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Cryptocurrencies like bitcoin have been around for more than a decade, but in the past few years they’ve moved beyond a niche investment to the mainstream. Companies such as Microsoft, Amazon, Starbucks, Whole Foods, and Paypal now accept bitcoin and other virtual assets as forms of payment, and — despite several price fluctuations in 2021 — bitcoin’s price currently sits at more than $37,024 as of May 5, 2022.
If you’re looking to invest in bitcoin or another cryptocurrency like ethereum or litecoin, you’ll need to pick an exchange (e.g.,
Crypto wallets are usually available in the form of “hot” wallets or “cold” wallets. (Hot wallets are used for online storage, while cold wallets provide offline storage through hardware and external devices).
We’ve compiled some of the best bitcoin wallets for storing your private key code below. Bitcoin is one of the most popular cryptocurrencies, but note that many of these bitcoin wallet picks also support ethereum, litecoin, and multiple other cryptocurrencies.
Best overall: Exodus crypto wallet
Why it stands out:
If you want, you can also manage your assets using both Exodus and Trezor, another popular bitcoin wallet. You don’t need to use multiple wallets, but some users might prefer having multiple wallets as an additional security measure for their assets.
Exodus and Trezor’s partnership caters to those who prefer hardware security since you’d be able to securely manage your assets offline while simultaneously using the Exodus platform. Exodus typically receives 2-5% on each asset exchange, but the firm generally doesn’t charge you any fees to use its software.
What to look out for:
Best for advanced users: Electrum crypto wallet
Why it stands out: Launched just two years after bitcoin was created,
In addition, Electrum says it offers several interfaces that you can use on mobile, desktop, or with its command line interface. However, with its cold storage offering, you can sign transactions from an offline computer, according to its website.
What to look out for:
Best for Android users: OPOLO crypto wallet
Why it stands out: Based in Luxembourg,
You can set up bitcoin wallets, ethereum wallets, or take advantage of more than 120 other coins. As for tokens (these are also virtual assets, but unlike coins, they’re formed through blockchains that have already been created),
OPOLO’s mobile app is only available on Android devices, but the wallet is also available on Mac, Windows, and Linux for users with desktops or laptops.
What to look out for: Keep in mind that the
Best for mobile users: Mycelium crypto wallet
Why it stands out: Formed in 2008,
The company says its wallets are 100% secure and allow for open-source, incognito use. Mycelium’s wallets are also reproducible, and the platform is compatible with Trezor, Ledger, and KeepKey hardware wallets.
Though
What to look out for: Mycelium’s customer support is primarily available through email.
Best for digital storage: Cobo crypto wallet
Why it stands out: Though it formerly offerd hardware wallets through Cobo Vault,
Cobo also offers features like multi-factor authentication, hot-cold storage, and multi-signature storage for private keys. And institutions can utilize its Cobo Custody crypto services.
What to look out for:
Best for software storage: Wasabi crypto wallet
Why it stands out: Available on Mac, Windows, and Linux desktop devices,
This feature doesn’t compromise you coins’ security, though. Neither you nor the other users will be able to trace where each coin came from.
What to look out for:
Best for beginners: Shift Crypto wallet
Why it stands out: With
But
The BitBoxApp gives you desktop access.
What to look out for: If you’re a fan of mobile access, you’ll only be able to use Shift Crypto on Android devices.
Best for Bitcoin-only investors: CoinKite crypto wallet
Why it stands out:
The wallet — which is available as a specialized chip and numeric keypad — is also compatible with the following crypto wallets: Bitcoin Core, Electrum, BTCPay, Specter-Desktop, Wasabi, Fully Noded, Unchained Capital, Casa, BlueWallet, Coldcore, Sparrow, and many more.
What to look out for: Keep in mind that the coldcard wallet is an external, offline crypto storage device. If you’re looking for online storage, you’ll need to consider other options.
Other Bitcoin wallets we considered
- Ledger: Ledger is a popular hardware wallet that launched in 2014. The company offers two different types of Ledger wallets — Ledger Nano S and Ledger Nano X — and a Crypto Starter pack that helps beginner crypto users enhance their knowledge. But be prepared to pay a fee for each hardware chip.
- Metamask: Metamask is available both on mobile devices and as a browser extension. The company offers private key storage, a secure login, a token wallet, and a token exchange that allows you to buy, send, or swap tokens. However, Metamask mainly supports ethereum (ETH) and ERC tokens.
- Trezor: Trezor is considered a cold wallet since it primarily offers offline storage through an external USB-like device. As with Ledger, Trezor offers two storage options: Trezor One and Trezor Model T. Both options offer Bitcoin-only firmware and more than 1,600 cryptocurrencies. However, some of Trezor’s advanced products can be pricey.
- Guarda: Available on desktop and mobile devices, Guarda is a non-custodial (meaning you, and only you, retain complete ownership over your private key and crypto assets) crypto wallet that gives users access to several competitive features. These include instant crypto exchanges on more than 50 coins, staking with up to 40% annual yield, and Ethereum staking rewards up to 4%. If you plan to exchange assets, though, be prepared for small service fees.
- Trust Wallet: Unlike the other wallets mentioned above, Trust is solely for mobile storage. If you’ve got a smartphone, you can download the wallet on iOS or Android devices. While Trust lets you store, purchase and exchange crypto, it also allows you to earn up to 11% APR through crypto staking. But the wallet may not be the best choice for desktop-minded users.
- Blockchain: Blockchain is a hot wallet that let offers online encryption and gives you complete custody over your crypto assets. The wallet also offers a Blockchain data API, crypto data charts, interest-bearing accounts, and real-time crypto prices. You can hold or exchange bitcoin, ethereum, and others, but the company’s total number of tradeable assets is limited.
- Edge: Edge allows client-side encryption, meaning that your data and information are completely encrypted on your end, and Edge doesn’t have access to any of it, according to its website. Along with the fact that it lets you buy, store, or trade bitcoin, ethereum, and other coins, Edge says it relies on a zero-knowledge security architecture. The company doesn’t ask for your email, phone number, or other personal info when creating an account. Similar to Trust, Edge is primarily for mobile users.
How we determined the winners
We reviewed several crypto wallets to find the best options for low fees, safe (and secure) storage, cryptocurrency asset choices, and user interfaces.
We also considered a number of other factors, including customer support access, wallet custody, educational resources, and wallet compatibility. Some crypto wallets are compatible with other storage platforms. For instance, Mycelium currently supports Trezor, Ledger, and KeepKey hardware wallets.
Frequently asked questions
Why trust us?
Our mission at Personal Finance Insider is to help smart people make the wisest decisions with their money. Since the word “best” can be subjective, we highlight both the benefits and the limitations of crypto wallets.
We spent hours comparing and contrasting the features and offerings of various bitcoin and crypto wallets so you don’t have to.
What is a bitcoin wallet?
Bitcoin and crypto wallets are essentially online — and sometimes offline — storage platforms that provide encryption for your private key and give you custody over your cryptocurrency assets. When you first purchase crypto, you receive both a public key and a private key.
Typically available as a set of numbers, you can think of public keys as publicly available email addresses that are used to verify your identity when you exchange crypto assets. However, private keys are secret codes that give you access to your cryptocurrencies. These codes hold the key to your money, which is why traders turn to wallets for safe storage.
But remember the difference between cold wallets and hot wallets. Cold wallets are crypto platforms that offer offline storage, and hot wallets are platforms that provide online storage.
Are bitcoin wallets worth it?
This depends on how much security you’re looking for. Crypto wallets were created to protect your private key and crypto assets against security breaches. While most wallets give you complete custody over your assets, not all cryptocurrency exchanges and investment platforms do (and custody doesn’t always guarantee complete security).
And some platforms may have limits when it comes to transferring existing crypto balances. For instance, though it currently has a crypto wallet waitlist, Robinhood has long prevented users from transfering crypto into or out of their accounts. If you’re planning to use an exchange’s built-in wallet, it’s wise to familiarize yourself with its storage and/or crypto transfer capabilities.
If you’re looking for external storage for your assets, cold wallets (offline storage chips) are probably the best option for you. Hot wallets could be a better fit if you prefer online software storage.
How do I use a bitcoin wallet?
If you’re interested in securing your cryptocurrencies with a Bitcoin wallet, you’ll first need to create an account with your desired platform. Most non-custodial wallets (wallets that you hold complete custody over) offer downloadable software that you can use to secure your private key and crypto assets.
However, if you’re using a hardware wallet, you’ll likely need a USB cable to connect to your platform’s external storage chip. Once you’ve created your account, connected the necessary devices or downloaded any required software, you’ll be able to transfer over any existing crypto assets.
Do I need a crypto wallet to buy bitcoin?
You don’t necessarily have to set up your own Bitcoin wallet to store your assets. Some crypto exchanges — like Kraken, Coinbase, and CEX.IO — offer their own wallets to users. The difference between these platforms, though, and the Bitcoin wallets mentioned above, is mainly one of security and custody.
If you’d prefer to have complete custody or control over your money, you’ll probably need a non-custodial bitcoin wallet. Unlike most crypto exchanges, these stand-alone wallets give you absolute control and security over your crypto assets. With the crypto exchange wallet, the exchange itself would still have some level of control over your assets.
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