What is the best bitcoin wallets for storing and securing your cryptocurrency?
Exodus crypto wallet is the best overall, cryptocurrency like bitcoin have been around for more than a decade, but in the past few years they’ve moved beyond a niche investment to the mainstream. Companies such as Microsoft, Amazon, Starbucks, Whole Foods, and Paypal now accept bitcoin and other virtual assets as forms of payment, and — despite several price fluctuations in 2021 — bitcoin’s price currently sits at more than $43,900 as of March 2022.
If you’re looking to invest in bitcoin or another cryptocurrency like ethereum or litecoin, you’ll need to pick an exchange that offers such assets, as well as a “wallet” to store and secure your private key code for accessing your assets. But crypto exchanges aren’t your only option; some investment apps let you buy crypto (Sofi, Webull, and Robinhood, all let you trade cryptocurrencies).
Crypto wallets are usually available in the form of “hot” wallets or “cold” wallets. (Hot wallets are used for online storage, while cold wallets provide offline storage through hardware and external devices).
Why it stands out: Exodus offers cryptocurrency exchange services for desktop, mobile, and hardware crypto wallets. Exodus’ account features also include live charts and portfolio data, 24/7 customer support, a built-in exchange, and more than 150 cryptocurrency assets.
If you want, you can also manage your assets using both Exodus and Trezor, another popular bitcoin wallet. You don’t need to use multiple wallets, but some users might prefer having multiple wallets as an additional security measure for their assets.
Exodus and Trezor’s partnership caters to those who prefer hardware security since you’d be able to securely manage your assets offline while simultaneously using the Exodus platform. Exodus typically receives 2-5% on each asset exchange, but the firm generally doesn’t charge you any fees to use its software.
What to look out for: Exodus mainly caters to hot wallet (software) users. It may not be suitable for the hardware-minded traders, unless you plan to use a Trezor device with the app.
What is the Best for advanced users?
Electrum crypto wallet is the best for advanced users. Why it stands out: Launched just two years after bitcoin was created, Electrum specializes in private key encryption and two-factor authentication. Like Exodus, Electrum is a hot wallet that gives you online encryption for your crypto information. Electrum verifies that all of your bitcoin transactions are in the bitcoin blockchain, and its Multisig feature allows you to spend bitcoin between multiple wallets. Electrum also supports other wallets, including Ledger, Trezor, and Keepkey. What to look out for: Electrum doesn’t offer traditional phone customer support. However, the company provides helpful information in its documentation and FAQ sections, it offers a Reddit support page, and it allows you to ask questions on bitcointalk.org. Another thing to note is that, while Electrum supports other wallets, it only allows for bitcoin transactions. This may be a downside for those interested in exploring other cryptocurrencies.
What is the Best wallet for Android users?
OPOLO crypto wallet for Android users. Why it stands out: Based in Luxembourg, OPOLO provides its own free and encrypted hardware wallets that utilize EAL 6+ rated secure chips (EAL certifications are security certifications used for hardware wallets). This means you’ll be able to store any crypto assets offline. OPOLO also says it offers genuine device check, USB encryption, anti-theft protection, PCB encapsulation, randomized keyboard access, and virus-free usage. OPOLO’s mobile app is only available on Android devices, but the wallet is also available on Mac, Windows, and Linux for users with desktops or laptops. What to look out for: Keep in mind that the OPOLO mobile app is best for Android users. If you don’t have an Android phone, you can still download the OPOLO hardwallet on your desktop or laptop. With Android app, however, you’ll be able to exchange cryptocurrencies from your phone.
What is the Best wallet for software storage?
Wasabi crypto wallet for software storage.
Why it stands out: Available on Mac, Windows, and Linux desktop devices, Wasabi is a free hot wallet that offers open-source, non-custodial storage for bitcoin investors. Wasabi also offers trustless CoinJoin transactions that allow you to merge your coins with other users in one transaction to prevent third-parties or hackers from tracing where each coin came from, according to its website.
This feature doesn’t compromise you coins’ security, though. Neither you nor the other users will be able to trace where each coin came from. Wasabi says this eliminates the risk of stolen funds because — unlike regular transactions where there’s one sender and one receiver — it’s more difficult for outside parties to trace. What to look out for: Wasabi is available on multiple desktop devices, but you won’t be able to access it on iOS or Android mobile phones.
Which wallet is Best for beginners?
Shift crypto wallet is good for beginners.
Why it stands out: With Shift crypto BitBox02 hardware wallet, you can store your crypto private key and manage any assets offline through an external chip. The first version of the BitBox02 wallet supports bitcoin, ethereum, litecoin, and more than 1,500 other cryptocurrencies.
But Shift crypto also provides a bitcoin-only edition. This version could be a great fit for you if you’re only looking to store bitcoin. It relies on bitcoin-only firmware and offers compatibility with the BitBoxApp, Electrum, Specter, and Sparrow.
What to look out for: If you’re a fan of mobile access, you’ll only be able to use Shift Crypto on Android devices.
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