Cryptocurrencies have gained traction for over a decade in the financial market. There are amazing opportunities for people to invest and gain value over a period of time in the growing cryptocurrency market. If you are an active participant in the financial market and engaged in buying, selling, or trading cryptocurrency, you need a cryptocurrency wallet.
But before we talk about the most reliable and secure cryptocurrency wallets available, let’s quickly look at the factors to consider and different types of cryptocurrency wallets at a broader level.
Factors to consider when selecting a crypto wallet:
- Compatibility – Is the wallet compatible with different operating systems?
- User Experience – Is the user interface quick and easy for use?
- Backup and security features – How Secure is the wallet? Pin codes and seed backup keys are in place?
- Control private keys – Are you in control of the private keys?
- Cost – Is the wallet cost effective? Is there any fee for transactions?
- Multi-currency Support – Does the wallet support multiple currencies?
- Customer Support – How good is the customer support for the wallet?
What are the different types of Cryptocurrency Wallets?
There are many different ways to use cryptocurrency and so there are many different types of cryptocurrency wallets:
- Desktop wallets – Also known as software wallets, store the private key for your cryptocurrency on your hard drive and allow offline management.
- Online wallets – Also known as web wallets, store your private keys online and they can only be accessed with a user-set password from any online device. They are a convenient but not very secure option since they are connected to the internet.
- Mobile wallets – These can store the private keys on your smartphone and enable you to pay for things directly with your phone.
- Hardware wallets – These are portable physical devices designed to hold private keys electronically and facilitate payments. These are by far the safest option to store cryptocurrency.
- Paper wallets – It is simply a method by which your private keys are actually stored on a piece of paper or written down on any other offline medium.
Best Cryptocurrency Wallets in no specific order (Editor’s Choice)
1. Enjin (Mobile Wallet)
- Enjin Smart Wallet is a multi-currency mobile crypto wallet for Android and Apple devices.
- It can turn your smartphone into a hardware-like, secure crypto wallet.
- The wallet features a clean and intuitive interface, the ability to monitor and manage unlimited blockchain addresses.
- With support for more than 700 cryptocurrencies, including Bitcoin, Ethereum & Litecoin, Enjin also supports for blockchain-based game collectibles (ERC721 & ERC1155).
- The wallet is free to download from Apple’s App Store for iOS devices or from Google Play for Android devices.
Supported cryptocurrencies: Bitcoin, Ethereum, Litecoin, ERC-20 tokens and many more
- The wallet is designed with simpler UI to make it easy to manage all your crypto holdings at one place.
- Enjin developed its own proprietary keyboard designed to prevent any form of data sniffing or keyloggers.
- All of the user’s wallet key data is stored and processed in encrypted memory and only the user has the private key.
- Fingerprint login technology makes it more secure to access crypto holdings.
- Enjin wallet is fast, secure, supports many coins, multi-lingual and most importantly updated regularly.
- Not open-source.
2. Trezor (Hardware Wallet)
- Trezor is a hardware wallet and supports a variety of different cryptocurrencies.
- It offers top security features like a sealed USB drive and uses a 12-to-24 word seed for protection and recovery along with a user-defined pin.
- One of the most portable devices, it offers a magnetic storage option even the best Bitcoin hardware wallet devices do not provide.
- It costs $139 and comes in 3 colors: black, gray and white.
Supported cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, ERC-20 tokens, and many others.
- It provides a slot for a MicroSD card.
- It can connect to the hot storage wallet, MyEtherWallet (MEW) as well as a website, to transfer cryptocurrency following a purchase or trade.
- Using a USB-C connection, it can connect to any desktop or laptop.
- Additional software, the Trezor Bridge, is required to set it up.
3. Ledger Nano S (Hardware Wallet)
- The Ledger Nano S is a hardware wallet and can store numerous cryptocurrencies offline similarly to the Trezor wallet.
- It supports many cryptocurrencies putting it among the best cryptocurrency hardware wallet.
- You can set up your pin code while configuring your ledger to secure your wallet. Further, you can use a 24-word recovery phase anytime to restore your cryptocurrency.
- It comes at a competitive price of $59 and is the cheapest multi-currency hardware wallet.
Supported Cryptocurrencies: Bitcoin, Dash, Ether, Neo, XRP, ERC-20 Tokens and many more!
- It uses a familiar USB-style drive with an OLED screen for controlling and viewing financial transactions and activities.
- It offers one of the strongest options for security because your private keys are stored offline.
- It may get replaced in the Ledger line by the Nano X, introduced on January 7, 2019, which supports more than 1100 different cryptocurrencies. The Nano X also isolates private keys for the user.
4. Exodus (Desktop Wallet)
- Exodus is the world’s first multi-cryptocurrency desktop wallet, and it’s unique in its intuitive user interface and simple design.
- It is compatible with different operating systems- Windows, Mac, and Linux.
- No registration or identity verification is required to start using this wallet, but you certainly need to take a backup of your seed key.
- At the time of backup of your seed key, it also asks for your email ID for sending you a one-click link recovery feature. In order to restore your Exodus wallet, you can always use this email link along with your password.
- It is free to use a desktop-only wallet.
Supported Cryptocurrencies: Supports numerous cryptocurrencies such as Bitcoins, Litecoins, Ether, Dash, and Dogecoins.
- It offers an easy to use design, self-hosted and allows to trade within the interface.
- Provides a charting feature with a pie-chart at the center shows your entire token portfolio in one glance.
- You can get personal support via email from the founders if required.
- It is limited only to desktop at the moment.
- It offers no two-factor authentication or multi-signature support.
5. Jaxx (Mobile & Desktop Wallet)
- Jaxx is one of the most popular free software wallets available as both a desktop and mobile (ioS and Android) wallet.
- No onboarding, no email verifications, and no usernames/passwords are required to start using this wallet.
- It provides a frictionless, seamless, and easy to use user interface (UI).
- It comes with a seed backup key feature, which helps you in controlling and restoring your cryptocurrencies in case your device is lost or damaged.
Supported Cryptocurrencies: It supports a bevy of cryptocurrencies – more than 85 including Bitcoin, Ethereum, Litecoin, DigiByte, and Dash.
- It features built-in ShapeShift support.
- Advanced features such as ShapeShift integration and multiple platforms wallet linkage make Jaxx the preferred wallet for the tech-savvy.
- It works on multiple platforms & is currently available on Chrome & Firefox Extensions, iOS mobile/tablet, and MAC/Linux desktop versions.
- It offers no two-factor authentication or multi-signature support.
- Some problems have been reported for Linux users.
6. Mycelium (Mobile Wallet)
- It is an open source and well-established cryptocurrency wallet that features advanced privacy and security features.
- It is constantly being upgraded by its active developer community.
- You control your private key and it can be imported whenever you need to.
- It provides you with a 12-word backup seed key which will enable you to recover your cryptocurrencies in case you lose or damage your device.
Supported Cryptocurrencies: Supports numerous cryptocurrencies such as Bitcoins, Litecoins, Ether, and Dash among others.
- It is compatible with Trezor, Ledger Nano S, and paper wallets.
- It lets you send and receive from multiple addresses.
- As there is no web or desktop interface, you’ll have to use your smartphone to access this app.
7. Atomic (Desktop & Mobile Wallet)
- A multi-currency software wallet with a very intuitive user interface.
- It is available for Windows, MacOS, Debian, Ubuntu, and Fedora.
- It offers features, such as decentralized storage for private keys, instant exchange via Shapeshift, and a built-in option to buy crypto with a bank card or Atomic Swaps.
Supported Cryptocurrencies: BTC, ETH, XLM, XRP, LTC, and over 300 other cryptocurrencies.
- Secure and simple to use
- Faster support system
- Built-in exchange to swap coins
- It can’t be accessed from anywhere as the wallet needs to be downloaded to a device.
No method is ever truly 100% safe for the storage of your cryptocurrency. If security is your primary concern, go for a hardware wallet. If convenience is most important to you, choose mobile or an online wallet.
Make sure that you make backup provisions whichever method you use. When it comes to cryptocurrency, hacking is a real and definite risk in the cryptocurrency world. But there is far more cryptocurrencies lost due to personal carelessness than as a result of hacking. Always keep backups of your details in a safe place especially the ‘seed’ keys or words.
Disclaimer: This is strictly for informational purposes and you must do your own due diligence.
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