A crypto wallet is a digital tool that allows you to securely store, send, and receive cryptocurrencies like Bitcoin, Ethereum, and others. It stores your private and public keys, which are used to access and manage your cryptocurrency holdings on the blockchain. (What is Crypto Wallet? link) In our previous article, we examined what crypto wallets are and their basic working principle. In this article, we will guide you on choosing the right crypto wallet.
Why Do You Need a Crypto Wallet?
A crypto wallet serves as a secure location to store your digital assets, but its safety depends on how it's managed. It's necessary for sending or receiving funds, although this can also be done directly on a crypto exchange. For complete control and safety, especially over your private keys, owning your own hot wallet or a cold wallet is advised. However, there are risks of having a crypto wallet. When you lose your private keys or cold wallet hardware, you will lose access to your crypto wallet as well as all your holdings within.
Which Criteria Should You Consider While Choosing a Crypto Wallet?
A good crypto wallet is one that meets your specific needs for security, convenience, and functionality. There are many different crypto wallet providers that offers unique features and solutions for your needs.
Crypto wallets that are open source, secure, decentralized and provide privacy are generally considered as good wallets. When choosing a crypto wallet, applications that have a transparent developer team, are regularly updated, support many different blockchain networks, have open-source code, and have been audited by reputable and reliable audit experts should be preferred. Most crypto wallets are EVM compatible and can hold Bitcoin, Ethereum and many more cryptocurrencies.
Deep Diving into Hot Wallets
Hot wallets are Web3 crypto wallets that are connected to the internet through applications and extensions. Hot wallets can easily interact and connect with DeFi Apps as well as easy and convenient to use. However, hot wallets are vulnerable to hacks and security breaches as they are connected to internet. Let’s examine some of the most popular soft wallets.
Metamask
Metamask is one of the widely used EVM hot wallet that supports large selection of tokens and blockchain networks. It has 2-factor authentication, backup and restore, hardware wallet support, smart contract interaction with easy and user-friendly interface as well as helpful user support. Keep in mind that Metamask does not hold Bitcoin due to compatibility issues. Metamask operates as web browser extension as well as iOS and Android application.
Trust Wallet
Trust Wallet is a hot wallet that has a large number of supported blockchain assets and over 100+ blockchains. It has Android and iOS application as well as Chrome browser extension. Trust wallet has 2-factor authentication, backup and restore, biometric identification, smart contract interaction with user friendly interface and easy account set-up.
Coinbase Wallet
Coinbase is a hot wallet that developed by Coinbase Exchange. It has a large number of supported blockchains and crypto assets including Bitcoin, Ethereum, Solana and all EVM compatible networks. It has 2-factor authentication, FDIC insurance, multi-signature, biometric identification with user friendly interface.
Crypto.com Wallet
Crypto.com Wallet is a hot wallet that developed by Crypto.com Exchange. It has low transaction fees within the ecosystem, 2-factor authentication, biometric identification, device verification, withdrawal confirmation security measurements with user friendly interface. It has desktop app, Android and iOS application and browser extension.
Exodus
Exodus is a multichain crypto wallet that supports large number of blockchain and crypto assets. It has application for mobile, desktop and browser extension for fast and secure accessibility. Exodus has 2-factor authentication, live chat support, exchange integration and user-friendly interface.
Electrum
Electrum is one of the oldest crypto wallets. It was developed in 2011 and supports only Bitcoin (BTC). It has a great security with 2-factor authentication, transaction proof checking and multi signature wallet support. Moreover, Electrum supports third-party plugins such as Multisig services, Hardware wallets etc.
Bitcoin Core
Bitcoin Core is another Bitcoin (BTC) only wallet. It is an open-source, full node wallet that gives users full control of their Bitcoin (BTC) however user must store around 500+ GB of free space and additional 5-10+ GB of free space every month. However, this space requirement can be reduced to 6GB by enabling pruning. As a full node wallet, Bitcoin Core gives high level security but users need to secure their devices from malwares with 2-factor authentication and strong passwords.
Unisat Wallet
Unisat is an open-source Bitcoin (BTC) ecosystem wallet that support brc-20 and ARC-20 and does not need to run on full node. It has mobile app and browser extension with high security.
OKX Wallet
OKX Wallet is a decentralized, multichain Web3 wallet that developed by OKX Exchange. It supports wide range of blockchain networks and crypto assets. It is available as mobile apps and browser extension with 2-factor authentication and password security.
Moonpay
MoonPay is a decentralized Web3 wallet with on-ramp and off-ramp solutions to buy and sell crypto with fiat money and Swap feature. It supports Bitcoin, Ethereum and other altcoins. MoonPay has a user-friendly interface and 2-factor authentication.
BlueWallet
BlueWallet is a Bitcoin (BTC) only wallet with user friendly and minimalistic interface. It has multi-sig vaults security, watch-only wallet and fee adjustment for transactions. BlueWallet is also compatible with hardware wallets (Hard Wallet) for users to manage their cold wallet.
These are some of the Crypto Wallets that trusted by millions of users. It is important to choose a wallet for your specific needs whether you need Hard Wallet, Cold Wallet, Hardware Wallet, Online Wallet, Mobile App Wallets, Browser Extension Wallets, Desktop App Wallets, Bitcoin (BTC) Wallets, EVM Wallets.
Disclaimer: The information provided here including source links are for educational purposes only and should not be considered as financial, investment, or trading advice. Cryptocurrency and blockchain projects are subject to high market risks. Please conduct your own research (DYOR) and consult with a qualified financial advisor before making any investment decisions.
Sources
The Ultimate Crypto Wallet for DeFi, Web3 Apps, and NFTs | MetaMask
About Us | Trust (trustwallet.com)
Coinbase Wallet - Your key to the world of crypto
Crypto.com DeFi Wallet: A non-custodial crypto wallet boasting multiple features
Bitcoin Core - Desktop - Windows - Choose your wallet - Bitcoin
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