Despite having a volatile market, cryptocurrency is considered a lucrative investment. If you are into this business or planning to get involved, you should be aware of crypto wallets—the most crucial tool for the safety of your valuable digital currencies.
This article will discuss the best cryptocurrency wallets in 2022. Before that, here is more about the crypto wallet and its types in brief.
What Is a Cryptocurrency Wallet?
A cryptocurrency wallet refers to an app where you can store and retrieve your digital assets. When you want to own cryptocurrencies through purchase, gift, or any other way, the wallet issues an encrypted address that you need to provide to the sender.
After acquiring, you can store the cryptocurrencies in the wallet and use them later. One crypto wallet can store multiple cryptocurrencies.
We can classify crypto wallets into two broad categories:
1. Crypto Hot Wallets
A hot wallet is commonly known as crypto wallets, desktop wallets, mobile wallets, or DeFi wallets. Such wallets need internet connectivity always, hence the phrase “hot wallet.” These wallets are encrypted with public and private keys that ensure strong security. Due to 24/7 connectivity, it is more vulnerable to theft and hacks, compared to cold wallets.
2. Crypto Cold Wallets
You might also know cold wallets as hardware wallets, offline wallets, or cold storage wallets. In the cryptosphere, cold wallets are offline cryptocurrency wallets. These digital wallets are not always connected to the internet. You can go online with your wallet key when you make any transactions.
The device keeps your assets safe from hacking and unauthorized access. Here, users take their cryptocurrency keys offline. Thus, it is a less convenient method of crypto asset management than hot wallets.
7 Best Crypto Hot Wallets for Security and Convenience
Check out the list of top hot crypto wallets users must try in 2022:
MetaMask is a hot crypto wallet that you can use to send, receive, and manage Ethereum and ERC-20 tokens. Users can also use it to stock and exchange BEP-20 tokens by manually adding the Binance Smart Chain network.
It functions as a browser extension when you connect it to the Ethereum blockchain from web browsers like Chrome or Firefox. You can also use it to connect with Ethereum or operate an Ethereum DApp.
2. Coinbase Wallet
Coinbase Wallet is a hot wallet for Bitcoin. Here, the private key of your wallet gets stored on your mobile, instead of on a centralized crypto exchange. Being considered a mobile wallet with supreme security, it supports Ethereum, ERC20 tokens, Bitcoin, and many other cryptocurrencies.
The wallet offers some additional advantages, such as partaking in initial coin offerings (ICOs) and airdrops, acquiring NFTs, accessing Decentralised Apps (DApps,) and online shopping with cryptos.
3. Binance Chain Wallet
If you are looking for multiple features in a hot wallet, Binance Chain Wallet is an ideal one. It is a service provided by Binance, which is primarily a cryptocurrency exchange platform.
This online wallet comes with a super-safe security system that uses two-factor authentication, whitelisting, device management, and cold storage. For trading, it supports 1500+ cryptocurrencies, and for US investors, it offers support for 65+ cryptocurrencies.
AtomicDEX is a multi-cryptocurrency wallet compatible with 99% of the existing cryptocurrencies. It also supports several blockchain protocols, including Layer 1 and Layer 2 networks.
Here, you are eligible to store custom ERC-20, BEP-20, and QRC-20 tokens. You need to use it with the AtomicDEX app, available on desktop, mobile, and web browsers.
It is a free and open-source wallet that uses a unique and state-of-the-art decentralized exchange technology named atomic swaps.
Mycelium is a popular mobile-only Bitcoin wallet that runs on Android and iOS and has no desktop version yet. It supports some renowned cold storage wallets like Ledger, KeepKey, and Trezor.
Besides having a basic UI, it is also capable of exchanging basic cryptocurrencies such as Ethereum, Bitcoin, and ERC-20 tokens (Tether USD, Binance USD, and USD Coin.) Its other features are fast switching accounts and transaction history.
Do you want your crypto wallet to be user-friendly? Go for Exodus, a multi-cryptocurrency hot wallet where you can store currently unsupported and custom ERC-20 tokens, along with digital assets.
This free wallet is available on desktop, mobile, and cold wallets such as Trezor Model T and Trezor One. Its intuitive design makes it easy to run, even for novice users. Besides supporting Bitcoin and various altcoins, it lets you swap tokens even without registration.
Crypto.com wallet is often considered one of the best in its category: due to its robust security framework, decentralized finance tools, and quick onboarding process. This DeFi Wallet lets you have complete control over cryptocurrencies and private keys.
It also has some features unavailable in regular wallets, such as 1-to-1 crypto swapping and access to various Cryof tools for passive income. Furthermore, the easy-to-use wallet supports the crypto product ecosystem.
7 Best Crypto Cold Wallets for Ultimate Security
For those who are interested in cold crypto wallets, here are the best ones:
1. Ellipal Titan
Ellipal Titan is a wallet that uses an air-gapped solution for security. As a result, your crypto wallet stays isolated from other networks physically and electronically. Unlike most cold wallets, it only uses QR codes for transaction signing.
For additional security, the wallet does not support any physical connection, including WiFi, Bluetooth, and cellular network. The device supports more than 40 Blockchains and 10,000+ tokens.
This device with a 4-inch color touchscreen will delete private keys stored inside it after detecting a breach.
You can use the D’CENT hardware wallet on iOS and Android devices. It needs to be connected with the D’CENT app through an encrypted Bluetooth connection. The 128×128 px OLED display lets you see the transactions effortlessly.
The built-in fingerprint scanner of this device ensures quick transaction signing and maximum security. The wallet supports all Ethereum tokens and 25+ blockchain cryptocurrencies. Moreover, it is compatible with blockchain-based custom tokens such as BEP20, RRC20, HRC20, and XRC20.
3. SafePal S1
This hardware wallet, which comes in the size of a credit card, is supported by Binance Labs. It also has a 1.3-inch screen and a 400mAh battery. To make it work, users need to use it with SafePal app on Android and iOS devices.
The wallet offers storage for 10,000 tokens and 20 blockchains. For security, it uses self-destruct mechanism, along with EAL 5+ security certification and an air-gapped connection if an offline attack takes place.
4. Ledger Nano X
Ledger Nano X is an advanced cold wallet that supports 100+ crypto apps, along with 5500+ coins and tokens. You can effortlessly manage cryptocurrencies and NFTs with this device using features like Bluetooth and USB-C cable.
It comes with a micro-LCD display and a convenient size. For best results, connect it to Ledger live app. The wallet uses tamper-resistant chips with CC EAL5+ certification for security.
5. Trezor Model T
Trezor Model T has a built-in OLED display of 128×64 px and can run on Windows, Mac, Linux, and Android OS with no support for iOS. Its touchscreen display facilitates more accessibility and an easier direct recovery process.
Also, it ensures high-end security, so sensitive information doesn’t leave your wallet. This cold wallet also offers features like an SD-card slot and Shamir Backup.
6. CoolWallet Pro
CoolWallet Pro is hardware or cold wallet that both iOS and Android users can try. To make it work, you need to use Bluetooth to connect it with the CoolBitX crypto wallet app. This device enables you to directly stake cryptos such as ATOM, DOT, and TRX.
Besides using it to buy cryptocurrency, this wallet lets you deposit USDT, partake in airdrops, stake, and exchange crypto, earn returns and connect to DApps/DeFi protocols.
7. SecuX V20
SecuX V20 is ideal for desktop and mobile users as it supports all major operating systems such as Windows, Linux, macOS, Chromebook, iOS, and Android. The latest version is compatible with USB and Bluetooth as connection modes.
This cool-looking wallet comes with a 2.8-inch color touchscreen and a long-lasting 600mAh battery. It uses advanced AES-256 encryption and EAL5+ certification for data security.
It supports Bitcoin, BTC, Ethereum, Litecoin, Stellar Ripple, BNB, Dash, Doge, and all ERC-20 tokens for data security.
So far, you have learned about the most popular cryptocurrency wallets for both the online and offline segments. These wallets are another app in your crypto stack to manage assets or decentralized finance (DeFi). In some cases, you might need more than one blockchain wallet to monitor all assets across ecosystems.
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