In the article, I have listed and reviewed the best cryptocurrency wallets. Where you can securely store cryptocurrencies without worrying about losing them.
Firstly we should know What is a crypto wallet?
A Cryptocurrency wallet is a type of digital wallet used to send and receive Cryptocurrency. This is analogous to a physical wallet. However, instead of storing physical currency, the wallet stores the cryptographic information used to access cryptocurrency addresses and send transactions.
Are cryptocurrency wallets necessary?
Technically, you don’t have to keep your coins in cold storage or download a hot wallet program to your desktop. Many crypto exchanges allow you to store your cryptocurrency within a wallet on the exchange, and some people leave it at that. If you want to invest in cryptocurrency, you should invest in a wallet. That noted, if you’re just dipping a toe, services such as PayPal and Robinhood allow you to buy a coin or fractions of a coin and store it on their servers. These are custodial wallets, however, where you don’t hold the private key.
I would like to inform you that I have self-tested all these best cryptocurency wallets.
The easiest way to understand the crypto/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 wallets address is created is termed a cryptocurrency wallets(i.e. Bank). Similarly, your wallet address (i.e. your bank account number) serves the same purpose to send, receive and store cryptocurrencies.
altcoin wallet address -> Bank account number
altcoin wallet or cryptocurrency wallet -> Bank where your bank account number is created
Altcoin wallet or cryptocurrency wallets is a software program where cryptocurrencies are stored.
To be technically accurate, cryptocurrencies or altcoins are not stored anywhere unlike, regular money.
There is a private key (secret number) for every crypto 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
There are four types of crypto wallets
- Online or Web wallets
- Desktop, mobile, or software altcoin wallets
- Hardware wallets
- Paper wallets
The first type of best cryptocurrency wallet is the “Web Wallet”
Web altcoin wallet is hosted by the 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 crypto 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.
The second type of best cryptocurrency wallet is the “Software or Desktop” crypto wallet
A desktop wallet is a software that can be installed on your device i.e. desktop or mobile.
Software crypto wallet gives you complete control over your coins as your wallet address and private keys are hosted on your device.
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 cryptocurrency 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.
Best Cryptocurrency Wallets Review – Securely Store Cryptocurrencies 2022
The list of best cryptocurrency wallets is prepared to keep in mind the worries of an investor like is wallet safe and why should you use wallets.
Let us check now few best cryptocurrency wallets below:
1. Ledger Nano S
- 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 S comes with an inbuilt tiny screen.
- It weighs only 16.2 grams.
- It is compatible with Mac, Windows, Linux, and Chrome OS
- It is accessible after entering 4 digit PIN code each time it is plugged into the device.
- It also offers 24 words backup seed keys
- Ledger Nano S supports almost every major Cryptocurrency available
- Trezor.io supports more than 500 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.
- It comes with an OLED screen and can be used for password management and document signing.
- Trezor.io also generates 24 words seed keys and 9 digit pin
- There are multiple versions of the Trezor wallet available in the market
- It offers the same functionality as Trezor and Ledger hardware wallets
- KeepKey wallet is made up of Aluminium metal and Polycarbonate.
- It is tougher than the other two hardware wallets a
- It comes with a large OLED display
- KeepKey offers hidden/alternate wallets which can be accessed via the passphrase.
- It generates 12 words Recovery seed
- It supports 50+ cryptocurrencies
- Available at a higher cost.
4. Exodus Desktop Wallet
- Exodus is a multicurrency wallet that supports
- It also has an inbuilt shapeshift instant cryptocurrency exchange
- It is free to use and has an attractive UI.
- As it is a desktop cryptocurrency wallet your private keys never leave your desktop.
- There are features like one-click email recovery and backup
- Desktop altcoin wallet is the second most secure way to store cryptocurrencies
- To access Exodus, you need to connect to the internet.
5. Jaxx Desktop wallet
- Jaxx is also a desktop altcoin wallet
- Jaxx was developed by the Canada-based company, Decentral in the year 2014.
- 12 words seed keys (private Key)
- It supports 15+ cryptocurrencies
- It is equipped with an inbuilt shapeshift.io exchange
- Jaxx supports platforms like Windows, Mac OS, Linux
- It also supports chrome & firefox extensions
- It can be downloaded on your (android, ios) mobile
6. Electrum desktop wallets
- Electrum is a python-based multicurrency desktop/mobile wallet
- Electrum is free software released under the MIT License.
- It has been around since 2011
- 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.
- Electrum is fast because it uses servers that index the Bitcoin blockchain.
- It is decentralized and redundant, hence wallet never got down.
7. Coinbase (Web Or Online Crypto Wallet)
- Coinbase is a web wallet
- It is much easier to use and has a very simple, smooth, clean, and beginner-friendly interface.
- Your private keys are stored on Coinbase’s hosted servers.
- Coinbase is also an Exchange that allows buying Cryptos
- Cryptocurrencies are insured at the Coinbase web wallet.
- Coinbase wallet is also available for android and ios mobile users.
1. Ledger Nano S
Ledger Nano S is first on the list of the best crypto wallets. It is a USB shaped smart card attached compact device launched in December 2014
Ledger nano s are built of stainless steel and plastic.
Ledger Nano S 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 crypto 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 words 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 of ₹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.
2. Trezor.Io Hardware School
Trezor is second on the list of best Crypto wallets to securely store cryptocurrencies.
It was launched in 2014 by a Czech company called satoshi labs.
Trezor.io is the most reputed cryptocurrency hardware wallet in the cryptocurrency market.
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.
3. KeepKey Hardware wallet
Keepkey hardware wallet is third on the list of the best crypto 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 crypto wallets 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 on Amazon
4. Exodus Desktop Wallet
Exodus is a Desktop cryptocurrency wallet and stands fourth on the list of best crypto 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.
5. Jaxx Desktop wallet
Jaxx is also a desktop Crypto wallet and sits fifth on the list of the best crypto 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, and Linux.
It also supports chrome & firefox extensions and can be downloaded on your (android, ios) mobile
6. Electrum Desktop wallet
Electrum is a python-based multicurrency desktop/mobile wallet and ranked sixth on the list of best crypto 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 one of the trusted desktop best crypto wallets.
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 with 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 crypto 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 best crypto 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 crypto wallets.
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 walletgenerator.net
Final verdict about the Best Cryptocurrency wallets
There are a large number of crypto wallets available in the market to choose from, but we have shared with you the detail of the best hardware wallets which are very easy to use. Best hardware wallets are best in terms of security (No fraud), easy to use, a number of cryptos support, and durability.
Among the above types of crypto wallets, hardware wallets are the best cryptocurrency wallets. Hardware Wallets keep your crypto safe as they are hard to get hacked, unlike web wallets. Hardware wallets are easy to carry and use. They are protected with private security keys.
Best crypto wallets are the best way to keep your crypto safe.
How does a cryptocurrency wallet work?
A simple cryptocurrency wallet contains pairs of public and private cryptographic keys. The keys allow tracking of ownership, receiving or spending of the currency. A public key allows others to make payments to the specified address, whereas a private key authorizes use of the currency from that address.
Do I need a crypto wallet?
If you want to invest your money in the cryptocurrency market, make sure you invest it in a wallet. Also, if you merely want to test the cryptocurrency waters, you can find reputable services, which allow you to purchase a coin or a fraction of a coin using their help. These are custodial wallets, but you don't hold the private keys.
Are crypto wallets safe?
Users can lose bitcoin and other crypto-token tokens as a result of theft, computer failure, loss of access keys, and more. Cold storage (offline wallets) is a safe choice for holding bitcoin, since these wallets are not accessible via the Internet, but hot wallet users will continue to find it convenient.
Where should I store my crypto?
Hardware wallets are regarded as a safe and reliable method for storing your cryptocurrency. It is because your private keys, which allow for the spending of your crypto, cannot leave the hardware wallet because your hardware wallet is designed with this aspect in mind.
What is a hot wallet?
A hot wallet is a wallet that is always connected online; it lets you store, send, and receive tokens. Hot wallets are connected with public and private keys that help maintain and facilitate transactions and act as security measures.