With the number of cryptocurrency wallets already in the market, choosing the top cryptocurrency wallet is not an easy proposition. But having the right cryptocurrency wallet for the right purpose is critical to protecting your money. In crypto, you are your own bank. This means the safety of your assets is up to you! But don’t worry, we’re here to help.
Whether you’re a cryptocurrency trader, an investor, or a beginner, you will need a cryptocurrency wallet to store your coins securely, transact, and recover them. There are several options out there, and they all offer unique features which makes choosing the best crypto wallet an arduous task.
The very top cryptocurrency wallet should offer their users safety, security, a great user experience, excellent technical support, and customer service, among other things. We’ve researched the market and have rated the top cryptocurrency wallets in three categories to help you protect your assets and make money from your investments.
What Is a Cryptocurrency Wallet?
Cryptocurrency is not like fiat money. You can neither hold nor see it in its physical form. However, you can still lose it. Like the traditional wallet that holds your valuables, a cryptocurrency wallet works similarly, albeit with more advanced security features.
A cryptocurrency wallet helps you to store the information with which you can access your cryptocurrency. The crypto wallet keeps private keys that give you direct access to your cryptocurrency on the blockchain.
As a trader or an investor, you should be ready to invest significantly in getting the best crypto wallet because the safety of your coins should always be prioritized.
Types of Cryptocurrency Wallets
There are three things we consider when classifying a cryptocurrency wallet. Firstly, a cryptocurrency trader or investor needs a place to store his coins securely. There is no better place for that than a hardware wallet. Hardware wallets or ‘cold wallets’ remain the most secure options for storing cryptocurrencies.
Secondly, like with fiat money, cryptocurrency users may not want their coins to keep sitting idly in their hardware wallet. There will always arise a need to transact with the crypto. That’s where the crypto wallet app or the ‘hot wallet’ comes in.
Finally, if the user loses his hardware or software wallet, a seed phrase recovery wallet acts as the last resort. To match these three use cases for crypto wallets, there are three types of wallets you will need.
Hardware Cryptocurrency Wallet (Cold wallet)
This is the most secure type of cryptocurrency wallet. It is a storage device that you can handle physically and keeps your private keys to access your coins offline. This feature makes it unsusceptible to internet-based hackers.
Mobile Cryptocurrency Wallet (Hot Wallet or mobile crypto apps)
Every cryptocurrency trader wants to transact cryptocurrency daily without stress. While owning a hardware wallet is perfect for security, they are secure because they’re not connected to the internet. Hot wallets offer convenience in daily cryptocurrency transactions. However, they are susceptible to attacks from internet hackers so you need to know you’re using mobile crypto apps that are safe.
The top cryptocurrency wallet in the mobile category may have several security features, but its ratings are more concerned with the ease of use and speed of transactions. For this reason, we advise readers to employ a hybrid approach of storing most of their crypto (or their private keys to access it) securely in a hardware wallet and keep private keys for the coins you want to transact with in a mobile app or ‘hot wallet’.
Seed Phrase Recovery Wallet (metal crypto wallet)
Because in crypto you are your own bank, it is critical to have a last resort when dealing with the security of your cryptocurrencies. While hardware wallets are almost impervious to attack online, they are still susceptible to physical attacks, loss or technology failure. Seed phrase wallets serve as the means of recovering your coins from the blockchain if you lose access to your hot or cold wallet. For optimum security, ensure that you have a seed phrase recovery wallet for each hardware wallet you own.
Top Cryptocurrency Wallet – our pick for your crypto
All three types of wallets we explain above have different specific functions that cannot be understated. Because of the distinct roles played by each type of wallet, we have chosen the top cryptocurrency wallet in each category.
Whether you are a cryptocurrency trader or a long term investor, you should consider getting the best crypto wallet in each category. With all three, you can be sure you’re using our ‘crypto safe system’ and doing everything you can to protect your investment.
Top cryptocurrency wallet – hardware
The most important reason for having a hardware crypto wallet is the security it guarantees. The rate at which users lose their hard-earned cryptocurrency to fraudsters, hackers, fake app wallets is alarming, and cryptocurrency owners should spare no effort to secure and manage their cryptocurrencies safely.
The hardware crypto wallet offers the highest level of security among the other types of wallets. Although security is the most critical feature of a hardware wallet, several other factors also come into consideration. They include the number of cryptocurrency options available, user experience, mobile apps and third party integrations supported, connectivity, size, and cost.
After considering all these, our top cryptocurrency wallet (hardware) is the Ledger Nano X.
Selecting Ledger Nano X as the best crypto wallet (hardware) wasn’t an easy choice. Although Nano X had a wide variety of unique features that make it stand out in its field, several worthy alternatives like Trezor T lost out narrowly. Ledger as a brand stands out among its peers in the hardware wallet sector. Its latest product, Ledger Nano X, is significantly better than Ledger Nano S in user experience, user interface, and security features.
Ledger Nano X is 7.2 x 1.175cm in size. It has top security features with a pin code, secure element chip, and seed recovery phrase generation.
Nano X also has a ledger software validation process used to verify the authenticity of the Ledger device when you buy it. This differentiates its security offering from other hardware wallets.
The Leger Nano X wallet is very versatile as it supports the most coins and integrations with third-party wallets and crypto exchanges. Ledger Nano X also allows you to connect to mobile devices via Bluetooth and cable. Nano X offers Bluetooth mobile connection for both iOS and Android.
Finally, Ledger Nano X has a mobile application called Ledger Live App. The app allows users to monitor and manage their accounts on both mobile and desktop, as well as perform a number of transactions (buy, sell, trade, stake) through its native features and third party integrations. The Ledger Live is the heart of the Nano X wallet and its greatest feature.
Purchase a Ledger Nano X to protect your cryptocurrency.
Top crypto wallet app (software wallet)
While hardware wallets are essential for enhanced security, software wallets are also necessary if you intend to transact regularly or remotely. Software wallets are apps that you can download to you rmobile phone or iPad. Since software wallets are used for transactions, the best crypto wallet in this category was selected based on the security of the wallet, native features, variety of coins and third party integrations supported, transaction fees, speed of transaction, and ease of use.
After weighing up these features across the extensive crypto wallet app market, our top cryptocurrency wallet (software) is the Binance wallet.
Mobile wallets are not usually well known for their security features, but Binance Wallet offers a wide range of these features. Apart from the standard password protection, Binance wallet also offers multiple-factor authentication on login and transactions. Binance also has a security feature that whitelists unknown crypto wallet addresses to protect the wallet against hackers. The wallet user can input and see the list of devices allowed to access his account with the device management feature under the wallet settings menu.
In terms of versatility, performance, and function, Binance stands out among its peers.
Binance wallet provides 24/7 support and is compatible with Android and iOS. Binance also caters to beginners and professionals with two types of apps: Binance Lite and Binance Pro. Binance Pro has advanced features for traders with knowledge, while the Lite version is more simplistic to allow the beginner to trade efficiently. Binances range of native features is what makes its software wallet truly stand out from its competitors.
You can trade the spot, margin or futures markets direct from your phone. You can also stake your crypto, earn interest on it, participate in Airdrops and join rewards competitions. It’s a great place to engage in multiple different ways to earn cryptocurrency, directly from the one app.
Binance also allows you to customize the language and currency of the wallet application. Finally, Binance wallet has a QR code generator that will enable you to log in to your account from any web browser.
You can set up your Binance account and download their crypto wallet app right here.
Top Seed Phrase Recovery Wallet (metal crypto wallet)
In order of importance, the seed phrase recovery wallet (or metal crypto wallet) might just be the most important. It is the last layer of protection a cryptocurrency wallet holder has to restore access to their coins on the blockchain. If you lose your hardware wallet and don’t have your seed phrase, you cannot recover your cryptocurrency and it is lost for good.
Seed phrase recovery wallets must be both enduring and secure. In choosing the best crypto wallet in this category, we considered three things: the construction, security features, and ease of use. For the best type of construction, durable materials should be used to make the wallet. The best crypto wallet must also have excellent security features to prevent the loss of data. Finally, the recovery wallet must be easy to use.
Billfodl satisfied all these conditions with ease and was therefore chosen as the top seed phrase recovery wallet.
Billfodl is made from a combination of 316 marine grade stainless steel, iron, and steel. The security against both destruction and unauthorised use is strong as Billfodl wallet has a very thick protective metal casing that is fireproof and waterproof.
It’s also easy to set up the Billfodl wallet. There are tiles that you slide into the casing for each word in your seed recovery phrase. This is easy to do. Once the user slides the seed recovery phrase tiles in the wallet, the wallet can then be closed and locked with a padlock. Our advice is always to store your metal crypto wallet in a secure location separate from your hardware wallet. Remember, if someone has your seed phrase, they can steal your coins.
The best place to buy the Billfodl wallet is directly from the makers – here.
The three types of wallets have very distinct features, but they are all necessary to ensure the safety of your cryptocurrency. The three wallets together form our recommendation for your ‘crypto safe system’ – they give you the maximum protection available as custodian of your own crypto assets. Remember, in crypto you are your own bank. As a cryptocurrency trader or investor therefore, safeguarding your digital assets should be your top priority.
Backed by extensive research, we have selected the top cryptocurrency wallet in each category. Top cryptocurrency wallet Ledger Nano X, Binance wallet and Billfodl are the best of their kind in each category that the market has to offer. For your peace of mind, choose wisely!