What Is A Crypto Wallet?
A crypto wallet provides a secure way to hold your cryptocurrency without relying on crypto exchanges to safeguard your stack. This can also be referred to as a cryptocurrency wallet, digital currency wallet, digital coin wallet, or even a Bitcoin wallet (though not all crypto wallets work with Bitcoin!)
Whether you just want to HODL or you want to interact with web3 apps, your wallet holds the private keys that control your crypto. Nothing leaves your wallet without your permission, so choosing a best wallet for cryptocurrency can be an important decision.
But some types of crypto wallets are better suited to certain tasks than others. Below, we break down Milk Road’s top picks for best wallet for crypto and detail where each excels. There are many different types of crypto wallets, and some only work with specific networks. Read on to see our selections for some of the best wallets for cryptocurrency!
5 Best Crypto Wallets For Investors Overall
We reviewed a number of the more popular options and have chosen what we think are the best cryptocurrency wallets for investors.
| Ledger | Gas fees for network transactions Additional fees for crypto purchases based on region and payment provider used | Ethereum Bitcoin Solana Tron+ over 100 more | 5,500 cryptos, including, ETH SOL BTC | iOS Android Mac Windows Linux | N/A - it's a Hardware Wallet |
|---|---|---|---|---|---|
| Phantom | Gas fees for network transactions 0.85% on select assets in the Swapper app | Bitcoin Solana Ethereum Polygon Base | BTC SOL ETH ERC-20 tokens | Chrome Firefox iOS Android | Ledger with extension for Chrome, Brave or Microsoft Edge |
| Electrum | Bitcoin or Lightning Network fees only | Bitcoin Lightning Network | BTC | iOS Android Mac Windows Linux | Ledger Trezor KeepKey |
| Trust Wallet | Gas fees for network transactions No additional fees for swaps Additional fees for crypto purchases based on payment provider used | Ethereum Binance Smart Chain Bitcoin + over 100 more | ETH BTC BNB LTC XRP ZCASH + many more | iOS Android Chrome extension | Ledger support on Chrome extension only |
| MetaMask | Gas fees for network transactions 0.875% swap and bridge fees Additional fees for crypto purchases based on region and payment provider used | Ethereum Polygon Arbitrum Optimism + many more | ETH ERC-20 tokens allows import of any token on supported blockchains | iOS Android Chrome extension | Support for Trezor, Ledger, Lattice, Keystone, and AirGap Vault through the extension. Mobile support for Keystone. |
Note: Some crypto wallets, like Ledger, may not be available in sanctioned countries.
Best DeFi Wallets
Decentralized finance (DeFi) brings the ability to stake or lend crypto to earn a yield. You can even supply crypto to decentralized exchanges to earn more crypto. But you’ll need the right type of digital currency wallet, one that supports the top smart contract networks and easily connects to decentralized apps (dApps) like Curve or Aave.
Here are our choices for the best cryptocurrency wallets for DeFi.
| Phantom | Gas fees for network transactions 0.85% on select assets in the Swapper app | Bitcoin Solana Ethereum Polygon Base | BTC SOL ETH ERC-20 tokens | Chrome Firefox iOS Android | Ledger with extension for Chrome, Brave or Microsoft Edge |
|---|---|---|---|---|---|
| Coinbase | Gas fees for network transactions Variable fees on purchases | Mobile: Bitcoin, Ethereum, Polygon, Solana, +More Desktop: Ethereum, Solana, Layer 2 networks | ETH SOL BTC LTC DOGE ERC-20 tokens (depending on platform) | iOS Android Chrome extension | Ledger |
| MetaMask | Gas fees for network transactions 0.875% swap and bridge fees Additional fees for crypto purchases based on region and payment provider used | Ethereum Polygon Arbitrum Optimism + many more | ETH ERC-20 tokens | iOS Android Chrome extension | Support for Trezor, Ledger, Lattice, Keystone, and AirGap Vault through the extension. Mobile support for Keystone. |
| UpHODL | Gas fees for network transactions | Bitcoin Ethereum XRP + more | BTC ETH ERC-20 tokens XRP | iOS Android | Ledger |
4.6The Coinbase Wallet is a standalone product, although you can also use it with your Coinbase account. Coinbase Wallet’s mobile app and browser extension supports Ethereum and several other compatible networks, like Arbitrum and Polygon, as well as Solana, Bitcoin, Dogecoin, and Litecoin. Coinbase Wallet is also supported by popular DeFi apps, making connections easy. In addition, the Coinbase Wallet allows in-app trading and swaps
Pros
- Support for top blockchains, including Bitcoin, Ethereum, Layer 2 networks, Dogecoin, Litecoin, and Solana
- Ledger support
- Excellent token detection
- Supported by a wide range of DeFi apps
Cons
- Closed-source code
- Support for many blockchains: Coinbase Wallet is compatible with the Solana Network, Polygon, Ethereum, and more, all with one seed phrase.
- Easy dApp connections: You’ll often see Coinbase Wallet listed alongside MetaMask as a connection option for dApps.
- Token detection: Coinbase Wallet often finds tokens that MetaMask misses.
Coinbase Wallet offers a beginner-friendly option to get started with DeFi. Support for Bitcoin, Solana, Ethereum, Layer 2 networks, and more lets you grow without changing wallets.
4.8The open-source MetMask wallet is the go-to choice for millions of DeFi cryptos users all over the world. Built and backed by ConsenSys, a giant in crypto, MetaMask can be as simple or full-featured as you need it to be. Easily add support for more networks or connect to your Ledger or Trezor hardware wallet. MetaMask supports Ethereum and compatible layer 2 networks as well as Binance Chain.
Pros
- Supported by a wide range of DeFi apps
- Customize privacy settings
- Add new networks and tokens
- Support for Ledger hardware wallets
Cons
- Spotty token detection for Layer 2 networks
- Limited built-in blockchains
- Easy DeFi Connections: Connect to most DeFi apps with just a few clicks.
- Built-in Layer 2 Support: MetaMask makes it easy to add top L2s like Arbitrum or Polygon.
- Support For Hardware Wallets: Connect your Ledger or Trezor and add hardware-secured Ethereum addresses to MetaMask.
MetaMask is battle tested by millions of users and banked by ConsenSys. This open-source wallet starts out simple but lets you toggle on more features or customize your wallet to do crypto your way. Support for Layer 2 networks and test networks help MetaMask navigate wherever your DeFi journey takes you.
4.5UpHODL is a self-custodial wallet that lets you manage your crypto assets, including Bitcoin, Ethereum, XRP, and NFTs, all in one place. You can send, receive, and store crypto, and even connect to dApps and exchanges using WalletConnect. It’s designed to be simple to use while keeping your assets safe and accessible.
Pros
- User-friendly
- Support for Ledger
- Multi-chain support
- WalletConnect for easy dApp use
Cons
- Mobile-only
- Multi-Chain Support: Easily manage assets across Bitcoin, Ethereum, XRP, and other supported blockchains, including NFTs on Ethereum and XRP Ledger.
- WalletConnect Integration: Connect securely to dApps, decentralized exchanges, and Web3 services directly from your wallet.
- Seed Phrase Backup Options: Store your seed phrase manually or securely back it up on iCloud or Google Drive for easy recovery.
- Ledger Device Compatibility: Use UpHODL with your Ledger hardware wallet to enhance security while managing funds.
- User-Friendly Design: Simplify crypto management with an intuitive interface and customizable settings for all experience levels.
UpHODL makes managing your crypto and NFTs simple. With support for multiple networks like Bitcoin, Ethereum, and XRP, it keeps all your assets in one place. Its intuitive design makes it easy for both beginners and experienced users to navigate.
Check out our roundup of best DeFi walletsfor even more options.
Best Bitcoin Wallets
Some wallets can store dozens or even thousands of types of crypto tokens. But Bitcoin is a crypto institution unto itself. Using a Bitcoin wallet generally just involves transfer of Bitcoin tokens.
Bu as you grow your Bitcoin stack, you’ll likely want a Bitcoin wallet that supports advanced features, such as Lightning Network transactions (fast and cheap), or privacy features, like TOR support. And with the introduction of Ordinals, you may want to start using a Bitcoin wallet that can display these for you as well!
- Electrum:Best For Lightning Network Support
- Sparrow:Best For Privacy
- UniSat: Best For Ordinals And BRC-20s
| Electrum | Bitcoin or Lightning Network fees only | Bitcoin Lightning Network | BTC | iOS Android Linux Mac Windows | Ledger Trezor KeepKey ColdCard |
|---|---|---|---|---|---|
| Sparrow | Bitcoin or Lightning Network fees only | Bitcoin Lightning Network | BTC | Mac Windows Linux | Ledger Trezor ColdCard |
| UniSat | Bitcoin or Lightning Network fees only | Bitcoin Lightning Network | BTC BRC-20 Ordinals | Chrome extension | None |
4.4The Electrum wallet dates back to 2011, but this time-tested wallet remains under constant development and brings support for Lightning Network transactions — a Layer 2 for Bitcoin that enables fast and cheap transactions. Electrum also supports popular hardware wallets or the ability to build a watching-only cold wallet with the desktop app.
Pros
- Tried and true open-source code
- Replace-by-fee supported to customize fees
- Support for popular hardware wallets
Cons
- Only supports Bitcoin
- Confusing for newbies
- Dated interface
- No support for BRC-20 or Ordinals
- Lightning Network: Send BTC on the cheap with built-in Lightning Network support.
- SegWit: Electrum automatically optimizes BTC transaction costs by compressing transaction size.
- Hardware Wallet Support: Electrum supports the popular Ledger and Trezor hardware wallets.
Electrum has been around forever, with constant updates and a large community pouring over its open-source code. Extra features like the ability to build a cold wallet and intuitive setup for hardware wallets make Electrum a must on any Bitcoin crypto wallets list.
4.5The Sparrow Bitcoin wallet focuses on privacy, with offline mode and support for connecting to TOR-enabled Electrum Servers to hide your IP address. You can also import wallets from Electrum or nearly 20 sources, including Cold Card hardware wallets. Sparrow combines a people-friendly UI with a powerful set of features.
Pros
- Multiple import options
- Built-in TOR support
- Support for Border Wallets grids (grid-pattern-based seed phrases)
Cons
- Desktop app only
- Limited support for Ordinals and BRC-20
- TOR Support: Built-in TOR (The Onion Router) support lets you connect to TOR-enabled Electrum servers easily.
- Easy Wallet Import: Bring your wallet from Electrum or other popular Bitcoin wallets.
- Charts And History: Gain a deeper understanding of your balance and transactions with diagrams and detailed history.
Sparrow parallels Electrum in many ways but puts a modern twist on old-school security practices, making it a good fit for both newbies, albeit with a learning curve, and even the stodgiest of Bitcoin maxis. Sparrow’s support for privacy options like TOR and Border Wallets make it a standout for anyone who values Bitcoin sovereignty.
4.5If you want to get in on the Bitcoin Ordinals buzz or BRC-20 brouhaha, consider UniSat Wallet. This open-source Bitcoin wallet brings Bitcoin NFTs — including unconfirmed NFTs — to your desktop as a Chrome extension. Inscribe your own NFTs (without running a full node) or mint and store BRC-20 tokens.
Pros
- Support for Bitcoin NFTs and BRC-20 tokens
- View unconfirmed NFTs
- Low-cost minting
- Full-screen setting for Chrome extension
Cons
- No support for hardware wallets
- Spotty import for existing wallets (new wallets recommended by UniSat)
- No support for Replace-by-fee
- Ordinals And BRC-20 Tokens: Bitcoin’s newest use cases are the primary focus for UniSat.
- Full-Screen View: See your NFTs or recent inscriptions in a full-screen desktop view.
- Mint BRC-20 Tokens: If you’ve always wanted your own cryptocurrency, UniSat lets you mint new tokens on the Bitcoin blockchain, setting supply and minting limits.
UniSat brings the fun back to Bitcoin with an upbeat feel and tons of zany Ordinal NFTs. Build your Ordinals empire or start your own crypto meme token. Electrum and Sparrow are for serious Bitcoin business. UniSat is for Bitcoin happy hour.
Check out our roundup of the best Bitcoin walletsfor even more options.
Best ETH Wallets
Every day, over one million transactions take place on the Ethereum blockchain. Ethereum expands on Bitcoin’s peer-to-peer cash functionality by building the network from the ground up to support smart contracts — computer programs that live on the blockchain. To interact with these smart contracts and store your ETH safely, you’ll need a crypto wallet built for the task. And since there is a lot more going on with the Ethereum blockchain, any wallet for cryptocurrency that you choose will likely also need to interface with a number of web3 applications.
- MetaMask:Best For Connecting To Ethereum Apps
- Trust Wallet:Best For Multi-chain
- Exodus Wallet:Best For Beginners
| MetaMask | Gas fees for network transactions 0.875% swap and bridge fees Additional fees for crypto purchases based on region and payment provider used | Ethereum Polygon Arbitrum Optimism + many more | ETH ERC-20 tokens | iOS Android Chrome extension | Ledger Trezor |
| Trust Wallet | Gas fees for network transactions No additional fees for swaps Additional fees for crypto purchases based on payment provider used | Ethereum Binance Smart Chain Bitcoin + over 100 more | ETH BTC BNB LTC XRP ZCASH + many more | iOS Android Chrome extension | Ledger support on Chrome extension only (Beta) |
| Exodus | Gas fees for network transactions Variable fees on swaps based on exchange used Additional fees for crypto purchases based on payment provider used | Ethereum Bitcoin Litecoin Cardano Solana + over 50 more | ETH BTC LTC ADA SOL + over 250 more | iOS Android Chrome extension Windows Mac Linux | Trezor support (desktop) |
4.8The open-source MetMask wallet is the go-to choice for millions of DeFi cryptos users all over the world. Built and backed by ConsenSys, a giant in crypto, MetaMask can be as simple or full-featured as you need it to be. Easily add support for more networks or connect to your Ledger or Trezor hardware wallet. MetaMask supports Ethereum and compatible layer 2 networks as well as Binance Chain.
Pros
- Supported by a wide range of DeFi apps
- Customize privacy settings
- Add new networks and tokens
- Support for Ledger hardware wallets
Cons
- Spotty token detection for Layer 2 networks
- Limited built-in blockchains
- Easy DeFi Connections: Connect to most DeFi apps with just a few clicks.
- Built-in Layer 2 Support: MetaMask makes it easy to add top L2s like Arbitrum or Polygon.
- Support For Hardware Wallets: Connect your Ledger or Trezor and add hardware-secured Ethereum addresses to MetaMask.
MetaMask is battle tested by millions of users and banked by ConsenSys. This open-source wallet starts out simple but lets you toggle on more features or customize your wallet to do crypto your way. Support for Layer 2 networks and test networks help MetaMask navigate wherever your DeFi journey takes you.
4.8Sometimes, you need to hold more than just ETH, and that’s where Trust Wallet excels. This multi-currency crypto wallet is the official DeFi wallet of the Binance exchange, a giant in the crypto space. Your 12-word master recovery phrase gives you access to more than 70 crypto blockchains in one wallet, including Ethereum, Bitcoin, and many more.
Pros
- Multi-chain wallet
- Intuitive interface
- Solid NFT support
Cons
- Hardware wallet support Beta only
- Complicated purchase fee discount based on holding TWT tokens
- Recent (2023) exploit of browser-based Trust wallets
- Multi-crypto Support: Trust Wallet is a capable ETH wallet that also holds BTC, ZCASH, LTC, XRP, and many more cryptos.
- Built-in DeFi: Explore top decentralized finance applications without leaving your wallet.
- Multi-platform Support: Use your wallet on the desktop with a Chrome extension or on the go with the mobile app.
Trust Wallet is built and backed by Binance. This puts it in a similar class to MetaMask or Coinbase Wallet, both of which have big companies behind the projects. Like Coinbase Wallet, Trust Wallet can be used independently of any exchange – but Trust Wallet supports a much wider range of cryptos.
4.5If you’re in the market for a multi-currency wallet that supports ETH and ERC-20 tokens without confusing its users, consider the Exodus Wallet. With over 4 million downloads, newbie-friendly Exodus is one of the most popular crypto wallets, bringing support for more than 260 cryptos, including ETH, BTC, and many more.
Pros
- Easy for beginners
- Desktop and mobile apps
- Multi-currency wallet, including ETH, BTC, and more
Cons
- No built-in staking for ETH
- Closed-source apps
- High fees for swaps
- Newbie-friendly UI: Exodus built its wallet app from the ground up to provide an easy and intuitive crypto experience.
- Swap And Buy Crypto: Add to your stack without leaving your wallet (fees apply).
- Multi-crypto Support: Exodus is a solid ETH wallet for beginners, but it’s also a handy way to store BTC, ALGO, and many more cryptos.
Exodus lets you store, stake (but not ETH), buy, or swap without ever leaving the app. Want to trade your BTC for more ETH? Easy. Or, you can explore popular DeFi apps or even make sports bets from within the Exodus desktop or mobile app.
Check out our roundup of best Ethereum walletsfor even more options.
Best SOL Wallets
SOL wallets support the SOL token, the fuel for the Solana blockchain. Several popular crypto wallets, such as the Coinbase wallet, also offer SOL support. However, Solana fans often gravitate towards SOL wallets with specific features designed around the Solana ecosystem, such as staking, NFTs, and Solana DeFi apps.
Here is our best crypto wallets list for interaction with the Solana network
- Phantom:Best For Hardware Wallet Support
- Solflare:Best For Safe Transactions
- Math Wallet:Best Crypto Wallet For Multi-chain Support
| Phantom | Gas fees for network transactions 0.85% on select assets in the Swapper app | Bitcoin Solana Ethereum Polygon Base | BTC SOL ETH ERC-20 tokens | Chrome Firefox iOS Android | Ledger with Chrome extension |
|---|---|---|---|---|---|
| Solflare | Gas fees for network transactions | Solana | SOL | Chrome Firefox iOS Android | Ledger |
| Math Wallet | Gas fees for network transactions $3.99 or 4.5% for crypto purchases through MoonPay | Solana Ethereum Bitcoin Sui Abitrum + over 100 more | SOL ETH BTC TRON SUI ARB MATIC + many more | Browser extension Cloud wallet (custodial) iOS Android | Ledger WOOKONG Bio |
4.5Although best known as a Solana wallet, Phantom Wallet also supports Ethereum and Polygon, giving you multi-chain support on the desktop or on the go with the mobile app. Phantom is one of two wallets that work out of the box on the Solana Saga phone, but you can use it on any supported device.
Pros
- Support for top smart-contract networks: Solana, Ethereum, and Polygon
- Widely supported by dApps
- Built-in staking options
Cons
- Limited token selection in Swapper
- Autogrouping NFTs: Solana NFTs are hot — and cheap to mint. Phantom Wallet’s auto grouping keeps your NFTs organized.
- Built-in Swaps: Swap SOL for Marinade staked SOL (mSOL) or any other supported asset with just a few clicks.
- Staking Support: Stake some SOL and earn a yield without leaving your wallet.
Phantom wallet feels solid yet full-featured and glitch-free. On the desktop, you’ll use a Chrome extension that’s supported by nearly every Solana DeFi app. On mobile, DeFi apps seamlessly hand off transactions to your installed Phantom mobile app.
3.7As the first Solana wallet, Solflare stays true to its mission to keep Solana users safe when making crypto transactions. Built-in support for Ledger devices on desktop and mobile gives you additional protection if needed, and transaction previews help you understand exactly what smart contracts are doing before you confirm.
Pros
- Preview balance changes before you confirm
- Burn junk or scam NFTs with a few clicks
- Newbie-friendly interface
Cons
- Persistent backup reminders
- NFT Burning: Get rid of spam and scam NFTs easily.
- Simulated Transactions: Malicious smart contracts can drain your wallet by pretending to do something other than draining your wallet. Solflare can simulate the transaction, so you’ll see what really happens if you click that button.
- Phishing Protection: Solflare warns you if it detects a known malicious website.
Solflare puts safety first, which is particularly important for new users exploring Solana’s DeFi ecosystem. Transaction simulations let you see the value of trades before you click a button you shouldn’t, and Solfare sends up a flare if you stumble onto a known malicious website. Solflare combines a full-featured wallet with safety elements you won’t find everywhere else.
4.4The popular Math Wallet adds support for 150+ cryptos — including Solana, Bitcoin, and others — and subtracts the complexity found with many crypto wallets. Math Wallet grows as your needs change with a simple interface for beginners and plenty of power under the hood. MathGas, a built-in tool, tracks gas prices for supported cryptos.
Pros
- Large selection of dApps
- Separate seed phrase for each major blockchain
- Support for multiple networks with one app or extension
- Demo account to help you learn
Cons
- Separate seed phrases can make Math Wallet difficult for beginners
- dAapp sign-in fails on some apps
- Massive dApp Selection: Interact with all the big names in Solana DeFi in one place.
- Demo Account: Learn your way around the Solana ecosystem without risking any money.
- Multi-chain Support: If you also need to use ETH, MATIC, or even BTC, Math Wallet has you covered.
Math Wallet’s demo account helps you learn the ropes. Once you’ve got the hang of things, you’ll find loads of power on tap with support for multiple blockchains and distinct wallets for major cryptocurrencies.
Check out our roundup of best Solana walletsfor even more options.
Best Hardware Crypto Wallets
Hardware crypto wallets use a separate device to store your wallet’s private key. If you want the most secure crypto wallet, go with a hardware wallet. When you need to approve a transaction, connect your hardware wallet to your computer or phone and then review and confirm the transaction. When you're done, disconnect and no one can access your wallet while it's offline!
Many software (hot) wallets can connect to hardware (cold) wallets, giving you a way to connect to apps without storing your keys on a device connected to the internet.
| Ledger | Gas fees for network transactions Up to 3.8% for Coinify purchases | Ethereum Polygon Bitcoin Solana Tron + More | 5,500+ cryptos, including: ETH SOL BTC +More | iOS Android Linux Mac Windows |
|---|---|---|---|---|
| Trezor | Gas fees for network transactions Up to 5.5% for Invity purchases | Bitcoin Ethereum Dogecoin Litecoin Avalanche +More | Over 1,300 cryptos, including: BTC ETH DOGE LTC AVAX +More | Web App Mac Windows Linux iOS Android (watch-only on mobile) |
| KeepKey | Gas fees for network transactions Variable up to 4.5% for MoonPay and other providers | Bitcoin Ethereum Litecoin Cosmos Fantom | Over 1,000 cryptos, including: BTC ETH LTC ATOM +More | Mac Windows Linux (AppImage) |
Note: Hardware wallets may not be available in all countries.
4.6The now-legendary Ledger hardware wallet line has been around since 2014, with constant innovation and a variety of form factors. Choose from discreet thumb-drive-shaped Ledgers to a touchscreen model that rivals flagship phones for features and style. Ledgers are also widely supported by software wallets like MetaMask for additional security.
Pros
- Widest support for software wallets
- Open-source app (Ledger Live)
- Support for over 5,500 cryptos
- Affordable models starting at $79
Cons
- Closed-source firmware
- Controversial backup subscription option
- High fees for in-app crypto purchases
- USB or Bluetooth Connectivity: Premium Ledger models connect via Bluetooth, allowing you to use them with mobile devices. Others connect via USB C.
- Unrivaled Crypto Support: Ledger’s support for over 5,500 cryptos lets you store just about anything on your Ledger.
- Supported By Top Hot Wallets: Easily connect with leading DeFi wallets while securing transactions with your Ledger.
Ledger remains one of the top choices for hardware wallets because of its versatility. Secure your crypto on all the leading blockchains or explore some opportunities on smaller chains. The open-source Ledger Live app makes managing your Ledger a breeze, but your Ledger can go anywhere, easily connecting to MetaMask, Electrum, and many other hot wallets.
3.9Choose from the reliable and affordable two-button Trezor Model One or the Touchscreen Model T. Both devices define the gold standard in secure crypto storage. Open-source isn’t just a buzzword for Trezor. From the Trezor software suite to the device firmware, Trezor makes the code available for review by the community.
Pros
- TOR routing to enhance privacy
- Open-source software and firmware
- Easy-to-use Trezor Suite
Cons
- Limited mobile support
- Limited blockchain support (no Solana)
- Built-in Coinjoin: Protect your Bitcoin privacy with Coinjoin, a crypto tool that obscures the sender and receiver addresses.
- TOR Support: Use Trezor Suite on the privacy-enhancing TOR network to protect your IP address.
- Open-source Design: From software to firmware, Trezor code is available for review or even to contribute to if you’re a coder.
Transparency replaces trust, a concept Trezor embraces with its open-source design. Many regard Trezor as the safest crypto wallet, and with a starting price of about $70, Trezor makes world-class crypto security affordable. You’ll also find wide support with popular crypto wallets like MetaMask and Electrum.
4.4Built by former employees of ShapeShift, an open-source trading platform, KeepKey follows the open-source ethos of crypto itself, making both firmware and desktop code available online. KeepKey’s large screen makes it easy to view complete addresses and transaction messages without scrolling. KeepKey is best suited to major cryptos like ETH and BTC.
Pros
- More affordable than other cold wallets
- Option to wipe the device and start with new seed phrase
- Open-source software and firmware
Cons
- Micro USB connection
- Tricky setup for newbies
- No mobile app
- Integrated With ShapeShift: Once part of ShapeShift, KeepKey is now independent but still supports the popular ShapeShift trading platform.
- Device Wiping: If your seed phrase becomes compromised, you can start a new wallet with your existing device.
- Open-source Code: Both firmware and software for KeepKey are open-source and available for review.
KeepKey brings many of the best features of well-known wallets like Trezor with a more affordable entry point (about $50). You’ll find support for all the major cryptos and built-in support for ShapeShift, a popular trading platform where you can trade BTC for ETH or MATIC for DOGE and much more.
Methodology
There’s no shortage of capable crypto wallets out there, but to choose the best wallets for crypto, we considered several aspects.
- Supported Blockchains: A multi-currency wallet might not be the best crypto wallet if you're only stacking Bitcoin.
- Reputation: Some very promising wallets didn’t make our crypto wallets list simply because they’re not time-tested.
- Security Features: We examined security and privacy features as part of our overall crypto wallet rankings.
- Supported Platforms: Where you can use your wallet matters to some in the crypto community. Extra points for cross-platform support.
- Ease of Use: Crypto can be complicated; extra points for wallets that are people-friendly without sacrificing security.
- Customer Support: Product support for crypto wallets can range from phone help to email to Discord support or even non-existent support.
- Token Detection: It’s entirely possible to have crypto in your wallet that you can’t see, especially on Ethereum Layer 2 networks. Token detection matters.
Why Do You Need A Crypto Wallet?
A crypto wallet serves four primary functions.
- Self-custody For Your Crypto: If you want to move your crypto off of crypto exchanges, you’ll need a place to send your crypto and a safe way to secure your crypto.
- Send And Receive Crypto: Your wallet lets you send crypto to other wallets or receive crypto.
- Connect To dApps: Your crypto wallet lets you connect to decentralized apps and interact with smart contracts, including staking or lending platforms.
- Voting And Signing: Your wallet can sign in to supported dApps or even be used for voting on proposals for crypto protocols.
Types Of Crypto Wallets
There are several types of crypto wallets, each with its pros and cons. But in some cases, you can use two digital coin wallet types in parallel. For example, you can use a hot wallet like MetaMask paired with a hardware wallet like Ledger. This lets you connect to dApps easily while protecting your crypto in your hardware wallet.
A wallet for which you control the private keys and seed phrases is also known as an externally owned account (EOA). The Ethereum network supports EOA accounts as well as smart contract accounts, covered in just a bit.
Let’s explore the different types of crypto wallets.
Hot Wallets
A hot wallet, sometimes called a software wallet, is a wallet for which the private keys were generated and stored on a device connected to the internet. For example, a browser extension wallet would be a hot wallet because the computer is online. The same is true for nearly all mobile crypto wallets for phones and tablets.
Hot wallets trade some security for convenience.
- Pro: Convenient to use and easy to connect to dApps
- Con: Less secure compared to a hardware wallet
- Examples: MetaMask, Electrum, Trust Wallet, Coinbase Wallet
Hardware Wallets
Hardware wallets, also called cold wallets or cold storage wallets, generate and store your wallet’s private keys on a device that’s not connected to the internet. Once connected to your computer or mobile device, apps can ask your wallet for “permission” to make transactions, which you can approve or deny.
- Pro: More secure because your private keys are stored on a separate device
- Con: Must connect the wallet to make transactions
- Examples: Ledger, Trezor, KeepKey
Multi-Sig Wallets
You can think of a multi-sig wallet like a vault door with more than one lock. To get in, you’ll need more than one key. Multi-sig wallets require a predefined number of signatures (approvals) to sign transactions. For example, you might need two of three signatures to approve a transaction. Multi-sig is one of the safest crypto wallet types, and the feature is supported by several top crypto wallets like Trust Wallet and Electrum.
- Pro: Ideal for businesses, crypto project treasuries, or high-value portfolios
- Con: Cumbersome to use for routine transactions
- Examples: Trust Wallet, Ledger, Sparrow
Other Types Of Crypto Wallets
Online crypto wallets, like the Nexo Wallet, covered in our Nexo exchange review, and smart-contract wallets, such as Argent Wallet and Gnosis Safe, round out the crypto wallets list.
- Online crypto wallets are accessed through a website or crypto wallet app — and likely use smart contracts under the hood (Nexo Wallet does).
- Smart-contract wallets — as the name suggests — use smart contracts to secure your crypto, letting you set withdrawal limits and recovery options. Neither wallet type has reached broad adoption as of yet, as both bring some limitations, such as challenges connecting to dApps.
Custodial Vs. Non-Custodial
The crypto wallet types above are all non-custodial, meaning you hold your crypto rather than a third party like an exchange providing custody. Another name for a wallet you control is a self-custody wallet.
The alternative would be custodial wallets, which is how many of us started our crypto journey. We bought crypto on a centralized exchange, and the exchange held the crypto. A custodial wallet is still a wallet, but if you don’t have access to the wallet's private keys and must ask permission from the exchange to move or spend your crypto, then whose wallet is it?
How To Choose A Crypto Wallet
When choosing the best crypto wallet for you, there are a number of factors to consider.
- Reputation And Community: Look for wallets with a solid reputation and a large community. A larger community increases the chances of finding answers to questions you may have.
- Supported Blockchains And Tokens: The blockchains you use in crypto guide the types of crypto wallets you’ll need. For instance, MetaMask doesn’t support Bitcoin. If you use both ETH and BTC, you may need more than one wallet or a multi-currency wallet.
- Connectivity: How easy is the wallet to use every day? Can it connect to the web apps you use easily? Some apps don't support all wallets.
- Features: Consider which features are important to you. For instance, some wallets (MetaMask, Electrum, and others) allow you to change the transaction fee to try and save money.
- Cost: If you expect to buy crypto directly through your wallet, purchase fees can be a consideration. If you’re buying a hardware wallet, the cost of the wallet can also play a role.
- Audits And Security: Software wallets are just computer programs that can have bugs or vulnerabilities. Look for code audits performed by third parties, like the audits for MetaMask.
How to Use a Crypto Wallet
Using a crypto wallet is actually pretty easy. Once installed, you can either choose to import an existing wallet, or have a new one created for you. You will be prompted to store your recovery words, and then you are ready to go! If you visit a web3-enabled website or game, they will offer the opportunity for your to connect your wallet. This generally just involves signing a message sent to your wallet, and almost never requires paying any fees.
Here are a few tips safely using a crypto wallet.
- Be sure to safely store your private keys and recovery words!
- You will generally need some of the native token for the blockchain you are using in order to pay for network fees.
- Always make sure you are on a trusted site before connecting your wallet to it
- If you receive a wallet pop-up that you weren't expecting, fell free to reject it!
To Sum It Up
We started with a simple question: what are the best crypto wallets? We quickly discovered that there’s no “best” wallet but that some are best for a specific use case. Which crypto wallet is best for you really depends on what you need your wallet to do well. Expect some compromises. Multi-currency wallets might be missing advanced blockchain-specific features, whereas specialized wallets might limit you to a handful of blockchains (or just one).
Frequently Asked Questions
A cryptocurrency wallet is a device or program that stores your private and public keys for cryptocurrency transactions and enables users to send and receive cryptocurrencies and NFTs.
Hardware wallets like Ledger or Trezor are generally considered to be the safest crypto wallets because they generate and store your private keys offline.
MetaMask offers a way to adjust gas fees for Ethereum and Layer 2 network transactions. For Bitcoin, Electrum supports SegWit, which reduces transaction costs. Electrum also supports Lightning Network transactions. But really, the best crypto wallet is one that fits your needs.
Coinbase Wallet makes a solid choice for beginners. Others to top wallets consider include MetaMask and Phantom wallets.
Software wallets are more convenient, whereas hardware wallets are more secure. If you’ll be interacting with dApps, you can consider a software wallet like MetaMask or Phantom wallet paired with a hardware wallet like Ledger.
Most crypto wallet apps, like MetaMask or Phantom, are free to use. You’ll pay fees for network transactions like sending crypto, or for buying crypto from within the wallet (if supported).
