Crypto, Knowledge

A Guide to 10 Best Wallets to Store Cryptocurrencies

Cryptocurrencies are slowly catching the hold of the fintech industry. Now, more people feel inclined towards buying, holding, and trading cryptocurrencies. So, we believe that it is the right time for us to begin talking about their storage. Just like any other money-backed asset, there are specialized storage systems called crypto wallets to store cryptocurrencies. Imagine having money but no wallet to store it! Isn’t it prone to getting stolen by thieves? Similarly, there are security concerns attached to cryptocurrencies. Without a wallet to store them, they are susceptible to attacks by hackers. Here are the top 10 crypto wallets to store your cryptocurrencies safely.

1. Coinbase: Best Wallets to Store Cryptocurrencies

Backed by a very popular crypto exchange, Coinbase, this wallet is one of the most secure wallets to store your cryptocurrencies. It is the perfect wallet for beginners and supports various bank accounts to add and withdraw money. In addition to the cryptocurrencies, the users can use this wallet to store other digital assets like digital collectibles and NFTs.

Advantages 

  • User-friendly interface
  • Supports wide range of cryptocurrencies
  • Multi-signature 
  • 2-factor authentication
  • Backed by Coinbase (famous crypto exchange)

Disadvantages

  • Supported only on mobile or tablet
  • Security issues may exist
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2. Ledger Nano S

As the name suggests, Ledger Nano S is born out of the parent company Ledger. It is the first generation of hardware wallets that the company has introduced. It supports over 1200 cryptocurrencies which is one of the most desirable features of this wallet. Since the fee for the wallet is just $59, it is one of the best wallets to store cryptocurrencies for those looking for a great deal at a reasonable price.

Advantages 

  • Provides access of live app of Ledger
  • Very secure crypto storage
  • Low prices
  • Open-source software
  • Customer and community support is available

Disadvantages

  • Wireless Bluetooth feature not available
  • Supports a maximum of three applications

3. Trezor Model T

Trezon Model T is one of the best wallets to store your cryptocurrencies because of its strong security features. It allows the users to access third-party crypto exchanges within its web-based user interface. The wallet has a microSD card slot. Furthermore, allows users to add extra encryption to their wallets and protect their cryptocurrencies from theft. 

Advantages 

  • User interface is web-based
  • Built-in exchanges are available
  • A long list of cryptocurrencies supported
  • Open-source
  • Customer support is available

Disadvantages

  • Not beginner-friendly
  • Touchscreen is too small
  • High transaction fee

4. OPOLO: Best Wallets to Store Cryptocurrencies

OPOLO hardware wallet is totally free and highly encrypted to ensure the safety of the assets. Also, you can easily store your cryptocurrencies offline with this hardware wallet. You can set over 120 kinds of wallets here, such as Bitcoin wallet, Ethereum wallet, and so on. 

Advantages 

  • No setting up fee or wallet usage fee
  • Supports more than 120 cryptocurrencies
  • USB Encryption is available
  • Provides Anti-theft protection
  • Supports over 2 lakh tokens

Disadvantages

  • Compatible with Android devices only
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5. Cobo

Cobo is a cloud-based wallet. It is compatible with both iOS as well as Android devices. It can support over 40 types of crypto coins and 180+ tokens. However, it is not ideal for people looking particularly for hardware crypto wallets. 

Advantages 

  • No minimum wallet balance
  • Free instant currency transfer to other Cobo users
  • Compatible with around 40 crypto coins and 180 crypto tokens
  • Multi-signature storage available
  • Very secure with multi-factor authentication
  • Hot-cold storage is also available

Disadvantages

  • Not suitable for users preferring hardware storage
  • Very limited customer service

6. Wasabi: Best Wallets to Store Cryptocurrencies

Wasabi is a hot wallet that is absolutely free for users. The CoinJoin transaction system offered by Wasabi lets the users merge their coins with those of other users in a single transaction. This makes it impossible for hackers to trace the origin of coins. 

Advantages 

  • No minimum wallet balance
  • Open-source 
  • Allows merging of coins
  • Compatible with Mac, Linux and Windows operating systems
  • Non-custodial storage

Disadvantages

  • Only available as desktop wallet

7. Electrum

Electrum is a hot wallet. It is one of the best wallets to store your Bitcoins. The security features of this wallet are remarkable because it offers multi-factor authentication and multi-signature storage. This helps in building trust and security in the wallet. In addition to this, the users can customize the transaction fee depending on the urgency of the transaction. 

Advantages 

  • Quick and easy setup
  • High security
  • Transaction fee can be customized
  • No downtime 

Disadvantages

  • Only suitable for Bitcoin
  • Not beginner-friendly
  • No customer service

8. Mycelium: Best Wallets to Store Cryptocurrencies

Mycelium is one of the best wallets to store your cryptocurrencies on your mobile. In terms of security features, there’s no match to this wallet because of its pin-protection levels and duplication of the code. The code of the wallet can easily be duplicated in order to find the possible security concerns by matching it to the original code of the wallet. 

Advantages 

  • HD spending accounts
  • Availability of single address savings accounts
  • In-built mechanism for crypto exchange
  • Offline transactions available
  • Compatible with cold storage solutions

Disadvantages

  • May not be beginner-friendly
  • May not be as safe as hardware wallets
  • Supports Ether, Bitcoin and ERC-20 tokens only

9. Ledger Nano X

Ledger Nano X is the successor of Ledger Nano S. Therefore, we can say that it overcomes the limitations of its previous version, that is Ledger Nano S. It is a cold wallet and comes with additional features like a built-in battery and Bluetooth connectivity.

Advantages 

  • Supports a range of digital assets
  • Consists of special hardware to protect keys
  • Allows trading on Ledger App with Bluetooth
  • In-built battery with 8 hours of battery life

Disadvantages

  • A bit on the expensive side
  • Bluetooth feature may create privacy concerns
  • Touchscreen is not available

10. Exodus: Best Wallets to Store Cryptocurrencies

Exodus is an ideal choice for desktop users. It is extremely easy to use and allows rapid transactions. However, it has mobile applications for both iOS and Android users. Secondly, it is versatile and constantly evolving to provide multiple functionalities to the user in a single application. Thirdly, it supports over 145 cryptocurrencies including Bitcoin, Ether, Dogecoin, Shiba Inu, etc. 

Advantages 

  • Firstly, it is compatible with around 145 crypto-based assets
  • Users can buy Bitcoin with Apple Pay
  • Best for desktop 
  • 24X7 customer support is available

Disadvantages

  • High conversion fee for in-wallet crypto exchange
  • Multi-signature support is not available
  • No 2-factor authentication

Conclusion

In conclusion, while choosing a crypto wallet for yourself, make sure that you choose the one offering multi-factor authentication. This is very important to ensure that your cryptocurrencies are safe and away from hacker attacks. Though, you may feel tempted to pick the one offering the lowest transaction fee without looking at the other pros and cons. However, it is definitely not advisable as the one offering the lowest transaction fee may have some uncompromising disadvantages. So, you must always carefully consider your requirements and then choose the best for yourself. 

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