Last updated on October 30th, 2024 at 07:13 am
Crypto Wallets
There is a very large number of Crypto wallets available for download and use in the market, and choosing one can be hard. Some wallets are specifically designed to store only one type of cryptocurrency and others are designed to store more than one cryptocurrency. It all depends on the particular wallet that one is interested in using or adapting for storage and transactions.
In this article, we have made it easier for you to read about the best crypto wallets that one can utilize in storing and investing in cryptocurrencies.
What is a crypto wallet?
A Crypto wallet is a software/hardware application that is used to store cryptocurrency. However, cryptocurrencies do not exist in any physical nature. Crypto can’t be stored anywhere except on coin wallets.
Below are the top 5 best crypto wallets that one can use in storing and investing in cryptocurrencies:
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1. Coinbase Wallet
One of the early pioneers of crypto wallets and has been functioning securely in the present.
Coinbase is a hot crypto wallet that can sell, transfer, buy, and store digital currencies. You can store all your NFTs and crypto coins in one place in Coinbase Wallet.
It supports more than 100 countries that trust Coinbase to sell, buy, store, and earn cryptocurrency. This Crypto wallet can store digital collectibles and NFTs and supports 500+ crypto assets at once.
Year Developed: 2012
Coins Supported: 600+ cryptocurrencies, including BTC, ETH, LTC, BCH, DOGE, etc.
Type of wallet: Hot storage
Available Countries: 100+ countries.
Advantages:
- User-friendly interface
- Multi-signature and 2-factor authentication support.
- Provide optional cloud backups that can protect your digital keys.
Disadvantages:
- High transaction fees
- Limited trading types
2. Binance
This is the best wallet for crypto traders looking for multiple features in their wallets.
This crypto wallet offers special crypto features like Auto-invest, staking, Defi, Futures and Options, and P2P trades (This feature is very outstanding as it simplifies the transaction between two traders who wish to exchange crypto without employing a third party or the use of bank cards directly on the platform). BNB, which is their native coin is among the Top 5 crypto globally and runs on a specific network called Bep-20. This crypto exchange has a Blockchain called the Binance Chain.
Year Developed: 2017
Coins Supported: 900+ including BTC, ETH, Doge, etc.
Type of wallet: Hot wallet
Available Countries: USA, UK, Belgium, France, etc.
Advantages
- Over 1500 cryptocurrencies for trade and Over 65 cryptocurrencies for U.S-based investors
- Wide selection of trading options and order types
- Provides comprehensive charting feature
Disadvantages
- Not good customer support.
- Numerous extra services which cause the app to lag in execution.
- delay in the execution of the app’s user interface.
3. Trezor Model T
This crypto wallet is the best for those looking for a digital security solution and can be stored on the hardware.
Trezor Model T is a cold wallet designed for crypto traders. With Trezor Wallet, you can protect your cryptos, digital assets, and passwords from theft/hacks. It supports more than 1800 coins and tokens and is easily transferable.
Year Developed: 2014
Coins Supported: 1800+ including Bitcoin, Ethereum, etc.
Type of Wallet: Cold wallet
Available Countries: Delivered to all the countries
Advantages
- It offers a color touchscreen. Quite an expensive tool
- Easy to set up
- Provides top-notch security
Disadvantages
- It Needs to improve its customer care support.
- Once physically stolen, can’t be recovered
4. Exodus
This is the best crypto wallet to install on your system if you are a desktop user.
Exodus is one of the best crypto wallets for securely managing cryptocurrencies and NFTs. Its easy-to-use interface has made it very popular among new and experienced crypto traders.
Year Developed: 2015
Coins Supported: 160+ including Bitcoin, Tether USD, Bitcoin Gold, Ethereum, Litecoin, etc.
Type of wallet: Cold Wallet
Available Countries: Exodus can be accessed from anywhere in the world
Advantages
- This app is compatible with devices like Trezor Model T, Linux, iOS, Android
- It supports a wide variety of cryptocurrencies
- It has an easy- to use interface
- Exodus gives you total control over your crypto assets.
- It has good customer support
Disadvantages
- The lack of native 2-factor authentication may deprive some users of having extra security for their assets.
- Does not provide multi-signature support.
5. Trust Wallet
There is nothing to dislike about Trust Wallet because of the security and easy-to-use interface they provide. It is easy to stake crypto and can carry NFT which can be transferred to any centralized exchange in seconds.
Trust Wallet specifically is built for simplicity, thus allowing users to acquire, send, receive, and stake cryptocurrencies and non-fungible tokens (NFTs) from their phones.
Year Developed: November 2017
Coins Supported: 2000+ cryptocurrencies, including BTC, ETH, LTC, BCH, DOGE, etc.
Type of wallet: Hot storage
Available Countries: 100+ countries
Advantages:
- Trust Wallet supports more than 200 thousand cryptocurrencies including NFTs.
- Convenient setup and display on smartphones
- It is easy to buy, stake, and farm cryptocurrency directly in the wallet
Disadvantages:
- It is susceptible to social engineering and phishing attacks, so the a need to secure a passphrase.
- It lacks a good customer support system.
- limited usage with web-based decentralized apps through popular browsers like Chrome, brave, etc.
NWANKWO CHIGOZIE
Nwankwo Chigozie is a content writer and cryptocurrency enthusiast. He loves researching about cryptocurrency and everything surrounding the cryptospace. Follow on all social platforms.