The Best Software Wallets for 2022
The growth in the crypto market has led to explosive growth in the number of blockchain wallets. While the number of blockchain wallet users was a little more than 3 million in March 2015, it has crossed the mark of 68 million as per records available as of February 2021.
The diversity of assets and the growing usability of cryptocurrencies in the market have understandably led to a surge for wallets that can hold crypto assets safely.
At the same time, investors look for wallets that are easy to use and convenient for frequent transactions. There are several distinguished players. But, which one among them is the best software crypto wallet?
We'll answer that question below in this guide to the best software wallets for crypto.
Table of Contents
The Best Crypto Software Wallets for 2022
You can find the best crypto software wallets below, with options for those who have Bitcoin, Ethereum, Dogecoin, Litecoin, Ripple, and hundreds of other cryptocurrencies.
The Exodus software wallet is one of the leading providers in the market, allowing you to send, receive, and exchange over 140 crypto assets. It is compatible with desktop and mobile devices.
Exodus allows customers to exchange their currencies in seconds, without having to necessarily register.
For instance, you can exchange your Bitcoin for Ethereum and Monero.
Subsequently, you can exchange your Monero for Tether or Bitcoin cash or the Ethereum for Stellar. The possibility of diversification is wide-ranging.
To send and receive your funds with utmost safety, Exodus leverages a QR code or address and has the provision for automatic checking for all addresses for errors.Some of the leading cryptocurrencies that Exodus supports include Bitcoin, Ethereum, XRP, Polkadot, Uniswap, Zilliqa, StormX, Compound, Revain, Algorand, and more.
The mobile wallet also has the same features as that of the desktop wallet. While we will come to these features in the next paragraph, it is vital to remember that using the 12-word backup phrase, it is possible to control one’s wealth on the mobile device, syncing the software application to the desktop. You can exchange your assets on the mobile in seconds, and those transactions will mirror on the desktop.
Exodus software wallets encrypt private keys and transaction data on the device, only for the viewing of the user. The user does not need to register or set up an account. Data privacy remains intact.
Exodus has excellent customer support, with an online help desk operating 24/7, customers can get answers to their queries.
Exodus' one-click easy feature for desktop devices and the one-touch easy feature for mobile devices reflects the software wallet’s ease of use. It keeps the interface simple by hiding the complex details behind the scenes. It also does not use heavy industry-specific jargon in its instructions, keeping the software free and fun for users.
2. Coinbase Wallet
As a mobile app, you can download the Coinbase software wallet from the Google Play Store or the iOS App Store. It is also available on the Chrome Web Store, and, since it's compatible with Google Chrome, you can also use it on your desktop while your private keys remain safe and secure on your mobile phone.
The Coinbase Software Wallet is the perfect destination to store all your crypto and NFTs. You can trade more than 500 assets on the decentralized exchanges and earn interest, leveraging the app. For all these, you do not need to have any Coinbase account.
The crypto assets that Coinbase supports include all the well-known and high-visibility assets, such as BTC, ETH, USDT, UNI, LINK, BCH, USDC, LTC, and many more. It also offers excellent support for digital collectibles, including cyberpunks and cyber kitties.
Adhering to the requirements of the highest possible standards of security, the Coinbase wallet protects your keys with Secure Enclave, Biometric Authentication, and optional cloud backups.
3. Trust Wallet
As one of the forerunners in the world of software wallets, Trust Wallet caters to a user base of more than 10 million. You can download the app from the Google Play Store and the iOS App Store. The app also has an APK 6.0+ for downloading on Android.
Buying Bitcoin through Trust Wallet happens in less than five minutes. It helps you earn interest income on your idle assets stored in the wallet.
The exchange of crypto assets through your Trust Wallet is possible without leaving the application. It is easier to manage your collectibles, tokenized artworks, and NFTs here, too. It is also a convenient application to track charts and prices. The app has proved to be immensely trustworthy when it comes to keeping crypto assets safe from hackers and scammers.
To start trading with the Trust Wallet, you do not need any forms or selfies. The wallet, in no way, attempts to collect your data.
Trust Wallets also has the provision of browsers for Decentralized Apps (dapps). You can use any decentralized application you like without having to leave the wallet. Trust Wallet supports all the leading crypto assets available in the market, including Bitcoin, Ethereum, Binance Coin, Litecoin, Polkadot, Stellar, Dogecoin, Dash, Tron, Tezos, Cosmos, Kava, and more.
Bitpay is a wallet application that supports a range of crypto assets such as Bitcoin, Bitcoin Cash, Ethereum, XRP, and more. It is available for download on the iOS app store and the Google Play Store and is also compatible with Windows 10 and Linux operating systems.
With Bitpay, you can create multiple wallets to experiment with testnet coins, transfer funds, and more. It is also helpful to receive instant email and push notifications for payments, transfers, and proposals. With Bitpay’s additional services, such as card or purchase gift cards, you can convert crypto into dollars and make payments to anyone, anywhere in the world.
If the store from which you want to make a purchase does not accept crypto, you can buy store credit and spend them at these selected stores. The list of stores approved by Bitpay includes a host of reputed global brands, such as Allen Solly, Amazon, KFC, Nike, Pizza Hut, Starbucks, and more.
Security is one aspect where Bitpay excels. Since it is an open-source, non-custodial wallet, even Bitpay can not access its user’s funds. The use of multisig addresses allows Bitpay users to split payment authorization mechanisms across up to 12 devices or co-payers. You can also leverage private key encryption, PINs, and biometric authentication for enhanced security.
The advantage of being an open-source software wallet is also that contributions and bug reports can come from engineers and users anywhere in the world.
What is a Software Wallet?
A software wallet is a non-physical software program for users to store their cryptocurrencies. Since crypto coins are not physical, they can't just be stored anywhere. That's where a software wallet comes in.
If you have a coin balance in a software wallet, you will also have a private key that looks like a secret number, which should correspond with the address of that wallet.
Software wallets facilitate sending and receiving crypto assets and authorize the user as the owner of the crypto balance.
A software wallet is usually available on desktop, mobile, and web platforms.
How to Choose a Software Wallet
Choosing a software wallet depends on the features, performance specs, and any benefits that it offers.
Customers should first and foremost seek a wallet with exceptional security features, both in account security and the security of funds stored therein. If you are satisfied, you should then move into checking the rest.
Another feature you should look for when seeking a software wallet for crypto is if they are compatible with the coins that you want to trade.
If you're an experienced trader, a software wallet allows the storage of other blockchain assets such as NFTs, digital collectibles, and other crypto-related assets.
Wallets that give spending options through cards are beneficial if you are looking at the real-world utility of your assets.
You must also look at the wallet's DEX compatibility, earning or staking functionalities they have to offer, and much more.
Our Final Thoughts
The most vital selection criteria are the safety and security of the wallet. The wallets we have listed above score high in that regard.
That said, the selection of your software wallet would depend on the other benefits, such as their compatibility and utility.
Frequently Asked Questions
As evident from its name, a crypto wallet is a place for you to keep your currencies safe, secure, and accessible.However, apart from mere storage of funds, the wallets should also enable you to send, receive, manage and spend your assets. The crypto wallets come with private keys, ensuring exclusivity of access for the owner. The wallet can come in different forms. It may come in the form of USB as a hardware wallet or as mobile or desktop applications that are non-physical.
However, their security standards may vary, depending upon the type of wallet class that they belong to.
In a paper wallet, you keep your private keys written and safely stored on a physical medium like paper.
Hardware devices are like USB drives that are used as storage. You have the authority to selectively bring it online by connecting it to an Internet-system, whenever you wish to make a crypto transaction.
Software wallets are like applications or other software programs that we use in our daily life. The leading online wallets use two-step encryption to protect their keys.
It depends on your preferences. The hardware wallets mostly remain offline, and, as a result, less vulnerable to cyber attacks.
Since software wallets are stored locally inside your system and stay remotely connected to the Internet, they have higher chances to fall prey to malicious attackers.
However, with two-step encrypted private keys and other necessary security checks in place, they can prove more efficient and convenient for frequent transactions as you do not need to bring them out and connect to the system each time you are to transact.