Best Crypto Wallets of April 2024

Zac McClure
ByZac McClure, MBAReviewed byArthur Teller, CPAUpdated on April 1, 2024 · minute read
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TokenTax content follows strict guidelines for editorial accuracy and integrity. We do not accept money from third party sites, so we can give you the most unbiased and accurate information possible.

  • Our crypto tax professionals identified and reviewed the best crypto wallets available on the market today, including Coinbase Wallet, Exodus, and Ledger.

  • Crypto wallets play a major role in cryptocurrency, as they allow users to hold their own crypto, participate in decentralized finance (DeFi), and organize and track their portfolios.

Our top picks: the best crypto wallet in 2024

When selecting a crypto wallet, it's important to consider various factors such as the type of wallet (cold hardware or hot software), the security features offered, compatibility with your cryptocurrencies, and the wallet's user-friendliness.

Whether you're just starting out or are an experienced crypto user, our insights and recommendations aim to help you choose a wallet that keeps your digital assets secure and aligns with your specific needs and goals in crypto.

Here are our crypto tax experts' picks of the best crypto wallets available in the market now, followed by a comprehensive list with reviews and pros and cons.

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 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.

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.

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.

Best cold wallets

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.

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.

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.

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.

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.

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.

How to choose the best crypto wallet

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.

What is a crypto wallet?

A cryptocurrency wallet serves as a secure tool for sending, storing, and receiving cryptocurrency. It is often considered a more secure option compared to cryptocurrency exchanges, as only users possessing the wallet's private keys have the authority to approve transactions.

How do crypto wallets work?

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.

Why do you need a crypto wallet?

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.

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 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?

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 their internet connectivity exposes hot wallets 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 landscape of the 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?

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.

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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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