Best Crypto Wallets of May 2023
Cryptocurrency wallets provide users with a digital solution for securely storing and managing blockchain assets and cryptocurrencies.
These wallets allow users to spend, receive, and trade cryptocurrencies. While some cryptocurrency wallets may only provide support for a single cryptocurrency, many are multi-asset solutions, allowing users to hold multiple cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, and Litecoin, among many others.
- Supported Cryptos
1800+ (BTC, ETH, ADA)
Typehardware
Cost$59
The Ledger Nano S is the first generation hardware wallet introduced by Ledger, one of the first hardware wallets ever made. Like the Nano S is compatible with 1500+ cryptocurrencies. The Nano S does not come with a USB type-C cable, so users with more modern smartphones may have trouble connecting to their devices.
The Nano S is essentially the same as its successor, the Nano X, minus a couple of features. Both support the same list of cryptos and have access to the Ledger Live software. Unlike the Nano X, Nano S lacks Bluetooth connectivity, and it only stores up to three apps versus the 100 that can be simultaneously stored with Nano X.
The Nano S only has enough storage to make wallets for a limited number of cryptocurrencies at a time. If you were to delete an app in order to add another type of cryptocurrency, their online guide says it will not affect your assets.
The deleted wallet, and crypto within it, can still be seen in Ledger Live, but the wallet will not be seen on the Ledger device itself. This means that if you would like to send or receive to the wallet you have deleted, you may have to delete another wallet to make more room.
That said, at just $59, the Ledger Nano S is a fantastic wallet for those looking to store their cryptocurrency safely for a fair price. It is also quite easy to use with Ledger Live, making it an ideal product for a beginner looking for safe and simple storage for a handful of cryptocurrencies.
Pros
- Access to Ledger Live
- Secure storage for a low price
- Open-source software with added benefit of customer and community support
Cons
- Max storage of three apps
- No wireless Bluetooth feature
- Supported Cryptos
1800+ (BTC, ETH, ADA)
Typehardware
Cost$119
The Ledger Nano X is the second generation hardware wallet from Ledger, a French company launched in 2014. Ledger’s first cryptocurrency product, the Ledger Nano S, was one of the first hardware wallets on the market and dominated the space for a number of years.
The Nano X resembles a USB drive and connects to your device via USB or Bluetooth. This means that you can connect the wallet to your iOS or Android device and do not need a computer. It supports over 1,800 cryptocurrencies. This list continues to grow each year as the Bitcoin community asks for support for their favorite cryptos.
While the device itself is a cold storage hardware wallet, the Ledger team has created the Ledger Live software that provides a user interface for all your holdings. This gives users the ability to add new wallets for different cryptocurrencies to their devices and manage their portfolios. Ledger hardware wallets have been, and currently are, the most popular in the industry. The Ledger also comes with a 1 USB-C to USB-A cable so that it can be connected to either a desktop computer or a smartphone if preferred over Bluetooth.
Pros
- Ledger Live has an intuitive and convenient user interface
- Stores up to 100 different apps
- Open-source software with added benefit of customer and community support
- Convenience of Bluetooth connectivity
Cons
- Bluetooth integration a potential vector of cyber attack (USB is still an option)
- Bluetooth feature not perfected
- Limited wallet storage
Exodus is a desktop and mobile wallet with a very simple user interface and an exchange built-in. One of Exodus’s most popular features is the ability to swap between a growing number of cryptocurrencies. Exodus currently allows for swaps between over 100 different cryptocurrencies.
With its simplicity, this wallet is great for beginners just getting into the crypto space. It also has great support, which is an essential feature for beginners getting into what many would consider a confusing market.
While it is great for beginners, more advanced users may find it lacking in some features. First, Exodus is a closed source wallet. This goes against the ethos of the idea of Bitcoin and blockchain and can create some security concerns as its code is not open for everyone to see. Instead, users rely on the Exodus team to ensure there are no holes in the security of its wallet.
Exodus has an option to set custom fees to keep costs down in addition to the option of automatically setting a fee that ensures the transaction completes quickly.
Pros
- Huge variety of cryptocurrencies
- Built-in exchange
- Good customer support
Cons
- Closed source software
- Supported Cryptos
1600+ (BTC, ETH, ADA)
Typehardware
Cost$190
Trezor, like Ledger, is a name synonymous with crypto cold wallet storage. Its Model T is the second generation of hardware wallets they have created. The Trezor Model T is very much like the Ledger, but it gives the user the ability to access third-party exchanges, like Changelly and CoinSwitch, directly in its website interface. While this is quite convenient, it hardly justifies its more expensive price tag of $190.
The Model T utilizes a touch screen, which can be easier to use for beginners than the buttons their previous model used. The Trezor also has a MicroSD card slot, allowing you to use MicroSD cards to encrypt the PIN and further protect your device from attacks.
Like the Ledger Nano X, the Trezor Model T also comes with a USB Type-C cable so that you can connect to either your smartphone or desktop computer. Currently, the Trezor Model T supports more than 1,600 different cryptocurrencies. Some consider the Model T to be a bit more secure than the Ledger Nano X due to the X’s Bluetooth connectivity (although Ledger's Bluetooth is optional).
Pros
- Web-based user interface with exchanges built-in
- Massive list of supported cryptocurrencies
- Open-source software with added benefit of customer and community support
Cons
- Higher price point than others
- Small touchscreen for typing
- Confusing for a first-time user
Mycelium is an open-source and mobile-only Bitcoin wallet. Mycelium currently only supports Bitcoin, ETH, and ERC-20 tokens. In some ways, Mycelium is quite similar to the Electrum wallet with some of the differences being that it is mobile only, has a more refreshed user interface than Electrum, and also has a built-in exchange.
Mycelium, like Electrum, is one of the earlier wallets in the space. Also like Electrum, you can set custom transaction fees so you can choose how long you’re willing to wait for a transaction to be completed.
Mycelium also has a few more interesting features such as hardware wallet support, which allows users to hold their Bitcoin in an offline storage device while still using Mycelium’s user interface to see their holdings.
Pros
- Customizable transaction fees
- Ability to use hardware wallets
- Open-source software
Cons
- Mobile only
- Confusing for a first-time user
Electrum is one of the original Bitcoin wallets. It has been around since 2011, two years after Bitcoin’s creation, and has changed little since. While this wallet is bare-bones in terms of its user interface and its commitment to only Bitcoin, it excels at this primary function. Electrum is also more suited for advanced users due to its complex options.
Electrum is open source, allows its users to set custom transaction fees, and has the option to choose between legacy Bitcoin and Segwit. It also offers users the ability to determine the level of security they wish to use. For example, you can create a standard wallet, one with 2-factor authentication, or a multi-signature wallet. You can also elongate your seed phrase with custom words.
Electrum is perfect for the more advanced Bitcoin holder who wants great security features and customizability all in a simple layout.
Pros
- Customizable transaction fees
- Greater level of security than most hot wallets
Cons
- Bare-bones user interface
- Only works for Bitcoin
- No customer support
How to choose a cryptocurrency wallet
To choose the right wallet for you, consider your needs and compare cryptocurrency wallets based on key factors that include:
- The type of wallet you want. This factor comes down to personal preference. For example, if security is your No. 1 priority, compare hardware wallets. But if you want to quickly and conveniently access your coins, a mobile or web wallet may be your preferred choice.
- Ease of use. Sending, receiving and storing cryptocurrency can be complicated and confusing, particularly for beginners. Your wallet should suit your tech knowledge and crypto experience. While crypto novices might focus on finding a wallet that’s simple to set up and use, experienced holders might look for advanced features, like an in-wallet exchange and multisignature transactions.
- Security features. Find out what security features the wallet includes, such as two-factor authentication and multisig functionality. Will your private key be stored online or offline? Has the wallet ever suffered security breaches?
- Other features. Does your wallet include the ability to exchange among currencies in your wallet or provide easy access to live fiat exchange rates or other market information.
- Supported cryptocurrencies. Are you looking for a wallet that stores just one crypto, like Bitcoin, or are you in the market for a multicurrency wallet? Make sure the wallet you choose is compatible with the cryptocurrencies you need to store, and remember that some coins and tokens can only be held in an official wallet.
- The team behind the wallet. See what you can find about how long the company’s been in business. What qualifications do they have? Are they continually working to upgrade and improve the wallet?
- Costs. While most crypto wallets are free, choosing a hardware wallet means parting with some cash. Consider the upfront price and shipping costs when making your decision. Some wallets also charge a fee for every transaction you make. Read the fine print to see what you’ll pay.
- Reputation. What level of community trust does the wallet have? Check out independent online reviews to gauge how other users rate the wallet and whether they’d recommend it.
Methodology
We looked at more than a dozen crypto wallets all over the world and decided on the top hot and cold wallets based on factors such as security, costs, and customer reviews. Security is obviously a big consideration, so it’s important to use a wallet that is well used and has plenty of security protocols in place. It’s also important to choose a wallet that works well with some of the larger exchanges so that you can quickly complete transactions in the open market.
Frequently asked questions
A crypto wallet is a place that stores your digital cyrptocurrency and validates your transactions when you’re using your crypto. A wallet keeps secret information, called a private key or a seed, which is used to validate transactions and “sign” them so that your crypto can be used to make purchases or exchanged for another asset. This prevents someone else from using your crypto or the transaction being altered by a third-party.
Often when people refer to a crypto wallet they are actually referring to a crypto exchange that offers a wallet as part of their account features. In this sense, the wallet is just the place where all of your cryptocurrencies are kept, or where you can keep fiat money for future use.
A blockchain is a shared public ledger where all crypto transactions are conducted, from crypto wallets. When a transaction occurs, there is a transfer of value between more than one crypto wallet. Typically, a single party is exchanging some value of crypto for another asset or service with another crypto wallet. When this occurs, every individual crypto wallet will use its secret data to sign and validate transactions, providing mathematical proof that the buyer or seller is the owner of their crypto wallet. Your wallet can safely keep as much crypto as you’d like without any limit.
Using a crypto wallet doesn’t cost you anything if you’re just storing crypto in the wallet. However, if you’re completing a transaction, then the owner of the exchange or device that is housing your wallet will charge you various fees depending on what you’re trying to do. Purchasing a wallet could cost you anywhere from $0 to $200 or more. If you’re using a wallet as part of an exchange then you’ll likely pay either a flat fee of a few dollars or a percentage of the total transaction value.
You can’t convert crypto to cash directly whenever you feel like it, but you can sell your crypto anonymously on the blockchain in exchange for the fiat currency you desire. A crypto exchange can handle the transaction on your behalf and find a buyer so that you can quickly convert the value of your crypto into the cash you need. Every wallet has different rules and time periods for transferring your fiat currency over to your bank account, but most can be done in 1 to 3 days after the crypto sale is complete.