Wondering what the best cryptocurrency wallet for you is? In this guide, we’ll break down the best software and hardware wallets for investors in 2024.
| Quick Look: Best Crypto Wallets |
|---|
| Coinbase Wallet: Best for beginners |
| MetaMask: Best for Ethereum |
| Guarda: Best for cryptocurrency selection |
| Crypto.com DeFi wallet: Best for DeFi staking |
| Trust Wallet: Best for Binance and Binance.US users |
| Exodus: Best for customer support |
| ZenGo: Best for easy account recovery |
| Ledger: Best hardware wallet overall |
| Trezor: Best open-source hardware wallet |
| KeepKey: Best hardware wallet for price |
The best software wallets
Coinbase Wallet
Best for Beginners
Coinbase Wallet is a mobile app and browser extension wallet made by Coinbase, one of the world’s biggest cryptocurrency exchanges. The wallet allows you to buy crypto directly from Coinbase, easily transfer crypto from your Coinbase account, interact with DeFi protocols, and store hundreds of different cryptocurrencies!
Price: Free
Cryptocurrencies: Ethereum, Polygon, Bitcoin, Dogecoin, Litecoin, Stellar Lumens, Ripple, and Solana
Rating: 4.8 stars
Why didn’t Coinbase Wallet get a higher rating?: Currently, Coinbase Wallet only supports 8 blockchains. In addition, while Coinbase Wallet allows users to self-custody their crypto and is a separate product from the Coinbase exchange, some crypto investors prefer to steer clear of products made by centralized exchanges entirely.
Learn more about Coinbase here.
MetaMask
Best for Ethereum
MetaMask is a popular mobile wallet and browser extension. MetaMask is well-known for its easy-to-use user interface — it’s one of the most popular wallets for investors looking to experiment with NFTs and DeFi protocols on Ethereum.
Price: Free
Supported blockchains: Ethereum, ERC-20 tokens, and Layer 2 solutions like Polygon!
Rating: 4.8 stars
Why didn’t MetaMask get a higher rating?: MetaMask has shown no plans to start supporting cryptocurrencies that are not EVM-compatible — such as Bitcoin and Cardano.
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Guarda
Best for cryptocurrency selection
Guarda Wallet is available on desktop, mobile, and browsers! Guarda is known for supporting many different types of blockchains and crypto-assets. According to Guarda’s website, the wallet supports more than 400,000 cryptocurrencies! Unlike the other wallets on this list, Guarda currently does not support NFTs.
Price: Free
Supported blockchains: 50+ blockchains including Bitcoin, Ethereum, Cardano, and Solana!
Rating: 4.2 stars
Why didn’t Guarda get a higher rating?: Guarda’s built-in exchange charges relatively high fees (3.5%).
Crypto.com DeFi Wallet
Best for DeFi staking
The Crypto.com DeFi Wallet is great for investors who are looking to dip their toes in DeFi. The Crypto.com DeFi wallet integrates with your Crypto.com exchange account — allowing you to easily transfer cryptocurrency between the two platforms. The wallet also offers features like staking rewards on multiple cryptocurrencies and an Ethereum gas tracker!
Price: Free
Supported blockchains: 30+ blockchains including Ethereum, Bitcoin, and Crypto.com blockchain!
Rating: 4.2 stars
Why didn’t Crypto.com get a higher rating?: Some investors may not want to use a wallet created by a centralized exchange. Also, the Crypto.com DeFi wallet charges a 0.05% service fee on staking rewards.
Trust Wallet
Best for Binance and Binance.US users
Trust Wallet is a software wallet created by Binance. The wallet offers interoperability with Binance and Binance.US — making it easy to trade and transfer your assets between the Binance exchange and Trust Wallet!
Price: Free
Supported blockchains: 70 supported blockchains including Bitcoin, Ethereum, Solana, and Litecoin!
Rating: 4.2 stars
Why didn’t Trust Wallet get a higher rating?: Trust Wallet does not support some of the security features that other wallets offer — such as two-factor authentication through an authenticator app. In addition, some investors may not wish to use wallets created by a centralized exchange.
Exodus
Best for customer support
Exodus is a beginner-friendly cryptocurrency wallet available on desktop and mobile. Exodus supports more than 300 crypto-assets! The wallet also features an in-built exchange as well as chat and email support for users!
Price: Free
Supported cryptocurrencies: 364 supported cryptocurrencies including Bitcoin, Ethereum, and Solana.
Rating: 4.1 stars
Why didn’t Exodus Wallet get a higher rating?: Exodus is a closed source software and does not support two-factor authentication.
ZenGo
Best for easy account recovery
ZenGo is one of the most user-friendly wallets on the market. ZenGo has a killer feature: each wallet has two ‘mathematical secret shares’ — one for the user and one on the company’s server. This means that unlike other wallets, you’ll be able to recover your ZenGo wallet if you lose access to your ZenGo private keys.
Price: Free
Supported blockchains: Bitcoin, Ethereum, Dogecoin, and more!
Rating: 4.1 stars
Why didn’t ZenGo get a higher rating?: Some customers complain that ZenGo transfers take longer than other crypto wallets, and that ZenGo’s best security features are only available to paying customers.
The best hardware wallets
Ledger
Best hardware wallet for hot wallet integration
Ledger is one of the world’s most popular hardware wallets. Ledger supports more than 5,000 cryptocurrencies and can integrate with software wallets like MetaMask and Guarda. Ledger’s cheapest model, the Ledger Nano S Plus, costs $79.
Price: $79 for cheapest model
Supported cryptocurrencies: Bitcoin, Ethereum, Binance Smart Chain, Cardano, Solana, and 5,000+ more cryptocurrencies!
CoinLedger rating: 4.8 stars
Why didn’t Ledger get a higher rating: Ledger operates on closed-source software.
Trezor
Best hardware wallet for security
Trezor is one of the cheapest hardware wallets on the market — with the Trezor One costing just $69! Currently, Trezor supports around 1,000 cryptocurrencies. Unlike Ledger, Trezor does not integrate with hot wallets.
Price: $69 for cheapest model
Supported cryptocurrencies: Bitcoin, Ethereum, Binance Smart Chain, Cardano, Solana, and 1,000+ other cryptocurrencies!
CoinLedger rating: 4.2 stars
Why didn’t Trezor get a higher rating: Some customers complain that Trezor’s plastic body feels fragile. In the past, security firms have claimed that they found exploits to physically hack into a Trezor wallet.
KeepKey
Best hardware wallet for price
KeepKey is one of the cheapest hardware wallets on the market. KeepKey wallets are frequently on sale — with the KeepKey Hardware Wallet sold for as low as $49! However, KeepKey wallets only support around 40 cryptocurrencies — meaning it’s not a good choice if you’re looking for storage for altcoins.
Price: $49 for cheapest model
Supported cryptocurrencies: Bitcoin, Ethereum, Litecoin, and dozens more!
CoinLedger rating: 3.6 stars
Why didn’t KeepKey get a higher rating: Customers report that KeepKey’s hardware is lower quality than other cold wallets. Also, KeepKey supports a limited amount of cryptocurrencies than other cold wallets.
What is a crypto wallet?
Cryptocurrency wallets are applications that allow you to securely store, send, and receive cryptocurrencies.
Why do I need a custodial wallet?
Many cryptocurrency advocates use the phrase ‘Not your keys, not your crypto’. This phrase essentially says that if your cryptocurrency is stored on an exchange, you are not the true owner of the crypto.
While cryptocurrency exchanges offer a convenient way to trade and store cryptocurrency holdings, you may lose access to your crypto if your account is frozen, the security of the exchange is breached, or the exchange goes bankrupt.
In recent years, crypto investors have lost access to their holdings after exchanges like BlockFi and Voyager filed for bankruptcy.
How does a crypto wallet work?
A cryptocurrency wallet consists of public keys and private keys. Public keys are similar to bank account numbers — they show your cryptocurrency balance without compromising the security of your account. Meanwhile, private keys allow the wallet owner to access their cryptocurrency and sign off on transactions.
What type of wallet should I choose?
Not sure what type of wallet is right for you? Let’s walk through the differences between hot and cold wallets.
- Hot wallet: A hot wallet is a wallet that’s connected to the Internet. These types of wallets can make it easier to perform specific actions such as trading NFTs and accessing DeFi protocols.
- Cold wallet: A cold wallet (or hardware wallet) generates and stores your private keys offline. Cold wallets eliminate the risk of someone hacking your online wallet and stealing your cryptocurrency.
What to consider when choosing a wallet
Here are a few factors to keep in mind before you choose a cryptocurrency wallet.
Reputation: Unfortunately, scams and hacks are rampant in the cryptocurrency space. It’s important to choose a cryptocurrency wallet with a solid reputation.
Purpose: Before you choose a wallet, it’s important to understand why you’re in the market for a cryptocurrency wallet in the first place. The best wallet for you may differ based on your unique needs. For example, a hot wallet like MetaMask may be a good fit if you’re looking to experiment with decentralized protocols, while a cold wallet might be a good fit if you’re simply looking to hold your cryptocurrency for the long-run.
Blockchains supported: Before you choose a wallet, take a look at the list of supported blockchains to make sure your crypto-assets can be supported.
What type of security features should I look for?
Unfortunately, hacks and scams are rampant in the cryptocurrency space. Here are a few security practices to keep your wallet safe.
Watch out for phishing scams: ‘Phishing’ is a common scam in the cryptocurrency space — which usually involves hackers using a suspicious link to gain access to your crypto. Be careful before clicking any links you receive online.
Keep your private keys safe: Remember, your private keys can be used to access your wallet. They should be stored in a safe place — not on an Internet-connected device!
Consider a hardware wallet: If you’re willing to spend money, you should consider getting started with a hardware wallet like Ledger. Since hardware wallets store your private keys offline, they are considered the gold standard for security. Hardware wallets can integrate with software wallets — allowing you to securely interact with decentralized applications.
How do I track value of my crypto across different wallets?
If you’re like most crypto investors, you’re likely using multiple wallets and exchanges. Unfortunately, this can make tracking the total value of your holdings difficult — as you’ll need to flip between multiple platforms.
That’s where a crypto portfolio tracker can help. CoinLedger connects to hundreds of wallets and exchanges — giving you a real-time look at your crypto portfolio!
Get started with CoinLedger for free.
