Best Crypto Wallets To Store Your Digital Assets In 2023

The term ‘cryptocurrency’ has gained immense popularity over the years. Even today, it is a widely evolving concept, attracting potential investors to the possibility of multiplying their investments by a significant margin.

However, things get different when it comes to trading digital assets. Like stocks that can be bought at a stock brokerage, you need to sign up for crypto exchanges to add cryptocurrencies to your portfolio. But there’s an extra step when dealing with digital assets; you need to store them in a crypto wallet. The best crypto wallets make it easy for you to store and manage your digital assets securely.

Sadly, hundreds of wallets make it challenging to select the best option for you. So to help you better, we’ve curated a list of the top wallets based on their user experience, cost, features, and supported cryptocurrencies.

Continue reading as we explore some of the best crypto wallets available in the market.

Editor’s Pick Of The Best Wallets For 2023

• Best wallet overall: Exodus
• Ideal for experts: Binance
• Wallet with maximum security: Ledger Nano X

Top Crypto Wallet Reviews

Exodus

• Purchase Cost: Free
• Cold Storage: Yes
• Cloud Storage: Yes

First on our list of top crypto wallets is Exodus, one of the leading storage options for your digital assets. The platform offers you a clean UI with a built-in exchange, making it less intimidating to start with cryptos. Once signed up, you can easily access, hold, or manage up to 291 crypto tokens directly from your Exodus wallet.

The wallet is free and doesn’t charge extra fees for sending or receiving digital assets (except Blockchain network fees). In addition, investors can also access dApps (decentralized applications) and NFTs (Non-fungible Tokens) collections using the Exodus platform.

What’s more? Exodus’s ability to run over both mobile and desktop makes it one of the best free crypto wallets in the market. It also has excellent staking features, customer support, and the option to set custom fees to complete your trades at a given budget.

Binance

• Purchase Cost: Free
• Cold Storage: No
• Cloud Storage: Yes

When talking about the best software crypto wallets, you can’t miss out on Binance, the industry leader in terms of safety and features. The software wallet allows users to trade in more than 350+ cryptocurrencies, including various fiat currencies like USD, INR, EUR, and AUD.

One of the top features of the platform is its seamless trading experience. Users can access premier trading tools and numerous order types, including limit orders, stop-market orders, and stop-limit orders. Adding to such unique functionality is the flexibility to access your wallet from the Binance website, desktop app, or desktop app.

What’s more? The wallet is also feasible in terms of operations as it charges you a commission of just 0.10% per trade. Overall, Binance is a great wallet option for traders experienced with crypto trading. However, the learning curve can be steep for beginners.

Ledger Nano X

• Purchase Cost: $149
• Cold Storage: No
• Cloud Storage: Yes

Third on our list of top crypto wallets is Ledger Nano X, the second-generation hardware wallet designed by the French company Ledger. It is known for making the best hardware wallet since 2014. In addition, all the cold storage devices designed by Ledger are known to add premier-grade security to your digital assets.

Regarding design specifications, Nano X looks like a USB drive that can be connected to your device via Bluetooth or USB. This allows users to connect their wallets to Android or iOS devices without needing a computer. One of the core features of the wallet is its extensive support. The Nano X supports over 5,500 tokens (and keeps adding to the list every year).

What’s more? Despite being one of the best crypto cold wallets, Nano X comes with Ledger Live software that provides seamless access to your crypto balances in no time.

Electrum

• Purchase Cost: Free
• Cold Storage: Yes
• Cloud Storage: Yes

Next, we have Electrum, one of the oldest software wallets that we have today. The wallet was introduced in 2011, two years after the launch of Bitcoin. Since then, not much has changed for the crypto wallet. It continues to serve with a minimalistic UI with a commitment to only Bitcoin.

However, the core USP of the Electrum wallet is its primary function and complex options, making it the go-to option for professionals in the trade. In terms of insight, Electrum is open source, allowing users to trade with custom fees and choose between Segwit and legacy Bitcoin.

Additionally, the wallet allows its users to determine the security of their digital assets. For instance, you can develop a standard wallet with 2FA (Two Factor Authentication) or settle for a multi-signature wallet. The platform also allows users to elongate their seed phrase with custom words, making it one of the safest crypto wallets on the list.

Crypto.com DeFi Wallet

• Purchase Cost: Free
• Cold Storage: Yes
• Cloud Storage: Yes

Concluding our list is Crypto.com DeFi Wallet, a storage that caters to use in Decentralized Finance. As the name suggests, DeFi is a part of the crypto industry focused on saving, lending, and other financial products that don’t require a central broker.

Users signing up for the Crypto.com DeFi Wallet platform can use their digital assets to interact with DeFi products via a browser extension or mobile application. The platform also offers a desktop app that integrates with Ledger hardware wallets, offering cross-connectivity between hot and cold wallets.

Next, the wallet also offers updated security features like 2FA. Overall, the Crypto.com wallet is an excellent option for users who want to manage and maintain cross-connectivity between hard and cold wallets.

Guide On Crypto Wallets

Digital assets has come a long way in 2023. Today, cryptocurrencies are a part of our everyday transactions. Unfortunately, the rising use of cryptocurrencies has also become a hotspot for cryptocurrency-related cybercrime. This is one of the primary reasons we must learn about crypto wallets, including their types, features, and how they work.

What Is A Crypto Wallet?

Crypto or cryptocurrency wallets are storage units where investors and traders store their ‘digital codes’ needed to interact with the Blockchain. Unlike popular belief, crypto wallets by no means store your cryptocurrencies or other digital assets. Instead, they are a medium to keep you connected with Blockchain, allowing the network to find your address.

Insight Into How Crypto Wallets Work

Blockchain (a public ledger) stores data as ‘blocks.’ These blocks are records of transactions, balances held at different wallet addresses, and who holds the keys to those balances. So, they don’t transact money whenever someone sends them a cryptocurrency.

Instead, they transfer ownership of their tokens to your wallet address via public and private keys. Think of a crypto wallet as an email id where you must share your email id (wallet address) to receive emails.

Now that we have an idea of crypto wallets and how they work, let’s look at the different types of crypto wallets in the following section.

Types Of Crypto Wallets

Crypto wallets can be broadly classified into two primary categories, hot or software and cold or hardware wallets. The primary difference between these two wallets is their connectivity to the internet. So let’s check out more about in this section:

Cold Or Hardware Wallets

A cold wallet is one with no connectivity to the internet. It is designed to store digital assets robustly. These wallets keep your keys in an untraceable USB-styled device, keeping them away from the internet, hence any hacking.

Hot Or Software Wallets

As the name suggests, a software wallet is a computer program or a mobile application designed to hold private keys online. They are mainly categorized into three types:

• Web-based wallets: These wallets work as a browser extension and primarily send ETH transactions. Web-based wallets allow seamless interactions with dApps (Decentralized Applications) and DeFi (Decentralized Finance) protocols.

• Desktop wallets: As the name suggests, these wallets are based on integrations that can be used on a laptop or desktop computer.

• Mobile wallets: These wallets are designed to allow users to complete crypto transactions via their mobile devices.

How To Choose The Best Crypto Wallet

1. Supported Currencies

The best crypto wallet provides you the maximum exposure, in this case, crypto tokens. So while exploring your options, we recommend choosing a crypto wallet that covers almost every token (and a lot more) you decide to invest into.

2. Accessible UI

Whether you’re a crypto veteran or a newcomer, an accessible, intuitive UI is always appreciated. While choosing the best crypto wallet, look for simple and easy-to-operate options that don’t need you to go through hoops.

3. 24/7 Customer Assistance

Cryptocurrencies can be tricky; no matter your experience, you can need customer support anytime. Therefore, signing up for a wallet with active customer support is an added benefit.

Note: Look closely into customer assistance if you’re considering a wallet that often receives upgrades and has a history of problems around operations.

4. Compatibility With Hardware Wallets

Having a hardware wallet should be your thumb rule when you’re purchasing cryptocurrencies. Even those who don’t trade regularly should consider getting a hardware wallet to protect their most valuable possessions.

In addition, when looking for a wallet, look for one that allows transactions between hot and cold wallets. This way, you’ll be better positioned to move your cryptos back and forth as per requirements.

Compare The Best Crypto Wallets

How We Chose The Best Crypto Wallet

Our comprehensive review process evaluates 15 crypto wallets based on their features, security, cost, and user-friendliness. The wallets included in our list scored high under the following categories:

• Safety: When it comes to crypto wallets, safety is our priority. We preferred wallets with robust transaction security methods, biometrics, support for multiple signatures, open-source code, and two-factor or multi-factor authentication.

• Features: We considered each wallet’s overall functioning while deciding on features. We gave better ratings to wallets with more live charts, staking, traded assets, lending options, and compatibility with hardware wallets.

Our detailed crypto wallet assessment aims to provide beginners and experienced users with the information required to make better judgments on choosing the wallet that best suits their needs.

Summary

Cryptocurrencies can be an excellent opportunity for investors to maximize their investments. However, investing in such an investment introduces you to an equal danger. Cryptocurrencies have long been in the spotlight for their volatile nature. Therefore, it’s always wise to research, analyze, and then invest your money in any crypto project.

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