Any crypto investor needs a crypto wallet to store their digital assets. You can’t just put your crypto to your bank account or your PC; specialized crypto wallets are a must for crypto enthusiasts.
For small amounts of crypto, software products will suit your goals well, but for trading or exchanging large amounts, it is better to get a hardware wallet (so called cold storage) as it is the safest way to store digital assets. So which crypto wallet to choose? There are many selection criteria, and one should dive deep into the features and possibilities crypto wallets offer. After all, it is you who decides, but you are interested in a more detailed view on crypto wallets to make an informed decision, won’t you? In this article, we will cover 7 best cryptocurrency wallets as well as their pros and cons. We hope you’ll be able to choose wisely!
1. Trust Wallet
Trust Wallet is one of the most popular software wallets; however, it works on mobile devices only. Unlike Metamask, Trust Wallet works with most popular networks (BTC, SOL, etc.), not only Ethereum and EVM-compatible networks. With the Trust wallet, you can do with your crypto asses whatever you need: sending and storing cryptocurrencies, buying (various payment systems supported: MoonPay, Ramp, Simplex, Mercuryo, Transak) and staking coins (SOL, BNB, TRX, etc.). An interesting thing in the software is its dApps section: here, you can connect to thousands of different decentralized applications.
Don’t forget to write down a 12-word seed phrase when creating a wallet. Though this advice works for all other crypto wallets you will ever open: in the crypto world, your assets are secured by such phrases, 12- or 24-word long. In fact, this phrase is the most important thing you should worry about: anyone with it can access your funds, and if you lose it, you’ll never be able to recover your funds. So take utmost care when dealing with the seed phrase! Write it down on a piece of paper and keep it in a safe place.
Trust Wallet has an intuitive interface and is well suited for beginners.
Advantages of Trust Wallet:
- Crypto exchange;
- Buying cryptocurrency with bank cards;
- Staking options;
- Light and dark themes;
- Support for Russian language;
- NFT support;
- An option to connect to dApps inside the wallet;
- Support for most networks and currencies.
Disadvantages:
- Mobile version only;
- On iOS, there is no way to interact with dApps from the app; it can be done through WalletConnect only;
- A higher risk of losing assets when the app is compromised;
- No multi-address support.
2. Metamask
Metamask by ConsenSys is the most popular “hot wallet” (i.e., an online tool for connecting to crypto networks). It was developed in 2016, and today it is used by over 30 million people.
Metamask is a browser extension. In other words, it is essentially a window that opens up and displays all the important information: token balance, the network to which the wallet is connected, connected sites, etc. It can perform all operations with cryptocurrencies: buying, selling, exchanging, sending tokens to other users, and much more. Metamask only supports Ethereum and EVM-compatible networks and it cannot be used for storing BTC or SOL. So for all those who own BTC or non-EVM crypto coins, this might not be a good solution.
It is worth noting that adding new networks requires some knowledge and inexperienced users may find it difficult to add networks. However, there are plenty of video tutorials over the Internet, and one can cope with this task. After all, nobody said that crypto is an easy path.
A hardware wallet (Ledger, Trezor, Lattice, Keystone, AirGap) can be connected to Metamask.
Metamask allows for purchasing crypto directly from it through MoonPay, Transak and Wyre gateways.
Advantages:
- Available for PC and smartphones;
- Simple and user-friendly interface;
- Integration with popular protocols and platforms;
- Support for hardware wallets;
- An option to buy cryptocurrency with bank cards;
- Cryptocurrency exchange;
- NFT support.
Disadvantages:
- Support for EVM-enabled networks only;
- The browser extension doesn’t support NFT storage;
- The mobile version only supports one hardware wallet (Keystone);
- Difficult to add networks for newbies;
- No earning options.
3. Slavi Wallet
Slavi dApp was created by Slavi Kutchoukov in 2021. The wallet is a universal platform with built-in support for multiple blockchains and Layer 2 solutions.
Slavi is the next generation DeFi mobile wallet that supports 5000+ cryptocurrencies and 30+ integrated blockchains such as Binance Smart Chain, Polkadot, Polygon (Matic), Ethereum, TRON, SOLANA, AVAX, NEAR, METIS, MINA. With such functionality, the wallet is an ideal solution for almost every crypto investor.
Slavi supports NFTs on Ethereum, Polygon, and Binance Smart Chain on ERC-721 and ERC-1155 standard tokens.
Supported token standards: Viewer, NFT Characteristics, Transfer.
Advantages:
- NFT Viewer (send, receive, explore NFTs on Binance Smart Chain, Polygon, Ethereum);
- ️Binance Connect support (buy crypto using cards with lowest fees; support 40 fiat and 220+ cryptocurrencies);
- Multi-language support: English, Arabic, Spanish, Chinese, French and German;
- Multi-address (addition of extra addresses using one mnemonic phrase);
- Local encrypted storage of private keys;
- Wallet Connect;
- Support 30+ blockchains including Bitcoin, Litecoin, Dogecoin, Ethereum, Polygon, Solana, Polkadot, Metis, Binance Smart Chain.
- Built-in Multichain DEX across 3 blockchains (Binance Smart Chain, Polygon, Ethereum);
- PoS/DPoS staking for native coins such as MATIC, BNB, SOL, DOT, ATOM, ADA, AVAX, NEAR, TRX etc.;
- Stablecoins staking pools with different strategies and risks offering up to 40%+ APY;
- ️Unique self-made multi chain NFT Marketplace;
- ️Referral Campaign.
Disadvantages:
- Mobile version only;
- ️WEB 3.0 browser is in progress;
- ️$20,000 one-time crypto purchase limit;
- ️Live support is unavailable
4. CoinBase
Coinbase Wallet is a wallet for storing crypto assets and private keys. It supports Bitcoin, so it can be a great choice for those who own the first cryptocurrency.
The wallet’s distinct feature is support for many fiat currencies such as US dollar and other national money. With the option to buy crypto for fiat, CoinBase wallet is an effective and easy-to-use solution to work with different digital assets.
Coinbase is a secure way to store bitcoins without having to keep track of your private keys. It is the user who maintains the keys rather than a company or centralized platform.
Coinbase.com’s website and mobile apps are now available in more than 100 countries.
The wallet is the only independent software of its kind for connecting to a decentralized network and for running a browser for decentralized applications.
Advantages:
- The Coinbase website and app is easy to use and allows you to buy, sell and exchange cryptocurrencies in seconds;
- Coinbase supports over 100 different cryptocurrencies;
- Earning options: earn interest on qualifying money.
Disadvantages:
- Transaction fees on the main Coinbase platform can sometimes be high;
- Coinbase has a bad reputation for customer service;
- Coinbase lacks support for many other cryptocurrencies.
5. Exodus
Exodus is one of the most well-known cryptocurrency and NFT wallets. Its simple and clear interface makes it a great choice for beginners and experienced crypto traders. The wallet is an ideal solution for those who are just starting their journey in the crypto industry. Exodus supports over 160 cryptocurrencies.
An interesting feature of the wallet is that the keys are encrypted and stored right on the user’s device and are not downloaded to the device via the Internet. Thus, users manage their assets and private keys themselves, while the software doesn’t have access to the user’s data.
Advantages:
- Compatible with various devices like Trezor Model T, Trezor One, Linux, iOS, Android;
- Support for a wide variety of cryptocurrencies;
- Easy-to-use interface;
- Built-in portfolio and trade functions;
- Great customer support.
Disadvantages:
- The lack of native 2-factor authentication may bother some users;
- Does not provide for multi-signature support.
- No support for multi-addresses.
6. Crypto.com
Crypto.com is a non-custodial wallet that provides access to a full set of DeFi services from one place. The wallet gives users the option to evaluate all the most popular dApps without leaving the app, as well as to connect to a crypto exchange, and to farming and mining protocols.
For NFT fans, the wallet allows you to easily view your NFTs and share them on social media. It’s also very secure because your private keys are encrypted locally on your device with the Secure Enclave feature and protected by biometric and two-factor authentication. Another benefit is the ability to seamlessly connect the DeFi Wallet app to your desktop browser and 24/7 customer support.
Again, one of the most useful features of the wallet is the access to many DeFi services right from the app. You don’t have to open numerous web pages to see what’s new on the DeFi horizon. All you need is just the Crypto.com wallet.
Advantages:
- Easy-to-use interface with robust features;
- Offering an extensive list of supported cryptocurrencies;
- Support for an ecosystem of cryptocurrency products;
- There are certain added benefits for staking CRO.
Disadvantages:
- Trading fee discounts can be confusing to navigate;
- Higher fees unless you hold and use CRO.
7. Electrum
Electrum Wallet is a software interface for Bitcoin transactions. There are client versions for Bitcoin forks: Litcoin (LTC), Bitcoin Cash (BCH), and Dash. Electrum Wallet falls in the category of so-called “light” wallets – there is no need to wait for the network blockchain to load. Another advantage of it is that Electrum has different user interfaces, as it can be used on mobile, desktop or via a command line interface. It also has Electrum and Trustedcoin two-factor authentication and integration with hardware wallets – KeepKey, Ledger, Trezor – for cold storage.
The wallet is lightweight, meaning it does not load the entire blockchain, which speeds up transactions by using simple payment verification (SPV).
Advantages:
- Fast transactions through SPV;
- Two-factor authentication;
- Integrates with cold storage.
Disadvantages:
- Only supports Bitcoin;
- No customer support via chat, email or phone.
To sum it up, you should choose a crypto wallet based on your own goals and needs. After all, there are numerous options out there, and you may face difficulties when choosing one. However, the main thing you should bear in mind when making your choice is if there is anything you need in the wallet you are going to use. Ask yourself: can this particular app or software give me all the features I need when working with crypto currencies? If yes, then it is your wallet.
Also published on Medium.
