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Best Crypto Wallets 2022

Ready to enter the crypto space and accumulate or trade substantial amounts of digital currency on a cryptocurrency exchange? If so, it’s time to think about getting a safe crypto wallet for your digital assets.

What Is a Crypto Wallet?

A crypto wallet stores the users’ public and private keys. There are two types of wallets- software- based, hot wallets and hardware wallets, cold wallets. Exchange platforms that offer hot wallets, such as Crypto.com, are online-based, making your funds more immediately accessible, as well as providing an easy-to-use interface to manage your crypto assets. On the other hand, cold wallets, such as Ledger, are offline (usually in the form of a USB stick) making them much safer but also less accessible and not as user-friendly.

Having said that, it’s time to take a look at the different wallet options tailored to your crypto-fluency level.

Best Crypto Wallets

Some of the best crypto wallets are… *drum roll*

Best for Beginners — Coinbase Wallet

The Coinbase crypto exchange has one of the most well-known online crypto wallets out there. The self-custody wallet provides full control of your crypto and NFTs, supporting “hundreds of thousands of tokens and a whole world of dApps.” The compatibility balance between friendly user interface, security and integration possibilities are the main reasons users pick Coinbase as their first choice.

Pros

  • Easy access
  • Easy navigation
  • Can link with many integrations

Cons

  • Only available on mobile and tablet devices, except for the Chrome extension

Best for Bitcoin — Electrum Wallet

Back in 2011 Thomas Voegtlin created Electrum and since then various developers have contributed further to its code, making it one of the most popular Bitcoin wallets with fast transactions. Electrum has various user interfaces applicable on mobile or desktop, as well as high-level security features such as two-factor authentication by Electrum and Trustedcoin, and an integration with a few hardware wallets — KeepKey, Ledger, Trezor — for cold storage.

Pros

  • Fast transactions
  • Two-factor authentication
  • Integrates with cold storage
  • Web wallet
  • Mobile wallet

Cons

  • Only supports Bitcoin
  • No customer support via chat, email or phone

Best for Mobile — Mycelium Wallet

One of the oldest software Bitcoin wallets has its launch in 2008 by a team of hardware engineers. Mycelium supports hardware wallets including Trezor, Ledger and KeepKey, offers enhanced security to its users, as well as no-data collection procedures. However, Mycelium is a mobile device only software wallet, available for iOS and Android, which could be considered a disadvantage for desktop native users.

Pros

  • One of the oldest wallets
  • Enhanced security
  • No ID required
  • Supports hardware wallets

Cons

  • Mobile-only

Best for Trading – Binance

One of the best cryptocurrency wallets out there is the Binance wallet. Arguably, the best altcoin exchange in terms of trading volume, Binance hosts thousands of decentralized tokens on its own network and offers the multi-billion dollar crypto-asset BNB. A great thing about Binance is that it offers both mobile and web-based custodial wallets, which means that they safeguard your private keys on your behalf.

Pros

  • Fast transactions
  • Low transaction fees, high liquidity
  • Excellent customer service
  • Great reputation

Cons

  • Not available in seven U.S. states.
  • Fewer crypto-to-crypto currency pairs than the global Binance site.

Best for Experienced Users and DeFi Degens – MetaMask

MetaMask is a software cryptocurrency wallet that supports only Ethereum Virtual Machine (EVM) based networks. Through the MetaMask web browser extension or mobile app users can seamlessly broadcast transactions, store and manage their account keys, send and receive Ethereum-based tokens and safely connect to decentralized applications (DApps) and decentralized exchanges (DEXes).

Pros

  • High level of security
  • Available for iOS and Android users
  • Supports EVM-compatible tokens

Cons

  • Solely available online
  • Slower transactions
  • Less user-friendly

Best for Desktop — Exodus

Founded by JP Richardson and Daniel Castagnoli back in 2015, Exodus offers the ability to send, receive and exchange Bitcoin and over 200 other cryptocurrencies with ease. Exodus is user-friendly, has a 24/7 customer support service, is compatible with Trezor wallets and offers mobile device accessibility for iOS and Android.

Pros

  • Easy to navigate
  • 24/7 customer support
  • Mobile app available

Cons

  • No two-factor authentication

Best DeFi Wallet — Crypto.com

Crypto.com offers users the ability to access popular open-source blockchain features without having to leave the platform. The non-custodial wallet gives access to a full suite of DeFi services, such as exploring the most popular dApps and seamlessly connecting to swap, farm, earn interest and mine on DeFi protocols. With a couple of clicks you can easily view your NFTs as well as share them on social media. Furthermore, the private keys are encrypted locally on your device with Secure Enclave and protected with biometric and two-factor authentication.

Pros

  • Local encryption of your private keys
  • Full suite of DeFi services
  • 24/7 live customer support
  • Ease of connecting with integrations

Cons

  • Losing your private key and recovery phrase renders your funds inaccessible

Best Hardware & Cold Storage Crypto Wallets

As mentioned earlier, cold wallets are offline making them less user-friendly but in turn a much safer alternative for users. Here are some of the best ones.

Best for Bluetooth — Ledger Nano X

One of the most well-known brands of hardware wallets available is Ledger with its Ledger Nano X USB stick, with which users can buy, exchange and grow their crypto and NFTs. Ledger Nano X enables users to manage more than 5,500 altcoins and tokens. It also supports up to 100 simultaneously installed apps.

Pros

  • Bluetooth-enabled
  • Supports a wide range of coins and tokens
  • Supports up to 100 apps

Cons

  • Relatively expensive

Best for Android — Trezor One

Cryptocurrency wallet Trezor One was founded in 2013 by Satoshi Labs. Trezor One’s high security level, competent customer support service and active participation in the Bitcoin community are qualities that attract veteran Bitcoiners.

Pros

  • Company is active in the Bitcoin community
  • Strong customer support and security

Cons

  • No support for iOS devices

Easiest to Use — ZenGo

ZenGo’s mission is to offer financial inclusivity for all, as well as high level functionality, security and accessibility for its users. ZenGo’s security is superb, with its private facial biometrics and industry-leading encryption keeping your account safe from hackers. Furthermore, ZenGo’s digital wallet is closely related to Web3, allowing users to discover NFTs, DeFi, crypto gaming and thousands of dApps. It seamlessly integrates with the WalletConnect protocol offering a more secure connection to Web3 applications.

Pros

  • Easy to set up and use
  • Secured by facial biometrics and encryption, not passwords
  • Access to Web3
  • 24/7 customer service
  • Available in 188 countries

Cons

  • Some features not available everywhere

Final Takeaway

Before considering what crypto wallet to go with, ask yourself what matters most to you in terms of ease of use, frequency of trades, customer support, company reputation and specific functionality you are looking for.

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