Best Crypto Wallets 2023
A curated list of the top crypto wallets, plus types of wallets & how to choose.
- Writer Eric Huffman
- andEditor Shannon Ullman
- May 26, 2023
- •6 Min Read
The Milk Road Promise
We’re committed to helping you get smart about crypto. Some articles feature products from partners who compensate us, but opinions are always our own.
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. Whether you just want to HODL or you want to interact with DeFi apps, your wallet holds the private keys that control your crypto. Nothing leaves your wallet without your permission.
But some types of crypto wallets are better suited to certain tasks than others, including Bitcoin wallets, DeFi wallets, and multi-currency wallets. Below, we break down Milk Road’s top picks for best crypto wallets and detail where each excels.
6 Best Crypto Wallets For Investors Overall
- Trust Wallet: Best Overall
- MetaMask Wallet: Best For DeFi & Ethereum
- Electrum Wallet: Best For Bitcoin
- Phantom Wallet: Best for Solana
- Ledger Wallet: Best Hardware Wallet
Wallet | Fees | Blockchains Supported | Cryptos Supported | Platforms Supported | Hardware Wallet Support? |
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| Ledger support on Chrome extension only (Beta) | |
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| |
Bitcoin or Lightning Network fees only |
| BTC |
|
| |
|
|
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| Ledger with Chrome extension | |
|
| 5,500 cryptos, including,
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| N/A |
Note: Some 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 wallet, one that supports the top smart contract networks and easily connects to decentralized apps (dApps) like Curve or Aave.
- MetaMask: Best For Connecting To Decentralized Apps
- Coinbase Wallet: Best For Built-In Network Support
- Frame Wallet: Best For Privacy-Minded Power Users
Wallet | Fees | Blockchains Supported | Cryptos Supported | Platforms Supported | Hardware Wallet Support? |
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|
| |
| Mobile:
Desktop:
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| Ledger | |
Network fees only |
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MetaMask
Best For Connecting To Decentralized Apps
The 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 only supports Ethereum and compatible Layer 2 networks.
Read Our MetaMask Review
Fees
Supported Blockchains
+More
Cryptos Supported
+ ERC-20 tokens
Platforms Supported
Hardware Wallet Support?
Pros & Cons
Expand to learn morePros
- 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
Features
Expand to learn more- 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.
Why We Like It
Expand to learn moreMetaMask 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.
Coinbase Wallet
Best For Built-In Network Support
The Coinbase Wallet is a standalone product, although you can also use it with your Coinbase account. Coinbase Wallet’s Chrome extension supports Ethereum and several other compatible networks, like Arbitrum and Polygon, as well as Solana. The Coinbase mobile wallet app adds support for Bitcoin, Dogecoin, and Litecoin. Coinbase wallet is supported by popular DeFi apps, making connections easy.
Read Our Coinbase Wallet Review
Fees
Blockchains Supported
+ More
Cryptos Supported
+More
Platforms Supported
Hardware Wallet Support?
Pros & Cons
Expand to learn morePros
- Support for top blockchains, including Ethereum, Layer 2 networks, and Solana
- Ledger support
- Excellent token detection
- Supported by a wide range of DeFi apps
Cons
- Bitcoin support limited to mobile wallet
- Closed-source code
Features
Expand to learn more- Support for Solana and Ethereum: 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.
Why We Like It
Expand to learn moreCoinbase wallet offers a beginner-friendly option to get started with DeFi. Support for Solana, Ethereum, and several Layer 2 networks lets you grow without changing wallets. And if you’re stacking Bitcoin as well as ETH and ERC-20 tokens, the Coinbase mobile wallet can store your BTC.
Frame
Best For Privacy-Minded Power Users
Frame is a privacy-focused DeFi wallet with a unique twist. The wallet runs as an installed app paired with a Chrome extension that can mimic MetaMask to make dApp connections a snap. Use multiple networks seamlessly with Frame’s “omnichain” routing and summon Frame wallet with a hotkey. Frame ships are set to default Remote Procedural Call (RPC) nodes that don’t save user data.
Fees
Blockchains Supported
+More
Cryptos Supported
Platforms Supported
Hardware Wallet Support?
Pros & Cons
Expand to learn morePros
- Privacy RPCs by default
- Support for Ledger or Trezor
- Omnichain routing for simultaneous connections on different blockchains
- App-driven for use with multiple browsers
Cons
- Confusing for newbies
Features
Expand to learn more- Omnichain Routing: Frame can run one app on Ethereum while running another on Arbitrum or Gnosis.
- Desktop App: Pair the Frame desktop app with a Chrome connector extension to have an always-available crypto wallet on any Chromium-based browser.
- Hardware Wallet Support: Pair Frame with your Ledger or Trezor to access secured funds.
Why We Like It
Expand to learn moreFrame is quirky yet endearing, letting you use multiple browsers and crypto networks from one desktop app you can launch with a hotkey. The team puts privacy first, installing default RPC servers that don’t track IP addresses, unlike other top DeFi wallets. It’s not a swap app or a bridge, but it’s a fantastic wallet.
Check out our roundup of best DeFi wallets for 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. 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.
- Electrum: Best For Lightning Network Support
- Sparrow: Best For Privacy
- UniSat: Best For Ordinals And BRC-20s
Wallet | Fees | Blockchains Supported | Cryptos Supported | Platforms Supported | Hardware Wallet Support? |
Bitcoin or Lightning Network fees only |
| BTC |
|
| |
Bitcoin or Lightning Network fees only |
| BTC |
|
| |
Bitcoin or Lightning Network fees only |
|
| Chrome extension | None |
Electrum
Best For Lightning Network Support
The 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.
Read Our Electrum Review
Fees
Blockchains Supported
Cryptos Supported
Platforms Supported
+More
Hardware Wallet Support?
+More
Pros & Cons
Expand to learn morePros
- Tried and true open-source code
- Replace-by-fee supported to customize fees
- Support for popular hardware wallets
Cons
- Confusing for newbies
- Dated interface
- No support for BRC-20 or Ordinals
Features
Expand to learn more- 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.
Why We Like It
Expand to learn moreElectrum 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.
Sparrow
Best For Privacy
The 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.
Fees
Blockchains Supported
Cryptos Supported
Platforms Supported
Hardware Wallet Support?
Pros & Cons
Expand to learn morePros
- 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
Features
Expand to learn more- 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.
Why We Like It
Expand to learn moreSparrow 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.
UniSat
Best For Ordinals And BRC-20s
If 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.
Fees
Blockchains Supported
Cryptos Supported
+ BRC-20, Ordinals
Platforms Supported
Hardware Wallet Support?
Pros & Cons
Expand to learn morePros
- 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
Features
Expand to learn more- 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.
Why We Like It
Expand to learn moreUniSat 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 best Bitcoin wallets for even more options.
Best ETH Wallets
Every day, over one million transactions take place on the Ethereum blockchain. Ethereum builds 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.
- MetaMask: Best For Connecting To Ethereum Apps
- Trust Wallet: Best For Multi-chain
- Exodus Wallet: Best For Beginners
Wallet | Fees | Blockchains Supported | Cryptos Supported | Platforms Supported | Hardware Wallet |
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| Ledger support on Chrome extension only (Beta) | |
Gas fees, variable spread on swaps |
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| Trezor support (desktop) |
MetaMask
Best For Connecting to Ethereum Apps
The ubiquitous MetaMask wallet made our crypto wallets list twice, a testament to its utility and easy setup. The ConsenSys-backed open-source wallet is available as a Chrome extension or a mobile app, with the ability to connect to a hardware wallet through the Chrome extension. MetaMask supports the Ethereum network and popular Layer 2 networks like Arbitrum, Avalanche, and Polygon.
Read Our MetaMask Review
Fees
Blockchains Supported
+More
Cryptos Supported
+ERC-20 tokens
Platforms Supported
Hardware Wallet
Pros & Cons
Expand to learn morePros
- Superior support for Ethereum-based apps
- Ledger hardware wallet support
- Enhanced gas fee control
- Enhanced token detection on the Ethereum blockchain
Cons
- Non-private RPC servers log IP addresses
- Many useful features are hidden in advanced settings
Features
Expand to learn more- Hardware Wallet Support: Connect your Ledger or Trezor hardware wallet to your MetaMask with just a few clicks.
- Enhanced ERC-20 Token Support: If your ETH portfolio is more than just ETH, MetaMask can keep up with your weird-token cache, assuming it’s on the Ethereum blockchain.
- Gas Fee Controls: Enable enhanced gas controls to prioritize transactions or save on gas fees.
Why We Like It
Expand to learn moreMetaMask supports the Ethereum network and Layer 2 networks. That’s it. The wallet does one thing and it does it extremely well. And because it’s the top crypto wallet for the Ethereum blockchain, it’s accepted everywhere you want to connect. Navigate the Ethereum landscape with ease.
Trust Wallet
Best For Multi-chain
Sometimes, 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.
Fees
Blockchains Supported
+More
Cryptos Supported
+More
Platforms Supported
Hardware Wallet Support?
Pros & Cons
Expand to learn morePros
- 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
Features
Expand to learn more- 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.
Why We Like It
Expand to learn moreTrust 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.
Exodus
Best For Beginners
If 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.
Fees
Gas fees, variable spread on swaps
Blockchains Supported
+More
Cryptos Supported
+More
Platforms Supported
+More
Hardware Wallet Support?
Pros & Cons
Expand to learn morePros
- 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
Features
Expand to learn more- 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.
Why We Like It
Expand to learn moreExodus 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 wallets for 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.
- Phantom: Best For Hardware Wallet Support
- Solflare: Best For Safe Transactions
- Math Wallet: Best For Multi-chain Support
Wallet | Fees | Blockchains Supported | Cryptos Supported | Platforms Supported | Hardware Wallet Support? |
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|
|
| Ledger with Chrome extension | |
Gas fees on network transactions | Solana | SOL |
| Ledger | |
|
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|
|
|
Phantom
Best For Hardware Wallet Support
Although 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.
Fees
Blockchains Supported
Cryptos Supported
+ERC-20 tokens
Platforms Supported
+Firefox
Hardware Wallet Support?
Pros & Cons
Expand to learn morePros
- Support for top smart-contract networks: Solana, Ethereum, and Polygon
- Widely supported by dApps
- Built-in staking options
Cons
- Limited token selection in Swapper
Features
Expand to learn more- 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.
Why We Like It
Expand to learn morePhantom 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.
Solflare
Best For Safe Transactions
As 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.
Fees
Blockchains Supported
Cryptos Supported
Platforms Supported
+Firefox
Hardware Wallet Support?
Pros & Cons
Expand to learn morePros
- Preview balance changes before you confirm
- Burn junk or scam NFTs with a few clicks
- Newbie-friendly interface
Cons
- Persistent backup reminders
Features
Expand to learn more- 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.
Why We Like It
Expand to learn moreSolflare 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.
Math Wallet
Best For Multi-chain Support
The 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.
Fees
Blockchains Supported
+More
Cryptos Supported
+More
Platforms Supported
+Cloud wallet (custodial)
Hardware Wallet Support?
Pros & Cons
Expand to learn morePros
- 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
Features
Expand to learn more- 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.
Why We Like It
Expand to learn moreMath 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 wallets for even more options.
Best Hardware 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. 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.
Wallet | Fees | Blockchains Supported | Cryptos Supported | Platforms Supported | Hardware Wallet Support? |
Network fees, up to 3.8% for Coinify purchases |
| 5,500+ cryptos including,
|
| N/A | |
|
| Over 1,300 cryptos, including,
|
| N/A | |
|
| Over 1,000 cryptos, including,
|
| N/A |
Note: Hardware wallets may not be available in all countries.
Ledger
Best For Supported Cryptos
The 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.
Read Our Ledger Review
Fees
For Coinify purchases
Blockchains Supported
+More
Cryptos Supported
+More
Platforms Supported
+More
Hardware Wallet Support?
Pros & Cons
Expand to learn morePros
- 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
Features
Expand to learn more- 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.
Why We Like It
Expand to learn moreLedger 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.
Trezor
Best For Security
Choose 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.
Read Our Trezor Review
Fees
For Invity purchases
Blockchains Supported
+More
Cryptos Supported
+More
Platforms Supported
+More
Hardware Wallet Support?
Pros & Cons
Expand to learn morePros
- TOR routing to enhance privacy
- Open-source software and firmware
- Easy-to-use Trezor Suite
Cons
- Limited mobile support
- Limited blockchain support (no Solana)
Features
Expand to learn more- 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.
Why We Like It
Expand to learn moreTransparency 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.
KeepKey
Best For Affordability
Built 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.
Fees
For MoonPay and other providers
Blockchains Supported
+More
Cryptos Supported
+More
Platforms Supported
Hardware Wallet Support?
Pros & Cons
Expand to learn morePros
- 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
Features
Expand to learn more- 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.
Why We Like It
Expand to learn moreKeepKey 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.
Check out our roundup of best hardware wallets for even more options.
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 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
- 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 DeFi apps easily? Some wallets don’t play well with DeFi in particular.
- Features: Consider which features are important to you. For instance, some wallets (MetaMask, Electrum, and others) allow you to change the transaction fee to 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.
To Sum It Up
We started with a simple question: what are the best crypto wallets? What we quickly discovered was 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
Which Is The Safest Crypto Wallet?
Expand to learn moreHardware wallets like Ledger or Trezor are generally considered to be the safest crypto wallets because they generate and store your private keys offline.
What Is The Best Crypto Wallet With Low Fees?
Expand to learn moreMetaMask 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.
Is Coinbase Wallet The Best Crypto Wallet?
Expand to learn moreCoinbase Wallet makes a solid choice for beginners. Others to consider include MetaMask if you're using the Ethereum network or Phantom for Solana transactions.
What Kind Of Crypto Wallet Is Best?
Expand to learn moreSoftware 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 paired with a hardware wallet like Ledger.
Are There Free Crypto Wallets?
Expand to learn moreMost 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).
Contributors
Eric HuffmanWriter
Eric Huffman is a staff writer for MilkRoad.com. In addition to crypto and blockchain topics, Eric also writes extensively on insurance and personal finance matters that affect everyday households.
Shannon UllmanEditor
Shannon Ullman is the managing editor for Milk Road. She specializes in cryptocurrency and personal finance content. Her work has appeared in publications like Insider Inc.
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