As the world of cryptocurrency continues to evolve, ensuring your digital assets are secure has never been more important. Enter crypto wallets, tools developed specifically to fight off any cyber threats and ensure cryptocurrencies remain locked away.
But choosing the right one isn’t so simple today. With the growing popularity of Bitcoin and other digital assets, it’s no wonder consumers are finding it so difficult to decide which ones are the best.
Not to mention, crypto enthusiasts have the option to choose between a hot and a cold wallet, making the choice even more complex.
What are hot and cold crypto wallets?
Hot crypto wallets are digital and connected to the internet. These might be in the form of apps or plugins but generally carry a higher security risk because they are online. However what they do provide is a much easier transaction process, meaning investors can move money or invest instantly.
Cold wallets on the other hand, typically take the form of physical devices, meaning users have enhanced security with their assets offline. However what they don’t have is speed of transaction, meaning investors could miss out on a good trade if their device isn’t close.
Why is choosing the right crypto wallet important?
Choosing the right crypto wallet is an important decision that can impact the security of your digital assets. A good wallet not only provides security against access from third parties, but can also offer a user-friendly way of managing assets. The choice between hot and cold wallets depends on the specific needs of the investor, including how often they buy crypto, how regularly they want to trade and how many currencies they want to hold.
The collapse of platforms like FTX and BlockFi has only made the risks associated with crypto wallets even bigger, leaving many investors scratching their head around where to put their assets.
But fear not, we’re here to make your life easier. Here, we look at 10 crypto wallet companies to help you make a more informed decision.
5 hot crypto wallets to explore
1. Crypto.com’s DeFi Wallet
Features: The Crypto.com DeFi Wallet is a decentralised wallet, designed for crypto, tokens, stable coins and private keys.
One of its main benefits is that it offers a secure and user-friendly interface to help manage a wide range of cryptocurrencies.
It supports more than 1,000 assets and also offer 2 factor authentication, meaning users get peace of mind with an extra layer of protection.
2. Trust Wallet
Features: Trust Wallet, the official wallet of Binance supports over 10 million digital assets, including cryptocurrencies and NFTs.
It’s a mobile-first wallet designed to be super easy to use, with a quick and easy way to review assets, see transaction history and buy and trade directly.
The company’s commitment to functionality, security and privacy make it a popular choice among crypto investors.
3. Exodus
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Features: Exodus is known for its sleek design and its ability to be used across desktop, mobile, and the web.
It supports over 250 cryptocurrency assets and allows users to buy, trade and stake directly. Not only that, it integrates with the Trezor cold wallet, making it easier for investors to have a back-up plan.
Whilst it doesn’t support as many assets as other hot wallets, it’s certainly a good choice for those looking to trade from any digital device, and store coins in their cold wallets too.
4. Zengo
Features: Zengo describes itself as the most secure crypto wallet, boasting that it has had zero hacks on the system.
Zengo is a multi-chain wallet, allowing users to buy, sell and trade over 120 crypto assets and NFTs. The app comes with enhanced security, including 3 factor authentication and its 3D facelock, an encrypted biometric scan.
Its sleek design not only makes it pleasant to use, it’s also a great option for anyone, whether they are a newbie or a pro.
5. Coinbase Wallet
Features: Separate from the Coinbase exchange, the Coinbase Wallet is an option that allows users to store their assets away from Coinbase.
Whilst they store assets separately, the Coinbase wallet integrates well with the exchange, making it easy to trade when needed.
Its user-friendly design and the seamless connection to the Coinbase exchange for trading make it a solid choice for both beginners and experienced users.
5 cold crypto wallets to explore
Ledger Nano S Plus
Cost: $89
Features: Building on the popularity of its previous versions, the Ledger Nano S Plus comes with more storage space, allowing crypto investors to manage a larger portfolio of cryptocurrencies.
It still has the familiar design associated with Ledger products and is compatible with the Ledger Live software, meaning users can easily check their balance and send or receive cryptocurrencies.
Not only that, users can recover their assets digitally if they lose the physical device, meaning there’s a back-up plan in the worst case scenario.
The device supports over 5,500 digital assets, including cryptocurrencies and NFTs, making it a versatile and reliable choice.
2. Trezor Model T
Cost: $219
Features: The Trezor Model T is a popular choice in the cold wallet space, offering a touchscreen interface and a whole range of security features.
It builds on the Model One by supporting USB-C devices and an extra 167 cryptocurrencies, though it still does not support Ethereum 2.0.
Aside from its usability, includes a number of security measures, including a secure PIN code and recovery seed. Whilst not the cheapest option, the model is a good choice for anyone that wants a secure and user-friendly device.
3. ELLIPAL Titan 2.0
Cost: $169
Features: The ELLIPAL Titan 2.0 is another popular choice, standing out in particular for its air-gapped technology, which means the device is able to function without Bluetooth or Wi-Fi.
This is a particularly strong benefit as both Bluetooth and Wi-Fi make the device more prone to hackers, so this feature is a considerable defence against cybercrime.
The device comes with unlimited storage and supports 10,000 cryptocurrencies, making it a strong option for diversified crypto investors.
4. Ledger Stax
Cost: $279
Features: Another Ledger contender is the Ledger Stax, a device that is small but powerful.
One of the more costly Ledger products, what sets it apart is its ability to connect to Bluetooth, allowing it to connect to the Ledger Live software.
In terms of its physical features, the device has an E-ink touchscreen and a curved design, making it easy to use and transport.
Like other Ledger products, it also supports thousands of cryptocurrencies, making it a diverse option.
5. NGRAVE ZERO
Cost: $398
Features: The NGRAVE ZERO is probably one of the most secure options on the market at the moment, with its air-gapped operation and EAL7 certification.
It features a fingerprint sensor, a tamper-proof design, and a built-in camera for scanning QR codes, as well as a durable, water resistant case to keep it safe.
Whilst it supports over 1,000 cryptocurrencies, it is definitely one of the pricier options. But you can’t put a cost on safety, right?
Sources: NerdWallet, techopedia, Money.com
