11 Best Crypto Wallets Beyond 2023

Are you looking for the best wallets for your dear cryptocurrencies? Perhaps you’re scouting for the best Bitcoin wallet or the best wallet for mobile phones.

We have got you regardless of the wallet type you’re hunting for. This guide discussed the top 11 crypto wallets that’ll serve you beyond 2022.

We handpicked these wallets based on user experience, cost, security, flexibility, etc. Read on to find out what we have for you.

While at it, you may scan through our choice of the best crypto exchanges. With that said, let’s tune in, shall we?

What is a crypto wallet?

Like your bank account, cryptocurrency wallets [1] hold and store your virtual money and digital assets.

The caveat, however, is that your funds aren’t actively sitting in your crypto wallets. Instead, your funds are stored on the Blockchain. Crypto wallet allows you to access your assets and interact with the Blockchain.

Each crypto wallet is connected to a unique address on the Blockchain, which provides your transaction history. The two broad wallet types include hot and cold wallets.

What is a hot wallet?

Hot wallets are also known as software wallets or online storage. The wallets are connected to the internet 24/7.

With an online connection, you can access, buy or trade your cryptocurrencies via hot wallets from your phones, PCs, web, or browsers.

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Eight Best hot wallets to consider

1. Coinbase wallet: Best for beginners

 

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Coinbase’s intuitive wallet interface makes it ideal for newbie traders or investors. The wallet links to major bank accounts. It also supports Bitcoins, altcoins, and other coins and tokens like ERC 20.

For clarity, the Coinbase exchange offers a Coinbase wallet as an independent wallet. You can access the wallet even if you don’t have an account with Coinbase.

Moreover, the Coinbase wallet is non-custodial. This means that your private keys are your responsibility. They’re saved on your device instead of the Coinbase servers.

The wallet’s major highlights:

• It offers extra cloud backups to safeguard your wallet keys.

• It features biometric authentication, such as a thumbprint and Face ID.

• The wallet allows in-app access to decentralized exchanges. Thus, you can easily exchange tokens without any middlemen.

• It supports DeFi/staking.

• The wallet can be changed to cold storage.

2. BlueWallet: Best Bitcoin wallet for mobile

 

 

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BlueWallet supports only Bitcoin. It’s the ideal Bitcoin wallet [2] for mobile users who prefer simple mobile wallets to advanced desktop software.

The wallet offers an excellent user experience. You can easily navigate the wallet’s interface. But you may require tutorials to navigate its more advanced tools.

Aside from its main function, like receiving, sending, or saving cryptos, you can customize fees and initiate transactions in batches.

BlueWallet has the edge over the competition because it integrates with a layer two solution— the Lighting Network— which enhances quicker peer-to-peer transactions than layer one.

The wallet’s major highlights:

• It enables plausible deniability — a feature that helps you generate several passwords to decode fake wallets.

• BlueWallet is a watch-only wallet. You can see and track your cold storage without your private keys or wallet.

3. MetaMask: Best Ethereum wallet

 

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MetaMask is accessible to everyone and features a modern design. It’s among the popular Ethereum wallets, with more than 30 million monthly users.

The wallet is compatible with other Blockchain solutions. It supports networks like Avalanche, Binance Smart Chain, and Polygon. Thus, you can include nearly all Blockchain networks on the app.

Furthermore, you can connect your MetaMask to NFT marketplaces such as Rarible and Opensea to trade NFTs and collectibles.

MetaMask is the perfect wallet if you want to sell or hold Ether or access dApps across the Ethereum Blockchain.

You can access the MetaMask wallet from your desktop browser or mobile phone.

To use on a desktop: add MetaMask wallet as an extension to your browsers such as Mozilla Firefox and Google Chrome.

To use on phones: download the app from the Apple store or Google play store on your device.

MetaMask major highlights:

• Ability to switch between layer one and two solutions.

• The wallet is developed with open-source code, allowing audits to verify its security level.

• Instead of storing users’ information on its servers, MetaMask encrypts users’ data and saves them locally, giving you total control over your MetaMask private keys.

• It supports over 500,000 assets.

• It supports DeFi/Staking.

4. Electrum: Best Bitcoin desktop wallet

 

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Electrum is among the digital wallets that support only Bitcoin. It has maintained its high-security standard since 2011. The wallet features 2FA authentication and a multi-signature wallet.

It allows you to customize transaction fees according to your goal. Depending on how fast you want your transactions, you can pay more or fewer fees.

Electrum’s outstanding feature is its usage of a lightweight client. A light client is a trustless, low-resource node. It allows you to sync with a Blockchain by downloading only a part of the Blockchain. The feature enhances transaction speed and security.

Electrum’s Major highlights:

• It’s built on open-source code. Thus, the wallet is open to audit to measure its security and reliability.

• It can convert to cold storage by integrating with hardware wallets.

• It enables HD Hierarchical Deterministic and Standard Deterministic accounts.

• It doesn’t support DeFi/staking.

5. Crypto.com: Best DeFi wallet

 

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Crypto.com wallet is a DeFi wallet with a smooth user experience. It provides you with complete control over your crypto assets and virtual funds. Crypto.com is ideal if you’re a beginner in DeFi— decentralized finance.

Unlike custodial wallets, the DeFi wallet features tools for one-to-one crypto swaps and others that support earning interest on cryptocurrencies.

Although the crypto.com wallet is a product of the crypto.com exchange, you can own and use the wallet without having an account.

Crypto.com major highlights:

• It provides extra security such as 2FA authentication, biometric verification, and Secure Enclave technology on Apple devices.

• It supports multiple wallets.

• It offers access to dApps via the WalletConnect tool.

• It supports DeFi/staking

• It can convert to cold storage on the desktop.

6. Trust Wallet: Best mobile wallet

 

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Owned by Binance, Trust Wallet is a well-known mobile crypto wallet. It supports more than 40 Blockchain networks. One of its perks is that it’s a non-custodial wallet. Thus, your private keys are yours to keep and protect.

Trust wallet is ideal for NFT and DeFi fans as it features built-in Web3 support for decentralized applications and NFTs.

Thanks to its NFT support, you can buy, exchange, and trade NFTs from the app.

Trust wallet major highlights:

• It supports DeFi/Staking.

• Its partnership with Binance decentralized exchange allows you to purchase multiple tokens with cards.

• It can convert to cold storage.

• It supports more than one million cryptocurrencies.

• It allows you to earn interest on 12 different digital coins.

7. Exodus: Best wallet for desktops

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Exodus, originally a desktop wallet, is now available for mobile devices. It’s compatible with Trezor wallets. The wallet’s main offering, desktop software available on Linux, Mac, and Windows, is updated biweekly.

Although Exodus is suitable for everyone, it’s perfect for newbie investors and traders looking for a wallet that supports an array of crypto assets.

The crypto wallet was recently integrated with the Lightning Network, enabling you to enjoy quicker and low Bitcoin (BTC) transactions.

Exodus major highlights:

• It partners with Magic Eden to feature its NFT marketplace, where you can buy, sell, or trade NFTs. The feature is available on desktop and mobile devices.

• It’s a Solana-based wallet, requiring a minimum of 0.01 SOL to complete an NFT transaction.

• It features a range of tools like apps for crypto deposits, live charts, and crypto staking.

• It can be converted to cold storage.

• It supports customizable fees for digital currencies.

8. Mycelium: Best for mobile users

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Mycelium is among the oldest crypto wallets. It’s built with open-source code, making it easy for developers to review its security level.

The mobile wallet supports Bitcoin, Ether, and ERC-20 tokens. You can customize the transaction fees depending on how soon you want the transaction to complete.

With Mycelium, you can store your currencies in an offline storage device while viewing your balance on the app’s interface. Mycelium is ideal for you if you’re concerned about your cryptocurrency security.

Mycelium other highlights:

• The wallet features QR codes for advanced users. A feature that allows you to integrate your mobile app with hardware wallets like Keepkey and Trezor.

• It features a light client for simplified payment verification.

What’s a Cold Wallet?

 

A cold wallet, a hardware wallet, or offline storage keeps your digital coins off the internet.

It’s often in the form of a USB drive connected to the internet only during use (when buying, selling, or trading an asset).

Hardware wallets are often more pricey than software wallets. But they offer better security.

If you already have a hot wallet and are considering a cold wallet, check the compatibility before you decide on one.

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3 best cold wallets to consider

1. Ledger Nano S Plus: The best hardware wallet

 

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Ledger has lived by its reputation. It’s a top hardware wallet applauded for its top-notch security.

You can store about 5,500 crypto assets and tokens on the Ledger Nano S. However, the wallet directly supports 23 of those currencies, while the remaining are supported via installed third-party applications.

In April 2022, the primary wallet, Nano S, was upgraded to Nano S Plus, featuring an enhanced display, a USB-C cable port, and larger storage.

Ledger Nano other highlights:

• It’s the only cold wallet endorsed for its security by a government agency ANSSI.

• It features the Ledger Live app, which tracks crypto funds.

• It features an impressive mobile and desktop app.

• It supports 2FA authentication.

• It provides educational resources for users.

• It supports DeF/staking.

2. SafePal: Best hybrid wallet

 

 

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SafePal features hot and cold storage elements making it one of the best hybrid hardware wallets. It supports over 10,000 tokens across 20 Blockchain networks. It’s available on mobile devices only.

One standout feature of this wallet is its integration with Binance exchange, allowing you to trade digital assets from your SafePal wallet. The hybrid wallet is suitable for beginner traders and investors.

SafePal other highlights:

• It supports multi-sensory security elements, which self-destruct and deletes all data in case of attacks.

• It features a dual-chip architecture, which separates sensitive security logic from general business logic inside the product. 

• It supports DeFi/staking.

• It can convert to online storage.

3. Trezor: Best for security

 

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Trezor is the second leading hardware wallet brand after ledger Nano. It’s compatible with Exodus hot wallet. So, if you’re already an Exodus user, the Trezor hardware wallet is ideal for you.

Exodus wallet is only accessible via Android’s WebUSB. It has no mobile or desktop app and is inaccessible from iOS devices.

Trezor wallet also features top-notch security and supports a wide range of cryptocurrencies.

The wallet’s other highlights:

• It comes in two models: Trezor one and Trezor T. The Trezor one model is around $68 and supports 1800 coins, while Trezor T has improved features and performance at about $263.

• It supports DeFi/Staking

• It’s an open-sourced software, making it available for security review.

• It can convert to online storage.

6 points to choose the best cryptocurrency wallet[1] 

1. User interface

Consider a crypto wallet in tandem with your level of expertise and financial goals. If you’re a beginner, it’s better to opt for wallets like Coinbase, Electrum, and TrustWallet, with intuitive and easy-to-use interfaces.

However, if you already have crypto trading experience, go for wallets with advanced trading options.

2. Convenience

Regardless of whether you’re trading short or long-term, you want to go for a crypto wallet that offers convenience.

Hot crypto wallets are generally more convenient to use but may come at the cost of security. While hot wallets are ideal for traders, cold wallets are usually the choice for investors.

Nevertheless, if you’re a long-term investor, you can use hot wallets while securing the bulk of your crypto assets in offline storage.

3. Number of cryptocurrencies the wallet supports

Based on your needs, consider crypto wallets according to the number of digital coins they support. While there are wallets like BlueWallet that lets you trade only one cryptocurrency, some crypto wallets like Coinbase, MetaMask and  TrustWallet offer you a wide selection of currencies.

4. Customer support

Having efficient customer service is essential during crises like frozen accounts, missing funds, incomplete transfers, and the rest. Thus, you should look out for crypto wallets like Exodus with good customer service ratings. They’re bound to come through for you when you need them the most.

5. Security

One of the features you shouldn’t compromise is the wallet’s security level. The crypto market is already volatile and speculative; it isn’t ideal to add the chance of losing your entire crypto wealth.

Generally, most cold storage offers airtight security than hot wallets. But if hot wallets are your trading choice, ensure you stick with a crypto wallet that offers impressive security like Gemini.

6. Compatibility/Interoperability

Some hardware wallets are compatible with software wallets and vice versa. If using both cold and hot wallets simultaneously matters to you, then settle for compatible wallets such as Exodus, which is compatible with Trezor.

Best crypto wallets: Compared

Comparing the wallets’ features

Crypto Wallets Guide

How do crypto wallets work?

Each crypto wallet has three distinct keys. Public keys, private keys, and recovery keys or seed phrases.

A public key or public address is a string of alphanumeric digits that serves as a crypto wallet address—for instance, a public key looks like this: B7fdYRu39e6Z841kmP55xhQ139.

The address represents your wallet on the Blockchain. And it’s used for receiving money (ownership of assets) across Blockchains.

A private key is also a string of 12-24 alphanumeric digits. The private key is extremely important to safeguard your wallet’s assets.

So, keep your private keys and don’t share them with anyone. Once your private keys are compromised, your crypto assets are as good as bye-bye.

You need your private keys to access the assets in your wallets. It’s also required before you can send money from your wallet to another wallet.

A seed phrase or recovery key is a string of 256 characters that helps you recover your private keys in case you lose them. It’s also essential that you keep your seed phrase safe away from the internet.

If you lost both your private keys and recovery keys, then whatever is in your wallet is lost forever.

When you send crypto, say, 10 bitcoin, to another crypto wallet, you’re signing off ownership of that 10 BTC to the recipient’s address. It means that the crypto on the blockchain no longer belongs to your address but to the receiver. Thus you transfer using your private keys to the recipient’s public keys.

How to set up a crypto wallet?

 

Setting up a cryptocurrency wallet is easy. If you’ve chosen a hot wallet based on your goals, then do the following:

1. Check the company issuing the wallet and verify that they’re reliable before downloading the wallet. If you’re considering a web wallet, ensure that you’re on the real web address and that your connection is secure.

2. Set up your account and security features. For non-custodial wallets, the company will give you your private keys. Next, set up a 2FA and biometric verification.

If you’re dealing with a custodial wallet, you’ll go through a KYC Know-Your-Customer to confirm your identity.

3. Send crypto funds to your wallet in exchange for non-custodial wallets. For custodial wallets, you can directly send cash from credit/debit cards.

However, if you prefer a cold wallet, do these:

1. Buy your desired cold storage directly from the developer to avoid issues of tampered devices, etc.

2. Download the cold wallet’s software from the company’s website and install it on the hardware device.

3. Send crypto to your wallet either from a third party or an in-built exchange.

10 Tips to protect your crypto wallet

 

• It’s better to use a cold wallet for uncompromised security.

• Ensure that you do the 2-Factor (2FA) authentication.

• Store your seed phrase in a safe place.

• Maintain a strong password and often renew it.

• For an extra layer of security, spread your crypto assets over multiple wallets.

• Always use a secure internet connection and click verifiable links to avoid phishing and spying.

• Be wary of any offer that seems too good to be true and scam projects.

• Always double-check the receiver’s wallet address to avoid irreversible errors.

• Ensure to use updated antivirus tools.

• Always adhere to industry best practices.

How much does a bitcoin wallet cost?

 

It depends on your budget and financial goals. While most hot wallets are free (all you need is to download them), cold wallets range from $50 to over $200. The wallets’ prices depend on the wallets’ functions and brand.

How do you cash out your bitcoin wallet?

You can easily cash your Bitcoins by withdrawing them from your wallet or exchange after you’ve sold them. ACH and wire transfer are other methods of instantly cashing out Bitcoins after selling your digital assets on an exchange.

Another easy alternative is the Bitcoin ATM, which lets you scan a wallet QR code before selling your BTC. With Bitcoin ATMs, you can withdraw instant cash as you do on an ATM.

Final Verdict

One thing you shouldn’t compromise when considering a wallet is robust security. Other features you should look for are transparency, the number of supported crypto assets, and the brand’s reputation. If you’re a beginner, ensure to stick with convenient and user-friendly wallets before you move on to more advanced options.

FAQs

Which wallet is best for beginners?

If you’re new to the crypto space, Coinbase hot wallet is ideal for you. It’s easy setup, security, customer support, and hardware compatibility makes it perfect for beginner traders.

Which wallet is best for advanced users?

Most advanced and long-term investors prefer cold storage. Beyond its top-notch security are other functionalities that are hard to miss—ledger and Trezor top the list of investors’ choices.

What are the risks?

Cryptocurrencies are volatile and highly speculative assets. Their value heavily depends on demand and supply. So that the price an asset sets can surge in one minute and plunge the following minutes.

Because they’re not backed by fiat or government, there’s no legal backing in the event of loss.  So investing in cryptocurrency is highly risky. Do your due diligence, follow the best practices and invest according to your risk profile. 

Are assets in crypto wallets insured?

Currently, crypto wallets are not insured by any government agency. However, crypto wallet companies may provide some guarantees to customers.

However, things may change for the better as the Federal Deposit Insurance Corporation, FDIC, and many other government agencies are gathering information about cryptocurrency.

What’s the safest crypto wallet?

Hardware wallets are more secure than software wallets. If your goal is long-term, it’s better to use any among the cold storage wallet to preserve your assets. 

References

[1]. Hicks, C. (2022, August 26). Understanding Crypto Wallets. Forbes Advisor. https://www.forbes.com/advisor/investing/cryptocurrency/crypto-wallets/ [2]. Rodeck, D. (2022, May 13). What Is A Bitcoin Wallet? Forbes Advisor UK. https://www.forbes.com/uk/advisor/investing/cryptocurrency/what-is-a-bitcoin-wallet/