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Trust Wallet is a popular mobile online crypto wallet and the official mobile app of Binance, one of the leading cryptocurrency exchanges in the world.

Despite its links to Binance, the wallet is non-custodial, which means it does not keep your private keys, and the user is responsible for safeguarding them. Trust Wallet is also a great mobile option for NFT and decentralized app enthusiasts. The wallet has a built-in Web3 browser, allowing users to access dApps and blockchain games directly through the app. This feature makes buying NFTs easy, as users can look, purchase and store tokens using the incorporated decentralized exchange, all without leaving the app.

Why we chose it : We chose Ledger Nano S Plus as the best crypto hardware wallet because of its large number of supported assets, tight security framework and trading capabilities through the integrated Ledger Live app. Ledger is one of the most well-known brands in the crypto space, with hardware wallets that are a popular choice among crypto enthusiasts.

Its products stand out for using a Secure Element component пїЅ a type of chip often seen on passports, credit cards and payment systems пїЅ to provide an extra layer of security. This upgrade to the Ledger Nano S made an already strong entry-level product even more enticing when compared to its bigger brother, the Ledger Nano X. Moreover, it measures 2. Why we chose it: We chose Electrum as the best Bitcoin wallet because of its extensive security features and high degree of customizability.

Founded in , Electrum is one of the oldest and most well-known crypto wallets today. The wallet hosts a variety of robust security features, including 2FA, transaction proof checking, and multi-signature wallet support. Light clients can be set up in a matter of minutes and take up less space than traditional wallet clients on your computer. By using simple payment verification SPV , the wallet only downloads parts of the blockchain, which speeds up transactions without compromising security.

Why we chose it: We chose BlueWallet as the best bitcoin wallet for mobile because of its feature-rich mobile app, simple user interface and integration with the Lightning Network. In addition to basic functionality like sending, receiving and storing BTC, BlueWallet allows users to send batch transactions, customize fees and establish a Tor connection for enhanced privacy. It helps to think of the Lightning Network as an expressway that sits on top of the regular Bitcoin blockchain.

Why we chose it: We chose Exodus as the best crypto wallet for desktops because of the speed of its transactions, ease of use, and the varied functionality of its client. Exodus is one of the most visually appealing and intuitive wallets on the market.

Initially a desktop-only wallet, Exodus now has apps for iOS and Android and is also compatible with Trezor wallets, a popular hardware wallet brand. The Crypto. Defi wallets give users complete control over their digital assets and private key, which they are responsible for safekeeping. This type of wallet also has features not available for regular, custodial wallets, including one-to-one crypto swaps and a wide range of tools for users to earn passive income on the crypto they already own.

You can download the Crypto. Consumers should be aware that decentralized finance products and services carry significant risks and should be engaged prudently. Developed by SatoshiLabs, Trezor was the first hardware crypto wallet, and both of its current models feature excellent security measures and support many assets.

We still highly recommend Trezor for anyone who uses the Exodus wallet as their main crypto wallet due to its native compatibility with Trezor devices. The KeepKey is an excellent solution for those looking for an affordable hardware wallet. The wallet also follows top-grade security standards. Atomic Wallet is a hot storage wallet with plenty of advantages. One highlight is the Atomic Swap feature, which uses a decentralized crypto exchange housed within the wallet to exchange currencies without third parties.

ZenGo's unique approach to user security makes it a contentious wallet among crypto traders. Through various security tools, including biometric encryption, three-factor authentication, and multi-party computation cryptography, it can operate as a non-custodial wallet but without private keys. Coinomi was designed from the ground up as a multi-chain wallet, meaning a crypto wallet that has an address on multiple blockchains, allowing users to send and receive transactions on all of them.

The wallet also has strong security features, over 1, tradable assets, and offers fiat currency representations пїЅ readable in 25 languages. However, we can recommend the wallet for those specifically looking for a multi-chain wallet. Mycelium is a well-established crypto wallet with a tenured track record and a big focus on bitcoin.

The wallet also features a high level of security. Blockchain technology has made digital currency transactions increasingly useful, practical and accessible. However, as the number of crypto users has gone up, so has the rate of cyber theft related to cryptocurrencies. Cryptocurrency wallets, or simply crypto wallets, are places where traders store the secure digital codes needed to interact with a blockchain.

Crypto wallets need to locate the crypto associated with your address in the blockchain, which is why they must interact with it. That is to say, they are confirming that the crypto on the blockchain no longer belongs to their address, but yours. Two digital codes are necessary for this process: a public key and a private key. A public key is a string of letters and numbers automatically generated by the crypto wallet provider. A private key is another string of numbers and letters, but one that only the owner of the wallet should know.

Think of a crypto wallet as an email account. To receive an email, you need to give people your email address. This would be your public key in the case of crypto wallets, and you need to share it with others to be a part of any blockchain transaction. However, you would never give someone the password to access your email account.

For crypto wallets, that password is the equivalent of your private key, which under no circumstances should be shared with another person. Using these two keys, crypto wallet users can participate in transactions without compromising the integrity of the currency being traded or of the transaction itself. The public key assigned to your digital wallet must match your private key to authenticate any funds sent or received.

Once both keys are verified, the balance in your crypto wallet will increase or decrease accordingly. Crypto wallets can be broadly classified into two groups: hot wallets and cold wallets. The main difference is that hot wallets are always connected to the internet while cold wallets are kept offline. Hot wallets are digital tools whose connection to the internet cannot be severed. Users can access these pieces of software from a phone or desktop computer to monitor their currencies and trade them.

Some hot wallets are also accessible through the web or as browser extensions, meaning you can use them on a wide variety of devices. The greatest advantage of hot wallets is their convenience. This ease of access makes them ideal for those who trade more often and are considering spending bitcoins. Because hot wallets are always accessible online, they also face a greater risk of cyberattacks.

Hackers can exploit hidden vulnerabilities in the software that supports your wallet or use malware to break into the system. This is particularly dangerous for web wallets hosted by crypto exchanges, which are bigger targets overall for crypto thieves. Cold wallets store your digital keys offline on a piece of hardware or sheet of paper. Cold storage wallets are deliberately designed to be hard to hack. For something like a hardware wallet, a thief would first have to obtain the USB drive used to access your crypto and then somehow crack its password.

This high level of security may lend itself to mistakes on the part of wallet owners. Compared to hot wallets, which make it possible to regain access through a seed phrase, recovering access on a cold wallet is impossible in most cases due to the two-key security system. Setting up a cryptocurrency wallet is a generally straightforward process that takes no more than a couple of minutes. The first step is to determine the kind of crypto wallet you want to use since hot wallets and cold wallets have different set up processes.

After exploring the above questions, we put together some general suggestions for what to look for in a crypto wallet:. Cryptocurrencies are a new and exciting financial asset.

The idea of a decentralized currency independent of the banking industry is enticing for many. The wild price swings can be a thrill, and some coins are simply amusing. Consider the story of Dogecoin. For a more sobering example, take a look at Bitcoin пїЅ the grandparent of all cryptocurrencies. Bitcoin has experienced multiple crashes throughout its lifespan, but its most recent one has left a lasting impression on mainstream culture.

While entertaining, the fact remains that cryptocurrencies are unpredictable assets and should be traded with caution.

Crypto is volatile. A cursory glance at the historical price of Bitcoin is enough to see massive peaks and depressions throughout its lifespan. The same goes for any other major cryptocurrency. These dramatic changes are not normal compared to the pace at which mainstream assets move. Most coins do not have a natural resource, such as gold, silver or other metals, that is used to track their value. This increases crypto's volatility as a whole.

Cryptocurrencies are also speculative assets, which are riskier due to large fluctuations in price. Many active traders invest in them with the hope of making a big profit after their value dramatically increases in the near future пїЅ hopefully before a crash. Crypto is unregulated. Governments and institutions worldwide are still grappling with how to regulate cryptocurrencies, asking: Do we need specific legislation to regulate crypto assets?

Who should regulate crypto? Should it be regulated at all? That noted, if you're just dipping a toe, services such as PayPal and Robinhood allow you to buy a coin or fractions of a coin and store it on their servers.

These are custodial wallets, however, where you don't hold the private key. We recommend noncustodial wallets for long-term cryptocurrency users and investors. It depends. Most don't require you to actually own any cryptocurrency. If you've never used cryptocurrency before, we recommend Coinbase Wallet.

Coinbase is a well-known, US-based crypto exchange that's easy to use, and it works well with Coinbase Wallet. Today's cold storage wallets can be quickly and easily connected to the internet for fast transactions, so most advanced users nowadays are probably most interested in a cold storage wallet.

The hardware wallets sold by Ledger and Trezor are both good options. Cryptocurrency is subject to far less regulation than conventional investments and securities. While the lack of oversight is an attractive feature to some investors, it's important to know that bitcoin and other cryptocurrencies are highly volatile, experience dramatic price swings on a daily or even hourly basis and lack many of the protections of other forms of investment.

The risks are significant. While the companies offering crypto wallets may offer some guarantees to customers and users, the Federal Deposit Insurance Corporation does not currently insure digital assets like cryptocurrency.

That noted, the environment is evolving and many government agencies, including the FDIC , are gathering information and considering legislation for the future. Cold storage wallets are generally thought of as a more secure way to store cryptocurrency when compared to a hot storage wallet. If you plan to store a large amount of coins or tokens for any length of time, we recommend using a cold wallet. The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships.

It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners. Your guide to a better future. Money Crypto. Written by Julian Dossett. Julian Dossett Writer. Julian is a staff writer at CNET. He's covered a range of topics, such as tech, travel, sports and commerce.

On his days off, you can find him at Isotopes Park in Albuquerque watching the ballgame. See full bio. Edited by Marc Wojno. He's been a financial writer and editor for more than two decades, working for The Kiplinger Washington Editors, U.

Outside the digital world, Marc can be found spinning vinyl, threading reel-to-reel tapes, shooting film with his Bolex and hosting an occasional pub quiz. Updated Sep. Coinbase Wallet Best for beginners. See at Coinbase. Trezor Model T Best security features. Ledger Nano X Good balance between accessibility and security. Exodus Best for desktop users. See at Exodus. Mycelium Best for mobile users. See at Mycelium.

Coinbase Wallet. Best for beginners. Trezor Model T. Best security features. Ledger Nano X. Good balance between accessibility and security.

Best for desktop users. Best for mobile users. Do I need a crypto wallet? How much money do I need to open a crypto wallet? Which wallet is best for beginners? Which wallet is best for advanced users? What are the risks? Are assets in crypto wallets insured? What's the safest crypto wallet?

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Developed by SatoshiLabs, Trezor was the first hardware crypto wallet, and both of its current models feature excellent security measures and support many assets. We still highly recommend Trezor for anyone who uses the Exodus wallet as their main crypto wallet due to its native compatibility with Trezor devices.

The KeepKey is an excellent solution for those looking for an affordable hardware wallet. The wallet also follows top-grade security standards. Atomic Wallet is a hot storage wallet with plenty of advantages. One highlight is the Atomic Swap feature, which uses a decentralized crypto exchange housed within the wallet to exchange currencies without third parties. ZenGo's unique approach to user security makes it a contentious wallet among crypto traders.

Through various security tools, including biometric encryption, three-factor authentication, and multi-party computation cryptography, it can operate as a non-custodial wallet but without private keys. Coinomi was designed from the ground up as a multi-chain wallet, meaning a crypto wallet that has an address on multiple blockchains, allowing users to send and receive transactions on all of them.

The wallet also has strong security features, over 1, tradable assets, and offers fiat currency representations пїЅ readable in 25 languages. However, we can recommend the wallet for those specifically looking for a multi-chain wallet.

Mycelium is a well-established crypto wallet with a tenured track record and a big focus on bitcoin. The wallet also features a high level of security. Blockchain technology has made digital currency transactions increasingly useful, practical and accessible. However, as the number of crypto users has gone up, so has the rate of cyber theft related to cryptocurrencies.

Cryptocurrency wallets, or simply crypto wallets, are places where traders store the secure digital codes needed to interact with a blockchain. Crypto wallets need to locate the crypto associated with your address in the blockchain, which is why they must interact with it. That is to say, they are confirming that the crypto on the blockchain no longer belongs to their address, but yours.

Two digital codes are necessary for this process: a public key and a private key. A public key is a string of letters and numbers automatically generated by the crypto wallet provider. A private key is another string of numbers and letters, but one that only the owner of the wallet should know.

Think of a crypto wallet as an email account. To receive an email, you need to give people your email address. This would be your public key in the case of crypto wallets, and you need to share it with others to be a part of any blockchain transaction.

However, you would never give someone the password to access your email account. For crypto wallets, that password is the equivalent of your private key, which under no circumstances should be shared with another person. Using these two keys, crypto wallet users can participate in transactions without compromising the integrity of the currency being traded or of the transaction itself.

The public key assigned to your digital wallet must match your private key to authenticate any funds sent or received.

Once both keys are verified, the balance in your crypto wallet will increase or decrease accordingly. Crypto wallets can be broadly classified into two groups: hot wallets and cold wallets. The main difference is that hot wallets are always connected to the internet while cold wallets are kept offline. Hot wallets are digital tools whose connection to the internet cannot be severed. Users can access these pieces of software from a phone or desktop computer to monitor their currencies and trade them.

Some hot wallets are also accessible through the web or as browser extensions, meaning you can use them on a wide variety of devices.

The greatest advantage of hot wallets is their convenience. This ease of access makes them ideal for those who trade more often and are considering spending bitcoins. Because hot wallets are always accessible online, they also face a greater risk of cyberattacks.

Hackers can exploit hidden vulnerabilities in the software that supports your wallet or use malware to break into the system. This is particularly dangerous for web wallets hosted by crypto exchanges, which are bigger targets overall for crypto thieves. Cold wallets store your digital keys offline on a piece of hardware or sheet of paper. Cold storage wallets are deliberately designed to be hard to hack. For something like a hardware wallet, a thief would first have to obtain the USB drive used to access your crypto and then somehow crack its password.

This high level of security may lend itself to mistakes on the part of wallet owners. Compared to hot wallets, which make it possible to regain access through a seed phrase, recovering access on a cold wallet is impossible in most cases due to the two-key security system.

Setting up a cryptocurrency wallet is a generally straightforward process that takes no more than a couple of minutes. The first step is to determine the kind of crypto wallet you want to use since hot wallets and cold wallets have different set up processes. After exploring the above questions, we put together some general suggestions for what to look for in a crypto wallet:. Cryptocurrencies are a new and exciting financial asset. The idea of a decentralized currency independent of the banking industry is enticing for many.

The wild price swings can be a thrill, and some coins are simply amusing. Consider the story of Dogecoin. For a more sobering example, take a look at Bitcoin пїЅ the grandparent of all cryptocurrencies. Bitcoin has experienced multiple crashes throughout its lifespan, but its most recent one has left a lasting impression on mainstream culture. While entertaining, the fact remains that cryptocurrencies are unpredictable assets and should be traded with caution.

Crypto is volatile. A cursory glance at the historical price of Bitcoin is enough to see massive peaks and depressions throughout its lifespan. The same goes for any other major cryptocurrency. These dramatic changes are not normal compared to the pace at which mainstream assets move.

Most coins do not have a natural resource, such as gold, silver or other metals, that is used to track their value. This increases crypto's volatility as a whole. Cryptocurrencies are also speculative assets, which are riskier due to large fluctuations in price.

Many active traders invest in them with the hope of making a big profit after their value dramatically increases in the near future пїЅ hopefully before a crash. Crypto is unregulated. Governments and institutions worldwide are still grappling with how to regulate cryptocurrencies, asking: Do we need specific legislation to regulate crypto assets? Who should regulate crypto?

Should it be regulated at all? While this lack of regulation responds to the nature of crypto and its ethos of freedom, a lack of adequate regulation means consumers are not protected against many crypto crimes and scams. Ultimately, crypto must be studied and handled carefully, as its future remains uncertain. Beginners should also refrain from riskier crypto trading practices, such as lending and staking currencies to generate revenue.

The recent collapse of FTX , one of the largest crypto exchanges in the world, has sent shockwaves through the crypto world. The company released a statement on November 11 reporting it had filed for bankruptcy and its CEO was resigning. Although FTX US, the American arm of the exchange, has said that its customers will not be affected, this turn of events has cast much doubt and uncertainty over the future of cryptocurrency. According to the blockchain analytics platform IntoTheBlock, This means most investors would lose money selling bitcoin right now.

The best crypto wallet should be easy to use and support a large number of coins and tokens. Hot wallets should include strong security tools, like two or multi-factor authentication and multi-signature support, while charging minimal or no fees. Cold wallets should be available at a reasonable price point and supported by a variety of hot wallets to facilitate trading.

We looked at over 25 crypto wallets and evaluated them based on security, functionality and cost. Because crypto wallets come in hot and cold varieties, we considered different factors for each. For instance, the cost of using a hot wallet is hard to establish due to variable exchange, network and wallet fees, but cold hardware wallets are physical products that you must buy at a store.

Investing 8 Best Crypto Wallets of February What Is Blockchain? Is Bitcoin Safe? Claudia is a lead editor at Money. Prior to joining Money, she worked as a writer and translator.

Claudia holds a master's degree in Translation from the University of Puerto Rico. Fact checked by: Rachel Murphy Rachel Murphy. Has also written: What Is an Asset? What Is a Balance Sheet? Published: Feb 01, 36 min read. Rankings as of Feb 01, Ads by Money. Speak to a qualified investment professional before making any financial decisions.

This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed.

While all leading cryptocurrency wallets provide a high level of security for safekeeping your crypto assets, improper security practices on behalf of the user can lead to a complete loss of funds. Guarda Wallet is a highly secure and user-friendly cryptocurrency wallet that allows users to buy, store, swap, and earn via staking a wide range of crypto assets. While it is one of the newest wallet providers in our list of best crypto software wallets, Guarda Wallet has passed our reputation background checks with flying colors and ticked the most security boxes among all software wallet providers.

Guarda Wallet is a non-custodial, multi-platform software wallet that enables users to manage their digital assets using a web interface, a Chrome extension, on desktop, and on mobile Android and iOS while retaining complete control over their private keys.

Read full review. Exodus Wallet is a leading multi-asset crypto wallet that provides a beginner-friendly user experience, allowing users to manage their crypto portfolios on one interface.

Additionally, Exodus Wallet enables users to buy, trade, and earn interest via staking on their digital assets. Founded in , Nebraska-based Exodus provides a very beginner-friendly mobile and desktop crypto wallet. In addition to digital asset storage and a built-in exchange, Exodus Wallet provides a range of in-app applications that allow users to earn staking rewards, earn interest by lending crypto assets, explore the world of non-fungible tokens NFTs on Solana , and more.

Exodus Wallet primarily stands out with its intuitive, easy-to-navigate user interface that greatly reduces the complexity of managing a portfolio of crypto assets. The popular wallet also provides hardware wallet support for increased security, customizable send fees, and active customer support. However, unlike many of its peers, Exodus Wallet is closed-source software, which means users are not able inspect the code for vulnerabilities.

Exodus Wallet is an excellent wallet for new cryptocurrency users. Electrum is a secure, open-source , Bitcoin-only wallet that has been successfully enabling Bitcoin holders to store digital currency for over ten years.

Electrum also enables users to open Lightning payment channels to send and receive Bitcoin payments over the Lightning Network. Electrum was one of the first Bitcoin wallets when it launched in Standing the test of time, the Bitcoin-only desktop wallet remains one of the best Bitcoin-only wallets in the market. The open-source software wallet enables users to securely store, send, and receive Bitcoin payments. Additionally, Electrum allows users to use open payment channels to send and receive Bitcoin over the Bitcoin Lightning Network.

Electrum provides a suite of advanced features, including compatibility with hardware wallets for ultra-secure cold storage, multi-signature wallets, and custom transaction fees, making it an excellent wallet for experienced Bitcoiners. Mycelium is a leading mobile crypto wallet that enables users to securely manage Bitcoin, Ethereum, and ERC tokens.

The non-custodial wallet provides a range of advanced wallet features, such as cold storage integration, spending accounts, and single address savings account. Mycelium is an open-source, non-custodial, mobile-only wallet that supports Bitcoin, Ethereum, and a suite of ERC tokens. The Mycelium wallet is ideal for Bitcoin and Ethereum holders who want to store their assets in a secure, privacy-focused mobile wallet.

Unlike the popular Coinbase. The wallet stands out for having some of the lowest fees in the cryptocurrency wallet ecosystem, making it an attractive choice for active Web3 users. Coinbase was launched in to enable individuals to buy, sell, and store Bitcoin using a user-friendly application.

Ten years later, Coinbase is now a publicly-traded company with a total market value of over 85 billion dollars. Coinbase Wallet stands out among other web3 wallets for having some of the lowest fees in the industry, enabling anyone across the globe to take part in the world of dApps, decentralized finance DeFi , and NFTs. Our research has concluded that Guarda Wallet is the best overall crypto wallet.

By storing your crypto assets in a secure, non-custodial wallet like Guarda, instead of on a crypto exchange, investors can avoid losing funds due to exchange insolvencies, like it has been the case with Celsius, BlockFi, and FTX in recent months. Most adults have a beginner's understanding of cryptocurrency, but plan on using such assets as a key source of retirement funds, according to the Investopedia Financial Literacy Survey.

Choosing the best cryptocurrency wallet depends largely on your personal needs. Here are some helpful tips to choose the wallet that's right for you.

For example, if you plan to use cryptocurrency to make regular payments, you probably want to hold some of your funds in a mobile wallet. But if you are looking to invest in and store crypto assets over the long-term пїЅ and if you're looking to store a large amount of digital currency пїЅ you're better off securing your digital assets offline in cold storage using either a hardware or paper wallet.

If you plan to actively trade digital assets, you will probably benefit from a multi-platform wallet that allows you to manage your cryptocurrency portfolio on your desktop and on your smartphone. However, you should never store large amounts of cryptocurrency on centralized crypto exchanges or lending platforms that could lead to a complete loss of funds in case of a hack or an exchange insolvency.

If you are looking to construct a diversified portfolio composed of a large number of digital currencies and tokens, choosing a multi-asset wallet that supports thousands of assets is probably the right decision.

If you are a beginner, you probably want to go for a beginner-friendly wallet with an easy-to-use interface. Not all wallet providers have customer support. If you think you will require help with your wallet, choose one that allows you to interact with a human customer support agent via telephone or live chat.

Are you just looking to test the waters in the brave new world of crypto? Or are you looking to make a substantial investment? Depending on your plans, security will either play a relatively small or a very big factor in choosing a wallet. You may be looking for a desktop wallet you can secure with an encryption password. Or maybe you want the best security that crypto storage solutions can offer.

Backing up your wallet is one of the most important, if not the most important, aspects of crypto wallet management. Are you content with writing down and safely storing a recovery phrase, or do you prefer to only have to remember a username and password?

Choosing a wallet with a backup feature that works for you is another essential security measure when it comes to picking a wallet.

While these wallets are considered best practice because you have complete control over your virtual assets, if you lose access to your wallet or forget your encryption password, you will lose all funds held in that wallet.

A cryptocurrency wallet is a digital wallet that allows you to store the unique digital codes needed to send and receive crypto assets, such as Bitcoin, Ethereum, and Dogecoin. These wallets must locate the cryptocurrency associated with your address across the blockchain, which is why they must interact with it.

Software, hardware, and paper wallets are the three major types of cryptocurrency wallets that fall under the two main categories of wallets known as hot and cold wallets. Cold wallets have no connection to the internet and come in some physical form, such as a hard drive or a piece of paper, making them the most secure wallets possible. Hot wallets, on the other hand, do have some form of an internet connection, which causes them to be more susceptible to security breaches.

Hot wallets are favored for their flexibility, such as the ability to access your funds or trade on the go. These software wallets come in the form of web wallets, desktop wallets, and mobile app wallets.