In the article, I have listed and reviewed the 7 best altcoin wallets. Where you can securely store cryptocurrencies without worrying about losing them.
What is an Altcoin Wallet?
Before starting this post I want to confess one thing, I have self-tested all these best altcoin wallets.
An altcoin wallet is a digital purse used to store, send, and receive alternative cryptocurrencies, such as Litecoin (LTC), Ethereum (ETH), or Bitcoin Cash (BCH). These wallets are similar to regular cryptocurrency wallets, but they often have additional features and tools to manage different types of coins.
When choosing the best altcoin wallet, it’s important to consider which coins you want to store and how easy the wallet is to use. Some wallets only support a few coins while others support many. Some wallets are also better for beginners than others.5 Best Altcoin Wallets for Security & Ease of Use
The easiest way to understand the altcoin wallets is the same as your bank.
The bank is the place that creates and provides you with a personal account number to send, receive, and store funds.
In the case of cryptocurrency, the place where a cryptocurrency wallet address is created is termed a cryptocurrency wallet (i.e. Bank). Similarly, your wallet address (i.e. your bank account number) serves the same purpose as sending, receiving, and storing cryptocurrencies.
altcoin wallet address -> Bank account number
altcoin wallet or cryptocurrency wallet -> Bank where your bank account number is created
Altcoin wallet or cryptocurrency wallet is a software program where cryptocurrencies are stored.
To be technically accurate, cryptocurrencies or altcoins are not stored anywhere unlike, regular money.
What is a security Key in an Altcoin Wallet?
There is a private key (secret number) for every altcoin wallet address that is stored in the crypto wallet. The private key is only accessible to the owner of the cryptocurrencies.
There is a public key that is open to the public (crypto wallet address) whose primary function is to send or receive the altcoins
In common terms, you can assume the private key as your email id password.
The public key is the email id username which facilitates sending and receiving cryptocurrency.
A public key is your cryptocurrency wallet address
Watch Vidoe on 7 best altcoin wallets – Safest & secure crypto 2022
Types of Altcoin Wallets
There are four types of altcoin wallets
- Online or Web wallets
- Desktop, mobile, or software altcoin wallets
- Hardware wallets
- Paper wallets
The first type of altcoin wallet is the web wallet
A web wallet is a type of cryptocurrency wallet that allows users to store their digital assets in an online account. Web wallets offer the convenience of being accessible from any internet-connected device, but they also come with some security risks.
Web altcoin wallet is hosted by a third-party server i.e. you don’t have access to your private keys. Your coin’s security depends on the service provider, as your private keys are stored on another server.
Hence, security can be a little susceptible (a drawback of the web crypto wallets). Beginners who deal in a lower amount of cryptocurrencies can use web altcoin wallets for small day-to-day transactions.
Because they are easier to use and maintain. You can access your online altcoin wallets from any device connected to the internet.
The transactions are very easy on web altcoin wallets hence they are pretty useful in small day-to-day transactions. Before you create an account with a web wallet provider, be sure to do your research to find the best option for your needs.
The second type of best altcoin wallet is Software or desktop altcoin wallet
A desktop wallet is a software program that stores the private keys for your bitcoin and altcoins offline on your computer. The advantage of a desktop wallet is that it is much more secure than an online wallet because the private keys are stored on your computer rather than on a server controlled by a third party.
To use a desktop wallet, you will first need to download the software to your computer. Once you have installed the software, you will need to generate a new address for each transaction. To do this, simply open the wallet and click on the “Generate new address” button.
Once you have generated a new address, you will need to copy and paste it into the “To” field of your transaction. You can then enter the amount of bitcoin or altcoin that you wish to send and click on the “Send” button.
Software altcoin wallet gives you complete control over your coins as your wallet address private keys are hosted on your device. Read Trust wallet Review 2022 – is trust wallet legit?
As long as your device is not compromised your coins will be safe. Hence in terms of security, a software cryptocurrency wallet is more secure than a web cryptocurrency wallet.
The third type of best altcoin wallet is a cryptocurrency hardware wallet
A cryptocurrency hardware wallet is the most secure way to store your cryptocurrencies offline altogether.
It is a device that can be connected to your desktop, laptop, tablet, and smartphone.
They are designed to keep the private keys of your currency in an offline setting. Private keys are generated via your wallet when you needed to spend Bitcoins.
Your coins will always be safe even if your machine gets hacked or someone stole your hardware wallet.
Because without knowing the secret pin of your hardware wallet nobody can transfer your currency to any other address or device.
Cryptocurrency hardware wallet also provides a backup option that adds an extra security layer, so you can access them even if your device gets damaged.
7 best altcoin wallet review – securely store cryptocurrencies 2022
There are a lot of different cryptocurrencies out there and choosing the right wallet for each can be confusing. Here is a list of the 7 best altcoin wallets to help you make the right decision.
- Ledger Nano S
1. Ledger Nano S
Ledger Nano S is first on the list of the 7 best altcoin wallets. It is a USB-shaped smart card-attached compact device launched in December 2014.
Ledger Nano S is built of stainless steel and plastic.
Ledger Nano comes with an inbuilt tiny screen. Hence, you can operate it without connecting it to your device which decreases the chances of malware attack. Which makes it one of the best altcoin wallets.
It weighs only 16.2 grams. Ledger is compatible with Mac, Windows, Linux, or Chrome OS.
Ledger Nano S ensures the account can only be accessible after entering 4 digit PIN code each time it is plugged into the device.
It also offers 24-word backup seed keys which is useful in case you lost your wallet.
Ledger Nano S guarantees the security of your cryptocurrencies at a very attractive price ₹5,265.00in India on 02/02/22 (Tax Not included, the price may vary).
Note – Ledger comes in one more expensive model i.e. Ledger Blue which I will review in an upcoming article.
Trezor is second on the list of best altcoin wallets to securely store cryptocurrencies.
It was launched in 2014 by a Czech company called Satoshi labs.
Trezor.io in the native language is also called vault or Bitcoin safe.
Trezor.io comes with an OLED screen and can be used for password management and document signing.
Trezor.io is well known for its top-notch security features.
Like Ledger Nano S, Trezor.io also generates 24-word seed keys and 9 digit pin which comes in handy to recover your funds in case your hardware wallet is stolen or broken
Like all cryptocurrency hardware wallets, your private keys are stored in an offline environment.
If you wish to wipe out your device then it can be done with a simple click and still your coins can be recovered using your seed keys and 9-digit pin
Trezor.io supports more than 500 cryptocurrencies.
Trezor.io is priced at ₹6,499 including all taxes & free shipping (In India), and can be bought from the Trezor.io official website.
There are multiple versions of the Trezor wallet available in the market with minor upgrades.
Keepkey hardware wallet is third on the list of the 7 best altcoin wallets.
It offers the same functionality as Trezor and Ledger hardware wallets but at a higher cost.
KeepKey wallet is made up of Aluminium metal and Polycarbonate.
Hence, it is tougher than the other two hardware wallets and the best altcoin wallet in terms of material used.
It comes with a large OLED display but it makes a little inconvenient to carry.
But a bigger screen also adds an extra security feature of wallet recovery using the cipher.
KeepKey offers hidden/alternate wallets which can be accessed via the passphrase.
Unlike Ledger and Trezor, it generates 12 words Recovery seed which is useful while recovering your wallet information in case your wallet is stolen or lost.
It supports 50+ cryptocurrencies right now including almost every popular cryptocurrency.
KeepKey hardware wallet is Priced at $56.99 at Amazon
4. Exodus Desktop altcoin wallet
Exodus is a Desktop cryptocurrency wallet and stands fourth on the list of 7 best altcoin wallets to store cryptocurrencies
It also has an inbuilt shapeshift instant cryptocurrency exchange which allows users to convert one cryptocurrency to another instantly.
It is free to use and has an attractive UI.
As it is a desktop cryptocurrency wallet your private keys never leave your desktop.
So unless and until your system is not hacked or compromised your coins will be safe.
There are features like one-click email recovery and backup seed keys for restoring your wallet which adds an extra security layer.
Desktop altcoin wallet is the second most secure way to store cryptocurrencies after hardware wallet and paper wallet (which I listed at the end of the article).
However, to access Exodus, you need to connect to the internet.
Jaxx is also a desktop altcoin wallet and sits fifth on the list of the 7 best altcoin wallets.
Jaxx was developed by the Canada-based company, Decentral in the year 2014.
Like other Desktop cryptocurrency wallets, private keys never leave the device, and functions like 12 words seed keys enable you to restore your funds in case of mishappening.
It supports 15+ cryptocurrencies except for Ripple and has a very simple easy-to-use interface.
It is equipped with inbuilt shapeshift.io which exchanges one cryptocurrency to another crypto in no time.
Jaxx supports platforms like Windows, Mac OS, Linux.
It also supports chrome & firefox extensions and can be downloaded on your (android, ios) mobile
Electrum is a python-based multicurrency desktop/mobile wallet and ranked sixth on the list of 7 best altcoin wallets to store altcoins.
Electrum is free software released under the MIT License. No single entity controls the electrum wallet.
It has been around since 2011 and is recognized as a trusted desktop best altcoin wallet.
Electrum is equipped with features like setting up transaction fees, changing addresses, creating invoices, determining expirations, and much more.
Electrum has a very easy-to-use and clean interface. Electrum supports Windows, Mac, Linux for desktop and Android, and iOS for mobile.
Electrum generates the 12-word seed keys as you create your wallet address.
In case your system gets crashed, you can install it on another machine and use the seed to restore your coins.
You can also export your private keys and use them in other Bitcoin clients.
Electrum is fast because it uses servers that index the Bitcoin blockchain.
As the electrum cryptocurrency wallet is decentralized and redundant hence wallet never got down, this feature makes it one of the best altcoin wallets.
Electrum also supports hardware wallets like Ledger, Trezor.io, and Keep key.
It also supports Multisignature services which split the permission to spend your coins across several wallets.
Electrum offers two-factor authentication. It is completely malware-proof
7. Coinbase (web or online altcoin wallet)
Coinbase is a web wallet and ranked seventh on the list of the 7 best altcoin wallets.
It is much easier to use and has a very simple, smooth, clean, and beginner-friendly interface.
However, the major drawback of a web altcoin wallet is that your private keys are stored on Coinbase’s hosted servers.
Hence, you don’t have complete control over your cryptocurrencies
Coinbase is also an Exchange that allows buying Bitcoin, Ethereum, Litecoin, and Bitcoin Cash at the platform.
Cryptocurrencies are insured at the Coinbase web wallet.
Coinbase wallet is also available for android and ios mobile users.
For beginners, an online altcoin wallet is a good place to start your cryptocurrency journey as they are pretty useful in small day-to-day transactions.
But if you deal in an abundance of cryptocurrencies then there is none better than Ledger and Trezor hardware wallets. Because they provide robust and unparallel security.
Paper cryptocurrency wallet
Papers crypto wallets are the least used wallets on our list of best altcoin wallets.
A Paper cryptocurrency wallet is the fourth type of altcoin wallet or cryptocurrency wallet.
A paper wallet is the second most secure way to store your altcoins after the altcoin hardware wallet.
A paper wallet involves “printing” and storing altcoins in an offline mode.
But unlike the regular currency, it is not altcoin that is printed. It’s the information stored in an altcoin wallet that gets printed out.
The information on the wallet includes the public key (altcoin wallet address), which allows you to transfer money into that wallet, and the private key, like your password which allows access to your altcoins.
Thus, altcoins themselves are not stored offline, but the important keys are stored offline.
I have explained this at the start of the article.
Altcoin paper wallet is generated using open-source generators, such as WalletGenerator.net.
It’s advised to unplug your Internet access while the keys are being generated and wipe out your internet history after the keys have been created.
It negates any possibility of malware interference.
As private keys are kept in an offline environment then basically there is no way someone can steal your funds
Create an altcoin paper wallet address with wallet generator.net
In conclusion, these are the best altcoins wallets to keep your coins safe. Choose one that fits your needs and start using it to store your altcoins. Do not forget to keep your recovery phrase in a safe place!
They all offer a variety of features and benefits that make them the top choice for storing altcoins. Start using it today to experience the security and convenience it provides.