23 Best Crypto Wallets to Use to Store Your Crypto Assets in 2023

There are a lot of different crypto wallets to choose from, so it can take some time to find the right one for your needs. However, picking the perfect crypto wallet doesn't have to be confusing or stressful. Read on to discover the different types of crypto wallets on the market, and to learn their pros and cons.

Key Takeaways:

• A crypto wallet is a method for securely storing the keys to all the crypto you own.
• There are two types of crypto wallets available on the market: hot wallets and cold wallets.
• Some of the best crypto wallets include the Bybit Web3 Wallet, Bitverse Wallet and MetaMask.

What Is a Crypto Wallet?

A crypto wallet is a method for securely storing the keys to all the crypto you own. Crypto wallets can be a piece of software on a phone or computer, or they can be a piece of hardware dedicated to crypto storage.

Types of Crypto Wallets

The main thing you'll need to decide when trying to find the best crypto wallet for you is whether you want a hot wallet or a cold wallet. Both of these styles have their own unique advantages.

Hot Wallets

A hot wallet is a crypto wallet with the ability to connect to the internet. Most modern wallets are hot wallets. This type of wallet is popular because it allows you to quickly send and receive crypto. Hot wallet creators often include a helpful interface with lots of features, making hot wallets the best choice for people who prioritize convenience. Transferring crypto with hot wallets can be as quick as clicking a button. Hot wallets are also the best choice if you want to access your crypto from multiple devices.

Cold Wallets

A cold wallet is a crypto wallet that’s entirely offline, usually a small device that looks like a USB drive. To send or receive crypto, you typically need to connect the cold wallet to an internet-enabled device and manually move your private keys into the wallet. Since cold wallets are offline, they’re effective for those who require security. It's impossible for a hacker to steal your crypto unless they steal the physical copy of your cold wallet. 

Another benefit of cold wallets is that the crypto is entirely in your possession. They're the best crypto wallets if you're worried about an organization going bankrupt and keeping you from accessing your funds.

How to Choose a Crypto Wallet

To find the best crypto wallets, you need to carefully consider your needs and evaluate the wallet provider's features. The following are some of the main factors you need to think about while picking the best crypto wallet for your needs.

Wallet Type

First, choose your type of wallet. If you prioritize convenience and fast transfers, a hot wallet is the way to go. If your priority is security, cold wallets are the best choice for you. The other important consideration is custodial vs. noncustodial wallets. Using a noncustodial wallet means that only you have control over your private keys. This provides extra security and ensures you have the ability to interact directly with the blockchain. On the other hand, a custodial wallet lets the wallet provider hold onto your keys. These wallets are often easier to use and recover lost crypto from, so they're the best option for those new to crypto.

Security and Reputation

Your cryptocurrency is valuable, so it pays to think carefully before handing it over to any organization or device. Take the time to look up reviews for the wallet provider. The best crypto wallets have a history of excellent security — and a lot of satisfied customers. If the wallet tends to have a lot of hacks and data breaches, pick a different option. 

You can also research the wallet's details to see if it has any notable security issues. The best crypto wallets have multiple security features, such as multi-factor authentication and fingerprint recognition.

Additional Features

Overall, the best crypto wallet for you is one that you can easily use and thoroughly understand. Some users prefer complex interfaces while others want something simple and straightforward. Depending on your needs, the best wallet for you might offer these features:

• Multisig authorization that lets multiple people vote to validate transactions
• Customizable fees that let you choose whether you want to pay extra for fast transactions
• Backup passwords that help you recover lost crypto keys
• The ability to view a crypto’s value in relation to other types of currency
• Convenient options such as mobile apps and web browser versions
• Compatibility with your preferred crypto ecosystems and platforms

Best Crypto Wallets

What are the best crypto wallets on the market? According to experienced crypto users, these cryptocurrency wallets are classic favorites.

Bybit Web3 Wallet

This custodial crypto wallet helps you manage a wide range of crypto and other blockchain assets. Its robust security and convenient interface (UI) already make it one of the best crypto wallets, and its web3 compatibility makes it even better. Users can instantly access a variety of GameFi, DeFi and NFT projects, along with the full Bybit exchange. All deposits are free, but you have to pay a withdrawal fee based on the blockchain's gas or other validation fees. Unless you need offline accessibility, this is a great option.

Bitverse Wallet

Bitverse Wallet, a noncustodial web3 wallet, uses MPC (multiparty computation) technology to offer unrestricted, multi-chain decentralized asset management globally. After its beta launch, it rapidly accrued over 50,000 users and created in excess of 100,000 wallet addresses. 

Bitverse's proprietary features — such as Event Guessing, Lucky Airdrop, NFT Market and Game Benefits — increase user interaction and loyalty. Additionally, the Guessing and Airdrop segments, accessible to all projects, provide avenues to gain cryptocurrencies while enjoying Bitverse's robust operation and maintenance services.

MetaMask

MetaMask is one of the best crypto wallets if you want an open-source software wallet with noncustodial features. It's user-friendly and integrates with Ledger devices. MetaMask is also popular for its security and its special Swap technology, which helps to reduce gas fees. The downsides to MetaMask are that it's only compatible with Ethereum and ETH-based tokens, and the existence of imitator websites that can trick you into inputting your seed phrase, in which case all of your funds can be stolen.

Coinbase Wallet

This wallet from the popular crypto exchange Coinbase is one of the best choices for beginners. Coinbase Wallet connects to most bank accounts, and lets you easily buy, store and sell common crypto assets. It supports more digital assets than most other available wallets. However, it still has some of the security issues associated with other hot wallets, and it's not available on some browsers. Furthermore, Coinbase charges additional transaction fees alongside the standard gas fees most wallets charge.

Ledger

If you're looking for hardware wallets, Ledger is one of the best. This wallet is popular because it's extremely secure. Not only is it a cold wallet, with a lot of inherent security, but it also has a Secure Element chip that provides an extra layer of security. Other perks include an integrated app to trade from and a display for managing the wallet. Unfortunately, all these features come with a fairly high price tag compared to the free options on this list. Most Ledger hardware wallets retail for around $80.

Keep in mind that Ledger was recently embroiled in controversy over its new Recover feature, a backup service for users’ secret recovery phrase. Concerns over user safety were addressed, ultimately leading to Ledger postponing the launch of the feature.

Electrum

Electrum is a classic Bitcoin wallet that's been around since 2011. It’s small and quick to download. However, despite its small file size, Electrum has plenty of excellent security features, supports multisig wallets and can integrate with hardware wallets. The main downside is simply that it's an older wallet with a design and interface that can confuse some beginners.

BlueWallet

BlueWallet is a mobile wallet that you can download as an app. The biggest advantage of BlueWallet is that it's integrated with the Lightning Network, so it can use the Layer 2 chain to process transactions quickly with fewer fees. BlueWallet has a clean interface and offers some unique security features, like multisig and decoy wallets. However, BlueWallet doesn't offer two-factor authentication (2FA), so it's not as secure as some other wallets. 

Note that BlueWallet only works for Bitcoin.

Trezor

Trezor offers the Trezor Model One and the Trezor Model T, both of which are good choices for people who need a cold wallet. They support over 1,200 cryptos and have tremendous storage capacity. Unlike some other hardware wallets, Trezor also has fairly thorough backup and recovery features. 

If you’re looking for a simple cold wallet, the Trezor Model One is adequate. Retailing at $69, it features a clickable two-button pad and USB-A connectivity. However, if you’re looking for one with more advanced features, such as a 1.54” touchscreen and USB-C connectivity, you can consider the Trezor Model T, which retails at $219.

Trezor also offers the Trezor Suite, which is an application available on desktop and mobile. With Trezor Suite you can easily and securely send, receive and manage your assets.

Exodus

If you're looking for a software wallet that runs on your desktop, Exodus is a great option. Exodus is one of the best crypto wallets for those who want flexibility. It's compatible with iOS, Windows and Linux, and it supports over 260 cryptocurrencies and NFTs. Furthermore, the Exodus wallet can manage transactions without you having to download entire blockchains, so it's lightweight and fast. Just be aware that many users feel Exodus's fees are a bit high.

Crypto.com

Crypto.com’s DeFi Wallet is excellent for people just learning about DeFi. It’s a noncustodial wallet with extensive security measures. People find its interface easy to use, and it lets you choose your level of trading fee and confirmation speed. However, not all of Crypto.com's services are available in certain locations, and it lacks some of the customization options of higher-level wallets.

KeepKey

Retailing for just $49, KeepKey is one of the most affordable hardware wallets on the market. It has a clear interface and display that make it fast and easy to manage your crypto. KeepKey prioritizes security, so you can be confident your coins will be safe. However, KeepKey supports only a limited number of cryptocurrencies, so if you need a flexible crypto hardware wallet that can hold multiple coin types, KeepKey might not be right for you.

Coinomi

This noncustodial hot wallet has some great perks, including a multilingual interface, support for anonymous users and absolutely zero fees outside of gas. Coinomi is a fairly established wallet, so the developers have had plenty of time to work out the bugs and upgrade security. You can protect your crypto with biometrics, passwords, BIP39 passphrases and more. 

Despite being one of the best crypto wallets for people who value privacy, Coinomi has its downsides. There's no 2FA, and the slightly older interface can be confusing for crypto beginners.

MyEtherWallet

As you might be able to tell from its name, the main con of MyEtherWallet is that it only stores Ethereum and ERC-20 tokens. Despite the limited support, it still deserves a place on this list because of its excellent design. It's an open-source, fee-free noncustodial wallet that gives users full control over their keys. Users store their private keys offline, so it's safe, like a cold wallet, while still having the convenience of a hot wallet.

eToro Money

eToro Money is an e-wallet offered by the trading service eToro. It gets high marks for usability, and syncs well with eToro's crypto exchange. Using it on eToro lets you avoid fees for certain types of withdrawals and deposits, and you can check on your investments' values straight from the wallet. However, eToro does charge high fees for transferring your coins to other accounts.

SafePal

SafePal combines elements of both hot and cold wallets. You store your keys on a cold device, which can then interact with an app and browser extension to bring in trading features and other hot wallet elements. SafePal has a low cost and supports up to 30,000 digital assets, so it's one of the best crypto wallets for storing large amounts of coins. On the downside, some users have reported frustrating customer service experiences and SafePal doesn't support a broad range of crypto types.

BitGo

BitGo was the first crypto company to create a multisig wallet, and it's popular for its extensive security features. This custodial hot wallet supports over 600 assets and has compatibility with web3 features. Another great thing is its customizable fee structure. Users can sign up for different fee tiers, depending upon whether they want to trade large amounts of crypto or store assets for long periods of time.

1inch Wallet

1inch Wallet is one of the best wallets for people performing fast, short-term trades. It's a hot wallet with an interface focused on trading crypto and NFTs. You can check values, hold several different types of crypto and seamlessly integrate it with DeFi tech. Though this is a reputable wallet, the 1inch exchange isn't regulated in the U.S. Therefore, this wallet will only work for users in non-sanctioned locations.

Guarda Wallet

The Guarda Wallet interface lets you buy, sell, stake and store crypto. It supports over 50 blockchains and more than 400,000 crypto assets. Another advantage is that it works as a software wallet, mobile app and browser extension. Though Guarda Wallet gets points for letting users pick what transaction fee level they want to pay, some users still have a problem with its fee structure. Purchasing crypto in-app results in excessively high fees.

Ellipal

Ellipal isn't as widely known as some other cold wallets, but it's still worth checking out. It has enough storage for thousands of individual tokens and can support up to 46 blockchains. The starting price of $119 is reasonable, and it has excellent security. 

Instead of using Bluetooth connections that can be hacked, Ellipal uses QR codes instead. Other perks include the ability to convert coins between supported currencies offline and the ability to stake crypto. The main challenge to using Ellipal is simply that it's not desktop-compatible, so managing your crypto can be tricky.

BitKeep

BitKeep is a multi-chain DeFi software wallet that supports over 90 different blockchains and allows for cross-chain trading. Furthermore, it pairs with a lot of DApps and other projects. The wallet does charge service fees in addition to standard gas fees, but the higher cost comes with some helpful features, such as a Chrome extension and app. One consideration is that some beginning users find the interface a bit confusing.

Zengo

Zengo prides itself on its unique security process. Users secure their accounts with encryption and biometrics instead of needing long phrases. Another perk is that its interface is easy to use. This hot wallet seamlessly connects to a lot of different web3 services. 

CoolWallet

CoolWallet is a secure and reliable hardware wallet. Unlike some other cold wallets, such as Trezor, CoolWallet has multisig capabilities. It also includes 2FA, pin codes, encrypted Bluetooth connections and seed phrase backups. 

CoolWallet supports over 1,500 cryptocurrencies and comes in the form of a flat rectangle that's the size of a credit card, and fits in a regular wallet. 

CoinStats

The CoinStats DeFi Wallet has been created by a portfolio tracking company. This software wallet comes with exclusive financial features, such as live pricing data. Not only can you store and swap crypto, but you can also connect your bank card to convert crypto to and from fiat currency. 

This secure wallet uses military-grade encryption to keep your coins safe. Keep in mind, however, that it does come with some fairly high fees. To get all the services of the wallet, you’ll need to pay an extra subscription.

Should You Use a Crypto Wallet?

Technically speaking, simply purchasing crypto through an exchange and leaving it in your account actually counts as using a cryptocurrency wallet. This means that anyone who wants to buy or sell crypto is using a wallet. If you only conduct short-term trades, the built-in wallet at a crypto exchange such as Bybit might be all you need.

However, when talking about the best crypto wallets to use, most people are really discussing personal wallets to which you can move your crypto after purchasing it on an exchange. Using a personal wallet is ideal if you possess a large amount of crypto because it provides more security. Personal cryptocurrency wallets are also useful if you plan on holding onto crypto as a long-term investment. Furthermore, the best crypto wallets are helpful for people involved in the blockchain community. A cryptocurrency wallet makes it fast and simple to mine crypto, trade NFTs, play a crypto game or directly interact with a blockchain.

Though a personal crypto wallet isn't an absolute requirement for basic investments, it can be a valuable tool to have. Whether you're a beginner or a personal trader, a personal crypto wallet offers security and helpful features that make it easier to interact with blockchains, crypto and DeFi platforms.

Final Thoughts

Now that you know about the best available crypto wallets, it's time to find the best one for your needs. Still not sure which one to pick? Keep in mind that you can have and use multiple wallets. Feel free to try out different wallets, such as the Bybit Web3 Wallet and Bitverse Wallet, and play around with their features until you discover one that best suits you.

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