What is a cryptocurrency wallet?
A cryptocurrency wallet is a hardware or software application designed to hold your crypto’s private keys—strings of code that unlock your cryptocurrency. You can use it store, send, receive, and spend your digital currencies.
There are two primary types of cryptocurrency wallets which are hot wallets and cold wallets.
Hot wallets are software wallets that require internet connection to be used. Although they are easier to operate, they are more susceptible to hackers.
Hardware wallets that are not online are referred known as cold wallets. Although they are less practical to use, they are more secure than hot wallets.
In this article, we are going give you the best crypto wallets around and what are the features that make them the go-to wallet, especially for beginners.
MetaMask
A popular cryptocurrency wallet is MetaMask. This wallet lets users send, receive, and store Ethereum and other Ethereum-based tokens is. It also serves as a portal to Ethereum blockchain-based decentralized applications, or DApps.
The wallet is available as a browser extension and as a mobile app, which makes it very convenient to use. It can be installed in various browsers such as Chrome, Firefox, Brave, Edge and Opera. The mobile app is also available both in iOS and Android devices.
Creating a wallet in MetaMask is as easy as ‘ABC’. You only need to create a strong password and secure your seed phrase, which acts as your crypto wallet’s master key. You can check out a detailed how-to on creating a new MetaMask wallet in our article here.
MetaMask is a feature rich wallet. Here are some of its very useful attributes:
MetaMask Portfolio – your one-stop shop for everything web3
Swap – Swap cryptocurrencies directly from the MetaMask mobile wallet from networks such as Ethereum, Polygon, BNB Chain, Avalanche, Aritrum and Optimism.
Buy Crypto – see the best rates across a wide range of networks, including Ethereum, Polygon, Binance Smart Chain, Avalanche, Fantom, Celo, Optimism, and Arbitrum, with payment methods such as Apple Pay, Google Pay and Paypal; bank transfer; and other local payment methods supported by MetaMask’s providers.
Metamask Snaps – still in Open Beta where users can customize the features and functionality of their MetaMask wallet. Snaps can connect to blockchain protocols outside of Ethereum, show insights about transactions, add new privacy and identity features, display notifications, and much more.
MetaMask is designed to prioritize anonymity above other cryptocurrency wallets. It enables users to exchange, store, and access tokens without worrying about exchanges and dapps accessing more of their personal information than they have given permission to provide. With MetaMask, users always have total control over their data, whether using it for Web 3.0 browsing or engaging in decentralized banking.
Coinbase Wallet
Another most recommended crypto wallet today is the Coinbase Wallet. With Coinbase Wallet, you have total control over your cryptocurrency holdings. It is a self-custody wallet. This indicates that rather than being kept on a centralized exchange like Coinbase.com, the private keys for your wallet—which signify ownership of the cryptocurrency—are kept directly on your mobile device.
Coinbase allows users to store and manage all of their crypto, NFTs, and multiple wallets in one place. It supports hundreds of thousands of tokens and decentralized apps, every ERC-20 from Aave to ZRX. It also offers industry-leading security protection on your digital assets.
Other features include:
Transaction Transparency
Coinbase wallet will show you an estimate of how your token balances will change before you complete a dapp transaction and it will show you which assets a dapp is requesting to withdraw.
Enhanced guardrails
The wallet hides assets from your home screen that are known to be malicious and provides you the ability to report suspicious tokens that appear in your wallet. Also, Coinbase will warn you before you proceed to an application that has been identified as dangerous, helping you keep you and your crypto safe.
Advanced security features
In order to reduce the risk of your wallet becoming vulnerable, Coinbase Wallet facilitates the review and revocation of your existing dapp connections. You can also create several sets of Ethereum and Solana addresses, allowing you to manage your assets and decide what is public and private.
Ledger Wallet
Ledger wallet is a hardware cryptocurrency wallet made by the company Ledger. This wallet supports multiple cryptocurrency and is used to store private keys offline. You can use Ledger wallet to manage, buy, stake, and swap cryptocurrencies.
Ledger wallet is device-based, which means hackers will find it challenging to access them from an online location because they keep private keys on storage hardware devices like USB drives.
There are three distinct wallet models for Ledger. These are Ledger Nano S, Ledger Nano X, and the Ledger Stax.
The Ledger Nano S Plus
The Nano S Plus appears to be a USB-C capable portable USB device. With enough RAM to run up to 100 apps, it enables users to manage over 5,500 digital assets. According to the startup, it supports non-fungible tokens (NFTs) and has access to over 5,000 coins. This storage option is limited to Android devices, however it is compatible with Windows and macOS.
The Ledger Nano X
This is a USB-style gadget that maintains the owner’s cryptocurrency and NFTs offline, much like all other Ledger devices. It employs USB-C technology and has Bluetooth capabilities. Android, iOS, Windows, and macOS are all compatible with this gadget. Users can have up to 100 different apps on it, and it can hold over 5,500 distinct tokens.
The Ledger Stax
Ledger Stax is a portable storage device that is designed to hold cryptocurrency assets. The gadget is small enough to fit in your palm. Like a smartphone, users can design the lock screen and give their Stax a name.
Some of the features are;
- 3.7-inch curved E-ink touchscreen (wider than previous smartphones)
- compatible with iOS, Android, Windows, and macOS12
- compatible with Bluetooth
- charging wirelessly
- supports NFTs in addition to over 5,000 currencies
Trust Wallet
In terms of the quantity of cryptocurrency assets it supports, the mobile online crypto wallet, Trust Wallet is among the best wallets available worldwide. This non-custodial software wallet is the official mobile app of Binance, one of the top cryptocurrency exchanges in the world. The wallet is non-custodial, meaning that the user is in charge of protecting their private keys and does not store them, even with its ties to Binance.
As a leading self-custody multi-chain platform, Trust wallet support millions of assets across 100+ blockchains, 600M+ NFTs, 10M+ assets. It provides Encrypted Cloud Backup for increased wallet security. It does not track any personal information, including user’s IP address or balances. It proactively alerts users for risky address and dApp connections.
The wallet allows users to buy, sell, and swap cryptocurrencies, manage NFTs, earn rewards, and discover decentralized applications, all in one place. It offers simple and seamless direct crypto deposit from major exchanges such as Binance and Coinbase.
Crypto.com
Crypto.com is one of the best DeFi wallet around. It offers a variety of decentralized finance tools, strong security framework and excellent onboarding process. This is especially great for newbies in the world of DeFi.
Defi wallets provide users complete control over their private keys and digital assets. Along with capabilities not seen in traditional custodial wallets, they also offer peer-to-peer cryptocurrency swaps and tools that let users profit passively from the cryptocurrency they possess.
Crypto.com has some exciting features, giving users a full suite of DeFi services in one place.
Earn
Receive rebates on more than 25 tokens, including a variety of stablecoins and CRO, VVS, TONIC, and ATOM. Enjoy flexible terms and excellent profits.
Browse DApps
Easily navigate through the most well-liked DApps from within the app.
Connect, trade, farm, and mine on the newest DeFi protocols with ease.
Deposit NFTs
Discover all about the unique characteristics of your NFTs, see them with ease, and share them on social media.
NFTs are supported across many blockchains and in multiple formats.
Swap
Swap over a thousand tokens between several chains, such as Ethereum, Cronos, Cosmos, and others.
Use the in-app bridge tool to move assets between chains and Cronos.
Store
Take complete control of your keys and cryptocurrency.
Easily manage more than a thousand tokens on more than thirty blockchains, such as Ethereum, Cronos, and Crypto.org Chain.
Use a 12/18/24-word recovery phrase to easily import your current wallet.
Send
Transfer cryptocurrency at the network fee and confirmation speed of your choice.
You may get real-time updates on transaction speeds and gas prices with our ETH Gas Meter.
Wallet Extension
Link your DeFi Wallet App to a desktop browser with ease.
Send and receive cryptocurrency, check balances, and verify DApp transactions quickly. All of this is possible without switching devices.
Bonus!
Phantom
Immerse yourself in Solana blockchain through Phantom wallet. The Phantom wallet is a native Solana wallet designed exclusively for the Solana ecosystem. Imagine it as the Solana equivalent of the MetaMask. It functions on popular browsers including Chrome, Firefox, Brave (a crypto-friendly browser built on top of Chrome), and (Microsoft) Edge. It is non-custodial, meaning you protect your own assets and act as your own bank.
The wallet design is straightforward, clean, and easy to use. Don’t be deceived by its simplicity because it is packed with several features:
- Its combination with Raydium, Solana’s take on Uniswap, allows you to swap tokens for quick rates and little gas fees. SOL, USDC, USDT, ETH, BTC, and renBTC are among the supported tokens. The transaction cost is 0.85%.
- Store your NFTs and collectibles in different sections of the wallet. Please take note that NFTs that are posted on a marketplace will not appear here. Until they are sold or taken off the market, these NFTs are kept in an escrow account.
- Integrates with the Ledger cold wallet to provide your SOL further security.
- Using a validator of your choice, stake SOL within the wallet. Most of them have an APY between 5 and 6%, with a few number below 5%. It’s similar to lending someone your tokens when you stake. While they are being staked, you remain the owner.
- Supports the SPL tokens that are utilized in the DeFi applications developed by Solana. These tokens bear similarities to the Ethereum blockchain’s ERC20 tokens.
Conclusion
Any of these wallets works well, depending on your needs. As with all things crypto, involvement is key. What important is that you stay within your comfort zone when it comes to risk, regardless of the action you take. Whichever of these options is best for you is a decision that only you can make.
