Best Crypto Wallets of July 2024

Zac McClure
ByZac McClure, MBAReviewed byArthur Teller, CPAUpdated on July 17, 2024 · minute read
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  • The best crypto wallets available on the market today are Coinbase Wallet, Exodus, and Ledger.

  • For serious crypto traders, choosing a non-custodial crypto wallet is crucial. This type of wallet grants direct access and ownership of your crypto assets.

  • Both hot and cold wallets serve different purposes: hot wallets excel in providing quick access to your crypto, while cold wallets offer superior security for long-term storage.

    The top hot wallets combine high security with user-friendly interfaces across mobile and desktop platforms.

  • Meanwhile, leading cold wallets are known for their compact design, convenience, and competitive pricing.

Our top picks for the best crypto wallets 2024

Choosing the best crypto wallet is more crucial than ever for managing and securing digital assets. Whether you're a seasoned trader or new to cryptocurrency, finding a wallet that suits your needs is essential for effective asset management.

Zac McClure's expert take

"Based on my extensive testing and personal use, I recommend Ledger for those seeking robust security for long-term storage and the Coinbase Wallet for everyday transactions. My experience with Ledger has shown that it offers unparalleled security, making it ideal for safeguarding substantial crypto assets, while the convenience and user-friendly interface of Coinbase Wallet make it a top choice for daily use."

— Zac McClure, Co-founder, TokenTax

From hot wallets ideal for everyday transactions to cold wallets providing robust security for long-term holdings, our crypto tax professionals have selected and reviewed the best options to guide your choice. Here are our experts' top picks and detailed reviews of today's leading crypto wallets.

Coinbase Wallet

Coinbase Wallet

Best hot crypto wallet overall

Ledger

Ledger

Best cold crypto wallet overall

BitBox

BitBox

Best Bitcoin hardware wallet for beginners

Best hot wallets

Coinbase Wallet

Best hot crypto wallet overall

Coinbase Wallet is ideal for both newcomers and experienced traders looking for a hot wallet for active trading. It supports a wide range of assets, is user-friendly, and is backed by one of the most reputable centralized crypto exchanges.

-  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 our experts picked it

Coinbase Wallet offers a comprehensive gateway to crypto. Its support for diverse assets, user-friendly design, and educational resources make it ideal for beginners and advanced users.

  • 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

MetaMask

Best crypto wallet for Ethereum users

MetaMask is a highly popular wallet tailored to Ethereum-based tokens, available as both a browser extension and a mobile app. It facilitates transactions, buys, sells, swaps, and access to decentralized applications (dApps), making it a versatile tool for Ethereum users.

-  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 our experts picked it

MetaMask stands out for its seamless integration with the Ethereum ecosystem. Its user-friendly interface and compatibility with various dApps make it an essential tool for Ethereum enthusiasts.

  • Integrates with hardware wallets

  • Open-source, transparent project

  • Ideal for hot storage of Ethereum-related assets

Trust Wallet

Best crypto wallet for mobile

Trust Wallet is a popular and user-friendly mobile app designed for the self-custody of cryptocurrencies. It allows users to take full ownership of their digital assets without relying on custodial exchanges.

-  Pros & Cons

Pros

  • Intuitive interface suitable for beginners

  • Compatible with a wide range of cryptocurrencies

  • Built-in staking features

Cons

  • No cold storage feature

  • Lacks customer support

-  Why our experts picked it

Trust Wallet makes the self-custody journey accessible and convenient with its straightforward interface and security features, such as Face ID or Touch ID. It also facilitates the exploration of millions of assets on Web3 within the app.

  • Exceptional mobile experience

  • Biometric authentication enhances security

Best cold wallets

Ledger

Best cold crypto wallet overall

Ledger is a leader in the market for crypto hardware wallets, known for its quality and versatility. The company offers two versions of its compact device, one with Bluetooth connectivity and one without at an affordable price point.

-  Pros & Cons

Pros

  • Built-in support for staking and NFTs

  • Mobile app with Bluetooth connection for enhanced accessibility

  • Extensive library of educational resources

Cons

  • Firmware is not fully open source, unlike some competitors

-  Why our experts picked it

Ledger wallets 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 available

  • Simple-to-use hardware and app

KeepKey

Best cold wallet for beginners

KeepKey is a top choice for accessing Web 3.0 decentralized applications (dApps) while prioritizing security. It offers multiple secure methods for interaction and is compatible with a wide range of devices.

-  Pros & Cons

Pros

  • Cost-effective choice for cold wallet users

  • Connects 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 our experts picked it

KeepKey is an economical option that connects to a vast array of WalletConnect-supported dApps. Its security features, including a 12-word recovery phrase and offline functionality during Web 3.0 dApp interactions, offer additional peace of mind.

  • Participate in DeFi with a low barrier to entry

  • Affordable price

  • Compatible with a large number of cryptocurrencies

Trezor

Best hardware crypto wallet for Android users

The Trezor One is a pioneering hardware wallet for cryptocurrencies, offering affordability without compromising security. Developed by SatoshiLabs, it was the world's first hardware wallet and continues to be a strong choice.

-  Pros & Cons

Pros

  • Competitively priced

  • Straightforward setup and use, particularly for beginners

  • Supports over 1,000 cryptocurrencies and tokens

Cons

  • Incompatible with iOS devices

  • Limited fiat options

-  Why our experts picked it

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

  • Pioneering security features

  • Comprehensive support for setup and management

  • Direct asset purchase without requiring an exchange

Best Bitcoin wallets

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.

-  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 our experts picked it

BitBox is a reliable hardware wallet for users who seek a secure and user-friendly way to manage their cryptocurrency holdings. It supports a wide range of cryptocurrencies and offers a Bitcoin-only option.

  • Compatible with popular applications

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

  • Desktop access

Electrum

Best Bitcoin wallet for advanced users

Electrum is a top choice for advanced Bitcoin users due to 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.

-  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 our experts picked it

Electrum is ideal 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

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.

-  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 our experts picked 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.

  • Integrates with Trezor hardware wallet for increased security

  • Trade, stake, and store NFTs

H2 How to choose the best crypto wallet

Understanding your needs and the features of various crypto wallets is crucial. Here are some factors to consider:

  • Different types of crypto wallets: Cold wallets (hardware), hot wallets (software), and paper wallets each have unique features.

  • Choose based on your needs: Consider how frequently you transact and your long-term storage requirements.

  • Key features: Security measures, user-friendliness, compatibility, and customer support are vital.

  • Effective management of multiple cryptocurrencies: Ensure your wallet supports the range of coins you own.

  • Exchange vs. personal wallets: Personal wallets offer more control over private keys.

  • Security and convenience: Balance between security and ease of access.

What is a crypto wallet?

A crypto wallet is a digital tool that stores your private and public keys, essential for accessing and managing your cryptocurrencies. Unlike a physical wallet, which holds cash, a crypto wallet keeps the keys that allow you to interact with the blockchain. These keys are vital for conducting transactions, as they authenticate ownership and facilitate the transfer of cryptocurrencies.

Crypto wallets can be software-based (hot wallets) or hardware-based (cold wallets), each offering different levels of security and convenience depending on your needs.

See our expert picks of the best Ethereum wallets.

How do crypto wallets work?

Crypto wallets store your private and public keys and generate digital signatures to authorize transactions. When you want to send cryptocurrency, your wallet uses your private key to sign the transaction and broadcast it to the blockchain network. The network then uses your public key to verify the signature, ensuring that you are the rightful owner of the funds being transferred.

This process ensures secure and tamper-proof transactions, safeguarding your assets from unauthorized access.

Why do you need a crypto wallet?

Crypto wallets are essential for securely managing your digital assets. They provide a safe storage solution for your private keys, which are necessary for authorizing transactions and accessing your funds. Without a crypto wallet, you wouldn't have control over your cryptocurrencies, leaving them vulnerable to hacks or loss on exchange platforms.

Additionally, wallets enable you to send and receive cryptocurrencies, interact with decentralized applications (dApps), and manage your crypto portfolio efficiently, making them a fundamental tool for any crypto user.

How to get a crypto wallet

Online, mobile, or desktop wallets:

  • Download the required software from your chosen crypto wallet provider.

  • Complete the account setup process.

  • Utilize the digital address or QR code provided by the wallet to receive asset transfers. Some wallets also offer integration with major crypto exchanges.

  • Follow the wallet's instructions to transfer your assets. This action moves your crypto private keys to your wallet from the exchange.

Cold, offline wallets:

  • Purchase the physical hardware wallet.

  • Download the necessary software specified for your hardware.

  • Use the software to transfer your cryptocurrency keys to the hardware storage device. Alternatively, there are online paper wallet generator sites available. These allow you to create and print a paper crypto wallet containing your keys.

Best crypto wallet FAQs

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 for various crypto activities. We strongly advise using a hardware wallet whenever possible, particularly for large amounts of crypto, for the additional security these provide.

What is a hot wallet?

A hot wallet (such as MetaMask, Coinbase Wallet, and Edge Wallet) is an online connection to the cryptocurrency ecosystem, granting users accessibility to their digital assets. These wallets serve as user-friendly interfaces to manage crypto transactions and storage efficiently.

However, it's essential to note that hot wallets' internet connectivity exposes them to potential risks, including phishing attempts and other online threats. While hot wallets offer convenience, users must remain vigilant to safeguard their assets in the dynamic online crypto space.

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?

A cold hardware wallet is considered the most secure option for long-term storage. Among hardware wallets, Ledger stands out due to its strong security features, ease of use, and reputation in the crypto community. Ledger wallets keep your private keys offline, protecting your assets from online threats like hacking and phishing attacks. Using a Ledger hardware wallet ensures that your cryptocurrencies are stored securely, even over extended periods. Always purchase hardware wallets from reputable sources to avoid counterfeit products and maximize security.

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TokenTax reviews take an unbiased approach to our recommendations. When you use our links to buy products, we may earn a commission but that in no way affects our editorial independence.

Zac McClure
Zac McClureCo-Founder & CEO at TokenTax
Zac co-founded TokenTax after his career in international finance and accounting at JPMorgan, Imprint Capital and Bain. He has worked in more than half-dozen countries and received his MBA from the UPenn Wharton School.
Arthur Teller
Reviewed byArthur TellerCOO (Former) at TokenTax
Arthur came to TokenTax after 12 years at KPMG. A specialist in partnership taxation and enterprise tax software, he is a licensed CPA in both California and Illinois and a member of the AICPA.

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