Bitcoin has gained wide acceptance and continues to gain popularity. Unlike stocks traded through an investment brokerage, you can also take your cryptocurrency out of an exchange and then keep it in an external wallet. The most reliable Bitcoin wallets allow you to safely store and manage your cryptocurrency portfolio easily (and possibly a bit enjoyable).
If you’re looking for a way to purchase and keep Bitcoin or other cryptocurrencies, you could be looking to find the best Bitcoin wallets. We reviewed a comprehensive selection of Bitcoin wallets that focus on Cost and user experience, currencies support, and other features. Take an overview of the most popular Bitcoin wallets available at present.
Making investments in cryptocurrencies or decentralized finance (Defi) or various other Initial Coin Offerings (ICOs) is extremely uncertain and speculative, as the market is extremely unstable. Get advice from a professional before making any financial decision. This article does not constitute a recommendation from Investopedia or the author to invest in cryptocurrency. Neither can the accuracy nor time-to-date of the information be assured.
Also Read: What is a Bitcoin Wallet?
Best Bitcoin Wallets
BEST FOR BEGINNERS: Exodus
- Cost of Purchase is: Free
- Cloud Storage: Yes
- Cold Storage Yes
Why did We decide to Choose it?
We selected Exodus as the best option for novices because it is free and provides excellent customer service and assistance for cold storage.
Pros and Pros and
Pros
- A huge variety of cryptocurrency
- Built-in exchange
- Good customer support
Cons
- Closed-source software
Overview
Exodus is an app for mobile and desktop wallets with a user-friendly interface and exchange integrated. One of Exodus’s most well-known attributes is the ability to switch between an increasing number of cryptocurrencies. Exodus currently lets you swap between over 150 different currencies.
It also provides excellent customer support, which is essential for those just beginning to explore what some would call an uneasy market.
Although it’s perfect for beginners, advanced users might be disappointed by some aspects. The first is that Exodus has a locked open-source wallet. This is in direct contradiction to the spirit behind Bitcoin and blockchain. It could pose security risks since the program’s code is not available for anyone to view. Instead, users depend on Exodus to be the Exodus team to ensure that there is no vulnerability within the protection of their wallets.
Exodus provides the ability to establish custom fees to reduce costs, as well as the option of setting a fee that will ensure that transactions are completed swiftly.
Also Read: How Bitcoin Functions
BEST FOR ADVANCED BITCOIN USERS: Electrum
- Cost to Purchase is: Free
- Cloud Storage: Yes
- Cold Storage Yes
Why did We decide to Choose Them?
We picked Electrum due to its security open source and offering the most advanced options and features.
Pros and Pros and
Pros
- Fees for customizing transactions
- More secure than hot wallets in general
Cons
- Bare-bones user interface
- It only works with Bitcoin
- There is no official customer support. There is no formal customer support, just documentation and a community.
Overview
Electrum is among the first Bitcoin wallets. It’s been in use since 2011, just two years after the creation of Bitcoin, and has not changed much since then. 1 2 While the wallet is not the most advanced in the user interface and its commitment to just Bitcoin; it excels in its primary task. Electrum is also better suited for more advanced users because of its extensive options.
Electrum is open-source software that lets its users define their transaction fees and allows users to select between traditional Bitcoin or Segwit. Users also can decide on the amount of security they would like to apply. For instance, you can create a traditional wallet, one with two-factor authentication or a multi-signature account.
Electrum is the perfect choice for the more sophisticated Bitcoin owner who needs top security features and customization, all within a straightforward layout.
Also Read: Bitcoin as well as Ethereum Inverse gains, DOGE Overperforms in 3 Months
Best for Mobile Users: Mycelium
- Buy Cost is: Free
- Cloud Storage: Yes
- Cold Storage Yes
Pros
- Fees for customizing transactions
- The ability to use wallets on hardware
- Software open-source
Cons
- Mobile-only
- It can be confusing for someone who is a first-time user
Overview
Mycelium is an open-source Bitcoin wallet. Mycelium Like Electrum is among the first wallets to enter the market. Additionally, as with Electrum, it allows you to create custom transaction fees to set the amount of time you’re willing to stand by for your transaction to be completed.
Mycelium also comes with several additional exciting features, including hardware wallet support that allows users to keep their Bitcoin inside an online device and still use the Mycelium user interface to check their balances.
Also Read: How Mobile Payment is Changing the World
BEST HARDWARE WALLET: Ledger Nano X
- Price of Purchase $119
- Cloud Storage: No
- Cold Storage Yes
Pros
- Ledger Live has an intuitive and easy-to-use user interface
- Storage that can be used for between 3 and 20 applications
- The open-source software has the added benefit of customer and community assistance
- It is convenient to have Bluetooth connectivity
Cons
- Bluetooth integration could be a source of cyberattacks (USB can be an alternative)
- Bluetooth is not yet perfect.
- Limited storage of wallets
In July of 2020, Ledger experienced serious hacks that exposed a lot of customer data, including names, numbers, email addresses, and even home addresses. While this isn’t affecting the private keys of customers but it has led some to question the credibility of Ledger’s security measures. 3
Overview
French company founded in 2014. 4 Ledger’s initial cryptocurrency product, called Ledger Nano S, the dominant player in the market for a couple of years.
It’s Nano X resembles a USB drive that connects to your device through USB and Bluetooth. This means you can connect your wallet to an iOS and Android device without computers. The list is growing every year because the Bitcoin community seeks help for their most popular cryptocurrency.
Although the device itself is a hardware cold storage wallet, Ledger Live is a software program. The ledger team has developed an application called Ledger Live software which offers an interface for users to manage all their accounts. It allows users to create new wallets for different currencies on their devices and manage their portfolios.
The Ledger wallets are hardware the most popular and are currently the most well-known in the market. 5 The Ledger comes with 1 USB-C to USB
BEST FOR SECURITY: Trezor Model T
- Cost of Purchase $195
- Cloud Storage: No
- Cold Storage Yes
The Reasons We Choose It
We picked Trezor as the best security option because it has the most robust security features and the best experience of any wallet that we have reviewed.
Pros
- Web-based user interface that includes exchanges integrated
- A huge list of cryptocurrencies supported
- Open-source software and community assistance
Cons
- Price point higher than other
- Small touchscreen to type on
- It can be confusing for someone who is a first-time user
Overview
Trezor, similar to Ledger, is a brand associated with cold wallets for crypto. The Model T is the second generation of hardware wallets that they’ve developed. The Model T is very similar to the Ledger model. It can connect to third-party exchanges such as Changelly and CoinSwitch directly from the interface on its website. Although this is very convenient, it’s not worth the higher price of $195.
Model T have a touch screen that can be simpler to use for newbies instead of the buttons their previous models utilized. The Trezor also comes with the MicroSD card slot, which allows you to utilize MicroSD cards to decrypt the PIN. This will further safeguard your device from attack.
Like the Ledger Nano X, The Trezor Model T also includes a USB Type-C cable to connect your desktop computer or smartphone. Some believe that this Model T is a little more secure than Ledger Nano X. Ledger Nano X due to the Model T’s Bluetooth connections (although Ledger’s Bluetooth is not required).
BEST BANG FOR YOUR BUCK: Ledger Nano S
- Buy Cost $59
- Cloud Storage: No
- Cold Storage Yes
The Reasons We Choose It
We selected the Ledger Nano S because it’s a reasonable entry point to cold hardware wallets for storage.
Pros and Pros and
Pros
- Gain access to Ledger Live
- Secure storage at a bargain cost
- The open-source software has benefits for customers and community assistance
Cons
- Three apps have the maximum storage capacity.
- No wireless Bluetooth feature
Overview
Ledger Nano S is the very first hardware wallet created by Ledger. It is among the very first wallets with hardware ever designed. Similar to it, the Nano S is compatible with more than 1800 cryptocurrencies. Nano S is not compatible with cryptocurrencies that are more than 18000. Nano S does not come with a USB Type-C cable. Therefore, users who have more advanced smartphones might be having issues connecting their devices.
If you delete an application to enable another cryptocurrency, their online manual states that it won’t affect your assets.
The wallet you deleted, and the crypto inside, can be found within Ledger Live However, the wallet won’t be visible by the Ledger device itself. That means that if you wish to send money or receive funds to the wallet you deleted, you might need to delete a different wallet to have more space.
At just $59, the Ledger Nano S wallet is an excellent option for those who want to secure their cryptocurrency at a reasonable cost. It’s also very simple to use and integrates with Ledger Live, making it the perfect product for a novice looking for secure and easy storage for just a handful of cryptocurrencies.
Final Verdict
With a variety of Bitcoin wallets to pick from and even a piece of paper that has your private and public keys printed on it, there are various options to choose the ideal Bitcoin wallet. You can choose between a user-friendly online wallet or a highly secure physical wallet; there’s an excellent choice for your crypto storage requirements.
