Best crypto wallets in 2022
As more people buy bitcoin and other cryptocurrencies, the search for the best crypto wallets intensifies. You’ll find all sorts of crypto and blockchain news on the internet. As a result, more folks buy cryptos, hoping to get substantial long-term returns. No matter what coins they bought, they should keep them as secure as possible.
If you’re a newbie crypto investor, your coins are probably in a crypto exchange account. These aren’t as secure as hardware wallets, though. We’ll explain the features that make them better than your online wallet. Then, we’ll show you some of the best cryptocurrency wallets to keep your hard-earned investments friendly and safe.
Bitcoin transactions and other crypto exchanges may seem more secure than other digital options. Still, hackers could get into your account and take your precious cryptocurrencies. Your investments deserve nothing less! Keep them safe by placing them in the best crypto wallets available.
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Why do you need a Bitcoin wallet?
It all started with the open-source digital currency called Bitcoin (BTC). Now, there’s Ethereum (ETC), Litecoin (LTC), and Bitcoin Cash (BTC). Elon Musk even promoted Doge on Twitter!
Now, people are converting bank account funds into these internet bucks. Then, they just let them sit on online platforms, waiting for prices to “go to the Moon.”
If you’re serious about your investments, you need to get one of the best crypto wallets. You have two types of cryptocurrency wallets: a hot wallet and a cold wallet. The former can be divided into two other categories.
Bitcoin is the most popular cryptocurrency. You may hear others call them bitcoin wallets. It’s no surprise that people will mostly place bitcoin in their crypto wallets.
A crypto wallet can store more than just bitcoin, though. It can save altcoins, too, even ERC-20 tokens. These are coins that are similar to Ethereum.
No matter which you pick, a cryptocurrency wallet is a good personal finance move. After all, your investments deserve tough security measures. Let’s explore your choices below.
Hot wallets
If you’re just beginning your crypto investment journey, you’ll probably start with a hot wallet. It’s “hot” because, unlike the “cold” wallets, you cannot hold it in your hands.
Instead, you store them in an online server or offline software. Most of them come in a web browser and app version. You’ll likely use the one from your crypto exchange as your first.
Binance is the largest cryptocurrency exchange platform at the time of writing. Create an account, and it will allow you to buy, sell, and store digital assets.
You may access your cryptos via the website or the mobile app. Keep in mind that you’ll be leaving them on the platform’s online storage.
Unfortunately, even crypto exchanges may encounter security breaches, so keep that in mind. This is why others prefer separate digital wallets like MetaMask.
Unlike storage from crypto exchanges, it enables users to store their coins in their internet browser. As a result, you can carry your cryptos wherever you are.
You don’t need to connect to the internet to see your crypto, and you’ll be the one holding your security keys. Wallets like MetaMask are available on Firefox or Google Chrome browsers.
Sadly, this doesn’t provide the utmost security for your crypto assets. If someone took your computer, they will likely get into your portfolio.
We saw proof of MetaMask’s weakness in late 2021. Around 400 users fell victim to a MetaMask token scam, causing them to lose up to $1.8 million.
By now, you see that these options are not the best bitcoin wallets. Cold wallets are a better choice as they offer the highest security for your cryptocurrencies.
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Cold wallets
Who knew the best in crypto security comes in a small package? Most cold wallets are as small as a USB drive stick, yet their level of security truly packs a punch!
What sets them apart from software wallets and desktop wallets? Cold wallets won’t connect to the internet unless you plug them in. Even better, they look stylish!
What’s more, they store your private keys offline. This means others won’t exchange your coins that easily! Some could even place two-factor authentication for your coins.
Hot wallets are free, but hard bitcoin wallets let you afford peace of mind. They let you rest assured that nobody could reach your coins through the internet.
Again, your investments deserve the best cryptocurrency wallet. Fortunately, amazing companies offer the best cold wallets for investors. Here are my top picks for the best crypto wallets:
Ledger Nano X
The Ledger Nano X could serve as the private key for your cryptocurrencies. Just like we said, it looks like a USB thumb drive! This is one of the best crypto wallets on the market.
It has two buttons that allow you to confirm transactions with ease. Also, it allows you to set two-factor authentication. The Nano X even has a user interface so you can see how your cryptos are doing.
What’s more, you may download the Ledger Live app. It lets you control your Nano X via smartphone. It could manage up to 27 coins, including bitcoin and crypto of various types.
Sleek and compact, the Ledger Nano X is a must for serious crypto investors. It’s truly one of the best cryptocurrency wallets right now! Carry it wherever so you could buy and sell whenever.
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Ledger Nano S
The Nano X has a smaller and cheaper cousin if you’re starting. Still, the Ledger Nano S earns a spot as one of the best crypto wallets.
It has most of its big bro’s features. It supports various coins and tokens, particularly those compatible with ERC-20. Nano S also has a screen and two buttons for easy crypto control.
All Ledger wallets are made of stainless steel. Whether you get the Nano X or Nano S. No matter your pick, your cold wallet will be more durable and secure than others on the market.
The Nano X has a more comprehensive display and a few more features. If you want a smaller wallet, the Ledger Nano S might be for you.
Trezor Model T
Who could give us the best crypto wallets? The guys who made the first one, of course! The Trezor Model T is the latest from the folks at SatoshiLabs. You can expect it’s an excellent backup for long-term investors. Nevertheless, it’s an excellent backup for long-term investors.
The Czech-based firm released the first bitcoin hardware wallet, so they have years of experience. Also, Ledger hardware wallets use open-source codes stronger than private ones.
The Model T supports over 1,000 coins and uses a 4-digit pin code to confirm transactions. Like the Ledger hardware wallets, it has a user interface.
The Model T cryptocurrency wallet is mighty, inside and out! It’s made of metal and weighs around 22 grams. What’s more, you could connect your Trezor hardware wallet with Exodus for better security.
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Trezor Model One
Just like the Ledger wallets, the Model T has a smaller sibling. The Trezor Model One is the more affordable Trezor option. It has fewer features, but it lets beginners spend less on a wallet.
Similar to the Ledger Nano S, the Model One has two buttons and a user display. Trezor doesn’t have a smartphone app, but you could connect it to your mobile device.
A warning to all the Android users owning Trezor devices.
This app is a scam and has no relation to SatoshiLabs and Trezor. We've already reported it to the Google team.
Always confirm any action on your device and never type seed words until your Trezor asks you to. pic.twitter.com/xocUtMz6LR
— Trezor (@Trezor) December 2, 2020
Some might not like the fewer features of the Model One. If you’re looking for a simple and affordable way to secure your coins, it’s one of the best crypto wallets.
A hardware wallet can be quite expensive. Still, you deserve to secure your cryptocurrency portfolio with a high level of security. A Trezor Model One could be your starter for this type of wallet.
What’s more, it could be as sturdy as the Ledger wallets. The Trezor One Metallic will cost far more. Yet, this hardware wallet truly is hard. After all, it’s made of high-quality aluminum.
CoolWallet Pro
Somehow, the people at CoolBitX crammed even more features into their sleek crypto wallet! CoolWallet Pro boasts more features than the S version, such as:
- CoolWallet Pro lets you buy cryptocurrencies directly from platforms like Binance.
- This cold wallet allows staking, so you can earn passive income from your cryptos. Leave Cosmos (ATOM), Polkadot (DOT), and other coins in your wallet and watch them grow!
- It can integrate with DeFi services, NFT platforms like OpenSea, and Dapps.
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ELLIPAL Titan
This cold wallet may seem strange because it looks like a smartphone. Yet, you’d be wise to consider the ELLIPAL Titan as your new crypto wallet due to its features:
- It lets you buy cryptos from the Binance DEX (decentralized exchange).
- The ELLIPAL Titan allows you to transfer cryptocurrencies easier with its QR codes.
- What’s more, ELLIPAL lets you stake the following tokens: Cosmos (ATOM), Tezos (XTZ), Polkadot (DOT), Kusama (KSM), and Cardano (ADA).
- Similar to the CoolWallet Pro, it can integrate with Dapps.
You might notice that these features seem too similar to the CoolWallet Pro. However, this might appeal to you if you’re not comfortable with storing your coins on a thin card.
If you want to feel the security in your hands, then the ELLIPAL Titan is for you. It’s encased in metal, so it can withstand impact and pressure. It’s even waterproof and dustproof!
How to choose your hardware wallet
It’s hard to choose the best bitcoin wallet, especially if you’re a newbie. You might be having second thoughts about having a crypto wallet at all! Your cold storage option will depend on several factors.
One is your budget. You may have extra cash for a cold wallet. If not, you might stick with a hot wallet in the meantime. Of course, you could get one of the cheap cold wallets, such as the Trezor Model One.
If you have spare cash, you should get the best bitcoin wallet. That crypto wallet should have certain features. Here are some things to consider when getting a hardware wallet:
Type
As a beginner, you may get cold wallets like the Trezor Model One and the Ledger Nano S. You may not need fancy features if you don’t have that many cryptos. A software wallet might be fine.
Once you’ve gotten the hang of things, you may upgrade to the best crypto wallets. You may grab the beefier Trezor Model T or the Ledger Nano X. These have mobile wallets too!
Advanced users might want even more security for their digital assets. For example, they could get multi-signature wallets that use more than one private key.
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Limits
Most of the best crypto wallets on our list have limits. They could only store a set amount of coins and tokens. For example, they might only store well-known coins like bitcoin, ethereum, and dogecoin.
Some wallets allow unlimited transactions. This is usual for most crypto wallets, whether it’s hardware or software. Regardless, you should know a hardware wallet’s limits before buying.
Make sure to read the website of your chosen crypto wallet. You could learn more about its features and price. What’s more, you might find limited editions like the CoolWallet MEW 2021.
Customer support
Even the best crypto wallet could run into problems. Make sure yours has a support team you could call whenever you need. Otherwise, your crypto account and its linked bank account could be in trouble!
Perhaps the crypto wallet doesn’t work the way you intended. Maybe you’re confused about using it. Customer support could provide the steps to fixing your device.
Similar to most businesses, crypto wallet brands have dedicated websites. You may type your concerns on their chatbot or send them an email. Check the cold wallet website for more information.
Back-Up Your Crypto Wallet with Paper Wallets
You may print your private key and its QR code on a piece of paper. These are also known as paper wallets. Surprisingly, it could be as secure as the best crypto wallets!
After all, sheets of paper can’t connect to the internet. Hackers have no way of online access. Place it under lock and key, and you just stored your cryptos in the safest way possible.
Still, it has its flaws. You might spill coffee and smudge your paper wallets. If someone learns about your crypto stash, they might crack it open.
If you trade frequently, paper wallets might not be for you. Imagine how many sheets you’ll print out! Nevertheless, it’s an excellent backup for long-term investors.
Whether you pick one of the desktop wallets, hot wallets, hardware crypto wallets, or others, you need to take care of it. The best crypto wallet can’t provide security otherwise.
Final Thoughts
If you’re serious about cryptos, you need one of the best crypto wallets. This means getting the best hardware wallet. These could keep your cryptos in a sleek and stylish package.
Other crypto wallets aren’t on our list. The coins in your crypto portfolio may recommend hardware wallets. For example, bitcoin’s website recommends the best bitcoin wallets.
No matter what crypto wallet you get, take care of it. Paper wallets get ruined like regular paper. If you lose your wallet or password, you might not get your cryptos back!
Learn more about crypto wallets
What is the best crypto wallet?
Choose a hardware wallet. They’re better than the free software wallets online. They keep your private keys safe from online attacks. Also, nobody would be able to buy and sell your coins without the hardware wallet.
What is the best and cheapest bitcoin wallet?
The cheapest bitcoin wallet is typically one of the free software wallets on the internet. If you want the best bitcoin wallet, you need to spend more. Instead of a software wallet, get a hard bitcoin wallet.
Is there a wallet that holds all cryptocurrency?
Most software wallets and hardware crypto wallets can hold bitcoin, ethereum, and other well-known coins. Since most cryptocurrency is open-source, we will get cryptos that current wallets can’t store.
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Disclaimer: This article is not the official guide to the crypto wallet process but is based on the author’s research or own personal experience.
Updated August 4, 2021.
