The Best Crypto Wallet for 2022
The number of crypto wallet users in the world has increased exponentially over the past few years. This growth is attributable to the overall development of the crypto market. The number of users, trading volume, and the variety of assets available have naturally also increased.
The number of blockchain wallet users in July 2013 was nearly 0.36 million. As per recent estimates, that number has surged to a phenomenal figure of approximately 75 million. It is no wonder that such growth in the cryptocurrency wallet market would leave many wondering which wallet to choose.
In this Wealth Rocket article, we'll focus on the best crypto wallets, aiming to steer you through the market by presenting you with a calculated list of the best wallets for crypto. Note that this list includes both hardware wallets and software wallets, an important distinction in the world of crypto-storage.
Table of Contents
The Best Hardware Wallets for CryptoIn this section of the article, we’ll take a look at the best hardware crypto wallets.
1. Ledger Nano X
The Ledger Nano X hardware wallet weighs only 34g and its dimensions are 72mm by 18.6mm by 11.75mm. It is made of brushed stainless steel and plastic.
This hard crypto wallet contains a lithium-ion battery of 100 mAH capacity. It runs on any 64-bit desktop computer, iOS9+, and Android 7+ smartphones.
In terms of operating systems, it is compatible with Windows 8+, macOS 10.10+, and Linux.
You can combine the wallet with the Ledger Live app, which helps facilitate the sale, purchase, exchange, and growth of your assets.
One of its unique features is that you can connect the device with your phone via Bluetooth to manage your assets on the go.
Its large screen is beneficial for easy and safe transaction validation. You can install nearly 100 applications on this device.Additional Details
2. Ledger Nano S
The Ledger Nano S is a little more than 16 grams in weight, with dimensions of 56.95mm by 17.4 mm by 9.1 mm. Made of brushed stainless steel and plastic, the device does not require any battery.
Like Nano X, Ledger Nano S is also compatible with the Ledger Live app. Both the wallets offer secure offline storage.
With the wallet, you can buy and exchange your assets in seconds. The wallet supports all the major currencies, such as Bitcoin, Ethereum, XRP, Bitcoin Cash, EOS, Stellar, and more. You can run the device on a 64-bits desktop computer and Android 7+ smartphones.Additional Details:
3. Trezor Model T
Weighing only 22 grams, the Trezor Model T is 64mm by 39mm by 10mm in size. It comes with a bright color LCD screen that carries a resolution of 240 by 240 pixels. Additionally, it runs on a 168 MHz embedded ARM processor.
The wallet supports almost all the leading currencies in the crypto market, including Bitcoin, Litecoin, Ethereum, Ethereum Classic, Dash, and more.
It also has unmatched customer service with a dedicated specialist team working 24/7.
With the Treznor Model T, users can easily recover their entire wallet with a 12-word recovery seed. It also has a password manager that keeps the passwords individually locked.
This hard crypto wallet also works as a Universal 2nd-Factor or U2F hardware token, whose trusted display can show you the details of the authentication request before approval and confirmation.Additional Details:
4. Trezor One
The Trezor One weighs only 12 grams. Its dimensions are 60mm by 30mm by 6mm. Its bright OLED screen comes with 128 by 64 pixels of resolution and can show six lines of text at once.
Like the Model T, the Trezor One also serves as a U2F hardware token. On mobile devices, the wallet currently only supports Android and is not yet compatible with iOS or Windows Phone. Another downside to the Trezor One is that it is not compatible with ChromeOS and works via Google’s WebUSB right now.Additional Details:
The stress-free security features of the KeepKey hardware wallet helps you generate and manage your private keys offline in cold storage.
Its large display offers clarity, and through its ShapeShift integration, you can exchange cryptocurrencies directly from the wallet.
With KeepKey, you can send, receive, and store many leading tokens and coins, including Ethereum, Bitcoin, Litecoin, Dash, and more.
Apart from PIN protection, the device has additional passphrase protection.
Its transaction speeds are customizable, and wallet-holders can store an unlimited number of web addresses on a single device.Additional Details:
The Best Software Wallet for Crypto
A software wallet is a virtual wallet for cryptocurrency that operates on your smartphone or computer.
Below, you'll find the best crypto software wallets available, as well as the different types available.
If you're working with a cryptocurrency exchange, changes are you already have a software wallet. Almost all the reputable crypto exchanges offer built-in wallets. These wallets are especially helpful as they save the user from the hassle of connecting to a separate wallet that may increase the risk of cyberattacks.
Exchanges that have built-in wallets include CEX, Coinbase, Binance, ZBX, Kraken, Bitfinex, Bitpanda, and more.
All of these exchange wallets are compatible with a deep variety of crypto assets, including a mix of the less-known and the popular ones.
These wallets can help you leverage advanced trading solutions such as margin trading or innovative products such as IEOs.
They also offer 2-Factor Authentication provisions and the ability to make payments through credit cards and fiat currencies. Most exchange wallets have a very friendly user interface and are beneficial for both novice and experienced users.
Exodus is one of the world’s best crypto wallets when it comes to sending, receiving, exchanging, and storing Bitcoin or more than 100 cryptocurrencies.
Known for its wide collection of apps, the wallet offers you unmatched control over your holdings along with the opportunity to easily earn interest.
Its live charts and portfolios serve great for your portfolio management. It also has a built-in exchange and 24/7 customer support.
With its iOS and Android applications, you can manage your holdings while on the go. You can also keep monitoring the market from anywhere, at any time.
Apart from the Guarda mobile wallet that you can download from the Apple and Google Play stores, Guarda also has a web wallet, a mobile wallet, and a chrome extension.
With Guarda, you can stake, exchange, buy, and earn a wide variety of popular, new, and high-growth potential crypto assets, including Bitcoin, Ethereum, and more. It is compatible with thousands of assets and runs on Windows 64 bits.
BRD, an open-source mobile wallet, is available for download both on the iOS app store and the Google Play Store. It is available for free and you do not need to incur any cost to download or run it.
With BRD, you are in full control of your keys and send and receive funds anonymously. BRD services are available in nearly 170 countries and the wallet supports more than 70 currencies.
The wallet has several enticing features including iCloud key backup, transaction search, stablecoin support, Tezos staking, customizable widgets, switchable nodes, transaction nodes, variable transaction fees, and more.
The Edge mobile wallet is available for both iOS and Android. You can buy, store, and trade dozens of cryptocurrencies using Edge. You can also hold your assets for the short term and the long term, and seamlessly shift between the currencies. It also facilitates the exchange of fiat currencies.
Edge has a partnership with some of the top blockchain services around the world, including Wyre, Simplex, LibertyX, Changelly, and more. The zero-edge security feature of Edge does not require any information from the user.
What is a Hardware Wallet?
As the name suggests, a hardware wallet is a category of crypto wallets that safely keeps the user’s private keys in a secure hardware USB-like device.
The main objective of a hardware wallet is full isolation between a user’s private keys and their computer or smartphone, which is vulnerable to cyber attack.
What is a Software Wallet?
Software wallets are non-physical programs that you download and run on your computer or smartphone. It has full encryption and needs a password to access the coins that you hold or store.
Hardware Wallet vs. Software Wallet
The difference between a hardware wallet and a software wallet is primarily evident in two aspects of use: convenience and security.
A hardware wallet is more secure since it keeps the funds offline most of the time. Software wallets, on the other hand, stay connected to the internet. Malware or virus may run in the background and your passcode may get recorded by a hacker.
A software wallet is easy and convenient to run, as you do not need to connect a device and link it to your exchange each time you make a transaction.
Our Final Thoughts
The choice of a wallet would depend on whether you prioritize convenience or security. If you decide to go for a hardware wallet, you would have to look at its cost and whether it suits your budget.
There are other aspects to look at as well. For instance, the currencies it supports, the payment methods you can integrate, and more.
Frequently Asked Questions
There are several aspects to look at in a hard crypto wallet:
There are several factors to consider when seeking a soft crypto wallet:The application should download onto your device and run on your system
As noted earlier, both have some specific upsides and downsides. On the upside, the hard wallet offers enhanced security since it remains disconnected from the internet most of the time. But, for professional crypto traders, frequently connecting and disconnecting a hardware device while making transactions may appear cumbersome.
They are also costly as you need to purchase hardware devices rather than downloading an app mostly for free. Weigh your options, needs, preferences and budget carefully before you finalize between either option.