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Best Digital Wallet For Cryptocurrency – Our 7 Best Picks For 2022

Do you want to know the best digital wallet for cryptocurrency in 2022? Crypto wallets are necessary for purchasing, trading, and selling cryptocurrency. Traders require them to store cryptocurrency securely and preserve and validate transaction data.

Custom crypto wallets, whether hardware or software, also known as hot and cold storage, provide traders with more personalized alternatives than crypto exchanges.

Continue reading to discover the many types of bitcoin wallets, how they function, and which one you should choose.

Because some users seeking crypto wallets are also looking for crypto exchange, we’ve included Public.com in our comparison chart.

Suppose you’re more interested in where to buy and sell cryptocurrencies and the pros and downsides of centralized versus decentralized exchanges. In that case, you should read our article on the Best Crypto Exchanges.

Best Digital Wallet For Cryptocurrency – Our 7 Best Picks For 2022

1. Coinbase

We selected Coinbase Wallet as the best crypto wallet for beginners because it is a simple and safe wallet supported by a well-known exchange.

Coinbase Wallet is a fantastic wallet for anyone with little to no expertise with cryptocurrency. The software can link to most major bank accounts and offers a friendly and easy-to-use interface with a basic three-tab structure and easily recognized functionality.

Coinbase Wallet can store non-fungible tokens (NFTs) and digital collectibles, and it supports approximately 200 crypto assets, one of the most of any hot wallet on our list.

It’s critical to distinguish between Coinbase the exchange and Coinbase the wallet. The Coinbase wallet may be used without registering with one of the most popular bitcoin exchanges.

It’s also non-custodial, which means its private key is held on your device rather than Coinbase’s servers, so you don’t have to worry about your currencies being frozen for any reason or being vulnerable to a hack on the website.

Other noteworthy features include:

  1. To offer biometric authentication, it makes use of the Secure Enclave chip included in Android, iOS, iPad, and Mac devices (e.g., FaceID, TouchID)
  2. In-app access to decentralized exchanges that can convert tokens without the use of middlemen
  3. Cloud backups are available as an option to secure your digital keys.

2. Electrum

Because of its comprehensive security features and a high degree of customizability, we picked Electrum as the best Bitcoin wallet.

Electrum, founded in 2011, is one of the oldest and most well-known crypto wallets. It’s also one of the few surviving crypto wallets that solely accept Bitcoin, a currency that Electrum is specifically designed to serve.

The wallet has several powerful security measures that other wallets do not. Users can vary their fees based on how long they are prepared to wait for a transaction to be completed: Pay more in fees, and your transaction will be completed more quickly.

One of the wallet’s most valuable features is that it employs a lightweight client. Light clients may be set up in minutes and take up less space on your computer than regular wallet clients.

The wallet only downloads sections of the blockchain using simple payment verification (SPV), which speeds up transactions without compromising security.

Other noteworthy features include:

  1. Open-source wallet, which means its code is public for inspection, aids in developing trust and safety.
  2. Custom transaction costs, which allow users to alter their rates based on how long they are willing to wait for a transaction to be completed, and a variety of user accounts
  3. Cold storage integration with hardware wallets (KeepKey, Ledger, Trezor).
  4. Support for two-factor authentication and multi-signature transactions

3. Mycelium

Mycelium was chosen as the best crypto wallet for mobile devices because of its significant emphasis on security and sophisticated transaction history information.

Mycelium is another well-known crypto wallet that focuses heavily on Bitcoin. It has long been a mobile-only software wallet and remains one of the top solutions for Android and iOS users, having been introduced to the market in 2008.

The wallet’s security and transaction choices are two main selling points.

The program is completely reproducible, which means its code can be replicated and compared to the original to identify any possible security flaws. It includes many layers of pin protection.

Custom transaction fees with four recommended levels — low priority, regular, economy, and priority — and various types of user accounts are available in the wallet app.

Other noteworthy features include:

  1. Enhanced transaction history includes information such as block height, a specified place in the blockchain; miner fees, which are paid to miners in the blockchain network; and inputs/outputs, which show addresses in a transaction.
  2. Inter-wallet functionality is provided through the FIO network, which includes prominent crypto wallets, exchanges, and payment processors.
  3. A watch-only option allows customers to prevent outbound transactions while monitoring their stocks and trades.

4. Ledger Nano X

Because of the number of supported currencies, strong security requirements, and mobile trading features, we picked the Ledger Nano X as the best offline crypto wallet.

Ledger is one of the most well-known hardware wallet brands today. Its first wallet, the Ledger Nano S, a feature-packed and extremely secure cold wallet, spurred its first success.

The Ledger Nano X builds on the success of the Nano S by including a built-in battery, features like Bluetooth connectivity, and enhanced asset management capabilities.

The Ledger Nano By costs $162.72 right now and features a matte black finish and a 128 x 64-pixel screen for cycling between apps.

The wallet supports over 5,500 currencies and tokens, the most on our list, and can handle up to 100 of them simultaneously via the device’s applications.

Its Bluetooth Low Energy connectivity may be disabled at any time, allowing the Nano X to be utilized with the Ledger Live software on Android or iOS smartphones to exchange cryptocurrency while on the road.

Other noteworthy features include:

  1. The Secure Element chip from Ledger is a customized chip that protects against numerous assaults and is also used in high-end security solutions such as credit cards and passports.
  2. The Ledger Live software may be used to lend and stake cryptocurrency in addition to purchasing and selling it.

5. Exodus

Exodus was chosen as the best crypto wallet for desktops due to the speed of its transactions, ease of use, and diverse client capabilities.

Exodus is one of the most graphically stunning and user-friendly wallets on the market. Exodus was originally a desktop-only wallet, but it now offers iOS and Android applications and is compatible with Trezor wallets, a prominent hardware wallet manufacturer. Nonetheless, the desktop wallet program remains the fundamental feature of the wallet and is updated every two weeks.

The amount of currencies supported by Exodus is one of its key draws. The wallet supports over 200 bitcoin assets, more than many other popular wallets. This contains well-known altcoins like Ether, Litecoin, XRP, and Bitcoin Cash, as well as famous meme currencies like Dogecoin and Shiba Inu.

Other noteworthy features include:

  1. Fees can be set, but only for Bitcoin transactions as of September 2021.
  2. An increasing variety of applications have been launched to expand the wallet’s functionality, including apps for live charting, crypto staking, and crypto deposits.
  3. Runs on a light client, which means it uses SPV and does not download whole blockchains to speed up transactions.