Author: David Phineas
Every investor needs a good crypto wallet to store their digital assets. This is crucial because most exchanges provide a medium security level. Also, digital wallets guarantee that you have exclusive access to your secret keys.
Best Cryptocurrency Wallets of 2022
Coinbase Wallet
The simplest method to get started with cryptocurrencies is through an online wallet provided by an exchange like Coinbase. These wallets balance security and accessibility and are straightforward to use.
Self-custody wallet (Coinbase Wallet) gives you total control over your cryptocurrency and supports a “large number of tokens and an entire world of apps”.
It also allows users to store all of their cryptocurrencies and NFTs centrally. You can connect an existing account to your Coinbase wallet. Furthermore, opening a Coinbase wallet doesn’t require a Coinbase account.
Pros
- Simple navigation
- Easy access
- The ability to link your Coinbase account
Cons
- Only accessible on tablet and mobile devices except for the chrome and addon.
2. Electrum
Thomas Voegtlin developed Electrum in November 2011, and since then, several people have added to its source code. It considers itself to be among the most well-known Bitcoin wallets. Electrum has various user interfaces and can be used on mobile, desktop, or the command-line interface. Additionally, it has hardware wallet compatibility for cold storage with Ledger, KeepKey, and Trezor, as well as two-factor verification by Electrum and Trustedcoin.
Because the wallet is lightweight and does not download the entire blockchain, transactions can be completed more quickly.
Pros
- Quick transactions via SPV
- Two-factor verification
- Works well with cold storage
Cons
- Accepts only Bitcoin
- No live chat, email, or telephone customer service
3. Mycelium
Mycelium is an open-source, mobile-only cryptocurrency wallet that only accepts Bitcoin. It’s among the best mobile wallets that combine with a hardware wallet for cryptocurrencies, allowing you to manage transaction costs.
Mycelium, founded in 2008, only accepts ETH, Bitcoin, and ERC-20 tokens but has a built-in exchange with an updated user interface. Other exciting aspects of Mycelium include using the Mycelium interface while storing your Bitcoin in a hardware wallet.
Pros
- Accessible cryptocurrency hardware wallet
- Opensource software
- Compatible with well-known cold storage options
- Adjustable transaction costs
Cons
- Only accessible on mobile devices
- A little challenging for first-time users
4. Exodus
Exodus is among the finest desktop cryptocurrency wallets because it provides quick transaction times, many features, and simplicity of use. It includes mobile applications for Android and iOS and has a visually pleasing user interface.
Exodus is also integrated with Trezor, a well-known crypto hardware wallet. Exodus supports several different cryptocurrencies, which is one of its best advantages. It accepts more than 145 cryptocurrencies, notably meme coins like Dogecoin and alternative coins like Ether, Dash, Tether, and Litecoin.
You can anticipate quick transactions if the system uses a light client that uses simple payment verification (SPV) and doesn’t download entire blockchains.
Pros
- Provide support for a vast array of coins
- Excellent customer service
- Built-in exchange
- Purchase bitcoin via Apply Pay
Cons
- Transaction costs are somewhat high.
- No Two-factor authentication
5. Ledger Nano X
The Ledger Nano X is a “hardware” cryptocurrency wallet that offers hand-held cold storage. With this wallet, you may store and configure more than 5,500 coins and tokens, including Bitcoin, Ethereum, XRP, and others. It has Bluetooth capabilities, and you can keep your NFTs on the Ledger Nano X.
This wallet is not the same as device wallets, which store your cryptographic keys and information on your computer or mobile device. Instead, this crypto wallet is a physical object built on a modular safety operating system known as BOLOS. Customers may also grow their cryptocurrency holdings by instantly staking their Tezos, Tron, Cosmos, Algorand, or Polkadot in the Ledger Are living app for Android or iOS.
Pros
- Offers more than 5,500 in-kind donations
- Hardware wallet with improved security
- Bluetooth-enabled
- Ideal for transactions at the Ledger Are live-cell app
- Buy Bitcoin via ApplePay
Cons
- Reasonably expensive upfront.
- Bluetooth use may raise safety concerns for specific users.
Final Take
The first thing you should consider when choosing a cryptocurrency wallet is what is most important to you in terms of usability, trading volume, and functionality.
You should also consider the supported coins, the strength of the customer service, and, of course, the strength of the firm that created the wallet.