7 Best Crypto Wallets of August 2022 - Chief Idea

Crypto wallets are an essential tool for buying, trading, and selling cryptocurrencies. Traders need them to store crypto securely, as well as to protect and validate transaction information.

Be the hardware or software, also called hot and cold storage, custom crypto wallets offer traders dedicated solutions compared to those from crypto exchanges.

Read on to learn about the different types of cryptocurrency wallets, how they work, and which one you should pick.

Some people searching for crypto wallets are looking for a crypto exchange, which is why we’ve included Public.com in this comparison table.

If you’re more interested in learning where to buy and sell cryptocurrency, as well as, the pros and cons of centralized vs decentralized exchanges, you might consider reading our piece on the Best Crypto Exchanges.

Best for Beginners: Coinbase

We chose Coinbase Wallet as the best crypto wallet for beginners because it’s an intuitive and highly secure wallet that is backed by a well-known exchange.

Coinbase Wallet is an excellent wallet for beginners who have little to no experience with crypto. The app can connect to most major bank accounts and has an interface that is welcoming and easy to navigate, consisting of a simple three-tab layout and clearly identifiable functions.

Coinbase Wallet can store non-fungible tokens (NFTs) and digital collectibles, and it supports over 44,000 coins and tokens — the largest amount on our list.

It’s important to make a distinction between Coinbase the exchange and the Coinbase wallet. The Coinbase wallet may be used without opening an account with one of the largest cryptocurrency exchanges.

It's also non-custodial, meaning its private key is stored in your device — not in Coinbase’s servers — so you don’t need to worry about your currencies being locked for any reason or exposed to a cyberattack on the website.

Other highlights include:

• Uses the Secure Enclave chip available in Android, iOS, iPad, and Mac devices to provide biometric authentication (e.g. FaceID, TouchID)
• Access to decentralized exchanges in-app, which can convert tokens without any intermediaries
• Optional cloud backups to protect your digital keys

Best for Bitcoin: Electrum

We chose Electrum as the best Bitcoin wallet because of its extensive security features and a high degree of customizability.

Founded in 2011, Electrum is one of the oldest and most well-known crypto wallets today. It’s also one of the few remaining crypto wallets that only deals in Bitcoin, a currency that Electrum is uniquely outfitted to support.

The wallet hosts a variety of potent security features that others lack, and users can also adjust their fees depending on how long they’re willing to wait for a transaction to be completed: Pay more in fees, and your transaction will be executed faster.

One of the wallet’s greatest assets is that it uses a lightweight client. Light clients can be set up in a matter of minutes and take up less space than traditional wallet clients on your computer.

By using simple payment verification (SPV) the wallet only downloads parts of the blockchain, which speeds up transactions without compromising security.

Other highlights include:

• Open-source wallet, meaning its code is available for scrutiny, which helps build trust and safety
• Custom transaction fees, meaning users can adjust their fees depending on how long they’re willing to wait for a
• transaction to be completed, and several different types of user accounts
• Integration with hardware wallets (KeepKey, Ledger, Trezor) for cold storage
• Two-factor authentication and multi-signature support

Best for Mobile: Mycelium

We chose Mycelium as the best crypto wallet for mobile devices because of its strong focus on security and advanced transaction history information.

Mycelium is another well-established crypto wallet with a big focus on Bitcoin. Introduced to the market back in 2008, it has long been a mobile-only software wallet and continues to be one of the best options for Android and iOS users.

Mycelium’s security and transaction options are two of the wallet’s major highlights. The app is entirely reproducible, which means its code can be duplicated and compared to the original to find any potential security issues and has several levels of pin protection.

The wallet app features custom transaction fees with four recommended levels — low priority, normal, economic, and priority — and several different types of user accounts.

Other highlights include:

• An advanced transaction history that includes information such as block height, which is a specific location in the blockchain; miner fees, which are paid to miners in the blockchain network; and inputs/outputs, which indicate addresses in a transaction
• Inter-wallet operability through the FIO network, which comprises leading crypto wallets, exchanges, and payment processors
• A watch-only mode, which lets users disable outgoing transactions while keeping track of their stocks and trades

Best for Offline Crypto Wallet: Ledger Nano X

We chose Ledger Nano X as the best offline crypto wallet because of its number of supported currencies, high-security standards, and mobile trading capabilities.

Ledger is one of the most well-known brands of hardware wallets available today. Its initial popularity sparked with its first wallet, the Ledger Nano S, a feature-packed and highly secure cold wallet.

The Ledger Nano X expands on the Nano S’ success by adding a built-in battery and features such as Bluetooth connectivity and greater asset management capabilities.

The Ledger Nano X is currently priced at $158.22, comes in a matte black finish, and has a 128 x 64-pixel screen for cycling through apps.

The wallet supports over 5,500 coins and tokens — one of the largest numbers on our list — and is able to manage up to 100 of them simultaneously through the apps on the device.

Its Bluetooth Low Energy connectivity may be turned off at any point and enables the Nano X to be used with the Ledger Live app on Android or iOS devices to exchange crypto on the go.

Other highlights include:

• Ledger’s Secure Element chip, a specialized chip also used for high-end security solutions — such as credit cards and passports — that protects from various types of attacks
• In addition to buying and selling crypto, the Ledger Live app can be used to lend and stake crypto to generate revenue

Best for Desktop: Exodus

We chose Exodus as the best crypto wallet for desktops because of the speed of its transactions, ease of use, and the varied functionality of its client.

Exodus is one of the most visually appealing and intuitive wallets on the market yet. Originally a desktop-only wallet, Exodus now has apps for iOS and Android and is also compatible with Trezor wallets, a popular hardware wallet brand.

Nonetheless, the desktop wallet application — available across Windows, Linux and Mac operating systems — is still the wallet’s core offering and is updated every two weeks.

One of Exodus’ main draws is the number of currencies it supports. The wallet supports more than 225 cryptocurrency assets, a larger number than many other hot wallets.

This includes established altcoins, such as Ether, Litecoin, XRP and Bitcoin Cash, as well as popular meme coins like Dogecoin and Shiba Inu.

Other highlights include:

• Customizable fees, though only for Bitcoin transactions as of September 2021
• A growing number of apps released to diversify the wallet’s functionality, including apps for live charts, crypto staking, and crypto deposits
• Runs on a light client, meaning it uses SPV and doesn’t download complete blockchains in order to speed up transactions

Best for Ethereum: MetaMask

We chose MetaMask as the best crypto wallet for Ethereum because its user-friendly interface provides easy and quick access to thousands of tokens and decentralized apps through the Ethereum network.

MetaMask is one of the most widely used Ethereum wallets, with over 30 million monthly active users.

The wallet can store and send Ethereum-compatible cryptocurrencies and enables users to interact with decentralized apps, or dApps, for short. Users can access popular NFT marketplaces, such as OpenSea, by connecting them directly to the wallet.

MetaMask is so popular largely in part to its ease of use and accessibility. The wallet’s design is inviting and straightforward, seemingly designed with beginner investors in mind.

Anyone using the Google Chrome, Microsoft Edge, Mozilla Firefox or Brave browsers can download the wallet as an extension. You can also download the MetaMask app on your mobile Android or Apple devices.

MetaMask is also well-known for its interoperability. The wallet has the ability to add almost any blockchain network to the app and fully supports popular Web3 networks, including Polygon, Binance Smart Chain, and Avalanche. This means users can swap a variety of digital assets directly via the wallet.

Other highlights include:

• Built on open-source code, which means that developers and security experts can review the software to make sure it’s secure.
• Users have full control of their private keys; their account information is encrypted and stored locally — no information ever touches the MetaMask servers
• Quickly swap quickly between layer 1 and layer 2 Web3 solutions

Best DeFi Wallet: Crypto.com

We chose Crypto.com as the best defi crypto wallet because of its variety of decentralized finance tools, excellent onboarding process, and strong security framework.

The Crypto.com DeFi Wallet is an excellent choice for users who are starting their journey into decentralized finance. Defi wallets give users full control over their digital assets and private key, which they are responsible for safekeeping.

They also allow users to swap cryptos on a 1-to-1 basis and access a wide range of tools to earn passive income on the crypto they already own — features that are unavailable to regular, custodial wallets.

As with other exchanges that feature both a custodial and non-custodial wallet, it’s important to make the distinction between the two.

The Crypto.com DeFi Wallet may be downloaded and used for users’ day-to-day crypto activities without making an account on Crypto.com’s exchange.

We’d also like to remind consumers that decentralized finance products and services do carry significant risks, and should be engaged prudently.

Other highlights include:

• Several layers of security, including biometric authentication, 2-factor authentication, and Secure Enclave technology on iOS devices
• The ability to create multiple digital wallets and import other wallets
• Connect to other decentralized apps through the WalletConnect tool