A crypto wallet is an essential tool that enables you to store the keys for your Bitcoin and other cryptocurrencies, trade in a decentralized manner, and send and receive crypto from across the world in an instant. The best crypto wallets tend to vary from person to person, depending on their specific financial goals.
You’re a trader? You’ll want something with a state-of-the-art user interface that allows you to access dApps directly from your wallet. More of a hodler? A cold wallet with maximum security is more likely to appeal to you.
However, finding the best crypto wallet can be an arduous task. There are so many to choose from, and so many different variables to consider. In this article, we’re going to break down the 7 best crypto wallets as clearly and concisely as possible.
First of all, if you want to know what a crypto wallet is, how to use one, and why it will help you, we suggest you read our complete beginner’s guide to crypto wallets.
Key Points
- The wallet you choose will completely depend upon what you intend to do with your crypto.
- Hot wallets are online, while cold wallets utilize offline storage. This makes cold wallets more secure, but also a little more difficult to use. Cold wallets are usually USB-type hardware devices, meaning they often cost money.
- Custodial wallets give ease of use and customer support, meaning less responsibility for you, but more trust is required. With a non-custodial wallet, you are in complete control and are fully responsible for your crypto.
7 Best Crypto Wallets for 2023 Onwards
Without further ado, here are our top picks for crypto wallets in 2023.
- Essentials – The best crypto wallet app for data ownership
- Trezor – The most secure crypto wallet
- Ledger – The best hardware wallet
- MetaMask – The best crypto wallet for Ethereum and Web3 compatibility
- Electrum – The best Bitcoin wallet
- Coinbase Wallet – The best crypto wallet for beginners
- Exodus Wallet – The best crypto wallet for desktop users
1. Essentials – The Best Crypto Wallet App for Data Ownership
Pros:
- Compatible with the Ledger hardware wallet
- User-friendly and customizable
- Free DID registration
- Free decentralized storage
- Access dApps from 18 chains with the built-in browser
- Vote in the Cyber Republic DAO elections and stake your ELA
- Easy token discovery
Cons:
- Only available on Android and iOS
Essentials is an all-round gem. Originally built for the Elastos ecosystem, Essentials has expanded to compete with the likes of MetaMask, Trust Wallet, and TokenPocket for being the best decentralized wallet application on the market. You can buy and sell crypto, store your coins and NFTs, vote in the ecosystem, stake, and use dApps all from within the app, not to mention access the wonderful world of web3 using your free DID.
Unique features
A free decentralized identifier (DID) is something that none of Essentials’ competitors can boast, and that’s in addition to astounding ease-of-use. Essentials also comes with a fully customizable home screen, allowing you to place the dApps you use the most in a place that’s easiest for you to access them.
And want to hear the best thing about dApps on Essentials? You can access them all straight from the Essentials wallet. Unlike many crypto wallet apps, Essentials acts as a browser so you need never leave your wallet, even when hopping between different blockchains – 18 of which are already available,with many more to come.
Essentials also has a super simple token discovery system. Got a new token in your wallet? Essentials can identify it for you and automatically add it to your portfolio. Most other crypto wallets will make you manually add the token before they even detect it.
Finally, one of the great things about Essentials is that, despite being a hot wallet, it’s integrated with Ledger, so you can store your coins more securely by combining the two. It’s arguably the best digital wallet app ever!
Why Elastos?
Utilizing Elastos tech, Essentials also gives you access to your own personal Vault. This is a decentralized storage system that empowers you to store your data in a completely decentralized nature.
Another vital component of Elastos is its peer-to-peer network solution, Carrier. This decentralized network of carrier nodes is embedded into the dApps developed in the Elastos ecosystem, ensuring they are as decentralized as possible so that they form the bedrock of an internet without centralized power, censorship and control.
You can also use your Essentials app to vote in the Cyber Republic elections, Elastos’ decentralized autonomous organization (DAO). Not only this, but you can stake your ELA so that you help secure the most decentralized crypto network by choosing delegators to stake with.
Download Essentials
For Android, download here.
For iOS, download here.
2. Trezor – The Most Secure Crypto Wallet
Pros:
- Both the Trezor One and Trezor Model T are great for entry-level hardware wallets
- Convenient and user-friendly interface
- Trezor Model T has touchscreen capabilities
- Made by a well-known brand, SatoshiLabs
Cons:
- Can be pricey compared to other hardware wallets on the market
- No support for iOS
Trezor wallets are well-known for being kings of security. Trezor was actually the first ever hardware wallet for Bitcoin, so when we say they have a reputable name, we mean it. Besides Ledger, Trezor hardware wallets are the most well-known cold wallets in the crypto world. You won’t find a more secure wallet.
Both of the current Trezor models offer fantastic security measures and support a lot of assets. Setting up the wallet is super easy; you just need a PIN code and a recovery seed phrase.
People who use Exodus as their main wallet can use Trezor as their way of storing offline because of its great compatibility and support.
What’s the difference between Trezor One and Trezor Model T?
The Trezor One is smaller and lighter, at 60mm x 30mm x 6mm, weighing only 12 grams. The Model T, however, is 64 mm x 39 mm x 10 mm and weighs almost double, at 22 grams. Besides the size, the key difference is that Model T users can play with a touchscreen display while Trezor One has two buttons instead.
The Model T also allows you to store a few extra coins than the Trezor One, like Cardano (ADA) and Ripple (XRP). Check out the full list for both Trezor hardware wallets here.
Both models are regularly updated and prices start at around $67 (€69) for the Trezor One, while the Trezor Model T will set you back $213 (€219). Check out Trezor’s full official comparison and pricing on their website.
3. Ledger – The Best Hardware Wallet
Pros:
- Has a variety of options for different budgets
- Verify all transactions with 2 button presses
- Compatible with 50 other hardware wallets
Cons:
- Custom OS is not open source
For the security-minded investor on a budget, Ledger has some options that you might be interested in. The Ledger Nano X, for example, is a staple in the hardware wallet scene. It’s a cold wallet that’s disconnected from the internet and thus much harder for a potential malicious actor to attack. If you want to keep your private keys as safe as possible, a crypto hardware wallet, like a Ledger or Trezor, is your best bet.
One of the most well-known brands in the blockchain space, Ledger has earned a reputation for being the best hardware wallet because of its fair price in comparison to its specs and competitors. Whether you go for the Ledger Nano X or the Ledger Nano S Plus, a Ledger digital wallet supports a vast array of cryptocurrencies, as well as other wallets, so you can utilize the online interface of the hot wallet you enjoy, with the offline security that Ledger is known for.
Many users claim that they prefer Ledger’s USB-type design compared to their main cold wallet competitor, Trezor, which is more like that of a car key. As far as cryptocurrency wallets go, there is yet to be a hardware device that doesn’t get mixed up with an everyday appliance. Where a Trezor wallet resembles a car key, a Ledger wallet is more often mistaken for a pen drive.
Ledger wallets support 1,800+ crypto assets, as well as dozens of other wallets, including Essentials. This puts them at the top of the list when finding the best cold wallet to keep your private key safe. Many regard Ledger as the safest crypto wallet of all.
For those with security on their mind, the Ledger Nano X’s most notable feature is a chip much like those used to secure credit cards. The wallet’s Secure Element Security Chip has been certified by the EAL5+ process. In simple terms, a team of qualified experts have verified that this is indeed a secure hardware device worthy of holding your crypto assets.
4. MetaMask – The Best Crypto Wallet for Ethereum and Web3 Compatibility
Pros:
- Intuitive browser extension and app
- Can be used to access web3 and NFT marketplaces or DeFi platforms
- Supports thousands of dApps
Cons:
- Cannot store BTC
- Fees to buy ETH can vary between high and exorbitant
One of the most widely used hot wallets on the market, MetaMask is most people’s key to web3, the next iteration of the internet. While it’s predominantly focused on the Ethereum ecosystem, it does allow you to manually add your own network, like Elastos Smart Chain (ESC). This is a bit more complicated than the token discovery offered by Essentials, and certainly not beginner-friendly.
Almost every web3 application today, whether it’s a yield farming protocol or a non-fungible token (NFT) marketplace, allows you to access via MetaMask. That’s just how well-known this hot wallet truly is.
One of the downsides to MetaMask is that, unlike most digital wallets nowadays, you still can’t use it to store bitcoin. If you want a larger range of blockchains to work with, MetaMask may not be the choice for you. But if your focus is on Ethereum and EVM-compatible chains, MetaMask is one of the best hot wallets you can find. The easy-to-use browser extension means you can use it on your desktop, or you can download the mobile wallet for your phone.
5. Electrum – The Best Bitcoin Wallet
Pros:
- Quick and easy to set up
- More secure than most hot wallets
- Wallets don’t suffer downtime
- Customizable transaction fees
Cons:
- User-interface is not great for newcomers
- No customer support via chat, email or phone
- Can only be used to store bitcoin
Electrum is arguably the best bitcoin wallet for those who don’t want offline storage. It has several impressive security features and a high degree of customizability.
Founded all the way back in 2011, Electrum has earned a name for itself for being a solid hot wallet for your Bitcoin private keys. This cryptocurrency wallet specializes in Bitcoin, and its constant upgrades are built with Bitcoin security in mind, allowing them to hone in and be master of one blockchain rather than a jack of all chains.
It has all the basic security measures like two-factor-authentication and transaction proof-checking. It offers multi-sig wallet support so that you can have a number of different ‘owners’ for the same asset, the majority of which must come together for transactions, making it critical for the world of business.
Using the Electrum Wallet, you can also adjust your transaction fees to determine how fast your transaction is processed. Want it to go through urgently? You can increase the transaction fee and effectively jump the queue.
Electrum also uses a lightweight client, as opposed to the majority of hot storage wallets which use traditional wallet clients. This takes up less space and is quicker and easier to set up. The Simple Payment Verification (SPV) allows this type of wallet to only download specific parts of the blockchain, speeding up transactions without compromising security.
What else makes Electrum special?
A well-trusted wallet, Electrum’s code is open source. This means that anybody who wants to can scrutinize the code and make sure it’s all working as it should be. Open source projects are usually a lot more trusted because their cards are on the table for all to see.
Electrum Wallet is also integrated with Trezor, Ledger, and other hardware crypto wallets, making it even more secure.
If you’re a Bitcoin maximalist, then you should know that Electrum is the king of Bitcoin wallets.
6. Coinbase Wallet – The Best Crypto Wallet for Beginners
Pros:
- Intuitive and easy-to-use interface
- Supports 44,000+ digital assets
- Backed by a reputable exchange that is able to recoup lost or stolen funds
Cons:
- Similar downsides to other hot wallets
Coinbase Wallet is an extremely intuitive and easy-to-use option for crypto beginners. Not only is it backed by one of the most reputable brands in the space, it also has one of the largest offerings of digital assets in the crypto wallet world.
Coinbase is most commonly known as a centralized exchange, the long-time on-ramp for crypto newbies. It’s important to note the key distinction here: keeping your coins on Coinbase exchange is not the same as keeping them in Coinbase Wallet. The exchange is centralized and owns the private key to your coins, whereas the wallet is a non-custodial wallet, meaning you own the private key. You don’t need an account on the exchange to have access to the wallet.
As far as crypto wallets go, Coinbase has garnered attention for its user-friendliness, which is why it takes the crown for beginner wallets. The app connects to most major banks, meaning you can buy crypto with FIAT directly from your wallet.
However, as a hot wallet, it still faces the same risks as other online storage methods. The app itself offers a cloud storage back-up of your private key. While this can be a blessing for the forgetful, it can also feel like a sin for the data-conscious.
7. Exodus Wallet – The Best Crypto Wallet for Desktop Users
Pros:
- Compatible with Trezor hardware wallets
- Allows users to buy Bitcoin with Apple Pay
- 24/7 customer support
Cons:
- No multi-sig support
- No native two-Factor Authentication (2FA)
- High transaction fees on the in-wallet crypto exchange
Exodus is a software wallet, connected to the internet but non-custodial. It’s a great choice for those using desktop because of its ease-of-use and high-speed transactions.
While it initially started as a desktop-only wallet, Exodus is now available on Android and iOS too. It’s a visually appealing app that makes handling your crypto super simple. If you want to maintain the security of cold storage wallets, you can connect your Exodus wallet with Trezor to create the most secure crypto wallet app.
You can download the software wallet on Windows, Linux, and Mac, making it accessible to virtually everyone. It can store more than 230 different cryptocurrencies, including Ether, Litecoin, and Ripple, as well as meme coins like Dogecoin and Shiba Inu.
There is also a mini ecosystem of sorts thriving within Exodus itself. There is an ever-growing number of apps, including live charts, crypto staking, and crypto deposits.
Like Electrum, Exodus uses a lightweight client and SVP, meaning it only downloads the necessary part of the blockchain, speeding up transactions whilst maintaining security.
Other crypto wallets to consider
Trust Wallet – A Great Crypto Wallet for Mobiles
Like most software wallets, Trust Wallet can be downloaded on Android and iOS. It has built-in support for NFTs and dApps with a focus on the ecosystem of Binance Smart Chain (BSC).
Trust Wallet supports over 40 different blockchains, allowing it to store a whopping 160,000+ digital assets. This alone makes it a contender for the best crypto wallet for Android and iOS. It’s hard to imagine that there are that many crypto coins and tokens even available.
Like Essentials, the built-in web3 browser allows users to trade, access DeFi applications, and buy or sell NFTs all without ever leaving the app. It’s arguably the best crypto wallet for NFT investors for this very reason.
The mobile app itself is owned by Binance, an organization that has faced regulatory scrutiny in the U.S.A, so this could be a red flag for American investors.
Crypto.Com Wallet – A Top Crypto Wallet for DeFi
Another crypto wallet for beginners that’s backed by a huge centralized exchange, the Crypto.com Wallet is very similar to the Coinbase Wallet. However, unlike Coinbase Wallet, Crypto.com Wallet has a strong emphasis on decentralized finance.
The excellent onboarding process makes it one of the best wallets for crypto newbies, but the DeFi element allows its users to execute one-to-one swaps, staking, and access a whole range of DeFi apps that can earn you passive income.
Like with the Coinbase Wallet, crypto investors should always remember that using the Crypto.com Wallet is very different from keeping funds on the Crypto.com exchange. The crypto exchange is a custodial wallet (they own the keys, not you), whereas the Crypto.com Wallet is non-custodial (you own the keys, not them).
TokenPocket – A First-Rate Crypto Wallet for Ease-of-Use
When talking about the best wallet apps for crypto, it’s hard not to mention TokenPocket, which makes storing crypto easy. Another hot wallet mobile app, TokenPocket features a wide range of EVM-compatible blockchains, giving it the capacity to store thousands of crypto coins and tokens.
TokenPocket also has great market screens with token prices, trends, and other beneficial information for traders. This intuitive design makes TokenPocket a great app for storing your crypto and keeping up to date with the wider crypto world.
Choose the wallet that best suits your needs
Whether you go with a cold wallet or a hot wallet, something for alt coins or something for Bitcoin only, you’ll have to analyze your own financial needs to determine which wallet is truly best for you.
Our top pick is Essentials, with Ledger integration, because it offers the best combination of security, ease-of-use, and data ownership tools.
Whichever crypto wallet you go with, make sure you never share your private key with anyone.
