A Crypto wallet is one of the elements that cannot be avoided by crypto enthusiasts. Crypt currencies are digital assets, and a digital wallet is needed to store, send and receive them.
These wallets can be custodial or non-custodial, however, non-custodial wallets are the most suitable wallet for storing, sending, and receiving crypto assets. There are many crypto wallets available for crypto investors to store their assets.
Nonetheless, crypto investors need to identify the best crypto wallet to store their crypto assets.
In this article, I will be listing some of the crypto wallets that have earned the credibility to be among the best crypto wallets currently. But before then, let’s have a glimpse of a crypto wallet and different types of wallets.
What Is A Crypto Wallet?
A crypto wallet is a digitally programmed wallet that is used to store, send and receive crypto assets.
Crypto wallets use private and public keys for transactions and keep your crypto assets safe.
Private keys are only accessible by the wallet owner. Conversely, Public keys can be accessed by anyone and are sometimes used for crypto transactions (sending and receiving of crypto).
A crypto wallet can hold as many crypto assets as possible and some wallets can accommodate over 1000 different cryptocurrencies.
Different kinds of wallets can be used to store cryptocurrency. While we have crypto wallets that are usually software or digital programs, there are also physical or hardware wallets such as a ledger.
Crypto wallets can be connected to exchanges, browsers, dApps, etc for various purposes, and in any of these cases, key phrases or passphrases should not be required or given off.
Cryptocurrency wallets provide a decentralized system of storing valuables in the form of cryptocurrency.
Types Of Crypto Wallets
As mentioned in the description, crypto wallets fall under two major categories which are Custodial and Non-custodial wallets. You should decide which category you would prefer in your quest for the best crypto wallets.
This is a little bit self-explanatory. A custodial wallet which is usually an exchange doesn’t give users complete control over their cryptos on the exchange.
When you’re searching for the best crypto wallets to use, you should understand that; when you leave your crypto assets on the exchange wallet – you would have to rely on the exchange for the safety of your cryptocurrencies and the inability to have full control over your cryptos.
- Examples Of Custodial Wallets
A very popular example of a custodial wallet is the Binance exchange. Binance is a cryptocurrency exchange where you can exchange your cryptos with fiat or other cryptos.
Quick fact: Binance is a combination of the word Bi and finance.
There are also other examples of custodial wallets such as; Free Wallet, BitMex, Blockchain.com, etc.
Unlike non-custodial wallets, these platforms are mostly concerned with the exchange and trading of crypto
A non-custodial wallet is the opposite of a custodial wallet – which means that it allows users to have full control over their assets.
Non-custodial wallets use private keys to guarantee that you’re the only one who can access your wallet.
There are a lot of non-custodial wallets which have functionalities on different levels. Non-custodial wallets mostly have a user-friendly interface and can be used even by a newbie.
- Examples Of Non-custodial Wallets
A typical example of a non-custodial wallet is the Metamask wallet. This wallet is very popular as it is mostly used by crypto enthusiasts
It has an intuitive user interface, and you can use it to store both cryptos and NFTs.
Other examples of noncustodial wallets include Trust Wallet which is similar to the metamask wallet as it can be used to store NFTs and crypto. This wallet supports up to a million different cryptocurrencies. Examples are Exodus, Ledger Nano X, Electrum, Trezor One, etc.
Best Crypto Wallets To Use
There are a lot of things to put into consideration when selecting the best crypto wallet.
Our picks for the best crypto wallets are chosen based on their user interface, use cases, and security.
Ledger Nano X
One of the wallets that cannot be neglected when searching for the best crypto wallets is the Ledger Nano X.
Ledger Nano is a hardware wallet that beats other wallets as a result of its advantages and capabilities.
This wallet stores your crypto asset offline and supports over 1000 different crypto assets. The Ledger Nano X can be used on your mobile or desktop.
Trezor one is a hardware wallet that is affordable compared to other hardware wallets.
Hardware wallets provide security against hackers and thefts. Although hardware wallets are pricy, the Trezor One has a lesser price which makes it one of the picks for the best crypto wallet to use for storing, sending, and receiving the crypto asset.
This is our number 1 pick for user-friendly wallets. Newbies can use this wallet very easily as they were the ones considered by the developers of the wallet.
This wallet is considered to be the best crypto wallet because of its smooth user interface. The wallet allows you to earn interest on your crypto holdings.
The Exodus wallet was created in 2015 and remains the best pick for 2022.
The metamask wallet is an Ethereum-based wallet that supports other crypto assets as well such as NFTs. In the world of NFTs, metamask is mostly used.
Cryptocurrency wallets have different use cases, advantages, and downsides. A wallet can’t have all features that are mostly considered when we’re looking for the best crypto wallets to use.
Setting up a wallet doesn’t cost anything except you’re purchasing a hardware wallet. You can have multiple wallets – which you can use to the best of your advantage while reducing the downsides.
Cryptocurrency wallets are very essential for every crypto enthusiast but the wallet that can be considered the best crypto wallet (based on its features) is more important.