Best Crypto Wallet: If you plan on holding any cryptocurrency, one of the most important decisions that you can make comes even before you buy your first token, it comes before you even create your first exchange account. I am of course talking about the type of cryptocurrency wallet that you choose.
With so much value stored for the long term huddle, you have to make sure that you have got the right wallet, one that is highly secure and functional and user-friendly, so what is the right wallet? In this blog post, I’m going to answer exactly that, I’m going to share my top five crypto wallet picks, as well as the pros and cons of each, I also have some top storage tips for you that you just need to know, so be sure to stick around till the very end for these golden nuggets of wisdom.
Before we dive deep, I’d like to clarify that I AM NOT a financial adviser, so be sure to speak with yours, before making any moves into crypto. This blog post is also intended to be merely an educational tool to support your own research. So are you ready to huddle to the moon? Let’s explore these wallets then.
Why It Is Important To Use a Safe Crypto Wallet
Before I jump into my list of top crypto wallet picks, I need to explain why it’s so important to use a safe crypto wallet. if this is something that you already know quite well then feel free to jump to the best crypto wallet section with the table of content provided above.
Now, most crypto newcomers may not know this, but storing your crypto on exchanges is not a good idea, the reason for this, is that when you keep your coins on an exchange you’re essentially giving up ownership and control of your crypto, so not only does this mean you have to fully trust the exchange operators but it also means that if the exchange was hacked you could lose all your funds.
This has actually happened quite a bit in the past one of the most notable examples was Mt. Gox that saw over 850,000 Bitcoin stolen in a hack, this was the largest Bitcoin hack in history and I actually know a few early investors who lost all their coins on Gox, tens of millions in today’s money.
You also have exchanges that are just plain scams from the beginning, an example of this is quadriga CX. The exchange was the coin base of Canada and users over there lost over 190 million dollars worth of crypto.
Also, some exchanges are suspected of running fractional reserves with many users of certain exchanges reporting that they have a hard time or are unable to withdraw their funds, the key thing to take away here is that if you don’t hold the keys to your crypto, you do not really own it. There is a famous saying that’s repeated on numerous occasions in crypto circles, not your keys, not your crypto.
By keeping your coins on an exchange all you have is a promise from that exchange that you own a certain number of coins and nothing more, that’s why so many crypto people talk about taking responsibility for your crypto and taking security seriously.
My Top Five Best Crypto Wallet
To take back control of your crypto you will need a cryptocurrency wallet so without any further ado let me jump right into the main purpose of this blog post.
At the number one spot on my list of best crypto wallet, we have the ledger nano X and the ledger nano s, what’s important to know is that these are Hardware wallets that enable you to store your crypto on a physical device that looks a bit like a USB Drive.
Another fun fact is that hardware wallet devices like ledger store your private keys and does not expose them to the outside world, this provides defence against cyber hacks like phishing scams and key loggers. So, if you’re looking for the highest levels of security money can buy then a hardware wallet is a sound purchase.
Private keys on ledger are so secure that you do not even know them yourself, instead, they’re stored within the device itself and secured with a PIN, with a ledger any crypto thief would need to have your ledger in their possession and know or guess your PIN.
Alternatively, they could try and guess your twenty-word recovery seed -good luck to them on that- oh yes in case you wondered what a recovery seed is? it’s a random string of words that you can use to get access to your crypto if you lose your device, a pretty neat backup.
With Ledger hardware wallet you also get access to Ledger live, which is an app to manage the applications installed on your device, and enables you to manage your different crypto accounts, this includes sending and receiving crypto or even just checking your crypto balances.
Difference between the ledger nano X and the ledger nano S
When it comes to the difference between the ledger nano X and the ledger nano s, the former has a bigger screen, the ability to use Bluetooth to connect to your mobile device, the ledger X can also, store up to 100 applications on it compared to the four or five the nano s can hold.
What’s important to note about ledger applications is that each separate blockchain will have its own app, so you can use the ledger Ethereum app to store eth or any erc20 token, and you wouldn’t need a separate app to keep your eth safe. This means that if you want to hold a ton of different coins then the number of Ledger apps that can be stored on a device will probably be a big consideration.
Ledger Wallet Supported coins
Of course, there’s no point in getting a wallet if the coins you want to store on it are not supported, the good news is that Ledger supports over 1,000 cryptocurrencies, that’s the biggest range of cryptocurrencies for any wallet out there. You can basically throw a dart at the first couple of pages of Coin Market Cap and the chances are that the coin you hit will be supported by Ledger.
Another big consideration for most in crypto is staking, which is when you hold your coins in a certain wallet and earn interest, ledger also supports staking for popular coins like EOS, Tezos, Tron, Neo, Waves and Wanchain.
Ledger Wallet Security
In terms of security, ledger wallets are honestly the best in the market, with no known hacks that I can think of. The only security breach that I know of is when scammers buy Ledgers open them up to generate the recovery seed and resell the ledgers on sites like eBay.
These nasty pieces of work then wait for the buyer to send their crypto to the ledger and gain access to it using the recovery seed. However, you can avoid that problem by buying directly through the official ledger site, so be sure to do that.
Ledger Wallet Integration
When it comes to integrations, ledger honestly works with a lot of stuff in the crypto universe, if you’re looking to get involved in d5 crypto lending, then ledger integrates with popular web 3 wallets like meta masks.
So who can benefit the most from a ledger Hardware wallet? Well the Ledger Nano S costs $59 with the Ledger Nano X setting you back 119 dollars, now that sounds like a lot, however, you have to remember that this is the most secure crypto wallet money can buy.
Should You Buy The Ledger Nano Wallet?
The key question is if you actually need that top-of-the-line security or not. Put simply, if you were dipping your toes into crypto and want to store a hundred dollars in coins then I honestly don’t think it’s worth buying one, I would personally use that money to buy more crypto and use one of the free wallet suggestions that I’ll get onto in a minute.
However, if you think it’s for you and you’re going to be mainly holding Bitcoin, Ethereum and a bunch of ERC20 tokens, I’d go for the cheaper ledger nano s, I don’t see the need to shell out more on the more expensive wallet.
If you think you can benefit from a bigger screen or want to hold a boatload of different coins then the Ledger Nano X is probably the right option for you. I have to level with you I don’t see the value in the nano X’s BlueTooth connectivity and I frankly never felt like using it, however, if you’re one of those guys that simply must use a device like this on a mobile app then the X is what you need.
If you’re interested in getting a ledger and want to support the blog then please do check out the ledger links button below to buy one.
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My number-two safest and best crypto wallet pick is exodus wallet this is the wallet that I typically recommend if any of my friends are starting out in crypto. Exodus is a completely free multi-currency wallet that is available for both mobile and desktop.
One of the main benefits of Exodus is that it’s super easy to use, has 24/7 support via live chat, a built-in crypto exchange, and supports over 100 different cryptocurrencies, oh yeah, it also looks goddamn beautiful too and you can view your entire crypto portfolio at a glance on the home screen. So if you want all that stuff in one simple solution, Exodus is probably the wallet for you.
In terms of supported coins, Exodus supports exactly 138 coins at the time of writing this blog post, here are some of the most notable which should satisfy most HODLers in the picture below. You can also click on this link to view the updated list of all the supported cryptocurrency assets.
Backup and Security
In terms of backup features, Exodus provides two key ways of regaining access to your crypto in case your computer is lost or stolen,
- The first option is using a twelve-word passphrase that you generate when creating your Exodus wallet
- The second is an email restore feature where Exodus will send a link to your email which you need to click and enter your password to get back access to your crypto.
However, although these backup features are convenient, the Exodus wallet doesn’t offer the same level of security as hardware wallets like Ledger, given that your private keys are stored on your local device, it could be susceptible to malware that either steals private keys or logs your keystrokes. All that being said Exodus is way more secure than web wallets found at exchanges and it’s free too.
If you’re still worried about storing your keys locally on the device, then it’s great to know that the security on Exodus is upgradable, this is due to the wallets integration with Trezor, which is another type of hardware wallet device like Ledger, this means you can enjoy all the benefits of Exodus while having your crypto secured by a hardware wallet. For this very reason, I think that the Exodus and Trezor partnership is the most important strategic move that the wallet creators have made.
Simply put, if you’re looking for a free wallet that supports a load of coins and want a simple uncluttered interface, then honestly, I would suggest you go for an exodus wallet, if you want to upgrade your security later you also have the option to do that by buying a Trezor Hardware wallet. And that is a great segway into the next best crypto wallet on my list
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The Trezor Hardware wallet comes in at number three on my list of best crypto wallet, similar to Ledger you have two different models to choose from, the original Trezor One and the Trezor Model T. I have to give it to Trezor, their Hardware wallets are slightly easier to use and set up than Ledger.
Trezor shares many of the security benefits of Ledger but they come in at a slightly higher price point. The Trezor one comes in at $78 and the Trezor T sets you back a cool 165 dollars. Check Updated price Here
Differences between the two models
The key difference between the two models is that the Trezor T comes with a bigger colour screen and supports microSD cards, the Trezor one on the other hand just has a black and white screen.
Trezor Wallet Supported Cryptos and Integration
Like Ledger, Trezor supports over 1,000 different cryptocurrencies so you can be pretty confident that almost any crypto you want to store will be compatible with this wallet, however, Trezor doesn’t support staking for the same range of coins that Ledger does. But, Trezor wallet does integrate with the simple staking wallet so you do have that option.
Honestly, the main reason why Trezor didn’t feature higher in my list of best crypto wallet, is due to the crypto exchange Kraken, identifying a critical vulnerability in Trezor hardware wallets. In a nutshell, Kraken found a way of cracking into a Trezor in about 15 minutes, by exploiting voltage glitching in the device to get hold of the encrypted seed, the encrypted seed can then be accessed by brute-forcing the PIN securing the funds.
Yes, this sounds terrifying and you’re probably wondering how I can still rate Trezor after this, the reason why is that, this Trezor hacking method requires the crypto thief to have possession of your Trezor and a bunch of equipment to pull off the hack. Now I don’t know about you but I’m not leaving my Trezor lying around anywhere willy-nilly and I’m more concerned about cyber attacks when it comes to crypto theft.
The truth is that if anyone came after your crypto in the real world and put a gun to your head, then it probably doesn’t matter if you have a Trezor, or the more secure ledger, either way, the bad guy is probably going to end up with your crypto.
Trezor Partnership with Exodus
In terms of key Tezor partnerships, I’m going to have to mention that the Exodus partnership again. Exodus is honestly such a popular free wallet and I think it’s a masterstroke by Trezor to give Exodus users the ability to upgrade their security.
Should you buy Trezor?
To sum it up Trezor is the ideal crypto wallet for anyone that wants first-class crypto wallet security and needs it to be as simple and quick to set up as possible. If you need a bigger screen then the Trezor model T is the way to go.
However, I think most people are probably best off saving the extra $87 and going with the Trezor One. So if you think Trezor is the wallet for you then I’d love it if you supported my work by using my Trezor affiliate link below, which I’ll get kickbacks from with no additional cost to you.
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My fourth favourite and best crypto wallet on the list is Trust Wallet, and it’s one of the best options out there for anyone wanting to carry around their crypto on their mobile. The app can be downloaded for free from the Apple App Store, Google Play and Android.
Trust wallet is also another multi-crypto wallet and is able to interact with decentralized applications directly through the app thanks to its Web 3 browser. So if you want to play some crypto games or have the option of using your wallet with DApps, then Trust wallet is the way to go.
Trust wallet is also fully open-source, this basically means that the underlying software code is open to all to audit and verify. Generally, open-source software is viewed favourably in the crypto space as it means the community was able to independently verify the security of said code, so that’s a plus.
Something else that works pretty neat is that this wallet also works perfectly with the Binance Dex and Kaiba network protocol, which means you can make instant trades of decentralized exchanges with no fuss at all. Passive income fans will also be pleased to know that trust wallet supports staking for Cosmos, Tron and Tezos.
Trust Wallet Supported Cryptocurrencies
In terms of cryptocurrency support, Trust Wallet allows you to store all ERC20 tokens, all tokens issued on Tron and Binance chain, plus a bunch of other top cryptocurrencies like Bitcoin, XRP and Litecoin. Honestly, as long as you’re wanting to store well-known cryptocurrencies Trust Wallet should have you covered.
Trust Wallet Security
In terms of security concerns, I’ve not heard about any trust wallet hacks, however, what’s for sure is that the wallet will never be as secure as a hardware wallet, you still have risks of local device intrusions. Having said that, I should point out that it was one of the first acquisitions by Binance and the exchange uses it as its official wallet, so this is no doubt a vote of confidence in my opinion.
In summary, Trust Wallet is an ideal choice for anyone wanting a free multi-crypto wallet app to manage your coins on the go. I have a link down below in case you want to try it out.
For my final best crypto wallet pick, I’m going to go for MetaMask, this wallet can be used as a browser extension on Google Chrome, Firefox, and the brave browser. This means it acts like a kind of bridge between standard web browsers and the Ethereum blockchain.
MetaMask Supported Cryptocurrencies
If you’re looking to store a ton of different coins then I’m going to have to stop you right there, and just say that MetaMask is not for you, the wallet only supports Ethereum and ERC20 tokens, so limited on that front. Yet a pretty cool thing about Meta Mask is that it links directly with Coinbase and Shapeshift which makes it super easy to buy ETH or ERC 20 tokens, it’s also pretty easy to use too.
When it comes to security, I’ve not heard about any MetaMask hacks, it uses HD backup settings and has a strong community of developers constantly updating its source code, which is also open-source. However, the most common security threat to MetaMask users will be phishing attacks, so just be careful when you enter your MetaMask password.
When it comes to integrations this is where MetaMask shines. If you’re looking to get involved in the defy ecosystem by earning interest on defy loans, giving a crypto loan, or even trading on decentralized platforms like synthetics, then you can do all that with MetaMask.
Pretty much any DApp in defy or any Ethereum based DAPP for that matter integrates with Meta Mask. In short, if you’re even mildly interested in exploring some of the DApps on the Ethereum blockchain then a MetaMask wallet is a must-have. It also a pretty beginner-friendly wallet and it’s completely free too.
However, if you don’t want to be restricted to Ethereum and ERC 20 tokens then I would honestly look at other wallet options, and that is it, my list for the best crypto wallet.
The best crypto wallet for you will honestly depend on what coins you want to store, the functionality you need and what level of security you’re comfortable with. If you want to go for the best crypto security out there, then I would certainly recommend going with a Ledger or Trezor. However, the free wallet I’ve talked about are also very solid options.
The truth is that just having control over your private keys and keeping your funds off an exchange already makes your crypto more secure than most people’s. Having said that though, you still need to take precautions with some wallet security 101.
Wallet Security 101
- Always backup your seeds and store them in a secure place.
- If you’re using a desktop or mobile wallets, be sure to keep your devices malware and virus free, don’t click on junk.
- And finally, HODL your coins in secret, no one needs to know that you own any crypto, and when anyone does, you make yourself vulnerable. Not even the strongest Hardware wallet can stop the $5 wrench attack.
And that my beautiful friends on the internet wrap up my blog post on the top 5 best crypto wallet. What do you think about my best crypto wallet picks though? Are there any others that you think should be on this list? I’d be super interested to hear your comments below.
Also if you got value from this blog post then please don’t forget to share this article with someone who might need it and also share on your social media pages and remember “not your keys, not your crypto”
Thank you for making it to the end of this blog post you rock!