Best Crypto Wallets of September 2023

Our crypto tax professionals reviewed and selected the best crypto wallets. Here are our top picks, followed by a comprehensive list of the best crypto wallets available, to help you find the wallet best suited to your level of crypto experience and goals.

Coinbase Wallet

Best hot crypto wallet overall

Learn More

Exodus

Best crypto wallet for Bitcoin overall

Learn More

Ledger

Best cold crypto wallet overall

Learn More

Methodology

How our crypto tax professionals selected the best crypto wallets

Our selection process for identifying the best crypto wallets is a meticulous and comprehensive evaluation conducted by our team of expert crypto tax professionals. We have curated this methodology to provide transparency and insight into how we arrived at our expert selections for the top crypto wallets of 2023, so you can quickly determine which wallet is best for crypto as you use it.

Research and Analysis
Our crypto tax professionals extensively research the latest developments in the crypto wallet market. We identify a range of wallets across different categories, including hot wallets, cold wallets, and hardware wallets, that are gaining prominence within the industry.

Evaluation Criteria
We establish a set of criteria based on the key factors that users consider when choosing a crypto wallet. These criteria include usability, security features, supported cryptocurrencies, fees, user reviews, compatibility with various devices, and more.

Real-World Usage
We looked at real-world user reviews and feedback from individuals who have used these wallets. This provides valuable insights into the practical experiences of users and helps us gauge the overall satisfaction levels.

Comparative Analysis
Our team compares the ratings, features, pros, and cons of each wallet to understand how they stack up against each other. We consider the strengths and weaknesses of each wallet to determine which ones excel in specific areas.

Expert Endorsement
After rigorous evaluation and analysis, we finalize our expert selections for the best crypto wallets of 2023. We based these selections on the wallets' performance in various categories, their suitability for different user profiles, and their alignment with the evolving needs of the crypto community.

Endorsement Explanation
In our reviews, we provide clear explanations for why we endorse each wallet. This includes highlighting the wallet's standout features, its advantages for different types of users, and its potential drawbacks.

Transparency and Integrity
Our methodology is driven by a commitment to transparency, objectivity, and integrity. We have no affiliations or biases towards specific wallet providers, ensuring that our recommendations are based solely on the wallets' merits.

By following this comprehensive methodology, we aim to help you choose a crypto wallet that aligns with your preferences, needs, and aspirations. We encourage users to conduct their own research and make informed decisions when choosing which wallet is best for crypto in their unique circumstances.

Best hot wallets

Hot wallets are pieces of software that grant users access to their digital assets for managing transactions and storage. These are our expert picks for the best hot wallets available on the market today.

Learn More

Coinbase Wallet

Best hot crypto wallet overall

Coinbase Wallet is a stand-out option for those just beginning in crypto through to advanced traders looking for a hot wallet for quick and active trading. It supports a wide range of assets, is easy to use, and is backed by one of the most reputable centralized crypto exchanges on the market.

Learn More

+  Pros & Cons

Pros

• Access an extensive range of coins, tokens, and NFTs

• Simple design for easy navigation

• Enhanced security through 2FA

Cons

• Higher-than-average fees for transactions outside the Coinbase ecosystem

+  Why we like it

For those new to crypto, Coinbase Wallet offers an accessible and comprehensive gateway to the world of crypto. Its support for diverse assets, user-friendly design, and educational resources set the stage for a successful crypto journey.

• A simplified interface for easy use by newcomers

• Provides learning modules for beginners' education

• Facilitates NFT management, dApp exploration, and asset trading

• User-friendly mobile apps ensure global availability in over 100 countries

Learn More

MetaMask

Best crypto wallet for Ethereum users

MetaMask is a popular cryptocurrency wallet tailored to Ethereum-based tokens, available as a browser extension and a mobile app. MetaMask facilitates transactions, buys, sells, swaps, and decentralized applications (dapps) access. The wallet offers staking and supports non-fungible token (NFT) marketplaces through its mobile app.

Learn More

+  Pros & Cons

Pros

• Compatible with ERC-20 coins and Ethereum-based dapps

• Provides tools for staking and access to NFT marketplaces through dapps

• Purchase crypto using ACH transfers, card payments, and digital wallets, including PayPal

Cons

• Does not support non-Ethereum coins like Bitcoin

• No desktop application - browser extension only

+  Why we like it

MetaMask is a top choice for users active within the Ethereum ecosystem. Its browser extension and mobile app empower users to engage in various crypto activities, from trading to staking, while offering a secure connection to decentralized applications.

• Integrates with hardware wallets

• Open-source, transparent project

• Great for hot storage of Ethereum-related assets

Learn More

Trust Wallet

Best crypto wallet for mobile

Trust Wallet is a popular and user-friendly mobile app designed for self-custody of cryptocurrencies. It empowers users to take full ownership of their digital assets rather than relying on custodial exchanges.

Learn More

+  Pros & Cons

Pros

• Intuitive interface suitable for beginners

• Compatible with a wide range of cryptocurrencies

• Staking built in

Cons

• No cold storage feature

• Lacks customer support

+  Why we like it

With its straightforward interface and security features, Trust Wallet makes the self-custody journey accessible and convenient for both investors and traders. The app also offers enhanced security through Face ID or Touch ID and provides seamless exploration of millions of assets on Web3 within the app.

• Stand-out mobile experience

• Biometric authentication enhances security

Best cold wallets

A hardware wallet provides much-needed security and peace of mind for the serious crypto investor. Our experts have identified the top three cold, hardware wallets available in crypto today.

Learn More

KeepKey

Best cold wallet for beginners

KeepKey is a leading cold wallet choice for accessing Web 3.0 decentralized applications (dApps) while prioritizing security. It offers multiple secure methods for interaction. The KeepKey Client software can be downloaded on desktop devices (Windows, Mac, Linux), or the KeepKey device can be connected to smartphones via USB.

Learn More

+  Pros & Cons

Pros

• KeepKey is a cost-effective choice for cold wallet users.

• Can connect to any WalletConnect-supported dApp

• Compatible with over 7,200 cryptocurrencies across 348 network standards

• Create an unlimited number of wallet addresses

Cons

• No dedicated mobile app to manage assets

• No built-in staking tools.

+  Why we like it

KeepKey stands out as an economical cold wallet option that connects to a wide array of WalletConnect-supported dApps. It is compatible with over 7,200 cryptocurrencies across numerous networks. The security features, including a 12-word recovery phrase and offline functionality even during Web 3.0 dApp interactions, provide additional peace of mind. 

• Participate in DeFi with a low barrier to entry

• Affordable price

• Compatible with a large number of cryptocurrencies

Learn More

Ledger

Best cold crypto wallet overall

Ledger stands out in the market for crypto hardware wallets because of its popularity and quality. The company offers two versions of its compact device, one with Bluetooth connectivity and one without, both at an affordable price point.

Learn More

+  Pros & Cons

Pros

• Built-in support for staking and NFTs

• Provides a mobile app with Bluetooth connection for enhanced accessibility

• Offers an extensive library of educational resources 

Cons

• The firmware is not fully open source, unlike some competitors

+  Why we like it

Ledger's reputation as a leading hardware wallet provider is deserved and backed by versatile offerings and security features. Both Ledger wallet versions support over 1,000 cryptocurrencies and provide access to decentralized finance applications (dapps) and non-fungible token (NFT) management. The connected desktop and mobile apps facilitate coin transactions, staking, and swapping.

• Bluetooth and non-Bluetooth versions

• Simple-to-use hardware and app

Learn More

Trezor

Best hardware crypto wallet for Android users

The Trezor One stands out as a top hardware wallet for cryptocurrencies, offering affordability without compromising security. Developed by SatoshiLabs in 2014, it was the world's first hardware wallet for cryptocurrencies. Renamed Trezor One, this hardware wallet pioneered features like recovery seed and passphrase protection.

Learn More

+  Pros & Cons

Pros

• Competitively priced

• Setup and use are straightforward, particularly for beginners

• Supports over 1,000 cryptocurrencies and tokens

Cons

• Trezor One lacks compatibility with iOS devices

• Limited fiat options

+  Why we like it

Trezor One excels as a user-friendly hardware wallet, especially for newcomers to the crypto world who prefer Android devices. The wallet's simplicity extends to the setup, asset purchase, and exchange processes. 

• Pioneering security features

• Comprehensive support for setup and management

• Purchase assets directly without requiring an exchange

Best Bitcoin wallets

If you’re looking to trade and hold Bitcoin and only Bitcoin, or want a wallet for your Bitcoin specifically, consider one of these three wallets.

Learn More

BitBox

Best Bitcoin hardware wallet for beginners

BitBox offers a Bitcoin-only edition for users solely interested in storing bitcoin, enhancing compatibility with popular applications such as BitBoxApp, Electrum, Specter, Sparrow, and Wasabi.

Learn More

+  Pros & Cons

Pros

• Supports more than 1,500 cryptocurrencies, allowing users to manage a diverse portfolio.

• Bitcoin-only edition features Bitcoin-specific firmware

• Compatible with various applications

Cons

• BitBox is only available on Android devices for mobile access

+  Why we like it

BitBox is a reliable hardware wallet solution for users seeking a secure and user-friendly way to manage their cryptocurrency holdings. Support for a wide range of cryptocurrencies and the option for a Bitcoin-only edition both cater to different types of investors.

• Compatible with popular applications

• Bitcoin-specific firmware appeals to those looking to trade only Bitcoin

• Desktop access

Learn More

Electrum

Best Bitcoin wallet for advanced users

Electrum is a top choice for the best Bitcoin wallet for advanced users and is known for its user-friendly setup, hardware wallet compatibility, and open-source nature. It offers a high level of customization, making it suitable for experienced traders and users with programming skills.

Learn More

+  Pros & Cons

Pros

• Allows quick and secure Bitcoin trading

• Supports hardware wallets like Ledger, Trezor, and KeepKey

• Open-source, allowing users with programming experience to customize the software to their needs

Cons

• Exclusively supports Bitcoin

• Limited customer support

+  Why we like it

Electrum is a top choice for experienced users who want a secure and customizable desktop wallet for Bitcoin trading. However, beginners and users seeking support for multiple cryptocurrencies should consider alternative wallets.

• Suitable for those interested in Bitcoin alone

• Open-source, highly customizable for advanced users

Learn More

Exodus

Best crypto wallet for Bitcoin overall

Exodus offers versatile solutions for crypto enthusiasts seeking to store, spend, and trade cryptocurrencies across multiple devices. While it may not encompass the full spectrum of cryptocurrencies, Exodus provides a comprehensive experience for users dealing with popular digital assets including Bitcoin.

Learn More

+  Pros & Cons

Pros

• Operates on desktop, mobile, and browser apps

• Offers an intuitive platform for trading, staking, and investment tracking

Cons

• Lacks some security options offered by competitors

• Supports a limited number of cryptocurrencies

+  Why we like it

Exodus stands out due to its accessibility across devices and its simplified interface, making it an ideal choice for newcomers to the crypto space. It offers a diverse range of supported cryptocurrencies, although with some limitations. If you’re focused on Bitcoin, Exodus is a great option for you.

• Integrates with Trezor hardware wallet for increased security

• Trade, stake, and store NFTs

It’s important to fully understand crypto wallets and how you intend to use them before choosing the best crypto wallet for your purposes. Before selecting a crypto wallet, consider this short list to further guide your decision, in addition to our recommendations above.

Different Types of Crypto Wallets
There are various types of crypto wallets, each with distinct features and purposes. These include

• Cold, hardware wallets (physical devices)

• Hot, software wallets (apps and desktop software)

• Paper wallets (physical printouts of your keys)

Choose Based on Your Needs
Select a crypto wallet based on your intended use of cryptocurrencies. If you frequently make transactions, a mobile or online wallet might be suitable. For long-term storage, a hardware wallet offers enhanced security. We strongly recommend hardware wallets whenever possible, for security reasons.

Key Features
Depending on your priorities, you'll want to consider features like security measures (encryption, multi-factor authentication), user-friendliness, compatibility with the cryptocurrencies you own, backup and recovery options, and customer support.

Effective Management of Multiple Cryptocurrencies
If you hold various cryptocurrencies, you'll want a wallet that supports the range of coins you own. Some wallets are designed to handle multiple cryptocurrencies, simplifying your management process.

Exchange vs. Personal Wallets
Cryptocurrency exchanges often provide wallets for users, but there are advantages to using personal wallets. Personal wallets offer more control over your private keys, reducing the risk associated with potential exchange hacks and collapses.

Security and Convenience
Balancing security and convenience is crucial. While hardware wallets are among the most secure options, they might be less convenient for everyday transactions. On the other hand, online wallets might offer convenience but could be less secure.

By understanding these points, you can make informed decisions about the right crypto wallet for your specific needs and ensure your coins are both secure and accessible.

Crypto wallets function differently from the common perception of physically holding cryptocurrencies, as traditional wallets do in a person’s pocket. Instead, they safeguard the essential public and private keys for purchasing cryptocurrencies and generating digital signatures to validate transactions.

A crypto wallet stores your private and public keys, which are essential to access and verify ownership of your cryptocurrencies on the blockchain.

Crypto wallets are an essential part of crypto because they securely store your private keys. Private keys are necessary for authorizing transactions and accessing your funds. Without a wallet, you can't access or use your cryptocurrencies.

Before delving into cryptocurrency investments, it's helpful to set up a crypto wallet, which will serve as the central hub to organize your portfolio. Each wallet is equipped with a private key, providing exclusive access to its contents. However, this wallet setup process also enables secure transactions, facilitating the sending and receiving of a range of cryptocurrencies.

Here are answers to frequently asked questions about the best crypto wallets and which wallet is best for crypto in various circumstances.

What kind of crypto wallet is best?

The best kind of crypto wallet depends on how you use crypto. For those just starting and for those who make frequent transactions, a hot software wallet may be more suitable. A cold, hardware wallet is generally recommended for increased security for long-term staking or storage.

Advanced crypto users typically employ a combination of different wallets suitable to various activities in crypto. We strongly advise using a hardware wallet whenever possible, particularly for large amounts of crypto, for the additional security these provide.

How to get a crypto wallet

Getting a software crypto wallet is simple. First, select a reputable wallet provider and download the chosen wallet app. Then, create an account by entering basic information and potentially undergoing an identity verification process. Finally, transfer your assets into the wallet by various means, such as bank deposits, cryptocurrency exchanges, or transfers from other wallets. 

The process to acquire a hardware wallet is similar, with the additional step of purchasing the physical device. Only purchase hardware wallets through verified retailers, and when possibly directly from the company’s own store.

What is a hot wallet?

Hot wallets, such as MetaMask, Coinbase Wallet, and Edge Wallet, are linked to the internet and the cryptocurrency ecosystem that provide users with access to their digital assets. These wallets are easily accessible interfaces to manage crypto transactions and storage, and as such can be subject to phishing or other cyber attacks.

What is a cold wallet?

A cold or hardware wallet securely stores cryptocurrency private keys offline, typically on a physical device. It protects against online hackers by using a disconnected flash drive-like device, physical control of which is required to make transactions. Private keys are accessed via USB or Bluetooth, using a password-protected mobile/desktop app. 

Even though cold wallets are less prone to remote hacking, physical theft of the device can be a threat. If a cold wallet is lost, Funds can be recovered using the seed phrase to generate a new key in another wallet. 

Simple paper wallets with printed QR codes can also be considered cold wallets.

Which crypto wallet is safest?

Cold hardware wallets are generally safer than hot software wallets, which can be subject to phishing or other attacks online. We recommend Ledger hardware wallet as a proven, credible, and reliable hard wallet for beginners and advanced crypto users.