Crypto wallets are part of the essential starter kit anyone who is new to crypto should possess, they (wallets) help to not only store cryptocurrencies but also as a tool for trading. Read along to know our top 10 crypto-friendly wallets for beginners.
The purchase, exchange, and sale of cryptocurrencies all require the use of crypto wallets. They are necessary for traders to safeguard and validate transaction information as well as keep cryptocurrencies safe.
Crypto wallets are electronic safes that store the codes required to safely access and exchange your crypto assets. They offer a user-friendly interface for managing cryptocurrency balances and assist in storing customers’ public and private keys. Additionally, they enable blockchain-based bitcoin transfers.
Crypto Wallet prioritizes security by employing a custodial solution that keeps private keys off user devices, thus reducing the risk of hacks. Moreover, every transaction requires two-factor authentication for added protection
Because crypto wallets don’t truly store cryptocurrency in the same manner that physical wallets do with cash, the name “wallet” is actually a bit of a misnomer. Instead, they control the private keys that provide you the ability to conduct transactions as well as read the public ledger to show you the balances in your addresses.
Types of crypto wallets
Two broad categories can be used to classify crypto wallets:
- Software wallets
- Hardware wallets
Software wallets
Software wallets are essentially desktop applications or browser add-ons that facilitate sending, receiving, and storing cryptocurrency. Because the money is held online, software wallets are occasionally referred to as “hot” wallets.
These wallets come in two varieties: web-based custody wallets, which aren’t entirely secure, I n that instance, the private keys are kept on the local device. Alternatively, they could take the shape of apps that can be downloaded and installed on a phone or laptop.
Hardware wallets
A hardware wallet is a little gadget that has offline storage for cryptocurrencies. “A hardware wallet is typically hooked into a USB port to keep your keys off of your phone or computer. Due to the fact that none of the signings takes place on your computer, this is far more secure.”
Custom crypto wallets provide traders with specialized solutions in contrast to those from crypto exchanges, whether they be hardware or software wallets, also known as hot and cold storage.
After reviewing the many kinds of crypto wallets, let’s talk about some of the best ones that a crypto beginner would want to take into account.
Top 10 Crypto Wallets for Beginners
Finding a suitable and reliable wallet for your cryptocurrency is usually a top priority when you’re new to the cryptocurrency world.
This is due to the possibility of losing your cryptocurrency earnings if you use the incorrect wallets. Here are a few of the best crypto wallets for newcomers to the field.
- Coinbase Wallet
- Metamask
- Trust Wallet
- Ledger Nano X
- Exodus
- Gemini
- ZenGo
- Electrum
- Trezor
- Edge Wallet
Coinbase
The Coinbase Wallet is a wonderful place to start if you’re new to cryptocurrencies. The wallet is fully connected with the company’s exchange, It is available as an app for Android or iOS, and can be downloaded, making it simple to execute transactions, including buying coins and tokens using fiat money.
The Coinbase Wallet, in contrast to the Coinbase exchange, is noncustodial, meaning that only you have access to the private key for your wallet, which is produced when you sign up and is a 12-word recovery phrase. Keep in mind that there is a distinction between storing your cryptocurrency in the wallet, which is not custodial, and on Coinbase’s exchange, which is. However, the connectivity between them allows money transfers between them extremely simple.
MetaMask
MetaMask is a hot wallet that has grown to be a favorite among cryptocurrency traders since it provides new entry points into the Web3 space as well. The best Ethereum wallet is also MetaMask.
Because MetaMask runs on the Ethereum blockchain, Ethereum-based blockchain networks, NFTs, and any Ethereum-based coins can all be accessed through MetaMask.
Additionally, it is a well-known, user-friendly wallet that is compatible with anything Ethereum-based, which comprises a sizable portion of the Web3 universe. Also, it’s simple for “Web2” customers to transition to Web3 thanks to the availability of the mobile app for both iOS and Android smartphones as well as the web extension for the majority of popular browsers.
Additionally, you may use it to exchange or purchase tokens and cryptocurrencies, store NFTs and other collectibles, utilize it in conjunction with a hardware wallet (like a Trezor or Ledger), and more. It has an advantage over rival crypto wallets due to the aforementioned features.
Trust Wallet
The official mobile wallet app of Binance, one of the top cryptocurrency exchanges worldwide, is called Trust Wallet. Over 40 blockchains are supported by the software wallet.
The standards BEP2, BEP20, ERC-20, and ERC-721 are among those that are supported. Recently, Binance Smart Chain functionality was added to the wallet.
Your personal information is not collected by the decentralized app. To provide the highest level of security and protection for your money, it locally keeps both the public and private keys.
A built-in Web3 browser in Trust Wallet makes it simple to communicate with DApps. Additionally, it includes a connection to Binance DEX, which enables debit or credit card purchases of tens of thousands of tokens.
The wallet has a simple user interface and is easy to use. It is appropriate for newcomers entering the world of cryptocurrency. Because of its superior security characteristics, it is also advantageous to experienced traders and long-term hodlers. Mobile phones running iOS and Android can use Trust Wallet.
Ledger Nano X
Ledger’s second-generation cold storage wallet is the Nano X. More than 5,500 coins and tokens, including bitcoin, ether, and XRP, are supported via the integrated Ledger Live platform, which is simple to understand and use. The wallet may be Bluetooth-connected to Android and iOS mobile devices as well as to your PC through a USB wire.
The device has a small LED screen and is durable. You will first create a PIN and then a 24-word seed phrase. The seed phrase serves as the private key for your wallet. Like other crypto wallets, you won’t lose your crypto assets as long as you safeguard the private key, even if you misplace your wallet.
Ledger has a long history of being a reputable company in the cryptocurrency industry, but the data breach is still plausible. Nevertheless, it serves as a good reminder to exercise caution when using the internet, especially when dealing with crypto assets.
Exodus
Exodus is a software wallet that is connected to the internet and is classified as a “hot wallet.” However, it is non-custodial, meaning that only you have access to your private key, which is a 12-word password phrase used to protect access to your crypto assets.
Although there is a companion app for Android and iOS devices, the Exodus wallet is made to function on Mac, Windows, and Linux desktops. The desktop interface is stylish and simple to use. Transactions are simple since your wallet is fully ignored with the Exodus exchange.
More than 260 different cryptocurrency types are supported by Exodus, including bitcoin, ether, tether USD, and Dogecoin.
However, the exchange has a few notable restrictions: You must first buy the asset on a centralized cryptocurrency exchange, like Coinbase, and then transfer the assets to Exodus if you wish to buy cryptocurrency with US dollars and store it there. Bitcoin may be purchased through the app using US dollars.
Additionally, an asset that has been added to your wallet can be quickly exchanged for another compatible item. Although Exodus charges a fee for transactions conducted through its exchange, the wallet itself is free to use.
Gemini
Gemini is a mobile cryptocurrency wallet with full licensing, expanded trading capabilities, and premium support. With as little as $5, you may invest in more than 80 cryptocurrencies. Users may easily buy cryptocurrency with Gemini Wallet and store it in their web-based hot wallet. Users can link their debit card or bank account after making an account to instantly buy tokens.
The majority of the assets are kept in the institutional-grade air-gapped cold storage facility used by the Gemini Wallet. Additionally, some asset components are kept in the secured online hot wallet.
Gemini Wallet also makes it simple to stake cryptocurrencies to earn interest on your investment. Additionally, it enables customers to utilize simply their smartphone and the Gemini App to spend their cryptocurrency balance at specific retail partners.
Assets kept in Gemini’s high-security storage are protected in a number of ways, including comprehensive internal controls in their storage and production environment and insurance against various forms of digital asset losses from the hot wallet.
Additionally, Gemini is subject to the capital reserve- and cybersecurity-related requirements of the New York State Department of Financial Services.
ZenGo
ZenGo aims to increase software wallet security by reducing the possibility of a single point of failure. The bottom line is that even if your hot wallet is compromised, the funds cannot be taken by the hacker.
How so? by splitting the private key into two halves and dispersing its storage between your device and the company’s servers. In this manner, a transaction cannot be authorized without communication between the two critical components.
In spite of the fact that ZenGo’s security mechanism isn’t as strong as that of the most sophisticated hardware wallets, it hasn’t yet been breached. Additionally, the team’s commitment to security is strong, and continual research and analysis are done to create new and improved safeguards for customer cash.
The ZenGo wallet is incredibly user-friendly and has a great UI. It has a ton of fantastic features, such as the ability to purchase, trade, and sell cryptocurrencies with just a few taps, support for several payment ways, live chat support around-the-clock, fee policies that are fair and transparent, and an interest-earning program where BTC may earn up to 5% APY.
Electrum
A bitcoin investor will love using Electrum, a wallet that was primarily created with bitcoin in mind. Very few other wallets can rival Electrum’s ease of use and more than ten years in business. If you’re looking for a bitcoin wallet, Electrum is recommended because of its emphasis on bitcoin and nothing else.
Electrum offers various benefits in terms of speed and security as a wallet designed specifically for bitcoin. For instance, Electrum’s Simple Payment Verification makes it simple for consumers to interact with the bitcoin blockchain.
Since Electrum was designed with the Bitcoin blockchain in mind, it can interact with it more effectively than other crypto wallets. It only supports BTC, therefore if you want to store other cryptocurrencies, this isn’t for you. This is a disadvantage.
Trevor Model T
If money is not an issue, Trezor Model T is a cold storage wallet to think about. You may purchase everything you need to securely store more than 1,600 cryptocurrencies for roughly $200.
You can trade while on the road because of the integration with crypto exchanges like Shapeshift and Changelly. Model T is significantly simpler to use than most other hardware wallets because it has a huge touch screen.
The security features are simply amazing. Even further defense against attacks is provided by the HD wallet’s MicroSD slot, which enables you to encrypt the device’s PIN code.
A USB Type-C connector that is included with the gadget enables you to connect it to your phone or computer. Due to the open-source code, many users favor Trezor Model T.
Edge Wallet
Edge is a mobile wallet that streamlines the exchange and storage of cryptocurrency. Client-side encryption is used by the wallet to encrypt all of the user’s sensitive information on their smartphone, guaranteeing that only they can access their digital assets.
This means Edge won’t need your phone number, ID, or any other personal information, and you retain complete ownership of your digital assets.
On mobile devices, Edge can be downloaded without charge. If you receive cryptocurrency in your wallet, there are no fees to pay; but, if you move cryptocurrency, there may be mining or network costs. However, these payments go to the network’s miners rather than Edge.
The user interface for Edge Wallet is easy to use and has a neat, appealing layout. The only four primary displays are “Wallets,” “Buy,” “Sell,” and “Exchange.” This simplifies matters.
Since no user data or personal information is sent to the business’ computers, The Edge wallet is fully private. Users can establish an account without providing an email address and are fully anonymous.
In the end, the Edge wallet for mobile devices is a reliable bitcoin wallet due to its good user experience, safety, and ease of usage. The wallet only currently supports a small number of cryptocurrencies, but it intends to add more in the future.
Final thoughts
If you are looking for a crypto wallet to invest in as a beginner, then consider any of our top picks. However, there are more options although not listed here that you can choose from.
