The decentralization of wealth is one of the primary motivations behind developing cryptocurrencies. One has complete control over their money if they have the private keys to their cryptocurrencies wallet, and no centralized resource is needed to do it.
Many “independent” products are available nowadays, and it can be difficult to tell which ones are authentic and which ones are just a waste of time. Experienced users may prefer a different approach than those who are just starting.
To find the best Bitcoin wallets, we investigated a wide range of products to learn about their user interfaces, features, functionality, security, and who stands to gain the most from each type of wallet. We then compared our findings.
You can use these wallets, whether you’re an experienced long-term cryptocurrency holder or an investor who wants to rethink their relationship with money through digital currencies in 2022. So, let us get started with our article on the best cryptocurrencies wallet for investors:
Overview of the Best Cryptocurrencies Wallet of 2022
- Top Wallet for Security: Trezor
- Top Wallet for Advanced BTC Users: Electrum
- Top Wallet for Desktop: Guarda
- Top Wallet for Durability: Ledger
- Top Wallet for New Users: Exodus
- Top Mobile Wallet: Mycelium
The Top Cryptocurrencies Wallets of 2022
Most prominent exchanges allow storing crypto within your account, similar to how a 401(k) or IRA resides within a Vanguard account. As a result, not all crypto investors require their wallets.
Unlike those in the stock market, crypto investors have no nationally regulated safeguards to protect them. As the value of your crypto increases, you may benefit from the additional security that comes with owning a wallet.
Several wallet options are available to you, depending on your financial approach. Let’s have a look at them:
1. Coinbase Wallet
- Easy to Navigate
- Supports more than 44k digital assets
- 2FA and Multi-Signature Support
- Security Issues
- Available Only on Mobiles and Tablets
The Coinbase Wallet is a great wallet for those new to cryptocurrency who don’t know where to begin. The app offers a user-friendly UI with a simple three-tab layout and easily distinguishable functionalities that you can link to most major bank accounts.
The Coinbase Wallet, the most on our list, supports all non-fungible tokens (NFTs), digital collectibles, and over 44,000 coins and tokens. You must distinguish between Coinbase’s exchange and its wallet.
If you don’t want to utilize one of the most popular bitcoin exchanges, you can still use Coinbase without signing up for an account. Coinbase servers store no data. It keeps your private key on the device you’re using. As a result, you don’t have to be concerned about your digital currencies getting scammed.
- Easy and Fast Set Up
- Higher Security as Compared to Other Wallets
- Transaction Fee is Customizable
- No Downtime
- Supports only BTC Trading
- Interface and Setup are not Ideal for New Users
- No Customer Support via Mail, Text, or Call
If you’re looking for a wallet that’s simple to use and has been around for more than a decade, Electrum may be a suitable option for you. If you’re looking for a bitcoin wallet, Electrum is worth a look because it focuses solely on bitcoin.
Because of its origins on the bitcoin blockchain and its focus on speed, Electrum is one of the best. For example, Simple Payment Verification of the Electrum wallets helps it get easy for users to connect to the blockchain of BTC.
Because developers designed it keeping the blockchain of Bitcoin in mind, Electrum, in terms of speed, is ahead of its rival wallets.
- Supports Over 1800 Crypto
- Users can Manage Crypto through Computers and Phone
- Easy to Monitor
- Expensive as Compared to Others
- Security Key available only on Trezor Model T
- New Users may feel Setting up Difficult
Trezor is a well-known brand of a hardware wallets. The Trezor Model T has a touchscreen, so users can check their cryptocurrency balances right from the device and different ways of connecting with desktop computers and smartphones.
Because the Model One lacks a touchscreen and has a monochrome display with buttons, you must operate it through a computer or smartphone.
You can use a USB-C connection to connect Trezor devices to PCs and smartphones. With simplicity, you can use many compatible software wallets on desktop computers to view and transmit or receive cryptocurrency.
Bitcoin, Ethereum, Dogecoin, BNB Coin, and USD Coin are just a few more than 1,800 digital currencies supported by Trezor devices. However, the Model T is the only one that can accept all coins.
In contrast to the Trezor One, which is for people new to bitcoin and wants a safe place to keep their funds, the Trezor Model T has a MicroSD card port and can generate a secret key randomly.
Unstocking the smartphone is impossible unless you manually switch off the security feature or the device has been factory reset without the necessary PIN and MicroSD card combination.
- Supports 200+ Crypto
- User-Friendly Interface
- Integrated with DeFi apps
- Not able to set up gas fee for some crypto
- No 2FA
There are thousands of different cryptocurrencies available, collectively referred to as “altcoins.” To that end, it’s important to have a cryptocurrency wallet that can store a wide variety of altcoins and facilitate their quick purchase and sale.
Exodus supports more than 180 cryptocurrencies, and you may complete all transactions within the wallet. Although Exodus may not handle as many coins as other wallets, it lets you connect to numerous exchanges and manage all of your cryptocurrency from one location.
The wallet also includes an internal trading platform so that you can make direct connections with other users. While it’s true that Exodus is a more complex platform than Coinbase, it offers superior functionality if you’d like to switch between various coins and exchanges freely.
Depending on your needs and preferences, you may use a mobile, desktop, or hardware wallet to store your cryptocurrency. You can install an Exodus hot wallet on a Trezor hardware wallet, the hardware alternative.
- Compatible with Popular Cold Wallets
- Availability of Single Address and HD Savings Account
- Strong Privacy and Non-custodial
- Confusing for beginners
- Supports only BTC, ETH, and ERC-20 tokens
- Very Less Customer Supports Options
Mycelium is another long-standing cryptocurrency wallet that puts a premium on Bitcoin. One of the better solutions for Android and iOS users, it first appeared on the market in 2008 as a mobile-only software wallet.
The safety features and variety of payment methods offered by Mycelium are two of the wallet’s best features. The program includes numerous layers of PIN protection and is fully reproducible, meaning you can replicate its code and compare it with to the original to detect any potential security flaws.
Different accounts can use the wallet’s customizable transaction fees, which come in four tiers: low, normal, economy, and priority.
Do you Need to Own a Cryptocurrencies Wallet to Own Crypto?
If you don’t have a lot of cryptocurrencies or are just starting with exchanges and the crypto world, you can avoid the hassle of setting up a cryptocurrency wallet. However, the time to select the correct wallet is when your holdings have grown to the point that you want greater security and control.
You will find this article helpful if you are confident in your knowledge of cryptography and its underlying concepts, such as private and public digital keys.
Clutch Wallet CEO and co-founder Bec Jones compares the wallet to a portal into the cryptocurrency world. As the saying goes, “It’s the first thing you need, and the first thing you download.”
As Jones points out, there are certain similarities between a traditional wallet and its digital counterpart. However, while a traditional wallet might include bills, credit cards, and family photos, a digital wallet might store cryptocurrencies, NFTs, and other digital assets.
Of course, digital wallets are not crafted from leather but rather strings of code; they are a piece of software or an application (and occasionally hardware) downloaded and installed on your computer or mobile device.
1. Do I need a Cryptocurrencies Wallet?
You should get a cryptocurrency wallet if you plan to invest in cryptocurrencies. However, if you want to test the waters before diving headfirst, platforms like PayPal and Robinhood make it easy to acquire and store small amounts of cryptocurrency.
A third party manages these wallets, and you do not have access to the private key. A noncustodial wallet is a way to go if you keep your Bitcoin for the long haul.
2. What is the best Cryptocurrencies Wallet?
The best cryptocurrencies wallet balances strong security measures with convenient user interfaces and low prices. Electrum, Exodus, Coinbase, and Mycelium are some of the top cryptocurrency wallets.
3. How much money do I need to open a Cryptocurrencies wallet?
It’s conditional. Many software wallets are free, but hardware wallets cost between $100 and $200. The vast majority of them do not require you to have any cryptocurrency.
4. How do I buy a Cryptocurrencies Wallet?
Hot wallets are the most common type of cryptocurrency storage. However, they may charge transaction fees.
Trezor, KeepKey, Ledger, and Opolo are just a few examples of cold storage wallets you may purchase on the manufacturer’s website. Some are also available for sale by reputable third-party vendors like Amazon.
Cryptocurrencies wallet are one of the best choices for investors if they want to invest without the worry of scams. However, you must ensure to find the most suitable wallet for you.
In our guide, you will find the top 5 cryptocurrencies wallet performing best in 2022. Here we conclude our article. We hope this article was of help to you. For more informative cryptocurrencies articles, stay tuned!