Best Cryptocurrency Wallets: Comparison
Over the past several years cryptocurrencies have achieved general recognition and continue to gain traction. More and more personal investors as well as banks and large companies see crypto as a viable alternative to fiat currencies. Such big companies as Microsoft, Amazon, PayPal, and many others accept cryptocurrencies as a form of payment, contributing to their popularity even more. Dozens of new crypto coins appear on the market daily. According to CoinMarketCap, there are over 20,000 cryptos as of July 2022.
To manage their digital money effectively, many investors prefer using crypto wallets. They allow users to securely store their private keys for accessing their crypto coins as well as safely exchange one cryptocurrency for another. However, choosing the right crypto wallet for private use or a business can be rather challenging. There is a wide range of crypt0 wallets and users have to consider many factors before opting for one. When choosing a cryptocurrency wallet, users should consider the following factors:
- ease of use in case they’re just starting investing in crypto;
- type of cryptocurrency they plan to buy or exchange;
- type of crypto wallets – hot wallets that are used for online digital money storing are more widespread than cold wallets which offer offline crypto storage;
- fees – each wallet has its own commission for currency exchange, storing, etc.;
- security level, and more.
Most Popular Crypto Wallets
In this article, we’ve gathered and compared the best and most popular cryptocurrency wallets in 2022 both for beginners as well as experienced users and tested them on reliability, user-friendliness, crypto support, and other parameters.
Trust Wallet is a perfect choice for mobile users as there is no desktop version. The wallet supports an astonishing number of currencies, accounting for more than 1 million coins on various blockchains.
By shortening the platform choice only to iOS, Android, and Apple Mac with the M1 chip, Trust Wallet attempts to strengthen its security and minimize the chances of attacks. Apart from that, Trust Wallet can offer its users Two-Factor Authentication, Google Authentication, SMS, and email verifications to ensure safe access to their assets.
Wide support of various cryptocurrencies, prioritizing mobile platforms, and offering no wallet fees makes Trust Wallet an attractive option for everyday use. On the other hand, some users claim that the wallet lacks customer support and the possibility to connect with dApps or trade NFTs.
Huobi is another viable option for crypto users who prefer storing their wallets on their mobile phones, though it’s also available as a web solution. The wallet doesn’t require much space as it utilizes only block headers for transaction validations instead of downloading the blockchain in the device.
Being lightweight due to taking up minimum space, the wallet offers an extensive set of features, including:
- multiple chain support for storing tokens from different chains, including Huobi Eco Chain, Ethereum network, OKEx Chain, Binance Smart Chain, and Polygon;
- support of fiat currencies;
- simple DeFi mining income tracking;
- one-click DeFi rewards claiming from different DApps;
- easy liquidity farming without the need to search most profitable protocols;
- native token – Huobi Token (HT);
- enhanced security – 2FA, Google Authenticator, KYC.
Huobi has an extremely detailed UI and it’s a great choice for beginner and experienced traders. Moreover, the wallet offers Learn to Earn training where users can earn free tokens through completing tasks. As to the Huobi downsizes – it’s not available in the US and Canada, and trading fee discounts can be confusing.
According to CryptoWisser, Coinbase is one of the safest wallets for storing digital assets. The wallet is accepted in the US and is governed by the Financial Crimes Enforcement Network (FinCEN). Apart from enhanced security, it also makes a great option for beginners as Coinbase wallet creators focus on the simplicity and security of their product.
Coinbase wallet supports a wide range of tokens, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ethereum Classic, ZRX, BAT, USDC, ZEC, LINK, XRP, REP, XLM, DAI, and EOS cryptos. As to the fiat currencies, it supports USD, CAD, AUD, EUR, CNY, and other 50 options.
Apart from that, the Coinbase providers offer a Visa debit card that can be simply linked to crypto account balances. The wallet has great customer support and it officially operates in 32 countries.
On the other hand, its wallet and exchange fees aren’t modest, ranging from 1.49% to 3.99%, depending on the payment method, location, and other features.
Luno is a simple wallet with attractive withdrawal and deposit fees. Users can buy, sell, store, and receive crypto securely with Luno. The wallet also includes price alerts and the use of advanced charting.
The range of supported cryptos is rather humble and includes Ethereum, Ripple, USDC, Bitcoin, and Litecoin. Nevertheless, it also allows fiat money for withdrawal, trade for cryptos, and depositing. The fiat currency range enumerates ZMW, MYR, ZAR, NGN, EUR, and IDR.
The wallet is accessible on Android and iOS devices and via the web. Luno is a great choice for beginner users due to its UI simplicity. On the other hand, Luno isn’t accepted in the US. Meanwhile, it’s only started advancing in Europe, e.g. its trading platform has become available to the UK and Europe customers in 2018 and offers only a BTC/EUR trading pair.
Exodus is a popular crypto wallet for desktop, mobile, and hardware devices (Trezor hardware wallet). It has a simple user interface and 24/7 customer support with an online chat, help page, and email support, therefore, it is considered among the top choices for beginners. Meanwhile, it provides a wide range of features and many experienced users also choose Exodus for their crypto assets, e.g. seamless linking to exchange and DeFi platforms.
The wallet supports over 200 cryptocurrencies across 7 blockchains. The crypto can be exchanged straight in the wallet’s built-in exchange FTX. Also, it has an integrated Lightning Network system that facilitates transaction processing outside the Bitcoin network, making these transactions cheaper and faster.
Although Exodus doesn’t have two-factor authentication and users have to remember long passwords to keep their private keys safe, the wallet is based on the non-custodial framework. As a non-custodial wallet, Exodus performs transaction encryption and storage on the user’s device and not on the Exodus platform. Also, it partners with Trezor which allows users to store their assets offline.
On Exodus, users can customize their transaction fees, making them lower. However, this feature works only for Bitcoin and Ethereum.
Trezor is a robust hardware wallet that supports more than 1,800 cryptocurrencies. Users can access their offline hardware crypto wallet via desktop and mobile devices using a USB-C cable.
While being one of the safest options for crypto storage, it’s not cheap, coming at a price of $195 and more, depending on the device type. Meanwhile, online hot wallets are mainly free. Trezor is a great choice for experienced users and it provides strong customer and community support. Nevertheless, for beginners, it’s better to start with a free option and a small sum to invest.
Ledger is another cold storage wallet that supports over 1,800 cryptos. The wallet connects to mobile and desktop apps via Bluetooth and a USB drive. The Ledger creators also provide specialized software for the wallet – Ledger Live, making it easier to manage cryptocurrencies, or add new wallets. Just like Trezor, the Ledger company has decent customer support and open-source software.
As to the downsizes, despite its convenience, a Bluetooth feature is increasing the possibility of cyber attacks. Also, just like any other hardware device, Ledger has limited storage.
Cryptocurrencies continue to advance around the world and there are more and more businesses and individual users who are ready to invest in crypto. For effective asset management, many users prefer utilizing crypto wallets.
However, choosing the right cryptocurrency solution for storing and management of digital money can be a challenging task. There are plenty of choices available today and users have to consider many factors when choosing their crypto wallet, including wallet type, supported cryptos, easiness of use, reliability, and additional features such as simple access to DeFi platforms, availability in a particular country, and more.