The expansion of digital currencies is unstoppable — just as of 2023, there are more than 425 million cryptocurrency users in the world. This makes it reasonable and important to consider the safe storage of your digital savings. Similar to cash savings, which some people keep in a secure safe or bank account, the crypto world also has a lot of options available.
In our new article we will review the best crypto wallets of 2024 to store, manage and protect your assets.
First, an important disclaimer: wallets don’t actually hold cryptocurrency. A crypto wallet is nothing more than a way to store a sort of a password to access your digital currencies, which are directly controlled through the blockchain platform. And to confirm the right to manage your funds, you need to have public and private keys.
Public keys allow you to receive cryptocurrency transactions and can be shared with a third party, with an exchange, for example, without compromising the security of your funds.
Whereas private keys should always be kept private. They enable you to access actual cryptocurrency on the blockchain, a “password” that you enter to conduct a transaction.
There are numerous types of wallets, but the essential difference between them is whether they come in software or hardware:
The other important criteria by which wallets are considered is the dependence on the custodian, i.e. the third party that is responsible for storing personal data. Thus, two types can be distinguished:
Such wallets are suitable for long-term investment and asset storage as they provide a high level of asset security. However, non-custodial cryptocurrency wallets also have disadvantages. Since only you have control over the keys, and if you lose if the private key and the phrase to recover it are lost, the funds will be irretrievably lost.
| Wallet Name | Best For | Type | Platform Compatibility | Crypto Assets Supported | Key Features |
| Coinbase Wallet | Beginners | Non-custodial | Mobile, browser | Over 10 million digital assets | Buying, selling, swapping assets, access to DeFi and NFTs, compatible with Ledger |
| MetaMask | Ethereum users | Non-custodial | Mobile, browser | Primarily Ethereum and ERC-20 tokens | Seamless connection to dApps, smart contracts |
| Trust Wallet | Mobile users | Non-custodial | Mobile, browser | Over 100 cryptocurrencies | Buying, selling, swapping, staking, NFTs, dApps access |
| Exodus | Sleek design | Non-custodial | Mobile, browser | Over 200 crypto assets | Customization, real-time charts, portfolio, built-in exchange, Trezor security |
Coinbase Wallet is a self-custody wallet owned by the US-based crypto exchange Coinbase. Just so you don’t get confused, Coinbase and Coinbase Wallet are two different products.
The wallet is available as both an app and a browser extension, but the latter has limited functionality. It is compatible with Bitcoin, Ethereum, Solana, Dogecoin, and ERC-20 tokens, and can be directly integrated with the Coinbase exchange, allowing investors to execute trades instantly.
Famous for its easy-to-use interface, and simple yet highly functional fund transfer option, it is a great option for beginners looking for an intuitive self-sustaining hot wallet.
Type: Non-custodial.
Platform compatibility: Mobile, browser.
Crypto assets supported: Over 100 cryptocurrencies, including Bitcoin, Ethereum, and Litecoin and dApps.
Key features: Buying, selling, swapping assets, built-in access to DeFi applications for staking, yield farming and NFTs, compatible with Ledger for cold storage.
Service charge: Opening a Coinbase Wallet account is free.
MetaMask is one of the most popular self-custodial wallets for the Ethereum ecosystem, created by ConsenSys. As of January 2024, the number of monthly active users amounted to more than 30 million.
This digital wallet is available for download as a mobile app for iOS and Android, as well as a web extension for Google Chrome, Firefox, Brave and Microsoft Edge. The latter “seamlessly” connects to the smart contracts of the decentralised application when you log in to its page. This allows you to use the protocol and make cryptocurrency transfers without having to register a separate wallet in it.
Type: Non-custodial.
Platform compatibility: Browser extension, Mobile app.
Crypto assets supported: Ethereum-based cryptocurrencies and tokens.
Key features: Buying, selling, swapping assets, portfolio.
Service charge: Free. Note, that MetaMask Swaps charges a service fee of 0.875% of the transaction amount.
Trust Wallet is a multi-chain platform founded in 2017 and subsequently acquired by the Binance exchange.
The wallet is known for supporting millions of assets on over one hundred blockchains — from Bitcoin, Ethereum, and Solana to Cosmos, Optimism, and more — making it a one-stop option for those who hold a number of cryptocurrencies.
According to Data.ai, globally, the mobile version of Trust Wallet has over 56 million downloads on iOS and Android, which puts it as the most popular cryptocurrency wallet for mobile devices.
Type: Non-custodial.
Platform compatibility: Mobile, browser extension.
Crypto assets supported: Over 10 million digital assets supported.
Key features: Buying, selling, swapping, staking, collecting NFTs, and exploring dApps
Service charge: Network fee only to transfer assets; 1% fee on in-app crypto purchases.
Last but not least among hot wallets, Exodus, which is a multi-chain Web 3 product with a straightforward design that offers a simple, intuitive user experience with a high-level of security.
The wallet has unique features and settings that allow for customization, such as 24/7 real-time charts, crypto investment portfolio, and a built-in crypto exchange.
Although originally a desktop-only wallet, this hot wallet is now available on mobile devices and as a web browser extension. It does not collect user information, works without registration and gives a user full control over the wallet keys, maintaining anonymity and security.
Type: Non-custodial.
Platform compatibility: Mobile, browser extension.
Crypto assets supported: Supports over 200 crypto assets.
Key features: Buying, selling, swapping, converting, built-in Trezor security, crypto portfolio.
Service charge: Free-to-use wallet.
Wallet Name | Best For | Type | Platform Compatibility | Crypto Assets Supported | Key Features |
Ledger Nano X | Hot wallet integration | Hardware | Desktop, mobile (Android) | Over 5,500 coins and tokens | Supports multiple currencies, transactions via Ledger Live, Certified Secure Element |
| Trezor Model T | Security | Hardware | Desktop, mobile view only | Over 9,000 coins and tokens | PIN and passphrase enabled, open-source, backup and recovery options |
| KeepKey | Value for money | Hardware | Desktop | Over 7,000 coins and tokens | Simple transaction confirmation, offline transactions, Thorchain integration for swaps |
For those who are looking for the most secure options for storing their digital assets, next we take a look at the best cryptocurrency wallets with cold storage.
In these wallets, private keys are stored on an external device, such as a USB. Some hardware wallets are Internet compatible and support multiple currencies, allowing users to not only store cryptocurrency but also make online transactions.
Of course, storing your assets on a hot wallet may be more convenient, but you need to be certain that the security protocols of a product you use can stand up to attacks from hackers. As you may have noticed, cryptocurrency projects are a lure for hackers and various kinds of attacks.
Let’s take a look at the wallets that are considered the safest place for your funds. Among them are the wallet from Ledger and its analogues, such as Trezor and KeepKey.
The Ledger Nano X is one of the developments from a French company that has been working on cryptocurrency gadgets since 2014. Supporting over 5,000 cryptocurrencies, Ledger can integrate with software wallets like MetaMask and Guarda.
Looking at the Nano X, you would not say it is the key to a huge wealth. The device looks as simple as a premium “flash stick”. Apparently, the discreet look of the wallet is also a part of protection: there is less risk that a pickpocket will take a fancy to it.
Nano X can easily connect to computers and iOS and Android smartphones via Bluetooth and wire. Most transactions still take place in the Ledger Live mobile or web app.
Platform compatibility: Desktop version, mobile (Android).
Crypto assets supported: Over 5,500 coins and tokens, including BTC, ETH, USDT, XRP, etc.
Incorporated exchange: Yes.
Device security: Certified Secure Element (CC EAL5+).
Backup and recovery: Provide options for backing up and restoring data, usually utilising a recovery seed.
Cloud storage: No.
Trezor is an independent Czech company that created the world’s first hardware Bitcoin wallet, Trezor One, released in 2014, which is still available on the market. Inventing the seed recovery feature and passphrase protection, the company set the standard for hardware wallet security in the industry.
For now, there are two more models available on the site: the Trezor Model T, a $179 premium alternative to the original Trezor One and the third-generation model, which is a modernised version of the previous two — the Trezor Safe 3. Let’s take a closer look at the Trezor Model T crypto wallet features:
Platform compatibility: Desktop version, only view is available on mobile version.
Crypto assets supported: Over 9,000 coins and tokens.
Incorporated exchange: Yes.
Device security: PIN and passphrase enabled, open-source and transparent.
Backup and recovery: Standard and Shamir Backup, 12-word recovery seed.
Cloud storage: No.
Founded in 2015, Keepkey resembles an MP3 player by its appearance. There is only one button on the hardware for confirming transactions, the rest of the functions are accessed through the ShapeShift interface.
KeepKey is considered one of the most budget-friendly hardware wallets on the market, with the device currently priced at $78.
For this price, the user gets a reliable protection of assets — in KeepKey private keys of users are placed on a separate device without access to the Internet. Transactions take place in an offline environment, inaccessible to viruses and hackers.
Also among the advantages of this wallet is the ability to quickly exchange cryptocurrencies via the native Thorchain integration.
Platform compatibility: Desktop version.
Crypto assets supported: Over 7,000 coins and tokens, as well as 350 chains, NFTs, airdrops, DeFi and Web3 dApps.
Incorporated exchange: No.
Device security: PIN and additional passphrase protection.
Backup and recovery: At initialization, each device generates a 12-word recovery phrase that can be used to retrieve private keys.
Cloud storage: No.
As you have realised from what you have read, there are many combinations of wallets: with or without a custodian, on a separate device or in the cloud. Overall, the product range is diverse and has many unique features. Whether your priorities are security, ease of use, or access to DeFi platforms, there is surely a wallet that will meet your needs as well.
When choosing a wallet from our February 2024 review or on your own, remember to do your own research, consider purchasing your hardware wallet from a direct dealer only, and double check product sites for authenticity.
FAQ
What is a crypto wallet?
A cryptocurrency wallet is an online service or device to store public and private keys to access your digital currencies, which are controlled through the blockchain platform.
What is the best crypto wallet?
There are many wallet combinations on the market: with or without a custodian, on a separate device or in the cloud. It all depends on your priorities when choosing a cryptocurrency wallet.
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