If you’re new to the cryptocurrency world and wondering about the safest ways to store your coins, we’ve put together a comprehensive guide to some of the most trusted wallets in the industry.
In this article, we’ll cover everything you need to know about secure cryptocurrency wallets. From practical, everyday-use options to long-term storage solutions, we’ll provide an unbiased overview of the most reliable Bitcoin wallets available.
Types of Bitcoin Wallets
Hot wallets
To put it simply, hot wallets are cryptocurrency wallets that store private keys on internet-connected devices or servers. These wallets are usually available for free and offer users greater accessibility compared to offline wallets.
Examples of Hot wallets include; Trust Wallet, MetaMask Wallet, Exchange wallets (hosted wallets in crypto exchanges), etc.
Cold Wallets
Cold wallets are offline crypto wallets. Unlike hot wallets that have their private keys stored on an internet server, cold storage options allow for offline storage.
Typical examples of cold storage options include paper wallets and offline hardware wallets. Paper wallets are relatively easy to set up and come at almost zero cost.
Hardware wallets on the other hand can cost anywhere between $50 and $500.
What is the best crypto wallet
Each category of crypto wallet has its unique feature/utility. Hot wallets are easy to use and are ideal for frequent, ongoing transactions. Cold wallets, on the other hand, provide the highest level of security but aren’t as practical for daily use as hot wallets. So which crypto wallet is the best?
We at BeyondTheTick don’t believe that there’s one crypto wallet that fits everyone’s needs. That’s why, in this guide, we’ll explore some of the best wallets in each category we discussed earlier, offering detailed reviews to help you choose the one that best suits your evolving needs throughout your crypto journey.
The Best Hot Wallets
1) Trust Wallet
We admit that there’s a degree of bias involved in our selection of Trust Wallet, but you can’t not be full of praise for a product (or service) that has proven it’s reliability over the years.
This wallet holds one of our largest portfolios, and we haven’t experienced any security concerns in over three years of using it. The app has a built-in dApp browser which allows users to seamlessly interact with decentralized applications.
It is also easy to use and supports 100s of cryptocurrency tokens and blockchain networks. The app even allows users to manually add tokens that aren’t already listed by default.
One of the reasons we like Trust Wallet so much is that it allows users to create multiple standalone wallets within the app. Not only does this let you store all your assets in one place, it also helps mitigate risks associated with connecting your wallet to decentralized applications.
Because you now have access to more than one wallet, you can connect a dummy wallet to sketchy dapps thereby reducing your main wallet’s exposure to malicious attackers.
Pros of Trust Wallet
• It comes with a built-in dApp browser
• Users can create multiple wallets (private addresses) from within the app
• The app’s interface is user-friendly
• Users can conveniently purchase cryptocurrencies from within the app
• The app supports seamless integration with your phone’s biometric security system
Cons of Trust Wallet
• Limited range of supported tokens and networks
2. MetaMask
MetaMask is another reliable hot wallet that has been in the business for a long time. While our direct experience with this brand is limited (this is hard to admit, but the only reason we have a MetaMask wallet is because everyone was downloading it in 2021) it is recognised as one of the most powerful wallets in the industry.
That is if you know how to use it!
That last part is very important because if you go online and search for “MetaMask reviews”, you’ll find a lot of bad comments about the digital wallet. Investigate further and you’ll discover that most of these complaints are from users who unknowingly granted malicious actors access to their holdings.
With a MetaMask wallet, users can create multiple standalone wallets (each having its own unique private key) and seamlessly connect to decentralized applications. The app also supports transactions between EVM-compatible chains as well as Layer-2 networks like Optimism and Arbitrum.
Pros of Metamask
• The app has a user-friendly interface
• MetaMask wallet supports seamless interaction with DeFi apps
• It is available for both mobile and desktop users
• Similar to the Trust Wallet app, users can purchase Bitcoin and other tokens securely from within the application.
Cons of MetaMask
• Not the most beginner-friendly crypto wallet
The Best Cold Wallets
1. Tangem Card
Bank and ATM cards have gradually integrated into our daily lives since their invention in the 1950s. Tangem has leveraged this by offering one of the most secure, durable, and relatable crypto hardware wallets.
Tangem cards are contactless cards that allow users securely store their cryptocurrencies offline. These innovative cards are built to the EAL6+ security standard and are super easy to set-up.
Each card comes with a chip that generates unique private keys once set-up (users can also choose to decide to set up new seed phrases from the Tangem app or import existing seed phrases that will be stored on the card). After the set-up process is completed, users can sign transactions by holding their mobile phones over the card while following the prompts in the Tangem app.
Pros of the Tangem card
• It is lightweight, with the same feel and weight as a regular bank card.
• It is super easy to use and does not require an internet connection for operation.
• A Tangem wallet has never been hacked! To put this into perspective, the company has produced over 2 million units.
• Tangem cards are inexpensive. The standard Card packages cost under $80
Cons of the Tangem Card
• The application is only available to mobile users
2. Ledger Flex
If you’re looking for a hardware wallet that’s more advanced than the Tangem Card, the Ledger Flex might be a great option. This simple pin-protected touchscreen device comes with a lot of intelligent features that make it a multipurpose tool.
Other than functioning as a cold wallet, customers can use this device to securely log into other applications. It also supports Bluetooth and NFC connectivity.
Setting up the device is simple and pretty straightforward. All users need to do is download the device’s controller app (which is available for both mobile and desktop devices) and connect the wallet to it.
During the setup process, you’ll be asked to generate a recovery phrase which can be written on the Recovery Sheet provided in the box. From there, signing transactions is as easy as following prompts on the mobile/desktop application.
Pros of the Ledger Flex
• The screen provides adequate visibility even in well-lit areas
• It also comes with an EAL 6+ chip
• The Ledger Flex is a smart device (it even supports wallpaper customization)
• The controller app allows users to conveniently buy, sell, and swap cryptocurrencies
Cons of Ledger Flex
• While the screen may perform well in well-lit areas, it struggles in low-light settings
• This device is not for users that are on a budget. It costs over $200.
• Users can add only a few networks to the device as it comes with limited storage
