When dealing with cryptocurrencies, asset security is one of the most critical aspects. That’s because numerous scammers and hackers are trying to steal crypto from Web3 users. Because of this, you need to use a reliable crypto wallet to safely store your coins and tokens. However, it takes work to decide which crypto wallet to use. There are hundreds of wallets and several different wallet types on the market. Hence, choosing the right crypto wallet can be quite complicated, especially for crypto newcomers who lack thorough knowledge about wallet features.
For this reason, we’ve prepared a detailed guide on the top crypto wallets available. Although there are many more high-quality wallets, the ones we’ve selected are among the most popular ones. Furthermore, popularity and the number of satisfied users are reliable indicators of a crypto wallet’s quality. So, stay with us at Moralis Academy if you’re a beginner looking for your first wallet or an experienced trader looking for something new. This guide will help you make an informed decision regarding which crypto wallet to use. Moreover, we are going to explore the leading options for different crypto users’ needs.
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What are Crypto Wallets?
Before providing you with a list of available crypto wallets, let’s look at what crypto wallets are. Digital currencies are based on blockchain technology, meaning decentralized virtual networks power them.
Furthermore, blockchains have public and private addresses controlled by private keys. A public address is a virtual blockchain address where users store their crypto, and different blockchains also have specific public addresses. For example, you can’t store Bitcoin in a public Ethereum address. Moreover, you can’t send crypto from one public address to another without the proper private keys. On the other hand, private keys serve as proof of ownership over the crypto within a specific public address.
Crypto wallets are technological solutions that store your private keys safely, beyond the reach of cyber attackers. Also, you can view the crypto balance of your public address and share that address with others to receive crypto. Remember that you can freely share your public address with other parties, but you must never share your private keys with anyone.
Accordingly, the goal of a crypto wallet is to safely store your private keys and prevent unauthorized individuals from accessing your assets. Moreover, crypto wallets use various safety measures to do so.
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How to Decide which Crypto Wallet to Use?
When deciding which crypto wallet to use, you should consider various factors such as wallet type, features, and security measures. There are generally two wallet types: software and hardware wallets. Software wallets come in the form of apps, and hardware wallets are, in most cases, specially designed as USB devices. Some software wallets are accessed through the web or as browser extensions. Others are available as mobile or desktop applications. The most crucial aspect of software wallets is always choosing a non-custodial wallet. Non-custodial crypto wallets keep the private keys to your crypto on your device. In turn, only you have access to the private keys.
Which crypto wallet to use also depends on which features you expect from a wallet. Some wallets are multicurrency wallets that support numerous blockchains and thousands of cryptocurrencies. Other wallets might be better for storing NFTs and connecting to decentralized applications (dapps). Another wallet might have a vast selection of features for earning staking rewards. You should check a wallet’s features to know whether it has what you need.
As touched on briefly, security is perhaps the most crucial aspect of a crypto wallet one must consider. If a particular wallet has a history of safety issues and security exploits, it’s a deal breaker. A secure wallet always has at least password protection and a seed phrase for protecting your private keys. Wallets usually have twelve or 24-word seed phrases that can recover your wallet’s data.
Our Selection of Top Crypto Wallets
Now, let’s move on to our list of top crypto wallets. We’ve carefully selected crypto wallets based on different categories and features. If you can’t decide which crypto wallet to use, this list will help you make a decision based on the various wallet features.
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MetaMask – One of the Top Crypto Wallets for Ethereum and NFTs
MetaMask is one of the leading wallets on the market, thanks to its ease of use and the vast range of features it offers. The wallet comes in the form of a browser extension for desktop users or as a mobile app for Android and iOS users.
MetaMask originally started as a wallet built exclusively for interacting with the Ethereum blockchain in 2016. However, thanks to Ethereum Virtual Machine (EVM), MetaMask also supports additional blockchains. MetaMask works well with all EVM-compatible blockchains, including Avalanche, Polygon, BNB Chain, Cronos, Fantom, Arbitrum, and others.
You can store thousands of Ethereum-compatible assets on MetaMask, including NFTs. Since many NFTs use Ethereum standards, MetaMask is an excellent choice for keeping your NFTs. You can easily connect your MetaMask wallet to NFT marketplaces such as OpenSea and manage your collection.
Apart from storing crypto and NFTs, MetaMask is also great for interacting with dapps on EVM-compatible networks. You can connect your wallet to numerous dapps in just a few clicks. Furthermore, since MetaMask is one of the leading global crypto wallets, dapp developers usually include MetaMask connectivity features. Moreover, MetaMask protects your assets with a password and a seed phrase.
Trust Wallet – One of the Best Multi-Currency Crypto Wallets
Trust Wallet is one of the leading multi-currency crypto wallets. If you’re planning to store many different cryptocurrencies but can’t decide which crypto wallet to use, Trust Wallet might be a great choice. Trust Wallet supports a vast selection of blockchain networks, and more than 25 million people are using it. It’s the official wallet of the Binance crypto ecosystem, but you can store thousands of digital currencies across numerous networks. Trust Wallet supports blockchains such as Bitcoin, Ethereum, BNB Chain, Polygon, Fantom, Avalanche, Solana, Tron, VeChain, Kava, and more. Furthermore, users can create multiple wallet accounts on Trust Wallet if they want to divide their portfolio into several sections. For example, you can have one wallet for Ethereum-based assets and another for BNB Chain-compatible tokens.
Trust Wallet comes in the form of a convenient mobile app. The wallet offers PIN code protection, a recovery seed phrase, and optional fingerprint login features. You can also buy numerous digital currencies directly within the wallet by using a debit card.
Additionally, the wallet has built-in crypto exchange features that allow users to swap crypto without using an external exchange platform. On top of this, Trust Wallet has a dapp browser that enables users to connect to dapps across different blockchains.
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Coinbase Wallet – One of the Most User-Friendly Crypto Wallets
Coinbase Wallet is the official crypto wallet of the Coinbase crypto exchange platform. You can seamlessly integrate your Coinbase account to transfer assets between the wallet and the exchange. However, you don’t need to be a Coinbase user to get access to the wallet because it’s a stand-alone app. The wallet supports numerous blockchains, from Bitcoin, Litecoin, and Ripple, to all EVM-compatible networks.
The main selling point of this wallet is its ease of use. Coinbase Wallet is exceptionally user-friendly and great for beginners. The interface is smooth, and all operations are straightforward, without unnecessary complications.
Furthermore, Coinbase Wallet is a non-custodial wallet that stores your private keys on your device. A password protects your crypto, and the wallet provides you with a recovery seed phrase as your ultimate protection layer. Also, if you want to store NFTs, the wallet is your go-to choice. Plus, it comes with a dapp browser for connecting to all sorts of crypto platforms.
Atomic Wallet – One of the Top Crypto Wallets for Staking
Atomic Wallet is another excellent multi-currency software crypto wallet. It’s available for both desktop computers and mobile devices. The wallet has over 4 million users across the globe, and it supports more than 300 coins and tokens. The selection of digital currencies is smaller than in the case of other software wallets in our guide. However, Atomic Wallet has something these other wallets don’t, easily accessible crypto staking. Furthermore, Atomic Wallet operates numerous staking pools, allowing users to deposit coins with just a few clicks. Hence, Atomic Wallet is an excellent choice if you’re wondering which wallet to use for staking crypto. You can stake assets such as Cardano, BNB Smart Chain, Solana, Zilliqa, Cosmos, Tron, Tezos, VeChain, etc. Moreover, staking reward rates go as high as 10% or more for some available coins. You can buy many coins and tokens with your bank card or convert currencies between themselves.
The wallet is straightforward to use. It has a dark, smooth user interface, and it’s easy to navigate through the options bar that lists most functions. Thanks to the WalletConnect feature, you can quickly connect your Atomic Wallet to dapps. Also, the wallet has a separate NFT gallery section where you can view and manage your NFT collection.
Atomic Wallet uses password protection and a recovery seed phrase to keep your private keys safe.
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Ledger Nano X – One of the Most Popular Hardware Wallets
Ledger Nano X is one of the most popular hardware wallets on the market. It’s the successor of Ledger Nano S, the first hardware crypto wallet ever. Furthermore, Ledger Nano X is a specialized USB device with a small screen for basic operations such as approving transactions. When you store crypto on the Ledger Nano X wallet, your private keys are always on the device. The keys are held offline, out of reach of hackers. Hence, no one can remotely steal your crypto if you’re using a hardware wallet. The Ledger Nano X wallet supports more than 1,000 different coins and tokens, including all leading cryptocurrencies.
To use the Ledger Nano X wallet, you must install the Ledger Live firmware on your desktop or mobile device. The firmware lets you interact with your Ledger wallet. To store cryptocurrencies, you need to install specific apps for each cryptocurrency from the Ledger Live app menu. The Ledger Nano X wallet can support up to 100 apps, which makes it ideal for storing your whole crypto portfolio.
Using Ledger Nano X is especially useful if you plan to store increased volumes of crypto because it’s far more secure than a software wallet. Even when connected to your Ledger Live app, the private keys remain separated from any internet connection. Moreover, the wallet uses a passphrase, PIN code, seed phrase, and hardware encryption.
Trezor Model T – One of the Most Secure Hardware Wallets
Trezor Model T is one of the most secure options regarding hardware crypto wallets. The wallet has an elegant design with a handy touchscreen covering most of its front. You can use the touchscreen to approve transactions, browse wallet options, and enter your PIN code. This wallet supports over 1,200 digital currencies. Unlike Ledger Nano X, Trezor wallets don’t require users to install apps for each cryptocurrency. You can transfer and store any cryptocurrency that the wallet supports. However, just like in the case of Ledger devices, you need to use the company’s official firmware. Trezor wallets use open-source programming, meaning anyone can analyze how the wallet works and conduct security audits. It doesn’t mean the wallet is less secure; quite the contrary. Third parties can point out flaws to developers to patch up using firmware updates.
Regarding security measures, Trezor uses highly advanced hardware encryption to protect private keys from manual hacks. Additionally, the wallet uses PIN code protection, a passphrase, and a recovery seed phrase.
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Top Crypto Wallets to Consider When Investing – Summary
Using a trustworthy crypto wallet is a must for every user because there are many security risks in the crypto world. Leaving your assets without adequate protection is the worst error you can make. You should pay special attention when deciding which crypto wallet to use.
In this guide, we have listed some of the top crypto wallets on the market. Whichever of these wallets you pick, you will make a good decision. However, using one responsibly is also a must. Never share your passwords, PIN codes, or seed phrases with anyone. Also, if an app requires you to share your private keys or seed phrase to use it, never agree to these terms because these are scam apps. Combining a reliable crypto wallet and a responsible approach to using it is all you need to stay safe in your crypto ventures.
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