Cryptocurrency – A currency developed using the advanced encryption methods known as Cryptography. With the introduction of Bitcoin in 2009, cryptocurrency has become a virtual reality from being just an academic concept. Since then, it has been growing by attracting investors and media attention. As we do not leave our cash or money in the open and need a wallet to store it in, digital money also needs a wallet. This digital wallet is known as Crypto Wallet. But these wallets do not store the actual currency. Instead, it keeps the records of the transactions on the blockchain safely and securely. Crypto wallets are software programs that use public and private keys to enable the sending and receiving of cryptos. The public key is the virtual address where a person can send the cryptos, and for a successful transaction, this should match the receiver’s private key. Now that we know the cryptocurrency and crypto wallets, let us know about the top wallets available and start investing!
1. Exodus
One of the most famous crypto wallets to securely sell, buy, hold, and manage cryptocurrencies. It is best for desktop users. It is popular among new or experienced traders due to its easy-to-use interface. It is a custodial wallet, i.e., the user is the sole owner of the assets of the wallet. There is no interference from any third party, and everything is encrypted and stored in the user’s local system, restricting access. Exodus has no access to the user’s assets or the wallet unless the user shares the key or the control. Exodus is a non-custodial wallet that does not share any of the user’s or the wallet’s information, the private keys, or the funds with anyone, so it is safe from getting hacked. The hacker can never access the user’s information even if the organization gets hacked. It supports over 100 cryptocurrencies globally, like Bitcoin, tether, Litecoin, etc. It provides a staking benefit of 1.24% to 13.88% per annum. Since it does not allow the data to be shared by any third party, it does not provide any insurance for security reasons.
2. Electrum
It is the best for advanced traders, with the maximum facilities, high-end security, and simplicity. It is open source and provides the user to set the custom transaction fee. It also allows the user to select among the different levels of security provided. It provides a greater level of protection than any hot wallet. Since it is complex, beginners should not prefer to use it on the very first try.
3. Mycelium
It is the best non-custodial wallet if trading through mobile. It allows user complete control over the transaction fee. It has advanced features like cold storage, single address saving accounts, etc. A non-custodial wallet allows the sole ownership of the assets, private key, and pin. It provides multilevel pin and pattern sniffing protection, allowing TOR network support to mask IP addresses and locations.
4. Ledger Nano X
It is one of the cold wallets allowing users to keep over 5500 cryptos in a single place. It supports 100+ crypto applications and coins like Bitcoin, litecoin, dogecoin, etc., and is available in almost every country. It supports multiple additional features like Bluetooth and USB-C connectivity. It is considered one of the most secure, accessible, and convenient wallets that uses micro-LCD. While setting up the app, it asks for a PIN, similar to the phone lock, and then a 24- lettered phrase that later serves as the user’s private key. It uses secure element chips to store the private keys, certified with CC EAL5+.
5. Trezor Model T
If you are looking for the best in digital security along with the benefit of multiple cryptos, then Trezor Model T is the solution. This platform transcends the cryptos and controls the funds quickly. It is considered one of the most advanced and secured cold wallets for pro traders. It can protect cryptos, digital assets, and passwords from hackers. This new-gen hardware wallet has tech facilities such as a fast processor, touchscreen display, and high-end security. It can support over 1800 coins and tokens like Bitcoin, Ethereum, Ripple, etc. It also provides the facility of recovery in case the data is lost. It has USB-C connectivity, available in MAC OS, Android, Windows 10, and Linux platforms. It does not allow cryptocurrency staking. Instead, the users can link the wallet to the third-party validator. These devices are CE and RoHS certified.
6. Ledger Nano S
The first generation wallet introduced by Ledger and the first ever hardware wallet. It is compatible with 1800+ cryptocurrencies. Although it is one of the famous wallets to be used, it needs more facilities, like more space to store many assets. It can hold only up to three applications, and if any of the apps are deleted, they will be visible in the ledger live but not on the device. And due to the deletion from the device, one cannot use that particular application to trade. It is cheaper to buy but has many things that could be improved. It can be best suited for a beginner to learn trading with cryptocurrency.
7. Coinbase
Those new to this crypto world with little to no knowledge start with Coinbase. It can be categorized as a hot crypto used to sell, buy, transfer, and store NFTS and crypto coins. It is non-custodial, i.e., the user can access the wallet’s private key. It also provides 2-step verification, secured biometric login, and AES-256 encryption. It supports coins with 500+ cryptocurrencies, including BTC, ETH, BCH, etc., available in over 100 countries. It also provides the staking support of up to 8% APY in crypto savings.
8. Zengo
It is considered one of the best crypto wallets for beginners and lightly experienced investors. Its setup is said to be the one the go, one of the most convenient and user-friendly setups. It has proved to be an innovative application that has solved the problem of private keys and passwords. In terms of security, it uses protocols based on facial biometric technology. Being developed in Israel by KZen networks, it is a keyless mobile wallet. It makes use of 3-factor authentication, making wallet theft accessible. Talking about the stats for this application, it supports over 70 coins, such as ETH, DOGE, BTC, SHIB, etc., in over 70 countries, including the USA, UK, Canada, France, India, Russia, Australia, etc. It provides the staking support of up to 8% APY on TUSD, USDT, and USDC with an additional 4% APY on BTC, ETH, etc., deposits.
9. Crypto.com
It is a hot wallet and is considered one of the best for active traders and not just for investment. It is one of the rapidly growing crypto exchange platforms. Using this, the trader can buy, sell and even buy coins. In the case of security, it uses a dynamic source code analysis tool. It also makes use of 2-step verification. It provides 8.5% of the interest per annum on the cryptocurrency and around 14.5% on the stablecoins. It is available in Argentina, Australia, Brazil, Costa Rica, etc. It also supports blockchains like BSC, ERC-20, etc.
10. Binance
It is considered the best platform for traders who like multiple features in their wallets. It is a central, hot wallet cryptocurrency platform with various trading features. It includes features like Auto-invest, staking, Defi, P2P trading, etc. The users are more attracted to it due to its advanced security features. It uses 2FA verification, device management; address allow listing, and cold storage. It has around 95% of the coins in the cold store. It has also launched a feature known as ‘High-yield-center,’ which offers stake and earnings of about 104.62% Yearly. Apart from all the features, it also provides insurance as all the deposits made through the platform are held at the Custodial bank account and insured up to $250,000 for bank failure.
