Daniel Schwartz If you’re into investing and trading crypto, you know how important it is to make careful considerations when it comes to storing crypto. While it is quite probable that you’ve already used one of these crypto wallets, if you’re planning to switch or get into crypto investments and want to learn about the best crypto wallets you can choose from, you’re at the right place.
This is a simple yet detailed review of the top 5 crypto wallets that are popular, secure and also reasonably affordable in terms of fees and pricing.
So let’s get started!
Coinbase Wallet
The number one on our list is a no-brainer. Maybe there are other exchange wallets that may offer a better price, but when it comes to security, and liquidity we recommend a zero-tolerance policy.
What is a Coinbase wallet?
Coinbase Wallet is a self-custody digital wallet that enables users to store, manage, and transfer their cryptocurrency and non-fungible tokens (NFTs) securely. It offers an intuitive mobile app and browser extension but notably lacks a desktop application. The wallet supports a vast array of digital assets, including all ERC-20 tokens (built on Ethereum technology), Bitcoin, Dogecoin, and Litecoin, offering users a broad selection of cryptocurrencies for various uses.
What Makes Coinbase Cryp to Wallet Different?
One of Coinbase Wallet’s main attractions is its easy integration with the Coinbase exchange, the largest U.S.-based cryptocurrency exchange, facilitating seamless transfers between the wallet and the exchange. It boasts strong Web3 functionality, providing users with built-in access to decentralized applications (dapps) for activities like staking, yield farming, and trading NFTs. Additionally, the wallet has established a partnership with hardware wallet Ledger, enabling users to transfer their digital assets to cold storage, enhancing security.
What Could Be Better?
However, there are some limitations to consider. The wallet’s software is not fully open source, which might concern users who prefer to inspect the security of the code themselves. Also, Coinbase Wallet does not support two-factor authentication or multisignature configurations, potentially limiting security options for users.
How Popular is Coinbase?
As for its user base, while specific numbers for Coinbase Wallet users were not readily available, Coinbase, the company behind the wallet, has a large and growing user base. It was reported to have 98 million users worldwide, with active trading by nine million people each month.
Who is It Best Suited For?
Coinbase Wallet is especially suited for mobile or browser-based users who seek a secure and straightforward way to interact with cryptocurrencies and the decentralized finance (DeFi) ecosystem. Its comprehensive support for a wide range of digital assets, combined with educational content and tools available on its website, make it a compelling option for both new and experienced users in the cryptocurrency space.
Where Can I Learn More about Coinbase?
For more information on Coinbase Wallet’s features and how it compares to other crypto wallets, you can refer to detailed information on Coinbase blog.
MetaMask
The number two on our list needs no introduction. Well if you’re not into trading crypto but want to try, you’ll come across MetaMask for sure. Well let’s check out what MetaMask has to offer.
What is Metamask?
MetaMask, launched in 2016 by ConsenSys and deeply integrated within the Ethereum ecosystem, has emerged as a vital tool for those in the DeFi space. It’s particularly favored by individuals with an intermediate to advanced understanding of cryptocurrencies, though it remains accessible and free for anyone interested in leveraging its capabilities. MetaMask supports Ethereum and ERC-20 tokens extensively, with the ability to expand its functionalities through Snaps. Despite its lack of two-factor authentication or multisignature support, its open-source nature and compatibility with hardware wallets underscore its commitment to security.
Is Metamask a Popular Crypto Wallet?
Well, you can decide for yourself! As of 2024, MetaMask boasts more than 21 million monthly active users, highlighting its significant role in connecting users with over 3,700 apps and making Ethereum more accessible. Its user interface is designed to be intuitive, offering both a mobile app and a browser extension but not a desktop application. The platform shines in Web3 functionality, enabling users to interact with dApps directly, engage in staking through third-party integration, and access NFT marketplaces. However, its focus remains on Ethereum-based tokens, excluding support for non-Ethereum coins like Bitcoin.
Why Should You Consider Metamask?
MetaMask is ideal for those looking for mobile or browser-based hot storage options for Ethereum-supported assets. Its open-source software allows for community-driven security checks, while users maintain full control over their keys, enhancing security further. The wallet facilitates easy management of digital assets and interactions with decentralized applications, although it charges a 0.875% service fee for token swaps.
TrustWallet
This one is amongst the most popular crypto wallets. And, there’s something about Trust Wallet that made it a trailblazer. Let’s find out.
What Makes TrustWallet Special?
Trust Wallet is a decentralized digital wallet offering non-custodial storage, meaning users have full control over their cryptocurrencies without Trust Wallet having access to their private keys. Launched in 2017 and later acquired by Binance in 2018, Trust Wallet has grown to support over 4.5 million cryptocurrencies and NFTs across 70 blockchains, such as Bitcoin, Ethereum, Solana, and Polygon. With over 60 million users globally, it stands as a beginner-friendly platform that ensures user privacy and anonymity.
Supports Both Android and iOS
Available as a free smartphone app on Android and iOS, as well as a Chrome browser extension, Trust Wallet provides a user-friendly interface. It features in-house staking tools, a 12-word seed phrase for recovery, and access to a variety of decentralized applications (dApps).
This May Be Off Putting
Despite its many benefits, it’s worth noting that credit/debit card payments through Trust Wallet require KYC processing, and the wallet has limited security features compared to some alternatives.
Is TrustWallet Easy to Use?
Setting up TrustWallet is straightforward. New users are guided to create a new wallet, back up their secret phrase manually or to a cloud service, and secure their wallet with a passcode or biometric protection. Trust Wallet emphasizes the importance of securely storing the 12-word secret phrase as it’s essential for recovering access to the wallet. Users can manage over 10 million crypto assets, including 600 million+ NFTs, across more than 100 blockchains, making it a versatile choice for managing a diverse portfolio of digital assets.
Electrum
This dedicated Bitcoin wallet is the number four on our list. Not as popular as the other wallets we have here, but still it has made it to our top five crypto wallets in 2024. And, does it deserve to be amongst Coinbase, Metmask and TrustWallet? We leave it to you!
What is Electrum?
Electrum is a specialized Bitcoin wallet that’s garnered respect for its speed, security, and stability. Designed primarily for Bitcoin (BTC), Electrum’s dedication to a single cryptocurrency allows it to offer an efficient and optimized experience for BTC transactions. It’s an open-source software wallet, available on multiple platforms including Windows, Mac, Linux, and Android, but not iOS. The wallet shines in its advanced features like multi-signature support, two-factor authentication, and compatibility with popular hardware wallets such as Trezor and Ledger.
Is it Easy to Setup and Use? Beginner-friendly Crypto Wallet?
Electrum’s setup and user interface are straightforward for those familiar with Bitcoin, though beginners may find it challenging due to its technical nature and the depth of options available. The wallet’s design focuses on functionality over user experience, with a simple yet effective interface that caters to the needs of more experienced users.
Electrum’s Advantages
One of Electrum’s major advantages is its approach to security. It encrypts private keys on the user’s device and offers a seed phrase backup, ensuring that users can recover their wallets if needed. The wallet also supports offline transactions, enhancing security for users wary of online threats. Despite its robust security measures, Electrum has faced phishing attacks in the past, reminding users of the importance of downloading updates directly from the official source.
Who Should Consider Using Electrum Crypto Wallet?
Electrum is highly recommended for users with a good understanding of Bitcoin and those looking for a wallet that offers a blend of speed, security, and advanced features. However, its focus on Bitcoin means users looking to store other cryptocurrencies will need to look elsewhere. The lack of built-in exchange functionality and direct customer support might be seen as drawbacks, but the wallet’s comprehensive documentation and active community forums provide a safety net for users in need of assistance.
And the Best Part
For those considering Electrum, it’s worth noting that while the wallet is free to download and use, transactions incur network fees. These fees are dynamic, based on network congestion and desired confirmation times, with options for users to adjust fees to prioritize transaction speed.
BlueWallet
Surprise surprise! But we have this other not-so-popular wallet on our list. But the features it offers made it difficult not to consider.
What is BlueWallet?
BlueWallet is a Bitcoin and Lightning Network wallet designed to offer a simple and secure way to store, send, and receive Bitcoin. It emphasizes user privacy and does not require any personal information to use.
BlueWallet supports both on-chain Bitcoin transactions and off-chain Lightning Network transactions, providing users with the flexibility to manage their funds efficiently. It’s known for its ease of use, making it accessible for beginners in the cryptocurrency space, while still offering advanced features for more experienced users.
What Makes BlueWallet Different?
One of the key advantages of BlueWallet is its focus on security. The wallet is non-custodial, meaning users have full control over their private keys and funds. Additionally, it offers features such as SegWit support, which can help reduce transaction fees, and the ability to connect to your own Bitcoin node, further enhancing privacy and security.
BlueWallet is popular within the Bitcoin community, appreciated for its sleek interface and robust functionality. It’s suitable for both newcomers to Bitcoin who are looking for an easy-to-navigate wallet and for experienced users seeking a wallet with advanced features like the Lightning Network.
Ledger Nano S Plus
For those who are into crypto wallets, we know you would have wanted to see this up in the list. Should we reconsider? Thanks but no thanks! Ledger has been leading the hardware crypto wallet industry for ages – literally. We all know this legendary crypto wallet company. You knew that this one had to be in the list.
And, if you’re planning to get a cold crypto wallet to secure your crypto holding, you can’t go wrong with our number 6 on the list. Hush! The competition is insane!
What is Ledger Nano S Plus?
The Ledger Nano S Plus is a highly regarded hardware wallet that offers an impressive blend of security, usability, and affordability, making it an appealing choice for both newcomers and seasoned cryptocurrency users. As an enhanced version of the Ledger Nano S, the Nano S Plus comes with notable improvements including increased memory capacity, allowing for the installation of up to 100 apps, and a larger screen for better user interaction. Priced at $79, it strikes a balance between functionality and cost, offering a competitive option for those seeking a secure way to manage their digital assets without breaking the bank.
Who it Serves Best?
Supporting over 5,500 different crypto assets across various blockchains, the Nano S Plus is designed to cater to a broad range of users’ needs. Its compatibility extends to major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and many others, alongside the ability to interact with Ethereum and Polygon-based NFTs through the Ledger Live software, which is necessary for asset management on the device.
How Difficult is it to Use Ledger’s Nano?
Setting up the Nano S Plus is straightforward, guided by the Ledger Live app, which facilitates the entire process from initialization to daily management of the device. It involves setting up a PIN, backing up a seed phrase, and installing individual blockchain apps to manage different assets. This process underscores the importance of self-custody, allowing users to have complete control over their digital assets with high security.
What’s Missing?
Despite lacking Bluetooth connectivity, which is available in the more expensive Nano X model, the Nano S Plus offers a robust security framework featuring a secure element chip certified by Common Criteria EAL5+ standards. This, coupled with its physical durability, courtesy of a brushed stainless steel casing, ensures that users have a reliable device for securing their cryptocurrencies.
Does it Beat the Competition?
Comparatively, when positioned against similar devices like the TREZOR Safe 3, the Nano S Plus holds its own with a strong design, wide coin support, and user-friendly setup process. However, choosing between Ledger and TREZOR devices often comes down to personal preference, as both offer strong security, reputable company backgrounds, and comparable price points.
For those prioritizing a combination of security, versatility, and value in a hardware wallet, the Ledger Nano S Plus presents a compelling choice. Its ability to manage a diverse portfolio of cryptocurrencies and interact with Web3 applications positions it as a forward-thinking tool for both current and future digital asset management needs
Yeah! We are up for bashing in the comments. If you want to share your thoughts about any of these wallets, or accuse us of not including a more powerful, useful and beautiful crypto wallet that you have used before, please don’t just comment, feel free to write to us!
