Diving into the best crypto wallets in the category.
Crypto custody has always been a matter of heated debate. Gladly, these debates just kicked the industry off harder to foster enthusiasts with new means of security and user experience. How to choose a wallet for your needs, and what are the criteria to heed? The article discloses this topic below – and presents a handpicked collection of possible options for crypto custody.
What Is A Crypto Wallet
A cryptocurrency wallet is a device or program that stores cryptocurrency keys and allows users to access the assets. Wallets contain an address and the private keys needed to sign cryptocurrency transactions. Anyone who knows the private key can control the coins associated with that address.
Types of Crypto Wallets
Generally, there are two main types of crypto wallets: custodial and non-custodial. Custodian wallets are hosted by a third party that stores the user’s keys. This could be a company that provides security services, or cryptocurrency exchange. On the other hand, non-custodial wallets take responsibility for storing keys to users. These are the most widely used custodian options in the market. Both types of wallets are divided into two subcategories: hot, which has a constant connection to the internet, and cold, which does not.
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Lastly, all wallets can be either software, hardware, or paper-based. The latter stands for the wallet that includes the keys and QR codes on paper so wallets on mobile devices can scan them. Generally, cold hardware wallets are considered to be the most secure yet lacking in versatility. However, this bias is leveled with top-notch hot wallets and non-custodial software wallets, which deliver more comfort to the user.
Top Crypto Wallets To Choose From
Best for everyday use – Trustee Wallet
Trustee is a new word in crypto wallets. Simply put as a mobile application, the platform is not limited to secure custody but offers an array of facilities for crypto enthusiasts. With Trustee, users can immediately swap cryptocurrencies and exchange ones to fiat with direct deposit or withdrawal to the bank account. Trustee’s Gig is a full-fledged payment card for users to make convenient purchases directly with crypto.
The wallet supports Bitcoin, Ethereum, and a fair share of other cryptocurrencies to choose from. Not to mention a top-notch UI, making Trustee one of the no-brainer options for beginners, medium investors, and active crypto operators.
Best for Web3 custody – MetaMask
MetaMask is highly compatible with almost any blockchain and Web3 solution, which makes it one of the most widely used wallets with over 30 million monthly active users. It combines all the characteristics for a decent custody option – it is user-friendly for beginners, versatile for Web3-pros, and secure for both.
The wallet’s hallmark is the flexibility of Web3 integration. Thus, MetaMask fully supports Polygon, Optimism, Avalanche, Whitechain, and other popular networks. What is more, it allows users to access popular NFT marketplaces like OpenSea and Custode, and swap a variety of collectibles. All things combined make MetaMask the best wallet for DeFi traders and Web3-enthusiasts.
Best Exchange Wallet – WhiteBIT
While many exchanges provide the custody of assets, WhiteBIT – one of the biggest European crypto exchanges – managed to take this role several steps further.
WhiteBIT wallet offers a wide variety of balance categories for a more comfortable user experience and funds diversification. What is more, it offers swift exchange to other cryptocurrencies and even fiat currencies – from USD and EUR to Turkish lira and Polish zloty. But what makes it even better for both newbies and pros is quick peer-to-peer withdrawal and Web3 integration with Polygon, Optimism, Arbitrum, and other widely used blockchains.
The standout advantage for WhiteBIT is Whitepay – its payment service. With Whitepay integration, users can purchase real-life goods just by using the mobile application or browser wallet. Ultimately, WhiteBIT is one of the most secure exchange-based wallets, as noted by Hacken.io and CER.live rate, seeing that 96% of assets are stored in cold custody.
Best hardware wallet – Ledger
Ledger has been leading among the hardware wallets for a durable time span. Its products stand out for using a Secure Element component – a type of chip often seen on passports, credit cards, and payment systems – to provide an extra layer of security.
This made Ledger the first and only hardware wallet to be certified by a government agency – ANSSI, the French cyber security agency. Apart from cutting-edge security, Ledger serves as a user-friendly custody tool. For less than $100, the owner can install up to 100 apps and conduct transactions through a specialized application – Ledger Live.
This self-sustained app can be also used to monitor, lend, and stake crypto – a lifesaving solution for a robust cold wallet. Importantly, Ledger products are compatible with 50 other hardware wallets, debunking the myth of hardware wallets’ limitedness.
Best desktop wallet – Exodus
Initially a desktop-only wallet, Exodus now has apps for iOS and Android and is also compatible with Trezor wallets, which shares the top place in the hardware wallets industry with Ledger. Its client, available on all PC software, uses simple payment verification and does not download complete blockchains in order to speed up transactions.
Nevertheless, it’s not swiftness that makes Exodus one of the best hot wallets in the market. Its main draw is the number of currencies it supports – more than 335 cryptos and NFTs. This makes Exodus a top option for diversified, large portfolios.
To Sum Up: What Crypto Wallet to Choose
The market of crypto wallets is diverse with functions and methods of custody. Still, ultimately, it is your needs that matter the most. If you prioritize security over comfort, cold hardware wallets are your no-brainer. Ledger, Trezor, and other similar products will meet your requirements at best.
Meanwhile, if you don’t operate with large capital and seek an everyday solution, you won’t find better software wallets for you. WhiteBIT, MetaMask, and Trustee – these wallets allow for swift transaction carry-outs with decent security back-ups. Let alone their compatibility with mobile devices, making them the best options for frequent use.
Paul Osadchuk
Paul Osadchuk is a digital journalist specializing in cryptocurrency and Web3 topics. He writes for GNCrypto, Cryptoslate, and Foresight News EN, and maintains analytical blogs on TradingView, Binance Square, and CoinMarketCap. With over five years of experience in marketing and PR for crypto and Web3 companies, he has gained deep industry insight and expertise in crypto trading.