- >Best Cryptocurrency Wallets 2024: Comprehensive Wallet Reviews
- >What Are the Safest Cryptocurrency Wallets?
What Are the Safest Cryptocurrency Wallets?
Crypto wallets can be hard to choose from. There are so many options. Do you want a hot wallet or cold wallet? Hardware wallet or software wallet? How about software wallets that support a hardware wallet? The best crypto wallets for security are cold storage wallets, but are they the best for convenience? What about the safest crypto wallet?
Ideally, you want a crypto wallet that is convenient and safe, while also having a good user interface. In this guide, we’re going to break down the safest crypto wallets on the market. This is not an exhaustive list of safe crypto wallet options, but rather a selection of crypto wallets for you to consider when looking for a safe one. Let’s jump in.
Top Picks for Safe Crypto Wallets
- Flagship Ledger wallet with industrial-grade security with bluetooth
- Supports over 1300 crypto assets and tokens
- Supports all major desktop and mobile operating systems
- Connect to Ledger Live for staking, DeFi, NFTs and more
- Exceptional value for the price
- Huge improvement over original Nano S with better screen and more storage
- Install over 100 apps with support for thousands of assets
- Connect to Ledger Live for staking, DeFi, NFTs and more
- One of the most widely supported hardware wallets in crypto
- Top-tier cryptocurrency wallet with impressive touchscreen
- Compatible with a number of software wallets
- Store cryptocurrency, passwords and other keys with ease
- Excellent customer support
- Free to download for desktop & mobile
- Supports multiple hardware wallets
- Supports over 100 cryptocurrencies
- Great customer support
- User interface is easy for beginners to grasp
- Portal into a variety of Ethereum dapps
- Hardware wallet integrations
- Available on mobile and as a browser extension
Rankings for Safest Crypto Wallets
Before we go into more detail here’s a look at the leading crypto wallets for the Apple ecosystem according to our rankings:
Breaking Down the Safest Crypto Wallets
Here’s a closer look at each safe wallet that we recommend with an overview of all the security features provided by each device:
Ledger Nano X – Best Hardware Wallet
Ledger, founded in 2014, is considered the leading hardware wallet solutions provider and offers hardware wallets. The Ledger Nano X crypto wallet supports bluetooth and has its own batter, and it can store up to 100 simultaneously digital assets from a selection of 5,500+ cryptocurrencies that can be managed from your computer or smartphone. It can be used in conjunction with hot wallets like Phantom, MetaMask, and Ledger’s native wallet, Ledger Live in order to have greater security.
- Flagship Ledger wallet with industrial-grade security with bluetooth
- Supports over 1300 crypto assets and tokens
- Supports all major desktop and mobile operating systems
- Connect to Ledger Live for staking, DeFi, NFTs and more
Ledger Nano S Plus – Budget Hardware Wallet
The Nano S was Ledger’s first and most popular cryptocurrency wallet. The Nano S Plus is the same product they’ve always offered, but with a slightly bigger screen. It differs from the Nano X in that it does not offer bluetooth, and it has no battery, but otherwise is ostensibly the same cold wallet.
- Exceptional value for the price
- Huge improvement over original Nano S with better screen and more storage
- Install over 100 apps with support for thousands of assets
- Connect to Ledger Live for staking, DeFi, NFTs and more
- One of the most widely supported hardware wallets in crypto
Trezor Model One and T – Alternative for Hardware Wallets
The Trezor Model One crypto wallet was created by SatoshiLabs in 2014 and was the first hardware crypto wallet in the world. It’s Trezor’s basic crypto wallet that comes at an affordable price and can store over 1,000 digital assets.
The Trezor Model T was released in 2018 by SatoshiLabs and is their higher end crypto wallet offering. It has all of the same features as the Model One, but it has a color touchscreen that is used for all the functions. One major feature that Trezors have over Ledger is that they are completely open source.
- Top-tier cryptocurrency wallet with impressive touchscreen
- Compatible with a number of software wallets
- Store cryptocurrency, passwords and other keys with ease
- Excellent customer support
Exodus Wallet – Best Multi-Asset Wallet
Exodus is one of the oldest crypto wallets available. The Exodus crypto wallet is available as a desktop app for Windows, Mac, and Linux, as a mobile app for Android and iOS, and as a browser extension for Chrome and Brave. Exodus offers hardware wallet support for Trezor crypto wallets such as the Trezor One and Trezor Model T.
- Free to download for desktop & mobile
- Supports multiple hardware wallets
- Supports over 100 cryptocurrencies
- Great customer support
MetaMask Wallet – Best DeFi Wallet
MetaMask is one of the most well-known crypto wallet apps available. MetaMask is available for both Android and iOS, and as a browser extension for Chrome, Firefox, Brave, and Edge. MetaMask has no support for a Bitcoin wallet, Cardano, Cosmos, or Solana, but is the one of the best crypto wallets for interacting with DeFi platforms.
- User interface is easy for beginners to grasp
- Portal into a variety of Ethereum dapps
- Hardware wallet integrations
- Available on mobile and as a browser extension
Different Types of Crypto Wallets
There are 4 main types of crypto wallets: software wallets, hardware wallets, browser extensions, and paper wallet.
Software Wallets
A software wallet is any crypto wallet that is used as a desktop application or mobile wallet app. Exodus wallet is a good example for desktop wallets, while Atomic Wallet is another good option. Mobile wallet apps such as Coinbase Wallet and Crypto.com DeFi Wallet for Android and iOS were created by crypto exchanges but are non custodial wallet options meaning you control the private keys.
Software wallets are considered hot wallets because they are connected to the internet, allowing you to move your crypto assets easily. Some software wallets are able to support hardware wallets, helping turn it into more of a cold wallet than a hot wallet, though not every wallet supports hardware wallet integration.
Hardware Wallets
A hardware wallet is a crypto wallet that is a physical device. It has to be connected to the internet by connecting the device to your laptop or mobile wallet through USB or a wireless connection such as Bluetooth. When the device isn’t connected to the internet it can be considered a cold storage wallet because there’s no way for the private keys to be used.
Browser Extension Wallets
Browser extension wallets are a type of wallet that is is added to your favorite internet browser such as Chrome or Brave. They’re really another form of software wallets, and likewise they should be considered hot wallets as they’re connected to the internet. Some of the best crypto wallets are browser extension wallets that support hardware wallet integration.
Paper Wallets
A paper wallet is the ultimate form of cold wallet, but because you’re keeping your private key written down, it’s only as secure as you keep that wallet’s private key. While they’re likely the best crypto wallet for security, they’re also the easiest one to lose access to, especially if you misplace the piece of paper. Hardware wallets are better options unless you’re extremely confident that you can manage a paper one.
Which Crypto Wallet is the Most Secure?
The best crypto wallet for securing your crypto assets is a cold wallet such as a hardware wallet like Ledger Nano X or Trezor Model One.
Really all cold wallets are your best crypto wallet options for security, though they can be less convenient, especially if you don’t integrate them with a hot wallet.
What is the Best Cryptocurrency Wallet?
The best crypto wallet is then a cold wallet that can be integrated into a hot wallet, as this is the most safe but also convenient way to store your crypto assets. This type of wallet allows your assets to be stored safely in a cold wallet, but then allows you to use a hot wallet in order to move your crypto assets.
What’s a Cold Wallet?
Cold wallets are crypto wallets that aren’t connected to the internet. Hardware wallets can be considered cold wallets when they aren’t being used, as there is no internet connection then.
What About Exchange Wallets?
An exchange wallet is like a hot wallet but it’s even worse because it’s a custodial wallet where you don’t control the private keys. Unless you’re going to trade your crypto assets on the crypto exchange, you should transfer them to a crypto wallet that you hold the private keys to. This is any software hot wallet, cold wallets like hardware wallets, browser extension hot wallets, or any other non custodial wallet option.
Tips For Keeping Your Crypto Wallet Safe
There’s only two tips you need to remember to keep your crypto wallet safe. Don’t give anyone your recovery phrase, and don’t give anyone your private key. It’s essentially impossible to lose assets if you follow those two simple rules. Furthermore, no authority will ever need those from you unless it’s a scam.
How to Set Up Your Crypto Wallet
To set up your crypto wallet, you either download the software or browser extension, or connect your hardware wallet to the internet. Then you’ll have to write down and confirm a recovery phrase (sometimes called secret phrase), which is what you’ll use to regain access to your wallet if you lose access either by losing your device or setting up your wallet on a new one. After you’ve written down and confirmed your recovery phrase, you’ll have to set up a spending password, and then your crypto wallet is ready to be used.
What Are Common Mistakes When it Comes to Crypto Wallets?
The most commons mistakes when it comes to crypto wallets are related to self-security.
This means either losing your recovery phrase, telling it to someone, or falling for some sort of phishing that compromises your wallet. Also making sure that you’re sending to the correct wallet address is something that you should always double check, because if you send it to the wrong address, you’ll lose the assets.
Frequently Asked Questions About Crypto Wallet Safety
The safest type of wallet for digital assets is a cold wallet. Cold storage ensures that your private keys remain offline.
You should keep your crypto assets in a hardware wallet that is a cold wallet/works as cold storage. You can then move them to a hot wallet if/when you want to trade or sell them.
The Coinbase Wallet is safe as a wallet because it’s a non custodial wallet, however, keeping your assets on the Coinbase exchange is only safe assuming the platform isn’t hacked or your information isn’t compromised.
Yes, you need a crypto wallet. Crypto wallets give you control over your finances in a way that an exchange wallet cannot.
Crypto can only get locked in a wallet if you forget your spending password, but even then you can just recover the wallet on a new device and set a new password, meaning you regained access. If you forget your spending password and lose your recovery phrase, then it’ll essentially be locked in the wallet.
