With their volatile values, cryptocurrencies can be risky. Investors shouldn’t put themselves at additional risk by not storing their assets properly.
Many crypto owners don’t know better or are too lazy to take the proper precautions about where their crypto is stored. They keep their digital assets on exchange accounts. This is a mistake. This is a mistake.
You can store your private keys online or offline. You have full control over your crypto. Without it, you are not fully in control. These are seven top cryptocurrency wallets you should consider.
1. Best for Desktop Users: Exodus
Exodus is now available on desktops, but it still provides large-screen users the best functionality and experience. Its growing list of advanced trading and analytical tools, including live charts and crypto staking, is what is responsible for this.
Additionally, it has a light-client position that speeds up transactions and eliminates the need to download full blockchains.
Exodus also has other key selling points:
- Supported cryptocurrencies: Around 150
- Bitcoin transactions can be customized with fees (and more coming)
- Compatible with Trezor wallets
2. Best Customer Support: Zeno
Offers multi-chain access to over 70 crypto assets, including Bitcoin, Ethereum, and Dogecoin. Two things stand out in this wallet. Live, 24/7 customer support by real human experts — an exceptional feature
The keyless MPC technology ensures that you have complete control over your crypto assets and that they are always recoverable You can also take advantage of a limited-time opportunity to earn 4% interest on Bitcoin.
You can also take advantage of these two limited-time deals:
- Buy Terra coins for 0% processing fees.
- Use the code ZENX0B4G to receive $10 Cashback in Bitcoin on a $200 purchase.
Zeno also offers the following additional features:
- You can earn up to 8% interest with your crypto assets
- You can sell Bitcoin in the E.U., U.K., and US
- Swap-supported cryptocurrencies are available almost anywhere on the globe
- There are three network fee options for ERC20, ETH, and BTC — economy, regular, and fast
- Only 1 click to cancel or speed up transactions sent before blockchain confirmation
3. Ledger Nano X
Ledger’s second-generation cold storage wallet, the NanoX, is now available. Ledger’s integrated LedgerLive platform supports more than 1,800 coins and tokens, including bitcoin, Ethereum, and XRP. It is simple to use and learn. You can connect the wallet to your computer using a USB cable, and you can also connect it to Android and iOS mobile devices using Bluetooth — something that the Model T does not have.
The device is strong and has a small LED screen. You’ll first need to set up a pin and create a 24-word seed phrase. This seed phrase is your wallet’s private keys. As with other wallets, your crypto assets will not be lost if the private key is kept safe.
Ledger was the victim of a data breach in July 2020. This resulted in the theft or misuse of customers’ data and crypto-assets. Although no private keys were stolen from wallets, reports showed that customers were emailed with phishing threats and were sent phishing emails. Ledger is a trusted name in crypto, and the data breach is a reminder to be cautious online, especially when dealing with crypto assets.
4. Huobi Pro
Huobi, another cryptocurrency service provider, has its roots in China. Unfortunately, Huobi was forced to leave China by the widespread cryptocurrency ban. It is now based in Seychelles. Huobi Pro is its cryptocurrency wallet.
While the main focus is on the wallet, it is worth noting that Huobi as a whole is one of few crypto-organizations that has a formal foundation. It was able to list on the Hong Kong Stock Exchange in 2018 because it took over Plantonics.
5. Coinbase Wallet
Coinbase was established in 2012, a long time before the rest of the internet. Brian Armstrong was the original to create Coinbase. It is surprisingly formal in origin. A Y Combinator funding program initially funded it.
While they claim desktop support, it is only through a Chrome extension. This doesn’t make Coinbase a hybrid model hot wallet. Despite this, Coinbase is still a popular hybrid model hot wallet with a revenue of more than $1.14 Billion as of 2020.
6. GRAVE
GRAVE has a new rival on the scene. The company was founded by imec, one of the world’s most respected security research companies.
The device is known as the “coldest wallet” and doesn’t allow internet access. Instead of using Bluetooth or USB ports, the ZERO uses a one-way Q.R. code to communicate information with connected devices while remaining offline. This means you won’t have to worry about software being compromised.
The GRAVE Zero comes with the “Everlasting Backup” to protect your seed phrase. The stainless steel sheets are water-resistant and fire-proof, making it easier to store your seed code than other wallet providers who only offer paper.
7. Ledger NanoX
Ledger NanoX is a French start-up that looks similar to a USB thumb drive but with a steel shell. This device can be attached to any personal computer or mobile device that supports Bluetooth or USB.
The Ledger Nano X offers major improvements in Bluetooth connectivity and mobile support over the Ledger Nano S.
It supports more than 30 cryptocurrencies, including Bitcoin, Ethereum, and Dash. Over the years, Ledger’s extensive marketing efforts have helped make this the most popular hardware wallet.
Advantages: Ledger is the most well-known hardware wallet provider. You can store multiple cryptocurrencies with the wallet. Software integration, which uses a ledger to transact directly, is supported by a large community. Many new decentralized exchanges are included. This device is continually updated with new software.
Cons: Interference layout means it takes quite a while to set up your wallet or reboot it. Although the added mobile support is a great feature, Bluetooth functionality is not as smooth. Software updates can cause lag and wallets not to work immediately. The only company that offers Bluetooth connectivity. Although security concerns are not proven, Bluetooth connectivity is being considered by the industry as a potential attack vector.
The Way You Can Find the Best Cryptocurrency Wallet for Yourself
Payment Compatibility
To build your crypto portfolio, you will need to spend fiat money (mostly U.S. Dollars) unless you are actively mining cryptocurrency. This is usually done through electronic funds transfers.
Some wallets and exchanges accept payments via mobile payment technology like Apple Pay and debit and credit cards. Look for wallets that meet your needs if you value broad payment compatibility.
Mobile Functionality
The old-fashioned crypto wallets were desktop-based and difficult to use. Modern wallets and older wallets that have kept up with the changing technology are more mobile-friendly.
A mobile-unfriendly wallet won’t be a problem if you are comfortable trading and managing crypto on your computer. You will need a wallet compatible with your mobile preferences if you want to trade crypto while you are on the move or prefer a mobile interface.
Exchange Access
Some wallets in this list are directly linked to cryptocurrency exchanges. This makes it much easier to buy and sell crypto holdings.
A completely separate wallet from trading functions might be better for you if you aren’t an active crypto trader or have concerns about security issues associated with using a crypto wallet linked to an exchange that could be compromised.
Security
Cryptocurrency is a highly valuable asset that thieves are eager to steal. Crypto users face security concerns.
Each crypto wallet listed on this list is concerned about security. However, some take extra precautions like multi-signature authorization and mandatory two-factor authentication. This allows for more than one key to be used to complete transactions. Because they are particularly vulnerable to theft, noncustodial and Internet-connected hot wallets require extra security.
Cold storage is the best choice if security is a concern—the risk of anything going wrong increases greatly when you connect your holdings to an Internet connection.
High Availability and Usability
Some of the most popular crypto wallets associated with exchanges experienced downtime during peak demand periods. Even though they are temporary, these outages can cause inconvenience and shake users’ trust.
Your wallet must be able to perform transactions right away, and not in two or three days. Although crypto wallets and exchanges don’t always provide historical data about uptime, it is not difficult to see when outages happen.
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