although they are expensive and inconvenient.