So, we’ve covered what Crypto wallets, aka “hot wallets,” are. Now let’s get into which wallets are the best.
Here are a few essential things you need to consider when picking a Crypto wallet or multiple wallets. Something like fees, duration time of transactions, functionality, are you able to stake coins in the wallet, how to secure the wallet is, layers of security, does it have two-factor authentication, which coins are the best for the cash you hold, etc. Here is a list of wallets I think are great for those just starting in the crypto space.
Best Wallet for Ethereum Holders. Probably the most known wallet to Crypto holders and traders. Metamask
is an Ethereum digital wallet. Although built for the Ethereum network, Metamask provides access to multiple networks like Binance Smart Chain and other testnets. Metamask allows flexibility to switch between different mainnet networks and the convenience of connecting multiple wallets.
Metamask allows users to connect with Ethereum dApps without needing to run an Ethereum node. Now, that last sentence may sound overwhelming to a beginner, so in short, it makes things a whole lot easier, quicker, and secure, trust me! What sets Metamask apart from other wallets is that it is available as a
browser extension Also, it’s easy to access hundreds of dApps, including decentralized exchanges (DEXs), online gaming, and decentralized finance (DeFi) It is a great wallet that is secure, easy to use and has loads of features, and is fully functional! I personally would recommend this wallet to any user as a staple throughout their crypto journeys.
Exodus – Best Wallet for Beginners
Exodus is available on desktop and mobile wallets that beginners can figure out relatively easily with a very simple user interface. A great feature on Exodus is it’s buil- in exchange, this allows users to cut out using a broker like Kraken. Binance or Coinbase. Instead of purchasing crypto through a broker and then having to send them to your wallet, you can do it all in the Exodus wallet. There are over one hundred available cryptocurrencies available to choose from.
Exodus wallet is simplistic, this wallet is great for beginners that are just beginning their journeys in the crypto space. The support team at Exodus is very helpful support team that are prompt with responses, which is an essential feature when starting out and getting into what can be a very overwhelming and confusing market. While it is a great wallet for beginners, including myself when I began, more advanced users may find it lacking in some features. The main reason being that Exodus wallet is closed source.
This goes against the whole idea of Bitcoin and blockchain technology which is built around the idea of everything being decentralized and completely transparent to the public. This could raise some concerns of security as its code is not open for the public to see. Instead, users can only rely on the Exodus team and their word and work to ensure there are no weaknesses in the security of their wallets. Exodus has the option to set up custom fees to keep costs down in addition to the option of automatically setting a fee that ensures the transaction completes quickly.
Atomic Wallet – All in one wallet
Atomic Wallet is a great wallet for seasoned beginners. It is simple to use yet has many advanced features like the ability to add custom ERC20 tokens and to trade coins peer-to-peer directly through the wallet by
utilizing a global decentralized order book. You can also stake certain coins within the app. Some wallets require that you always have a minimum holding of cryptocurrency that can never be withdrawn and Atomic Wallet is one of those wallets.
For e.g., I had one hundred coins of ripple. I wanted to send them to another address and it only allowed me to send a maximum of 80 ripple coins. I didn’t realize because when it asked me how much I would like to send I just pressed an option that said “send max”. I assumed that it would be the whole one hundred. After the transaction was completed that I still had 20 ripple coins in my portfolio. I went to send them, I hit “send max” and the system replied with “amount exceeds balance”. Things like this can be very frustrating so dyor. A crypto term for “do your own research” when looking for a wallet that suits you.
Online Crypto Wallets
Below is a list of crypto wallets that are easily downloadable online cryptocurrency wallets.
Kraken – Top Security Online Wallet
Kraken is internationally renowned for its security and is considered to be one of the most secure cryptocurrency exchanges. Luckily for Kraken there have been no reports of hacks or loss of user funds thus far. The platform provides users with access to crypto wallets for a variety of different cryptocurrencies. And also offers an easy to use for beginners, wallet system.
Wallets hosted with Kraken offer advanced security features such as two- factor authentication with email and mobile or Google authentication confirmations for withdrawals, configurable account timeout, time lock
settings. While most online wallets are the least secure option for holding crypto, Kraken is by far the most secure online wallet available.
Coinbase – Best Online Wallet for Beginners
Like Kraken and Binance, Coinbase is an online cryptocurrency exchange and brokerage that allows users to buy, sell, trade, and hold a large variety of Cryptocurrencies. The Coinbase wallet integrates a number of
features that allow users to participate in ICOs, access airdrops, or interact with decentralized applications.
Coinbase, like all other online wallets, is not considered a safe wallet, as the users private keys are held by Coinbase instead of the user. Security features include two-factor authentication, which is standard. As well as access to a 12-word recovery phrase that allows users to recover lost wallets.
Cold Wallets – Offline Wallets
These are crypto wallets that are entirely offline, this helps with security as being offline protects against being hacked.
The Ledger Nano X – THE MOST SECURE
Now, this is not an online wallet or a digital wallet app. It is however, BY FAR, the most secure way told your crypto and other digital assets. The Ledger Nano X securely holds your keys offline and provides them
when making a transaction. When making a transaction, you will need to physically push buttons on the ledger nano x to approve each transaction.
This makes it’s impossible to remotely steal your crypto when you hold the keys to your crypto solely on a hardware wallet. It has a Bluetooth feature that allows you to connect to your phone app and visit the wallet to complete a transaction instead of bringing your private crypto keys to your phone.
To use the Ledger Nano x for transactions, you’ll need to pair it with a desktop or mobile “soft” wallet of your choice. But not all wallets are compatible with the Ledger Nano X, and different cryptocurrencies will have different compatibility options. They cost around $100-$130, which is a very small price to pay for this
level of security. It is a must have!
So, that is my list of recommended wallets. And if I may, I would like to leave you with this one piece of advice. Always, ALWAYS, do your own research before buying crypto and picking wallets! There’s nothing worse than making decisions based on FOMO (Fear of missing out) and being wrong. I’d much rather lose money because of my own decisions and research than lose it because I blindly trusted someone hyping a coin or project.
Here’s a list of other articles I recommend on Bitcoin and Cryptocurrency:
- How to be a Bitcoin millionaire
- What is Bitcoin? (BTC)
- Is Bitcoin a good investment?
- How to swing trade cryptocurrency
- How to download a crypto wallet
Author Jordan Suavaga