The 7 Best Bitcoin Wallets in 2022

Coinbase Wallet currently supports more than 5,500 different crypto assets, including digital collectibles and how do hardware wallets work NFTs. It supports biometric authentication, two-factor authentication, and multi-signature support, too. Finally, you’ll find optional support for cloud backups so you can better safeguard your digital keys.

For those who want high security

Typically, a USB hard disk or thumb drive encrypts your stored currencies and automatically accesses your chosen exchange when you connect it to the web. Connect, perform your transaction, and then disconnect again, so your assets stay safely off-web until you’re ready to use them again. We look at the top cryptocurrency wallets that let you buy, sell, and trade digital assets and cryptocurrencies, including Bitcoins, altcoins, and NFTs. For starters, the marketplace for MyCelium is integrated into the wallet, so there is no need to transfer Bitcoin to or https://www.xcritical.com/ from an exchange, making transactions safer and easier.

How to determine the crypto wallet which is right for you

When deciding which bitcoin wallet is best for your crypto needs, use the following criteria to find a suitable match. BlueWallet is a robust, mobile Bitcoin wallet with a user-friendly interface and straightforward integrations with the Lightning Network. The Ledger Nano X wallet is the next level up from the Nano S and is well reviewed due to its number of available currencies, excellent security and mobile trading options. The platform’s customer service is well-regarded, and this is another good choice for beginners. ZenGo is available in over 185 countries, but it’s worth noting that not all features are available in all locations. For instance, you cannot buy ADA, BNB, BUSD, DOGE, ETH, MATIC or USDC tokens in New York, Hawaii, Rhode Island and the Virgin Islands.

What’s the Difference Between Custodial and Non-Custodial Wallets?

Some other web-based wallets allow you to pay more money to increase the speed of your transaction, but the actual storage of your money is free. If you are using a software, mobile, or web-based wallet, make sure you know the fee structure and how it works if there is one. Paper wallets are another option for storing and securing Bitcoin.

SafePal S1 (Air-Gapped and Affordable)

• Preconfigured blockchains include ETH, BSC, Arbitrum, Thorchain, Bitcoin and more.
• That “Miracle on the Hudson” coverage won many breaking news awards.
• However, only Bitcoin holders need apply since Electrum isn’t compatible with other cryptocurrencies.
• This is achieved because the words correspond to your private key.
• In many ways, Coinbase is one of the safest exchanges you could hold your coins on, so all of the above scenarios are possible even more likely on other exchanges.
• Coinbase is available across the world, including the US, UK, and Australia.
• Although web-based wallets typically have a poor level of security, Blockchain has built a considerable reputation as a wallet provider.

In addition to storing your private keys, Coinomi wallet also allows you to manage your NFTs, stake certain assets and interact with DeFi apps. The Nano S Plus is a hardware wallet manufactured by French company Ledger, which has been around since 2014. Ledger wallets have a clean security track record, with no hardware breaches recorded.

The accompanying Ledger Live software helps manage and stake your digital assets. You can put your assets to work in DeFi through the Ledger Live app or by syncing with MetaMask. The Nano S Plus provides the security of its predecessor, the Nano S, but with almost all of the capabilities of Ledger’s top-of-the-line hardware wallet, the Nano X. Keep in mind that these picks are suggestions and that the best crypto wallet for you will depend on your individual needs.

Operating on both desktop and mobile devices, MetaMask lets you connect to dApps, store NFTs and digital assets and trade cryptos across several different blockchains. To keep the private keys that you store on the device extra secure, you can send BTC to and from your device without even connecting it to a computer. When you use desktop software wallets like Sparrow or Electrum, you can use a microSD card to transfer data back and forth from your computer to your Mk4. A feature related to DeFi is the atomic swap, which lets you trade cryptocurrencies across different blockchains in a peer-to-peer format. It uses smart contracts, so you can look at atomic swaps as a form of if-then statements.

David Rodeck specializes in making insurance, investing, and financial planning understandable for readers. He has written for publications like AARP and Forbes Advisor, as well as major corporations like Fidelity and Prudential. That added a layer of expertise to his work that other writers cannot match. Just like there are many ways to store your cash, there are many ways to stash your crypto. Ellipal may not be as well known as Ledger, but the wallet eliminates the USB or Bluetooth connection, which are common sources of attack, by using QR codes instead.

These include constant updates and powerful firewalls that protect both data and funds. Kraken lets you activate a multi-sig log in option which is an important way to protect your funds. The exchange wallet also offers a backup in case you forget your primary password. Kraken was the first exchange to conduct a proof of reserves audit.

In fact, coin exchanges are considered one of the least secure places for you bitcoin. CNET editors independently choose every product and service we cover. Though we can’t review every available financial company or offer, we strive to make comprehensive, rigorous comparisons in order to highlight the best of them. The compensation we receive may impact how products and links appear on our site. The key thing to remember is to do your research and compare a range of wallets first.

Always confirm important product information with the relevant provider and read the relevant disclosure documents and terms and conditions before making a decision. If you want to hold onto your crypto, there’s typically not much you need to do once the funds have arrived in your wallet. You can log in to your wallet whenever required to check your balances. Some currencies may allow you to earn interest on your coins by “staking” your holdings (you may need to follow specific instructions in your wallet to do this).

Having a device that puts an air gap between your private keys and other apps, the internet, and the bad guys offers vastly improved security from hackers and viruses. There are a number of excellent crypto wallets, many of which we have reviewed above. The right fit depends on your goals, such as whether you want a hot wallet that connects directly to the internet or if you would prefer a cold wallet to store your keys on an offline hardware device. There are different types of crypto wallets, ranging from online services and programs to simply printing the keys on a piece of paper. The key function is that the crypto wallet holds the keys needed to access the blockchain to transact with your cryptocurrencies.

Founded in 2011, it has a super simple interface, but its advanced features and lack of customer support — unlike Exodus and YouHodler — put it in the realm of experienced users only. You can also receive cash loans using your cryptocurrency as collateral. The included touchscreen makes it easier to use, and the micro-SD card port allows you to encrypt your access PIN for the wallet from cyberattacks. The backup feature allows you to recover your coins if something were to happen that prevented your access to them.

However, there is no guarantee the company would have enough to pay the total value of your crypto. There’s a popular expression in the crypto world, “Not your keys, not your coins.” If you don’t control your keys, you don’t have full access to your crypto assets. When you purchase a crypto, such as bitcoin or Ethereum, your ownership boils down to a public key and a private key. If you’re looking for cold wallet compatibility, Coinbase Wallet Web3 has teamed up with cold storage pal Ledger. Moreover, all network connections made from Wasabi go through multiple Tor bridges, making it suitable for privacy-focused users.

The Exodus crypto wallet supports more than 100,000 cryptocurrencies. For those new to crypto, Exodus offers a plethora of educational materials and explanatory videos to enhance your knowledge of specific cryptos. Electrum is a feature-rich Bitcoin wallet for advanced crypto traders.

However, the risk with web wallets is that the third parties managing them will default and shutter their operation while you are left with nothing. Electrum’s backup process is centred around the 12-word passphrase which you are required to set up on initiation. Should you lose access to your computer, this passphrase it the only way for you to regain access to your funds. The desktop wallet is constantly updated and you should always accept official security updates to keep your Bitcoin protected. Updates are normally very quick but remain one of the best defences against cyber attacks.

For now, here’s a survey of some of the top hot wallets available. The right hot wallet for you really depends on your needs in terms of security, support, and platforms. Therefore, do your research on all of them and pick what works best for you.