A cryptocurrency wallet is a place to store your cryptocurrency using either a software programme, an online platform, a mobile app or a physical device, with varying degrees of security. Wallets hold your ‘private’ and ‘public’ keys that you use to send and receive various blockchain cryptocurrency tokens. However, a wallet does not hold your cryptocurrency; it only shows a record of all your transactions and allows you to view your balance. In the case of bitcoin, the cryptocurrency is decentrally stored and maintained in a publicly available distributed ledger called the blockchain.
Different types of wallets
Software or desktop wallets are also referred to as ‘hot wallets’. This type of wallet is perfect for low-volume trading but is at risk of being hacked due to internet access.
Hardware or physical wallets are also referred to as ‘cold wallets’. This type of wallet has built-in security and is one of the safest storage methods for your crypto. However, hardware wallets are much more expensive than their online counterparts and are also vulnerable to becoming corrupted – possibly losing your stored data.
Paper wallets (cold wallets) are one of the safest ways of securing your cryptocurrency – they are an offline way of holding a cryptocurrency. It is simply QR codes that represent your public and private keys. This offline safety net means you have absolute control over your cryptocurrency investments and is best suited for the long-term cryptocurrency investor.
Web wallets (hot wallets) can be found on your preferred online platform and many online platforms also offer mobile-app wallets (found in the Google Play Store or App Store). Mobile wallets are the most popular type of wallet. This is because mobile wallets allow for quick and easy payments. As with software wallets, web and mobile wallets are at risk of being hacked, and as with hardware wallets, mobile devices are at risk of being lost, broken, corrupted or stolen.
Top 20 wallets for 2020
- Ledger Nano S (Hardware)
This wallet protects your Bitcoin, Ethereum, Ripple, ERC20 tokens and more. Based on Secure Chip technology for maximum security, it connects to any computer (via USB) and embeds a secure OLED display to double-check and confirm each transaction with a single tap on its side buttons. Get your hands on the Ledger Nano S today.
- Trezor (Hardware)
Trezor is a hyper-secure Bitcoin wallet that supports Windows, Linux, Max and has one of the best Android wallet apps available for cold storage crypto investment. It uses two-factor authentication, a password manager app and is compatible with ERC-20 tokens. It also provides cryptocurrency support for a range of different crypto coins including Dash, Bitcoin and Ether.
- Coinbase (Mobile, software and web)
Coinbase is available for desktop, Apple and Android. It’s used for purchasing, selling, transferring, as well as storing digital currency. It securely stores a wide range of digital assets in offline storage and supports more than 100 countries. Get this versatile wallet here.
- Exodus (Software)
Exodus supports multi-coin exchanges, including Bitcoin, Ethereum, Litecoin, Dogecoin and Dash. It allows you to manage your keys, presents your investment in easy-to-understand charts and is totally customizable.
- Ledger Nano X (Hardware)
The Ledger Nano X supports well over 1,500 cryptocurrencies. It resembles a USB drive and connects to your device via USB or Bluetooth. However, while the device itself is a hardware wallet, it has software that provides a user interface for all your holdings. This gives users the ability to add new wallets for different cryptocurrencies to their devices and manage their portfolios.
- Electrum (Software)
Electrum is available to download for Windows, Mac and Linux operating systems. It’s a popular desktop software wallet but might be too technical for beginners. The biggest advantage is the fee adjustment setting. Electrum allows users to change the transaction fee to help speed up the transaction.
- Mycelium (Mobile)
Mycelium is an easy and convenient mobile-only blockchain wallet. Mycelium provides Hierarchical Deterministic wallet security. This is a smarter way of protecting the Bitcoin address and the Private Keys by providing an all-in-one Bitcoin wallet security system. Mycelium also allows you to set custom transaction fees, which enables you to choose how long you are willing to wait for a transaction to be completed.
- Robinhood (Mobile and web)
Robinhood started as a free stock trading platform and has expanded to include Bitcoin and other cryptocurrencies. Robinhood is both a wallet (to store currency) and an exchange like Coinbase (to buy/sell currency). However, you can’t transfer coins to and from Robinhood with another wallet. Robinhood is a mobile-first platform but has a desktop version too. Robinhood is completely free to use and there are no commissions when buying or selling Bitcoin. Join Robinhood today.
- Edge (Mobile)
Edge is a mobile wallet for iOS and Android devices. Edge allows you to buy, sell and exchange fiat and 30 difference cryptocurrency tokens from your phone, these include top coins like Bitcoin, Ethereum, Ripple, Stellar and Tezos.
- Coinomi (Mobile and software)
Coinomi is one of the oldest multi-platform, multi-chain cryptocurrency wallets available. It is a Hierarchical Deterministic wallet that offers native support for over 125 blockchains and 1770 tokens and implements the strongest standards of security and privacy. Coinomi is also translated in over 25 languages and boasts 175 fiat representations.
- Jaxx Liberty (Mobile, software and web)
Jaxx is a multi-chain wallet that offers support for cryptocurrencies such as Bitcoin, Ethereum, Dash, Ethereum Classic, DAO, Litecoin, Bitcoin Cash, REP and many more. Furthermore, it allows you to rapidly convert between currencies such as Bitcoin, Ethereum and DAO. It’s available in the form of a desktop app, Android and iPhone apps and Chrome extension.
- Atomic Wallet (Software)
Atomic Wallet is a cryptocurrency wallet that helps you to manage Bitcoin, Ethereum, Litecoin, XLM and other 300 other coins and tokens. It also supports atomic swaps. For coins that don’t support atomic swaps, Atomic has a built-in ShapeShift, ChangeNOW and exchange interface.
- KeepKey (Hardware)
Keep Key secures Bitcoin, Litecoin, Ethereum, Dogecoin, Dash and Namecoin with advanced security against virtual and physical theft. KeepKey integrates with the wallet software on your computer by taking over a private key generation, private key storage and transaction signing.
- eToro (Software)
The eToro Wallet is an easy-to-use, multi-crypto, secure digital Wallet that supports over 120 cryptocurrencies. It is easy and simple to buy, store, receive and transfer cryptocurrencies on the wallet and change any of more than 500 pairs. Get your eToro wallet here.
- SoFi (Mobile and web)
SoFi supports Bitcoin and four other popular cryptocurrencies. It offers a great user experience and works well for crypto beginners. It’s good for buying and selling, but not as much for transfers to other wallets. Additionally, advanced users may find the platform and trading system at SoFi limiting.
- Freewallet (Mobile and web)
Freewallet supports multiple currencies like Bitcoin, Ethereum, and more than 30 crypto tokens, wherein it enables the free transaction between the Freewallet users. Freewallet provides some of the best features like multi-signature transaction confirmation, two-factor authentication and many more.
- ZenGo (Mobile)
ZenGo provides a keyless crypto wallet without any security tradeoff by applying an innovative cryptographic solution. This unique feature allows users the ease of use of storing their coins without the hassle of securing their private key.
- Abra (Mobile)
Abra is a mobile Bitcoin wallet that also allows you to trade and exchange cryptocurrency for fiat. It allows you to store Bitcoin, Bitcoin Cash and Litecoin on the wallet, and an additional 27 coins can be traded through the app but not stored on it. Keep track of your cryptocurrency using Abra today.
- Binance Trust Wallet (Mobile)
Binance is better known as a cryptocurrency exchange but it also has its official mobile app that’s called Trust Wallet. Trust Wallet supports more than 40 blockchains, meaning that it supports thousands of cryptocurrencies and tokens. Moreover, this cryptocurrency wallet is decentralized and doesn’t collect any of your personal data. It has multiple card payment processors integrated into the wallet, so you’ll be able to purchase cryptocurrencies without the need to leave the mobile app.
- Paxful Wallet (Web)
Paxful is the popular peer-to-peer marketplace to buy and sell bitcoin with over 300 payment methods. This bitcoin wallet is easy to use for beginners and advanced traders alike to make a profit. Start using a Paxful wallet today!