In its most basic form, a “wallet” is a piece of software you can use to prove that you are the owner of a particular crypto account or address.You can use a wallet to store cryptocurrency securely or to authorize crypto payments to employees or merchants.
Because each crypto account is unique, a wallet can also be used to manage and verify your online identities. For example, you can use your wallet address instead of an email address to log in to a social media or instant messaging account.1
The bottom line is that a wallet can be used to prove that you’re you. And it can do so almost instantly, through the push of a few buttons.
8 crypto wallet for beginners
- Coinbase Wallet – Best for Beginners
- MetaMask – Best for Ethereum
- TrustWallet – Best for Mobile
- Ledger Nano S Plus – Best Crypto Hardware Wallet
- Electrum – Best Desktop Bitcoin Wallet
- BlueWallet – Best Mobile Bitcoin Wallet
- Exodus – Best for Desktop
- Crypto.com – Best deFi wallet
Coinbase Wallet
PROS
- User-friendly interface that is easy to navigate
- Supports more than 44,000 digital assets
- Multi-signature and two-factor authentication support
- Backed by a reputable trading platform that is able to recoup lost or stolen assets
CONS
- Similar security issues and weak points as other hot storage alternatives
- Only available on mobile and tablet devices (except for Chrome extension)
Why we chose it: We chose Coinbase Wallet as the best crypto wallet for beginners because it’s an intuitive and highly secure wallet backed by a well-known exchange.
Coinbase Wallet is an excellent wallet for beginners with little to no experience with crypto. The app connects to most major bank accounts, and the user interface was designed to be intuitive and easy to navigate, with a simple three-tab layout and clearly identifiable functions.
Coinbase Wallet can store popular coins, such as Bitcoin, Litecoin, Dogecoin and Ripple, as well as all ERC-20 tokens and tokens on EVM-compatible blockchains, which amounts to more than 45,000 supported digital assets — one of the biggest numbers on our list.
It’s important to make a distinction between the Coinbase exchange and the Coinbase wallet. The Coinbase exchange is one of the oldest and most well-known crypto trading platforms in the US. Holding your digital assets on the exchange’s web wallet makes it easier to trade, but leaves your coins exposed to more dangerous cybersecurity threats.
The Coinbase wallet may be used without opening an account with the exchange and it’s non-custodial, meaning the private key is stored in your device — not in Coinbase’s servers. This means you don’t need to worry about your currencies being locked for any reason or exposed to a cyberattack on the website.
Other highlights include:
Uses the Secure Enclave chip available in Android, iOS, iPad and Mac devices to provide biometric authentication (e.g., FaceID, TouchID)
Provides access to decentralized exchanges in-app, which can convert tokens without any intermediaries
Offers optional cloud backups to protect your digital keys
MetaMask
PROS
- Intuitive interface design on browser extension and app
- Can be linked to NFT marketplaces
- Supports thousands of dApps
CONS
- Fees to buy Ether can be high
- Cannot directly store Bitcoin
Why we chose it: We chose MetaMask as the best crypto wallet for Ethereum because its user-friendly interface provides quick and easy access to thousands of tokens and decentralized apps within the Ethereum network.
MetaMask is one of the most widely used Ethereum wallets, with over 30 million monthly active users. This may be due to its ease of use and accessibility: The wallet has an attractive and straightforward design for beginner investors looking to store and send Ethereum-compatible cryptocurrencies and interact with decentralized apps (dApps).
MetaMask is also notable for its compatibility with other blockchain solutions. Users can add almost any blockchain network to the app. The wallet fully supports popular Web3 networks, including Polygon, Binance Smart Chain and Avalanche. Users can also access popular NFT marketplaces like OpenSea, and swap a variety of collectibles by connecting them directly to the wallet.
Anyone using Google Chrome, Microsoft Edge, Mozilla Firefox or Brave browsers can download the wallet as an extension. You can also download the MetaMask app on your mobile Android or Apple devices.
Other highlights include:
Built on open source code, which allows developers and security experts to review the software to make sure it’s secure
Account information is encrypted and stored locally — no information ever touches the MetaMask servers — which means users have full control of their private keys
Quickly swap between layer one and layer two Web3 solutions
TrustWallet
PROS
- Supports a vast range of coins and tokens
- Earn interest on one of 12 different cryptos
- Simple and easy-to-use interface
- Built-in Web3 browser
CONS
- Owned by Binance, who has faced regulatory issues in the U.S.
- Educational resources on coins and tokens are limited
Why we chose it: We chose Trust Wallet as the best crypto wallet for mobile because it features a clean, scannable user interface, built-in support for dApps and NFTs and the largest number of supported assets on our list.
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. It supports over 40 blockchains, which is how it’s able to store such a wide variety of digital assets — over 160,000 coins and tokens, the largest number on our list.
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.
Other highlights include:
Integration with Binance DEX lets users buy large numbers of tokens with a debit or credit card
Among the highest-rated cryptocurrency mobile wallets on both Apple and Google marketplaces
Ledger Nano S Plus
PROS
- Install up to 100 apps at the same time
- Buy and sell crypto directly through the Ledger Live app
- Verify all transactions with 2-button presses
- Compatible with 50 other hardware wallets
CONS
- More expensive than its original entry-level wallet
- Custom operating system is not open source
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 — a type of chip often seen on passports, credit cards and payment systems — to provide an extra layer of security.
Its first wallet, the Nano S, was upgraded in April 2022 to the Nano S Plus, which came with an improved display, much greater storage capacity and a USB-C cable port. 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.
The wallet costs $80.39, a convenient price point that sits comfortably between cheaper and more expensive alternatives available in the market today. Moreover, it measures 2.2 × 0.7 × 0.36 inches and features a 128 x 64-pixel screen, meaning it’s easier to carry around and to cycle through your installed apps.
Other highlights include:
The first and only hardware wallets of its kind to be certified for security by a government agency (in Ledger’s case, by ANSSI, the French cyber security agency)
The Ledger Live app, which can be used to monitor, lend and stake crypto in addition to buying and selling digital assets
Electrum
PROS
- Fast and easy to set up
- Greater security than other hot wallets
- Customizable transaction fees
- Wallets don’t suffer downtime thanks to server configurations
CONS
- Setup and interface not ideal for beginners
- No customer support via chat, email or phone
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 2011, Electrum is one of the oldest and most well-known crypto wallets today. It’s also one of the few remaining crypto wallets that only deals in Bitcoin, a currency that Electrum is uniquely outfitted to support.
The wallet hosts a variety of robust security features, including 2FA, transaction proof checking, and multi-signature wallet support. Moreover, users can adjust their fees depending on how long they’re willing to wait for a transaction to be completed: Pay more in fees, and your transaction will be executed faster.
One of the wallet’s greatest assets is that it uses a lightweight client. 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.
Other highlights include:
Open-source wallet, which means its code is available for scrutiny, helping to build trust with consumers
Supports both standard deterministic accounts and Hierarchical Deterministic (HD) accounts
Integration with hardware wallets (KeepKey, Ledger, Trezor) for cold storage
BlueWallet
PROS
- Modern design with an accessible user interface
- Supports both on-chain and lightning transactions
- Create or import multiple wallets
- Multi-signature vaults for added security
CONS
- No two-factor authentication
- Advanced tools could use in-app tutorials
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.
BlueWallet is an excellent alternative for Bitcoin traders who can’t or don’t want to make sense of more complex software on their desktop computers. It’s similar to Electrum in that they are both bitcoin-only wallets, which means they can focus entirely on innovating and improving the Bitcoin experience on the platform.
The wallet’s interface is welcoming and easy to navigate for beginners, but the app also includes a number of additional features that more advanced users may appreciate. 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.
Another big advantage of BlueWallet is its integration with the Lighting Network, a layer two solution that makes peer-to-peer payments much faster than on bitcoin’s layer one network. It helps to think of the Lightning Network as an expressway that sits on top of the regular Bitcoin blockchain.
Other highlights include:
Watch-only wallets, which lets users keep an eye on their cold storage without interacting with their private key
Plausible deniability, a BlueWallet feature that allows users to establish a different password that will decrypt a “fake” wallet set up
Exodus
PROS
- Supports over 240 crypto assets
- Compatible with Trezor One and Trezor T hardware wallets
- Allows users to buy Bitcoin with Apple Pay
- 24/7 customer support
CONS
- High transaction fees on the in-wallet crypto exchange
- Lack of native 2-factor authentication may bother some users
- No multi-signature support
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. Nonetheless, the desktop wallet application — available across Windows, Linux and Mac operating systems — is still the wallet’s core offering and is updated every two weeks.
One of Exodus’ main draws is the number of currencies it supports: more than 230 cryptocurrency assets, a larger number than many other hot wallets. This includes established altcoins, such as Ether, Litecoin, XRP and Bitcoin Cash, as well as popular meme coins like Dogecoin and Shiba Inu.
The wallet also features a growing number of apps being released to diversify the wallet’s functionality, including apps for live charts, crypto staking and crypto deposits.
Other highlights include:
Customizable fees for Bitcoin, Ethereum and ERC20 transactions
Runs on a light client, meaning it uses simple payment verification and doesn’t download complete blockchains in order to speed up transactions
Crypto.com
PROS
- Choose your preferred trading fee and confirmation speed
- Over 250 coins, including BTC, ETH, CRO, ATOM, DOT and LTC
- Earn interest on more than 35 tokens
CONS
- Funds are inaccessible if you lose your private key and recovery phrase
- Built-in token swap has some geo-restrictions
Why we chose it: We chose Crypto.com as the best DeFi crypto wallet because of its variety of decentralized finance tools, excellent onboarding process and strong security framework.
The Crypto.com DeFi Wallet is an excellent choice for users starting their journey into decentralized finance. 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.
As with other exchanges that feature both a custodial and non-custodial wallet, it’s important to make the distinction between the two. You can download the Crypto.com DeFi Wallet and use it for your day-to-day crypto activities without having to create an account on Crypto.com’s exchange platform.
Consumers should be aware that decentralized finance products and services carry significant risks and should be engaged prudently.
Other highlights include:
Several layers of security, including biometric authentication, 2-factor authentication, and Secure Enclave technology on iOS devices
Create multiple digital wallets and import other wallets
Connect to other decentralized apps through the WalletConnect tool
FAQs
Do I need a crypto wallet?
If you want to invest in cryptocurrency, you should invest in a wallet. 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.
How much money do I need to open a crypto wallet?
It depends. Hardware-based wallets generally cost between $100 and $200, though many software-based wallets are free. Most don’t require you to actually own any cryptocurrency.
Which wallet is best for beginners?
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.
Which wallet is best for advanced users?
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.
What are the risks?
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.
Are assets in crypto wallets insured?
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.
What’s the safest crypto wallet?
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.
