Cryptocurrency has been growing for a long time in the market, and more and more people are willingly investing in this. As the market and use of Cryptocurrencies are increasing, so is the risk of losing them, managing them, and more. But, there is more than one way to keep Cryptos safe. One such way is by using wallets for your Blockchains and Cryptocurrencies. But, there are a lot of Wallet options available in the market and it increases confusion on which one to buy. Thus here is a list of the best wallets that you can get for your Cryptos. Also, know how to decide the best one and what are the different types in these wallets.
Six Best Hot And Cold Crypto Wallets (2023)
Getting a wallet for all your Cryptos and blockchains can keep you safe from losing them. Before we get into the list of best wallets that you can buy, let us understand Crypto Wallets and then move to the list.
What Are Crypto Wallets?
A crypto wallet is a tool used by traders to manage their cryptocurrencies, whether buying, selling, or trading. These wallets are used to protect the digital assets of traders for safety purposes. The wallets come with unique public and private security keys to ensure more security.
These keys work as your Bank Account Number and Password. Public and private keys allow other traders to exchange cryptos. But, if you forget these keys, you might not lose your Crypto. Crypto Wallets come in two types; Hot and Cold. Hot wallets are the ones that are present in software format and are online, while cold wallets are physical devices to save your Crypto currency information.
Different wallets offer different and unique features. But, not all of them support all the currencies. Some might support only Bitcoin or only Ethereum. But, here we have listed out six of the best hot and cold wallets that will be useful to you.
Four Best Hot Wallets
Hot wallets are software or apps available for different devices and used to manage Cryptos via online platforms. There are a lot of hot wallets available in the market and it becomes difficult to choose the right one to keep your assets safe. Thus, we have listed out the four best hot wallets that you can have on your device and ensure the safety of your assets.
CoinBase Wallet – Best Overall
First, on the list we have is the CoinBase wallet, which has been categorized as the best overall in the market. Most crypto traders have been using this for safe and secure management of their assets online. These wallets come with a friendly user interface and support a lot of crypto assets. However, the mobile app for CoinBase Wallet supports only Bitcoin transactions.
It stores popular coins like Bitcoin, Dogecoin, BNB, and more. Along with this, it supports multiple tokens and more than 5,500 digital assets. This is a non-custodial wallet, meaning the Coinbase servers will not have access to your private keys and you can manage them on your own.
Also, it has cloud backup to keep your keys safe. Furthermore, it offers decentralized exchanges over the web like Uniswap, Sushiswap, and more. Moreover, it has given access to Web3 applications through the dApp browser.
Mycelium – Best Mobile Wallet
If you are looking for the best Mobile Crypto wallets, Mycelium is the choice for you. The mobile app allows you to easily manage, send, and receive Cryptocurrency within the app. Also, the app consists of many features like in-app crypto purchases, user privacy, and more. The mobile wallet is available for Android as well as iOS devices. Due to its easy UI, it is simple to manage Cryptocurrency on this wallet. It also provides a feature where you can customize the transaction fee on trading of Cryptos. And if you want you can buy a hardware wallet to store all your cryptos in one place
Exodus – Best For Desktop
If you are more of a desktop user and looking for wallets that can manage your crypto from your desktop, Exodus is the best. Initially, Exodus was for desktop only, but now it has an Android and iOS app too. The wallet supports more than 250 cryptocurrencies along with NFTs and more. Also, you can exchange currencies internally with the wallet. But it can charge heavy amounts on exchanges.
One more positive about the wallet is that it will recoup your assets if stolen. It is an ideal wallet for beginners, as it has strong 24/7 customer support. It also provides various videos for newbies to learn how crypto transaction works along with crypto trends. Furthermore, you can even stake your cryptos from the wallet and earn rewards on staking. The desktop version does not allow you to purchase Cryptos in US dollars, but you can do that through the app. The app and website are free to use, but there are charges for every crypto trade.
Crypto.com – Best deFi Wallet
If you want to have your decentralized finances managed along with your other exchanges, Crypto.com is for you. The app offers many deFi tools that make it the best one in the market. You can store, exchange, buy, sell, and do a lot more in the app with your decentralized finance crypto assets. Along with these features, the app offers 2-factor authentication, biometric authentication, and password encryption to ensure the safety of all your assets. The app supports more than 250 crypto assets along with popular market tokens. Also, you can earn rewards by exchanging or buying tokens. This is available on 25 different tokens like Cosmos (ATOM), Chronos (CRO), and more. The wallet has separate storage for NFTs as well. You can even integrate your Crypto.com exchange account with the deFi account.
Two Best Cold Wallets
Now, as you have read about the hot wallets in the market, cold wallets are something that are available as physical storage. These are offline wallets with hardware. Although there is relatively less competition for the best cold wallets in the market, here is our list of two you can try out. Cold Wallets are safer compared to hot wallets because they have minimum chances of getting hacked from the internet.
Ledger Wallets
Ledger Hardware or Cold Wallets are the best in the cold crypto wallet market. It supports more than 5,000 different cryptocurrencies including Bitcoin, Ethereum, Dogecoin, ERC20, and more. Also, it comes Ledger Live App for Android and iOS devices for tracking transactions and other details. It comes with a secure element chip and pin protection for all asset security. The hardware wallet allows you to even stake Cryptos. There are different buying options available. They are Ledger Wallet, Ledger Wallet Nano S Plus, Ledger Wallet Nano X, and Ledger Wallet Stax. The Nano X and Stax cost more than 149$, while the Nano S Plus cost $79. The only drawback is that it has very limited customer support for any issue that you might face.
CoolWallet Pro
Another hardware wallet on the list is CoolWallet Pro, offered by CoolWallet. It also has an Android and iOS app and works on a secure connection. Users can track send, and receive cryptos on the go. It comes with various features like managing deFi, NFTs, token-to-token exchange, and finding trending crypto services easily. It supports blockchain main nets, coins, tokens, NFTs, etc. Also, the hardware is a debit-card-sized wallet which is water-resistant.
How To Pick Best Crypto-Wallet?
Some of the factors to be kept in mind before you buy a Crypto Wallet are:
- The amount of time you invest in crypto and trading – One major factor that decides if you want a crypto wallet or not is the amount of time you invest in trading and cryptocurrency exchange. If you use the cryptos for a minimal amount of time, say, once a week, or more, getting wallets will not be beneficial. But, if you are a regular trader, it can be convenient to carry everything inside one wallet.
- Best for different types of Cryptos: Crypto Wallets are not useful if you are holding one single type of Cryptocurrency. It is best if you are trading in multiple different cryptocurrencies like Ethereum, Bitcoin, etc. Do not forget to check properly in the wallet description whether it supports the type of crypto you own or not.
- Private Key Ownership: There are two types of wallets, custodial and non-custodial. Depending on whether you want to own your private keys with you or not. In Custodial wallets, a third party holds your private keys, and in Non-custodial, the private key states with you.
- Offline and Online Wallets: Hardware wallets are more secure than software ones, as they do not pose the threat of being hacked online. But, if you want both features in one, then you have to find a Hardware Wallet that comes with Mobile App support.
- Security Concerns: The cryptos that you own are expensive and need more security from being stolen.
- Customer Support – Check for the wallets that offer the best customer support. because, if you are stuck somewhere with your transactions or other issues, there must be a source to rely on.
These are some of the factors that can help you decide which wallet will be the best one for you to keep your cryptos safe. These were six of the best hot and cold Crypto wallets that you can buy in 2023. For more help on Crypto do read our guides – Can You Buy Crypto With Credit Card or How To Make A NFT?