Best Crypto Software Wallets

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Best Crypto Software Wallets

Best Overall and Best for Security : Guarda Wallet

  • 400,000+ currencies are supported.
  • Customizable Fees: Yes
  • Hardware Compatible: Yes

Why We Chose It

Guarda Wallet is a highly secure and user-friendly cryptocurrency wallet that enables users to purchase, store, trade, and earn through staking a broad variety of crypto assets. While it is one of the newest wallet providers in our list of top crypto software wallets, Guarda Wallet has passed our reputation background checks with flying colors and checked the most security boxes among other software wallet providers.

The multi-platform software wallet is accessible through a web interface, a Chrome browser extension, a desktop client, or a smartphone, allowing for smooth bitcoin asset management for all sorts of users.

While the wallet’s in-app purchase costs are rather expensive, Guarda provides a user experience that is both beginner-friendly and safe, making the fees fair in an industry where security is paramount.

Pros & Cons

Pros

  • Highly secure

  • Supports 400k+ digital assets

  • Enables users to borrow, earn, and swap crypto

  • Responsive customer service

  • Face ID authentication for mobile

  • Multi-signature wallets

Cons

  • High fees for in-app crypto purchases

Company Overview

Launched in 2017 by blockchain development firm ​​Guardarian OÜ, Lisboa, Portugal-based Guarda Wallet has emerged as the finest cryptocurrency software wallet in the industry.

Guarda Wallet is a multi-platform, non-custodial software wallet that allows users to manage their digital assets through a web interface, a Chrome extension, on desktop, and on mobile (Android and iOS) while maintaining total control over their private keys.

Users may safely store and manage over 400,000 digital currencies and tokens with the multi-asset wallet, which supports 50+ blockchain networks.

Guardarian OÜ is permitted to provide virtual currency services in Estonia, allowing Guarda Wallet to deliver regulated in-app crypto trading and prepaid card-related services.

Guarda Wallet, although being the youngest inclusion on our list of the top software wallets, delivers everything a cryptocurrency user needs today.

Read full review

Best for Beginners : Exodus Wallet

  • 150+ currencies are supported.
  • Customizable Fees: Yes
  • Hardware Compatible: Yes

Why We Chose It

Exodus Wallet is a popular multi-asset crypto wallet that offers a user-friendly layout and allows users to manage their crypto portfolios from a single interface.

Exodus Wallet also allows users to purchase, sell, and earn income by staking their digital assets.

Pros & Cons

Pros

  • Supports a wide range of crypto assets

  • Has a built-in exchange

  • Supports crypto staking

  • Available on desktop and mobile

Cons

  • Software isn’t open-source

Company Overview

Exodus, situated in Nebraska, was founded in 2015 and offers a user-friendly mobile and desktop crypto wallet. Exodus Wallet allows users to safely store and exchange over 220 digital assets in a one location.

Exodus Wallet offers a variety of in-app apps that let users to earn staking incentives, earn interest by lending crypto assets, explore the world of non-fungible tokens (NFTs) on Solana, and more, in addition to digital asset storage and an integrated exchange.

Exodus Wallet is distinguished largely by its intuitive, simple-to-use user interface, which significantly decreases the difficulty of maintaining a portfolio of crypto assets.

The well-known wallet also supports hardware wallets for further protection, configurable transmit fees, and active customer support. Exodus Wallet, unlike many of its competitors, is closed-source software, which means users cannot check the code for flaws.

Exodus Wallet is a great wallet for first-time bitcoin users. It offers a user-friendly design and a built-in exchange that is available on PC and mobile, meeting the most urgent demands of newcomers.

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Best for Bitcoin : Electrum

Electrum

  • Number of supported currencies: 1
  • Customizable Fees: Yes
  • Hardware Compatible: Yes

Why We Chose It

Electrum is a safe, open-source Bitcoin-only wallet that has been effectively storing digital cash for Bitcoin holders for over 10 years.

Electrum now allows users to create Lightning payment channels in order to send and receive Bitcoin payments over the Lightning Network.

Pros & Cons

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Pros

  • 10+ years of providing a Bitcoin storage solution

  • Supports Lightning Network payments

  • Open-source code

Cons

  • Only supports Bitcoin

  • Not beginner-friendly

  • No customer support

Company Overview

When it initially appeared in 2011, Electrum was one of the earliest Bitcoin wallets. The Bitcoin-only desktop wallet has withstood the test of time and remains one of the finest Bitcoin-only wallets on the market.

Users may securely store, transfer, and receive Bitcoin payments using the open-source software wallet. Electrum also enables users to send and receive Bitcoin over open payment channels using the Bitcoin Lightning Network.

Beginners may struggle with Electrum’s no-frills user interface, which was obviously designed with utility in mind rather than user-friendliness.

Electrum is a fantastic wallet for experienced Bitcoiners since it supports hardware wallets for ultra-secure cold storage, multi-signature wallets, and configurable transaction fees.

Read full review

Best for Mobile : Mycelium

Mycelium

  • 7+ currencies are supported.
  • Customizable Fees: Yes
  • Hardware Compatible: Yes

Why We Chose It

Mycelium is a popular mobile crypto wallet that allows users to handle Bitcoin, Ethereum, and ERC-20 tokens securely. The non-custodial wallet includes sophisticated wallet features including cold storage integration, spending accounts, and a single address savings account.

Pros & Cons

Pros

  • Software is open-source

  • Supports cold storage integration

  • In-app crypto purchase option

  • Strong focus on user privacy

Cons

  • Mobile-only

  • Not beginner-friendly

Company Overview

Mycelium is a famous mobile crypto wallet that was established in 2012 by Megion Research & Development GmbH in Austria.

During the early days of Bitcoin, Megion Research & Development created a number of cryptocurrency solutions, including Entropy, Mycelium Gear, and Local Trader. The business is now concentrating its efforts on “the creation of a social media hardware and software platform dubbed Mycelium MEDIA.”

Mycelium is a non-custodial, open-source mobile wallet that supports Bitcoin, Ethereum, and a variety of ERC-20 tokens. While the user interface of the mobile app is not particularly user-friendly for beginners, the software includes various sophisticated wallet features, such as the option to establish specialized HD spending accounts, single address saving accounts, and in-depth transaction data that experienced crypto users enjoy.

The Mycelium wallet is excellent for Bitcoin and Ethereum owners who wish to keep their assets safe and private in a mobile wallet.

Read full review

Best for Low Costs : Coinbase Wallet

Coinbase

  • 500+ currencies are supported.
  • Customizable Fees: Yes
  • Hardware Compatible: Yes

Why We Chose It

Coinbase Wallet is a non-custodial, multi-asset crypto wallet that allows users to safely store hundreds of cryptocurrencies and NFTs while also providing easy access to decentralized apps (dApps).

Coinbase Wallet, unlike the famous Coinbase.com app, has some of the lowest costs in the bitcoin wallet ecosystem, making it an appealing alternative for frequent Web3 users.

Pros & Cons

Pros

  • Only charges network fees

  • Supports 500+ digital assets

  • Provides a dApp browser to access Web3 applications

  • Enables users to store NFTs

Cons

  • Coinbase has a history of bad customer support

  • Software isn’t open-source

Company Overview

Coinbase was founded in 2012 to allow anyone to purchase, trade, and store Bitcoin using an easy-to-use application. Coinbase is currently a publicly listed business with a market capitalization of more than $85 billion.

The Coinbase Wallet is Coinbase’s response to the growing need for non-custodial cryptocurrency wallets that allow users to access web3 apps. It enables users to store and manage 500+ digital items in a single location.

Coinbase Wallet, as opposed to the company’s famous custodial Coinbase.com software, is a non-custodial wallet (available as a Chrome extension and smartphone app) that enables customers to keep their own private keys, allowing them total control over their cash.

Despite Coinbase’s tarnished reputation in the cryptocurrency community, which stems from a long list of reports of fraudulent account closures, poor customer service, and regular downtimes of its trading platform during periods of high volatility, the company has managed to deliver an excellent web3 wallet for both beginners and experienced users.

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Coinbase Wallet stands out among other web3 wallets for offering some of the industry’s lowest fees, allowing everyone in the world to participate in the realm of dApps, decentralized finance (DeFi), and NFTs.

Read full review

Final Verdict

When searching for a cryptocurrency wallet, seek for a provider with a solid and stable history, a high degree of security and transparency, a variety of crypto asset management capabilities, and the ability to trade crypto effortlessly.

According to our analysis, Guarda Wallet is the finest overall crypto wallet. Guarda Wallet supports 50+ blockchains and 400,000+ assets, offers a variety of crypto income options, has simple in-app crypto purchasing and switching functions, and scores well on our model’s security criteria.

While Guarda’s in-app purchase costs are quite expensive, the wallet’s user interface, rigorous security, and extensive feature set make it worthwhile to pay a premium.

Compare the Best Cryptocurrency Wallets

CompanyNumber of Currencies SupportedSupports BitcoinIncorporated ExchangeCustomizable FeesCompatible Hardware
Exodus Best for Beginners150+YesYesYesYes
Electrum Best for Bitcoin1YesNoYesYes
Mycelium Best for Mobile7+YesYesYesYes
Guarda Best for Security400,000+YesYesYesYes
Coinbase Wallet Best for Low Costs500+YesYesYesYes

Want to learn more about digital currencies? You’re not alone.

According to the 2022 Investopedia Financial Literacy Survey, most persons have a basic grasp of cryptocurrencies but intend to use it as a primary source of retirement money.

How to Choose the Best Cryptocurrency Wallet

Choosing the best bitcoin wallet is primarily determined by your own requirements. Here are some pointers to help you pick the best wallet for you.

How frequently do you plan to use your wallet?

The frequency with which you want to utilize your crypto wallet is a key consideration when selecting the best one for you. If you want to utilize bitcoin to make frequent payments, you should definitely keep part of your cash in a mobile wallet. However, if you want to invest in and store crypto assets in the long term, especially if you intend to hold a considerable quantity of digital currency, you are best suited safeguarding your digital assets offline in cold storage using either a hardware or paper wallet.

If you want to regularly trade digital assets, you will most likely benefit from a multi-platform wallet that lets you manage your bitcoin portfolio on both your desktop and your smartphone.

Are you interested in the number of cryptocurrencies the wallet supports?

If you want to build a diverse portfolio of digital currencies and tokens, choose a multi-asset wallet that supports hundreds of assets is definitely the best option.

Do you care about the level of customer support?

If you are a newbie, you should generally choose a wallet with an easy-to-use UI.

Not all wallet providers provide customer service. Many long-running open-source wallets, for example, do not provide any customer service. If you believe you may need assistance with your wallet, choose one that enables you to communicate with a real customer service specialist through phone or live chat.

How important is security?

Are you just starting out in the bright new world of cryptocurrency? Or do you intend to make a significant investment? Depending on your needs, security will be either a minor or major consideration when selecting a wallet.

You could be searching for a desktop wallet that can be protected with an encryption password. Or maybe you want the highest level of security that crypto storage solutions can provide.

One of the most critical components of crypto wallet management is backup. Do you like to remember merely a login and password, or do you prefer to write down and carefully save a recovery phrase?

Choosing a wallet with a backup option that works for you is another important security step to consider when selecting a wallet.

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How important is it to have ownership of your private key?

Are you okay with a third-party supplier having access to your wallet’s private keys (and hence de facto ownership of your virtual assets)? If not, you may use a non-custodial wallet, in which you are in charge of maintaining your wallet’s private keys.

While these wallets are regarded best practices since you have total control over your virtual assets, you will lose any monies contained in that wallet if you lose access to it or forget your encryption password.

Frequently Asked Questions

What is a Cryptocurrency Wallet?

A cryptocurrency wallet is a kind of digital wallet that stores the unique digital codes required to transfer and receive crypto assets like Bitcoin, Ethereum, and Dogecoin. It is critical to emphasize that, contrary to popular belief, these wallets do not hold your real cryptocurrency.

Cryptocurrency wallets are more of a ledger than a wallet since they retain the keys to the owner’s identification, granting access to a blockchain network and transaction history. These wallets must interact with the bitcoin connected with your address because they must find it throughout the network.

What are the Types of Cryptocurrency Wallets?

The three basic forms of cryptocurrency wallets are software, hardware, and paper wallets, which fall under the two main categories of wallets known as hot and cold wallets.

Cold wallets have no internet connection and are physical in nature, such as a hard drive or a piece of paper, making them the most secure wallets available. Hot wallets, on the other hand, do have some kind of internet connection, making them more vulnerable to security breaches.

Hot wallets are popular because of their flexibility, such as the ability to access cash or trade while on the road. Web wallets, desktop wallets, and mobile app wallets are examples of software wallets. It’s vital to emphasize, however, that this availability is the consequence of a hot wallet’s online connection, which makes your cash vulnerable in some way.

In the case of cold wallets, your cash can only be lost if the wallet itself is lost or stolen and no backup mechanisms are in place. Unfortunately, this high degree of protection prevents your cash from being easily accessible for trading or commerce while you are away from your computer.

The majority of popular cryptocurrency wallets nowadays are hybrid wallets that provide desktop and mobile access as well as the ability to link to a hardware wallet for optimum backup security.

How do Cryptocurrency Wallets Work?

Cryptocurrency wallets give public and private keys, allowing cryptocurrency users to interact with their digital assets stored on public blockchain networks. The public key of a wallet is the wallet address to which money may be sent, while the private key is what you use to access your funds and perform transactions.

Consider the public key to be your bank account number, and the private key to be the PIN you use to log in and make payments.

Methodology

One of the most crucial things to consider before transacting in and storing cryptocurrency is the availability of a good crypto wallet. We completed a thorough assessment of the top cryptocurrency software wallets to assist you in selecting the best wallet for you.

Our assessment approach is based on a quantitative scoring model that prioritizes critical variables such as security, affordability, privacy, usability, customer service, and functionality. For each of the 19 organizations we looked at, our team of researchers collected over 40 data points and did significant research. Our team of writers, all of whom are professionals in this sector, then test drove each wallet to provide a qualitative opinion.

Our approach prioritized organizations with the best security procedures and reputations. Companies with advanced features, such as compatibility for a wide range of crypto assets, the ability to sync with hardware wallets, and fee customization, also performed well.

Read our full methodology.

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