Image source – iconscout.com
Before we dive deep into the best crypto wallets, let’s see what a crypto wallet itself means.
A Crypto wallet is a piece of software that lets you store your digital assets and enables you to receive or send cryptocurrencies such as bitcoin.
As the usage and consumption of such currencies emerge, individuals are interested in storing the currencies in the safe way possible and this is where the crypto wallets come in handy.
There are many kinds of crypto wallets and they differ based on security, transaction fees, and internet connections. Before choosing a specific type of wallet, one must understand how they work.
There major types of wallets include cold wallets and hot wallets) which are also divided into. Hardware, software, and paper wallets
Hot and Cold Wallets
These are divided based on their connectivity to the internet. Hot wallets are connected to the internet can be used remotely while cold ones are not.
Hot wallets use keys that are stored online are mostly used for daily transactions because they are quick to set up and use but are the least safe when compared to the cold ones which store keys offline which can be a lot safer because they are stored in a physical device like hardware wallets and paper wallets.
Hardware wallets- Physical storage wallets that look like a USB which stores the user’s private keys and Paper Wallets – where the physical addresses and keys are stored using a QR code printed physically on a piece of paper.
Before choosing your wallet, you must understand how they work. Hot wallets are popular and used mostly for their ease of transactions quickly but cold wallets are best when it comes to securely store your currencies for the long term.
So based on this, we have gathered the TOP FREE AND PAID CRYPTOCURRENCY WALLETS for you to understand and ease you’re choosing process.
BEST HOT WALLETS
source – coinbase.com
one of the most popular and easiest ways to trade/store cryptocurrencies. Due to its security, easy access, and because it’s free, it’s one of the most used wallets to buy, earn, store, and trade cryptocurrencies.
-Trusted worldwide and secure
– Easy access
– High transaction fees
source – Exodus.io
This wallet is an all-access wallet that has desktop, web, and mobile versions.
It’s well-known for its attractive interface and it allows you to change/swap between available cryptocurrencies
-Great for beginners
-Great user friendly interface
-Can integrate with TREZOR (a cold physical wallet)
-Good customer support
-you cannot make initial purchases of cryptocurrencies directly through the wallet
-transactions are more expensive compared to the others
Source – Robinhood.com
This platform can be used as both storing (as a wallet) and for making transactions of currencies. It’s one of the best platforms for beginners but due to some allegations, it lost its popularity over the years.
-Free trades and no withdrawal fee
-Best for beginners
-quick and easy to get started
– supports a lesser amount of currencies compared to the others
– has poor customer services, for example, has no basic investment features.
BEST COLD WALLETS
This cold wallet is Just like a USB or a drive on where you store your cryptocurrencies on. It has a small screen and you can plug it into your desktop or smartphone. It’s very secure and can support up to 1400 different types of cryptocurrencies. It has different models and the price depends upon which model you choose to buy with prices starting from 55$.
-extremely secure offline storage
-you can use unlimited wallets simultaneously
-can support many cryptocurrencies
-touch screen has an easy to use interface
– not recommended for beginner users.
– It’s a bit expensive
– the small screen might be hard for you to be able to type on.
source – Ledger.com
Same as TREZOR, ledger is also a cold wallet just like USB drives that you can connect to your devices. It’s also designed to protect users from remote attacks. Its physical design also adds much value to its durability. It has different models like Ledger Nano x and ledger Nano s which got great reviews from users. Prices start from 59$.
-Secure and very durable
-User interface is simpler when compared to Trezor
-limited amount of wallets
– Some models have no Bluetooth features
How to Choose Crypto wallets.
Choosing the best cryptocurrency wallet depends on how the individual decides to use them.
If you want quick ways for storing, trading, buying, or selling currencies for relatively cheap and small fees, hot wallets like coin base and exodus are preferable.
But for more security and for long-term storage, cold wallets like the Trezor and Ledger are preferable for their top-notch security.