Choosing the best crypto wallet for you is important. Why do you need a crypto wallet? This is where you will store your purchased cryptocurrency assets. Nowadays, crypto wallets are made to be compatible with either mobile, desktop, or offline.
With so many options on the market, knowing what is the best cryptocurrency wallet is the key to your crypto asset security. No one wants their digital assets to be stolen or easily hacked by anyone. Thus, here are some of the best crypto wallets in 2020 you can consider to use.
Best crypto wallets 2020
- Coinbase Wallet, Trust Wallet, Paxful (for beginners)
- ZenGo, Edge, Mycelium (for mobile users)
- Exodus, Guarda, Atomic Wallet (for desktop users)
- Electrum, MyEtherWallet, Bread Wallet (hot wallets)
- Ledger Nano, Trezor, KeepKey (cold wallets)
To those who are not yet familiar with what is a cryptocurrency wallet all about, there are mainly two types: hot and cold wallets. Hot wallets require an internet connection to be used. These include mobile, web, and desktop wallets. On the other hand, cold wallets work perfectly fine offline. These include hardware and paper wallets.
Factors to consider when choosing the best crypto wallet
Before you select the crypto wallet you will use, here are some of the key factors you can consider:
- Custodial vs non-custodial. Your private key is the only way you can access your wallet and all the crypto assets in it. Hence, it is important to consider if you will trust someone else (custodian or third-party) to get a hold of your private key or not.
- Two-factor authentication. As an additional layer of wallet security, it is better to use a crypto wallet with 2FA. In case someone may have your password, they still need to enter the code sent to your registered phone or email to access your wallet.
- Multi-cryptocurrency support. If you prefer to own a single crypto wallet than having multiple ones, you should consider getting a wallet that supports multiple cryptocurrencies. Generally, it is easy to find crypto wallets with this feature.
- Privacy, security, or convenience? It will all come down to your priority. If you will hold a huge amount of cryptocurrency, then you must consider privacy and security at the most. However, if you prefer to trade on a daily basis, convenience and accessibility may be the ones for you. To put it simply, the former one is best for cold wallets while the latter suits best for hot wallets.
Best crypto wallet for beginners
Coinbase Wallet is one of the most secure cryptocurrency wallets in the market. Built by the leading cryptocurrency exchange Coinbase, this is a standalone app that allows users to store their Bitcoin, Ethereum, Ripple, Bitcoin Cash, and other Ethereum-based ERC20 tokens. Moreover, Coinbase Wallet users can explore the decentralized web with its built-in DApp browser.
It has an easy-to-use interface that is ideal for crypto newbies. Moreover, Coinbase Wallet can be downloaded for free on Android and iOS devices. It charges decent fees, supports multiple cryptocurrencies, and integrates advanced wallet security.
- High liquidity and buying limits
- Easily buy bitcoin and other cryptocurrencies from Coinbase within the Coinbase Wallet
- Easy registration and verification processes
- Available in more than 100 countries
- Backup/restore your Coinbase Wallet account using 12-word BIP39 recovery phrases
Official website: https://wallet.coinbase.com/
Trust Wallet is one of the most trusted crypto wallets with over 5 million users. As a matter of fact, it is the official wallet of the Binance exchange. It provides a safe and easy place to store your crypto funds as well as take advantage of loads of features built in to enhance your crypto experience.
Using the Trust Wallet is completely free. Moreover, it supports hundreds of thousands of cryptocurrency coins and tokens. Additionally, you can send crypto easily by using regular blockchain addresses, QR codes, or simple address names.
- Full control and access to private keys
- Also supports the staking of multiple cryptocurrencies including Tezos and Tron
- Buy crypto with your card as it integrates multiple card payment processors
- Trade or swap crypto easily
- Explore new DApps
Official website: https://trustwallet.com/
The Paxful Bitcoin Wallet app is a functional, safe, and easy-to-use crypto wallet with best-in-class security features. It is also the companion tool to Paxful, one of the world’s biggest peer-to-peer (P2P) bitcoin marketplaces.
Thus, you can easily manage your funds and top up directly via Paxful’s peer-to-peer marketplace as well as send or receive bitcoin seamlessly. In addition, the Paxful Bitcoin Wallet app charges no commission fees and implements strict verification and password requirements.
- Safely store your bitcoin and check your balance in real-time
- Get updated bitcoin-to-fiat conversion rates
- Buy and sell bitcoin with over 300 payment methods including gift cards, debit/credit cards, cash deposits, PayPal, etc.
- Generally, support is responsive and helpful
Official website: https://paxful.com/bitcoin-wallet
Best crypto wallet for mobile users
ZenGo is the first keyless crypto wallet app, making it one of the easiest and safest way of storing, buying, trading, tracking, and earning cryptocurrency. To explain, ZenGo uses advanced cryptography that removes the crypto wallet’s private key without lessening the security and privacy of crypto assets.
It has a highly intuitive user interface and additional services such as buying and swapping crypto. To set up your wallet, all you need is an email address and fingerprint biometrics. Additionally, wallet backup is done via the cloud and secured with face-mapping.
- Buy bitcoin and cryptocurrencies quickly and easily
- Uses biometric identity for secure login as well as backups
- No fees for crypto withdrawals
- Earn free crypto by inviting friends and also get a 50% commission every time they buy crypto
- Earn daily interest and also save for the long-term
- Responsive 24/7 customer support within the app
Official website: https://zengo.com/
Edge is one of the best mobile crypto wallet apps compatible with iOS and Android devices. It has multi-asset support including Bitcoin, Ethereum, EOS, and more. Moreover, it allows the quick and secure exchange of assets within its built-in crypto exchange.
This all-in-one crypto wallet app allows users to backup their accounts using only their usernames and passwords. Moreover, Edge also partnered with top blockchain services around the world to offer in-app crypto buy/sell, mobile top-ups, gift cards, and crypto-to-crypto exchange.
- Include Fast Touch log-in on iPhone and automated back-ups
- Hassle-free login using multiple devices
- Easily swap your cryptocurrencies
- Simple account creation
- Decentralized server architecture allowing Edge wallets to work even if Edge servers are down
Official website: https://edge.app/
Mycelium is one of the oldest mobile-focused bitcoin wallets. Accordingly, users have the ability to customize transaction fees and connect instantly to the Bitcoin network through Mycelium’s supernodes. This wallet is also integrated within Cashila (pay bills within the European Union) and Glidera (buy bitcoin using your bank account in the US or Canada).
Moreover, it is a hardware wallet enabled. This means you can directly spend from your Trezor, Ledger, or KeepKey cold wallets. With Mycelium, you can undoubtedly send and receive BTC, ETH, and other ERC20 tokens like USD Coin, Huobi Token, and Binance USD.
- 100% control of your private keys
- Find other people who also trade bitcoins using the Local Trader feature
- Manage your wallet on multiple devices
- Transaction history with full transaction details
- Watch-only addresses and private key import for secure cold-storage (offline) integration
Official website: https://wallet.mycelium.com/
Best crypto wallet for desktop users
Exodus is a cryptocurrency wallet compatible on desktop as well as mobile and Trezor hardware. Particularly, Exodus allows its users to manage wealth in a blockchain wallet that combines solid engineering and beautiful and easy-to-use design.
Exodus Desktop supports over 120 cryptocurrency assets including DeFi tokens such as Wrapped Bitcoin, Synthetix, Yearn.finance, and UNI. Primarily, Exodus aims to provide a way to easily secure, manage, and exchange cryptocurrencies in one application.
- Encrypts crypto wallet private keys and transaction data on your device
- Easily send and receive any of the supported assets with an address or QR code
- Also provides an online help desk and 24/7 customer support
- With its built-in exchange, you can also buy/sell crypto without registration or verification
Official website: https://www.exodus.io/desktop
Guarda offers a desktop crypto wallet where users can store, send, buy, stake, and exchange crypto assets. In particular, this decentralized and non-custodial crypto wallet supports over 45 major blockchains and thousands of tokens of different protocols.
Furthermore, Guarda is a multi-platform cryptocurrency wallet as it also has its web and mobile versions. Not only that, but the Guarda desktop wallet can also be synced with the Ledger wallet to improve security. It is super easy to navigate and available for Windows and macOS users.
- 100% control over your crypto wallet private keys
- Easily purchase cryptocurrency via bank card
- Also supports all Ethereum- based tokens, TRON-based tokens (TRC10, TRC20), Binance Chain tokens (BEP2), and Waves tokens
- Efficient technical support
- Filter out transactions by transaction type, wallet, currency, or transaction hash search
Official website: https://guarda.com/desktop/
Atomic Wallet is also a multi-platform crypto wallet trusted by around 500,000 users worldwide. Through its desktop version, you can manage, exchange, stake, and buy your preferred crypto assets in one secure interface.
It also accepts USD, EUR, and your local currencies in buying cryptocurrencies. This non-custodial decentralized wallet supports over 500 crypto assets including Polkadot, Binance Coin, Monero, DASH, Zcash, and Cardano.
- Desktop version operates on many systems such as Windows, macOS, Ubuntu, Debian, and Fedora
- Integrates a built-in exchange, offering to choose between Changelly and ShapeShift
- An incredible amount of coin selection, staking, and swapping
- Playback reward program
- Very good customer service
Official website: https://atomicwallet.io/
Best hot wallets
Electrum is one of the earliest Bitcoin wallets, having been introduced in 2011. This is also a multi-platform cryptocurrency wallet accessible on mobile, desktop, or with the command-line interface. It is simple, easy-to-use, and feature-rich, specifically designed for BTC holders.
In fact, various sources said that 10% of all Bitcoin transactions use Electrum. This crypto wallet app explicitly offers a very user-friendly solution for sending and receiving Bitcoin payments regularly. Moreover, this open-source software is free to download on your device.
- Encrypted private keys never leave your device
- The wallet can be recovered from a secret phrase
- Electrum servers are decentralized; hence, experiencing zero downtimes
- Verifies all the transactions in your history using simple payment verification (SPV)
- Supports multi-sig services, hardware wallets, and other third-party plugins
Official website: https://electrum.org/
MyEtherWallet (MEW) puts the Ethereum blockchain at your fingertips. By and large, this original and most-trusted crypto wallet brings you the most secure and most intuitive way to manage your ETH and ERC20 tokens.
You can buy Ether right inside the MEW wallet using your bank card or Apple Pay. Furthermore, this non-custodial Ethereum wallet makes you the only person to have access to your funds. They help you backup your wallet and it utilizes state-of-the-art encryption for account security.
- Available on all Samsung Blockchain-compatible devices
- Switch between multiple accounts for privacy and convenience
- Borrow crypto and earn interest
- Interact with DApps
- Supports offline/cold storage transactions
Official website: https://www.myetherwallet.com/
Bread Wallet (BRD) is a simple and secure crypto wallet for your digital currencies. This crypto wallet app is a fully decentralized wallet that connects directly to the blockchain using a unique generated 12-word paper key.
Taking this into consideration, this means there are no accounts to set up on BRD, no passwords to remember, and no servers to hack. In addition, the wallet’s security is focused on users’ privacy. As a matter of fact, it is trusted by over six million users across 170 countries.
- No registration or sign ups required to start your bitcoin wallet
- Easily exchange, sell, hold, or buy BTC, BCH, ETH, and other ERC20 tokens
- Fast bitcoin wallet app support
- Integrates multi-layer wallet security including PIN, AES hardware encryption, code signatures, touch ID, and SPV
Official website: https://brd.com/
Best cold wallets
Ledger created hardware wallets where users can simply manage, secure, and control their crypto assets. Evidently, more than 2 million units of Ledger Nano S and Ledger Nano X are sold all over the world. These hardware wallets work alongside the Ledger Live app, a multi-functional platform where you can buy, sell, exchange, stake, and lend your assets easily and securely.
Ledger hardware wallets support over 1,500 cryptocurrencies. Moreover, Ledger is the first and only certified hardware wallet provider on the market. It is specifically certified for its security by ANSSI, the French cybersecurity agency.
- Private keys are stored within the actual device
- Integrates Secure Element (SE), a certified chip designed to withstand sophisticated attacks
- Install up to 100 crypto applications at the same time on the Ledger Nano X
- Grow your crypto assets by staking or lending via the Ledger Live app
Official website: https://www.ledger.com/
Trezor is a hardware wallet that brings users the safest way to manage and trade cryptocurrencies. As a cold wallet storage, you can always recover access to your coins and assets from your offline backup. In detail, there are two hardware wallet versions for this type: Trezor One and Trezor Model T.
With Trezor hardware wallets, you can manage your entire digital identity in one device. Your cryptocurrencies, keys, and passwords are owned and controlled by the owner. Your seed will also be generated offline and displayed on the wallet’s screen.
- Stores your bitcoin and cryptocurrency private keys offline
- You can recover the entire wallet with your 24-word seed and passphrase
- Trezor buttons must be physically pressed in order to confirm each outgoing transaction
- Easy to send/receive a variety of coins and review previous transactions
- Trezor One can also act as a password manager and U2F authentication
Official website: https://trezor.io/
KeepKey is a premier hardware wallet that protects your cryptocurrencies, stores your private keys offline, and safeguard your assets from hackers. This wallet is a USB HID-class device that supports the world’s leading cryptocurrencies.
This wallet gives you full control over your bitcoins and crypto-assets. The KeepKey installation process is rather simple. Not to mention that the price of this physical hardware wallet is fairly cheaper than Ledger. Your KeepKey is PIN-protected and built to be malware-proof.
- Manage your private keys offline for cold storage
- Use ShapeShift to buy, sell, send, receive, trade, track, and hodl your crypto
- The large display gives better clarity and usability for transactions
- Each transaction should be manually approved by pressing the confirmation button
- User-defined transaction speeds and limitless wallet addresses on one device
Official website: https://shapeshift.com/keepkey
Compare cryptocurrency wallets
Again, knowing which crypto wallet is best for you is important to keep your crypto assets safe at all times. Learn how to compare various cryptocurrency wallets and highlight the aspects you want to be put in emphasis.
Whether you are a new crypto user or an existing one who is looking for a better crypto wallet app, we hope that this article helped you figure out the best crypto wallet for you.
Disclaimer: This article is strictly for informative purposes only. CoinQuora does not advertise any of the abovementioned products. We will not be liable for any damage/harm/loss that you may encounter upon using these products.