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 |
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 |
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) |
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 |
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.
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).
