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In this review, we are going to briefly cover the best crypto wallets in 2024, basics of crypto wallet security and usage
Top 20 crypto wallets in 2024: Highlights
As cryptocurrency capitalization targets new highs in 2024, the right moment has come to revisit the basics of the crypto wallets segment. Just like in the early days of crypto, blockchain wallets remain essential elements of Web3 infrastructure.
Cryptocurrency wallet is a software/hardware mechanism designed to store, receive and transfer digital assets (cryptocurrencies);
Technically, crypto wallets are set to store the keypairs for this or that on-chain accounts (public keys and private keys);
Best crypto wallets are secure, have proven usage track and support various cryptocurrencies;
Software wallets are mainstream solutions while hardware wallets are best instruments for large sums;
Centralized wallets (on exchanges) are more convenient and newbie-friendly while decentralized (on-chain) wallets remain only a self-custody solution that does not rely on intermediaries;
Coinbase Wallet, Binance and Bybit remain the best exchange-affiliated wallets, while MetaMask, Electrum and TrustWallet are the best decentralized wallets;
Ledger and Trezor are dominant hardware wallets in 2024;
In the following guide, U.Today navigates through the opportunities of modern crypto wallets and challenges to address while choosing the best crypto wallet in 2024.
As such, we can now review the best wallets for cryptocurrency in 2024. In this brief overview, we are going to focus on both centralized and decentralized wallets for Bitcoins (BTC) and altcoins.
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Сoinbase Wallet
MetaMask
Binance Web3 Wallet
Ledger
Trezor
Material
Bybit Web3 Wallet
Exodus
Gemini
Electrum
Ellipal
Safepal
TrustWallet
D’CENT
Guarda
Argent
Braavos
ZenGo
Tangem
AtomicWallet
What is a crypto wallet?
A crypto wallet is a software or hardware service designed to store digital assets (cryptocurrencies or tokens). It is a combination of public and private keys: the first one is exposed to the general public to identify the wallet, while the second one is used as a password to authorize operations with assets.
Unlike traditional wallets, crypto wallets do not store money or information. They rather serve as mechanisms for management of keys to on-chain accounts.
A crypto wallet is a necessary element of blockchain infrastructure: Basically, it is the only way to store crypto and complete transactions.
How to choose the best crypto wallet?
Choosing a good crypto wallet is an essential step for the Web3 journey of newcomers and pros. Here are only a few things to consider while looking for the top crypto wallet in 2024:
Reputation. Prior to choosing a cryptocurrency wallet, a new customer should check whether it was hacked previously, what the latest updates are, which team is responsible for the wallet’s development and so on;
Security. Potential users should only download the official version of crypto wallet from the main website or mobile app from the approved vendor in Google Play or App Store.
Features range. Potential customers should know the features they would like to access while working with a cryptocurrency wallet. It is better to have them all within a single application.
As such, it is better to have multiple wallets instead of storing money via a single one. Also, potential users should read special reviews before choosing a cryptocurrency wallet.
What is difference between hot and cold crypto wallets?
Hot and cold crypto wallets represent two main classes of cryptocurrency storage tools. Hot crypto wallets are connected to the internet, making them convenient for frequent transactions but more vulnerable to hacks. The majority of web and mobile wallets are hot wallets.
Cold crypto wallets, on the other hand, are offline, offering greater security against cyber threats. They are used for long-term storage of cryptocurrencies. Examples include hardware wallets and paper wallets. The key difference lies in their accessibility and security, with hot wallets being more accessible and cold wallets more secure.
How to protect your crypto wallet
In order to protect cryptocurrency wallets from being attacked and drained, every holder of digital assets should follow a list of simple security practices.
Be sure you always choose strong and unique passwords. While storing crypto, customers should use a strong, unique password for hot or cold crypto wallet and any associated accounts. A combination of upper and lower case letters, numbers and special characters is the best solution.
Enable Two-Factor Authentication (2FA), but avoid using SMS or voice calls. Choosing an authentication app might be a smart bet to protect your 2FA codes from ending in the wrong hands.
Consider keeping a set of private keys offline. Private keys (seed phrases) should be stored in a secure, offline environment, such as a hardware wallet or a paper wallet. Avoid keeping them in cloud storage or on internet-connected devices, as these can be vulnerable to hacking.
First of all, avoid sharing detailed information about your cryptocurrency portfolio and wallets with other people.
Coinbase Wallet is one of the most trending self-custody wallets for various blockchains. It supports Bitcoin (BTC) and main alternative blockchains: Solana (SOL), Dogecoin (DOGE), Ethereum (ETH) and so on. Coinbase Wallet is the brainchild of Coinbase, the largest U.S. cryptocurrency ecosystem.
Coinbase Wallet is available in the form of a web interface, desktop application for Windows and Linux, mobile application for smartphones on iOS and Android, Google Chrome browser plug-in. Coinbase Wallet supports operations with both fungible token and NFTs as well as multiple wallets within a single interface.
Coinbase Wallet supports built-in exchange modules, as well as extra verification options based on biometric authentication. It can also be integrated into Ledger, a mainstream hardware wallet for Bitcoin (BTC) and altcoins. Coinbase Wallet is among the most secure wallets: It is equipped with proactive transaction scanning tooling to prevent spam and phishing attacks.
MetaMask is a crucial decentralized (self-custody) wallet for Ethereum Virtual Machine’s ecosystem of blockchains: Ethereum (ETH), Polygon (MATIC), Optimism (OP), Arbitrum (ARB) and so on. MetaMask does not require KYC and, therefore, is one of the most accessible wallets in Web3. It is available in the form of a Google Chrome browser extension. MetaMask is developed and maintained by ConsenSys, the developer of Ethereum.
MetaMask is a perfect gateway to DeFi: Thanks to its easy-to-understand interface, it can be used as an authorization tool on many cryptocurrency services. MetaMask acts as a decentralized ID for a variety of crypto-centric applications and platforms.
While primarily used for crypto storage and transfers, MetaMask has a built-in cryptocurrency exchange instrument, MetaMask Swap. Its ecosystem also includes MetaMask Snaps, a library of add-ons necessary for using the wallet on non-EVM blockchains like Bitcoin (BTC) and Solana (SOL) or for eccentric use cases.
Binance Web3 Wallet is a unique keyless, seedless, multi-chain, semi-custody wallet. This eccentric design was chosen to make the Web3 wallet experience friendlier for newcomers. Binance Web3 wallet is a part of the ecosystem of Binance, the largest global crypto exchange by trading volume.
Binance Web3 Wallet leverages advanced multi-party computation (MPC) technology that equips every account with three separately stored "key shares." This removes the need for working with seed phrases to accomplish unmatched security of operations.
The wallet is seamlessly interoperable with major DEXes, CEXes (including Binance itself), cross-blockchain bridges and is suitable for operations with major cryptocurrencies across top blockchains and NFTs. It offers a built-in token swap module and some opportunities for generating passive income on idle Bitcoin (BTC) and altcoins. Its proactive security mechanisms are designed to protect users’ portfolios from being overloaded with “dust” tokens and attacked by scammers.
Material Wallet is an ecosystem of hardware wallets designed as “not-only-for-geeks” alternatives for wallets of previous generations. It is 100% secure from cyber attacks as it is a collection of metal plates designed to save the information about public and private keys from Bitcoin (BTC), Ethereum (ETH) and U.S. Dollar Tether (USDT) accounts.
To start depositing crypto tokens on Material Bitcoin, users are required to simply scan a QR code on a physical device and transfer funds to the scanned wallet address. The automated manufacturing process ensures that this particular private key has never been stored or seen by anyone. A key engine generates the private key, which is then engraved onto the wallet’s steel plate using a robotic process. After engraving, the private key is removed from the system’s memory.
The wallet comes with a lifetime warranty and will be replaced free of charge if the private key’s legibility worsens.
Best crypto wallets in 2024: Highlights
Let’s summarize information about the best crypto wallets to use in 2024 for beginners and professionals.
As such, both hardware and software cryptocurrency wallets are available for secure crypto storage in 2024. Exact choice depends on portfolio size, trading strategy and personal needs of this or that potential user.
Top Bitcoin (BTC) and crypto wallets in 2024
Now we can proceed toward other options for cryptocurrency storage and transfer in 2024 as well as for trading and in-wallet swaps.
Ledger is an ecosystem of premium hardware cryptocurrency wallets and Ledger Live application for wallets management. As of Q2, 2024, Ledger offers two models of hardware wallets: Ledger Nano S Plus, Ledger Nano X, while ground-breaking Ledger Stax is expected to be released soon. Ledger Nano S Plus is marketed as a perfect fit for newcomers in crypto, while Ledger Nano X is a more advanced model.
Trezor is another high-performance hardware wallet for cryptocurrency assets. Not unlike its main rival Ledger, it offers high-end cryptographic devices for secure storage and transfer of cryptocurrency assets. Trezor released three models of hardware wallets for Bitcoin (BTC) and 9,000+ altcoins across multiple blockchains: Trezor Model One, Trezor Safe 3 and Trezor Model T.
Bybit Web3 Wallet is an ecosystem of solutions for DeFi, NFT and GameFi usage presented by Bybit, a top-tier centralized cryptocurrency exchange. Besides the crypto wallet, the ecosystem features an IDO launchpad, an airdrops module and other Web3 tools. The wallet is available in the form of a Google Chrome add-on for browser and software apps for desktop and mobile devices.
Exodus is one of the most popular cryptocurrency wallets, and is commonly referred to as the “Best Bitcoin wallet for beginners.” It supports operations with tokens on 50+ blockchains, NFTs, in-app swaps and native integrations with hardware wallets. Exodus is accessible as a desktop app and a Chrome plugin.
Gemini Wallet offers both cold and hot cryptocurrency storage services for various categories of clients. The wallet is backed by Gemini, a top-tier crypto exchange in the U.S. All funds injected into Gemini Wallets are insured by a U.S. firm. For Bitcoin (BTC) transfers, Gemini pioneered the support of SegWit addresses.
Electrum is one of the most battle-tested Bitcoin (BTC) and Lighting Network wallets. It does not support altcoins, but remains popular thanks to its approach to privacy and security. All Electrum transactions are signed by an independent third-party server provided by TrustedCoin to avoid any possibility of attacks. The wallet works as a desktop and mobile app.
Ellipal is a decentralized air-gapped cold wallet isolated from the internet. Not unlike Ledger or Trezor, it is an ecosystem of two cold wallets and a metal device designed to protect keypairs for Bitcoin (BTC) and other cryptocurrencies. It supports CC EAL 5+ security standards for all services.
Safepal is a hardware cryptocurrency wallet ecosystem. It includes S1, S1 Pro, X1 and Cypher key storage devices and applications for interaction with desktop and mobile gadgets. Also, it can be downloaded as an iOS and Android app or a Google Chrome in-browser add-on. Safepal supports its own bank card for crypto-to-fiat conversion.
TrustWallet is a premium Web3 cryptocurrency wallet for self-custodial storage of funds in various cryptocurrencies. It supports operations with both Bitcoin (BTC) and 100+ mainstream altcoins. It supports operations with different types of NFTs as well as proactive security measures for suspicious transfers.
D’CENT is an ecosystem of a hardware wallet, a card wallet and a cryptocurrency application for mobile devices. It enables biometric authentication of operations for all its products. D’CENT supports over 3,600 assets across 50+ EVM and non-EVM blockchains. Free shipping for all devices is available for regions of the U.S., EU and U.K.
Guarda Wallet is a multi-currency crypto wallet that supports over 50 blockchains and 400+ crypto tokens in total. It is also designed to facilitate cross-asset swap operations, seamless buy/sell operations with crypto and fiat. To generate passive income, Guarda Wallet offers an “Earn” module, while the “Loans” tool offers crypto lending services.
Argent is a premium non-custodial wallet for Starknet, an EVM-equivalent blockchain powered by zero-knowledge technology and written in the Cairo language. Argent is available in the form of an iOS/Android application as well as plugins for Google Chrome and Mozilla Firefox browsers. Being downloaded by 2+ million users, Argent ensures smooth operations for all types of Web3 services on Starknet.
Initially launched as a Starknet-centric wallet, Braavos is now one of the most technically advanced crypto storage instruments for Ethereum (ETH) and the entire EVM ecosystem. Besides iOS- and Android-based apps, Braavos is available as a plugin for Google Chrome, Mozilla Firefox, Brave and Microsoft Edge. Braavos offers “Account Abstraction” as one of the killing features of its platform.
ZenGo is one of the first wallets that merges self-custody with the opportunity to work without a seed phrase: It is achieved via multi-party computations (MPC) tooling. It supports all mainstream blockchains, while withdrawals are also available to fiat-based digital payments services like Revolut or Cash App.
Tangem is the first-ever hardware cryptocurrency wallet powered by EAL6+ security standard chip. It has a smart backup mechanism and biometric authentication tooling for the ultimate level of security. It can be set up and connected to a respective application in less than three minutes: Both Bitcoin (BTC) and altcoin transfers and swaps are available.
AtomicWallet promotes itself as an interface for accessing crypto funds or crypto wallet for buying, staking and swapping cryptocurrency assets. Besides Bitcoin (BTC), it works with a total of 1,000+ altcoins across various networks. It supports a cashback program for card owners who are swapping crypto via in-app modules.
Wrapping up
In 2024, cryptocurrency wallets or crypto wallets remain inevitable elements of the Web3 segment. They are used to keep private keys in order to authorize crypto transfers. Both software or hardware non-custodial wallets can be used for secure operations with Bitcoin (BTC) and altcoins.
Coinbase Wallet, MetaMask, Binance Web3 Wallet, Ledger, Trezor and Material wallets are among the top crypto wallets in 2024.
Alex Dovbnya
Dan Burgin
U.Today Editorial Team