8 Best Bitcoin Wallets for Easy and Safe Crypto Management
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Bitcoin has become widely accepted and is gaining popularity rapidly. Unlike stocks held at a stock brokerage, cryptocurrencies can be withdrawn from a crypto exchange and stored in an external wallet. The top Bitcoin wallets offer secure and convenient storage for managing your crypto portfolio, with the bonus of being user-friendly.
If you’re interested in purchasing and storing Bitcoin or other cryptocurrencies, you may be on the hunt for the safest Bitcoin wallet. We extensively reviewed the safest Bitcoin wallets, considering cost, user experience, supported cryptocurrencies, customer satisfaction, and integration with cryptocurrency exchanges. Continue reading to discover some of the top-notch Bitcoin wallets online.
>> Best Bitcoin Wallet: Zengo >>
8 Best Bitcoin Wallets
- Zengo – Best Bitcoin Wallet Overall
- Ledger – Best Hardware Wallet
- Electrum – Best for Advanced Bitcoin Users
- Coinbase Wallet – Best Web Wallet
- Trust Wallet – Best Mobile Wallet
- BlueWallet – Best for Lightning Network Integration
- Exodus – Best for Beginners
- eToro – Best for User-Friendly Interface
Zengo – Best Bitcoin Wallet Overall
Zengo provides a service for cryptocurrency wallets that includes the storage of Bitcoin with no traditional keys. Their wallet incorporates biometric authentication and has an interface that’s easy to use, making it suitable for both beginners and experienced users.
Zengo offers a comprehensive cryptocurrency wallet that’s secure and user-friendly. It supports many digital assets, including Bitcoin, Ethereum, Polygon, Dogecoin, and over 120 other cryptocurrencies and NFTs.
Users can effortlessly buy, sell, and trade these assets with ease. They can store their assets securely and access NFTs, DeFi applications, and thousands of decentralized applications with just a few taps on their device’s screen.
Pros
- Uses mathematical secret shares
- Offers multi-currency support
- Prioritizes security and privacy
- Streamlined recovery process
- Responsive customer support
Cons
- Restricted advanced functionalities
- Dependency on the internet
- Limited privacy
Ledger – Best Hardware Wallet
Ledger is a Bitcoin hardware wallet specially designed to store and manage cryptocurrencies, particularly Bitcoin securely.
It offers various advanced features such as reliable hardware security, the ability to support multiple cryptocurrencies, a user-friendly interface, backup and recovery options through a 24-word seed phrase, PIN protection, and two-factor authentication for enhanced security. It allows for offline storage of private keys.
Ledger has built a strong reputation within the cryptocurrency industry due to its regular firmware updates and excellent customer support. This makes it a dependable choice for safeguarding digital assets while still maintaining usability.
However, ensure that you purchase genuine devices from authorized retailers and implement diligent security measures to safeguard your recovery seed phrase. By doing so, you can maximize the protection of your valuable cryptocurrency holdings.
Pros
- Flexibility of staking various cryptocurrencies, including Ethereum and Polygon
Cons
- Customer support options are limited
Electrum – Best for Advanced Bitcoin Users
Electrum, an original Bitcoin wallet, has existed since 2011, just two years after the creation of Bitcoin. Despite minimal changes over the years, this wallet’s simplicity in terms of user interface and exclusive focus on Bitcoin is its strength. Electrum primarily caters to advanced users with its intricate options.
Electrum is an open-source platform that allows users to customize transaction fees and choose between legacy Bitcoin and Segwit. it provides flexibility in selecting the desired level of security.
For instance, you have the option to create a standard wallet or opt for additional layers such as two-factor authentication or a multi-signature wallet. You can enhance your seed phrase by adding personalized words for added security measures.
Pros
- Effortless and speedy setup process
- Enhanced security compared to alternative hot wallets
- Flexibility in customizing transaction fees
- Zero wallet downtime due to server configuration
Cons
- Not recommended for beginners due to setup and interface complexity
- Lacks customer support options through chat, email, or phone
Coinbase Wallet – Best Web Wallet
Coinbase Wallet, an esteemed cryptocurrency exchange, offers a cryptocurrency wallet that stands out as the top choice for beginners. Its user-friendly interface and robust security measures make it the best BTC wallet available.
This versatile wallet supports a wide range of cryptocurrencies, including popular ones like Bitcoin, Litecoin, and Dogecoin. It accommodates thousands of ERC-20 tokens and tokens on EVM-compatible blockchains.
An important distinction to note is that Coinbase Wallet operates independently from the Coinbase exchange. While the exchange provides a web wallet for convenient trading, Coinbase Wallet takes a non-custodial approach. This means that you retain control over your private keys rather than having them managed by Coinbase itself.
Pros
- Intuitive and easily navigable user interface
- Extensive support for over 100,000 digital assets
- Enhanced security with multi-signature and two-factor authentication
- Backed by a trusted trading platform for asset recovery
Cons
- Shares security concerns common to other hot storage options
- Limited accessibility, primarily for mobile and tablet devices (excluding the Chrome extension)
Trust Wallet – Best Mobile Wallet
Trust Wallet is the go-to option for mobile crypto enthusiasts because of its exceptional features and remarkable adaptability. As our preferred crypto wallet for mobile devices, it stands out with its user-friendly app interface, extensive support for decentralized applications (DApps) and NFTs, and a vast selection of supported digital assets.
Trust Wallet provides support for various cryptocurrencies, including well-known coins like Bitcoin (BTC) and Ethereum (ETH), as well as many ERC-20, BEP-2, and BEP-20 tokens. Users can manage multiple assets within a single wallet.
Unlike custodial wallets, Trust Wallet is non-custodial which means users retain complete control over their private keys and funds. It eliminates the need for reliance on a centralized third party to manage your assets, thereby enhancing security measures and maintaining privacy.
Pros
- Wide coin and token support
- Earn interest on a variety of 12 cryptocurrencies
- User-friendly, straightforward interface
- Includes a built-in Web3 browser
Cons
- Binance ownership with regulatory concerns in the U.S
- Limited educational resources on coins and tokens
BlueWallet – Best for Lightning Network Integration
BlueWallet, a well-known Bitcoin wallet designed for mobile devices and accessible on iOS and Android platforms, has gained popularity among users. It provides an array of functionalities that prioritize the secure storage, management, and transaction of Bitcoin and various other cryptocurrencies.
Some notable features include support for Segregated Witness (SegWit), integration with the Lightning Network to facilitate fast transactions, customizable fee control options, as well as biometric and PIN authentication for enhanced security.
BlueWallet offers backup and recovery alternatives while prioritizing user privacy. Users can create and manage Hierarchical Deterministic (HD) wallets using this wallet solution to maintain complete control over their private keys and funds. Being an open-source platform contributes to its transparency and fosters trust among its users.
However, it’s crucial for users to stay informed about the latest updates regarding features and security measures provided by BlueWallet to ensure optimal usage of this platform.
Pros
- Sleek and user-friendly interface design
- Facilitates on-chain and lightning transactions
- Capability to generate or import many wallets
- Enhanced security with multi-signature vaults
Cons
- Lacks two-factor authentication
- In-app tutorials could enhance the usability of advanced tools
Exodus – Best for Beginners
Exodus is a wallet for both desktop and mobile devices that boasts a user-friendly interface and an integrated exchange. One of the standout features of Exodus is its ability to facilitate swaps between an increasing number of cryptocurrencies, with over 250 options currently available.
This wallet’s simplicity makes it particularly appealing to newcomers in the world of cryptocurrency. Exodus provides excellent support, valuable for beginners navigating what can be a bewildering market.
However, while it may be ideal for beginners, more experienced users might find Exodus lacking in certain aspects. Exodus operates as a closed-source wallet. This deviates from the principles underlying Bitcoin and blockchain technology and raises potential security concerns since its code remains inaccessible to public scrutiny.
Instead, users must rely on the expertise of the Exodus team to ensure their wallets are secure without any vulnerabilities present.
Pros
- Extensive support for 260+ cryptocurrencies
- Convenient option to purchase Bitcoin using Apple Pay
- Access to round-the-clock customer support
Cons
- Elevated transaction fees within the in-wallet crypto exchange
- Absence of built-in native 2-factor authentication, potentially causing inconvenience for certain users
- Lack of multi-signature support
eToro – Best for User-Friendly Interface
The eToro Money crypto wallet is known for its high level of security in the world of cryptocurrency storage. It offers advanced security features that are specifically designed to protect your digital assets from unauthorized access.
The mobile app provided by eToro includes an integrated cryptocurrency wallet that prioritizes security. It uses advanced multi-signature technology to safeguard your digital assets effectively. This wallet supports various cryptocurrencies, including Bitcoin, allowing you to store, send, and receive them securely.
One significant advantage of the eToro Wallet is its seamless integration with the eToro trading platform. This makes it incredibly easy to transfer cryptocurrencies between your trading account and wallet with no hassle. The mobile app for the eToro Wallet has a user-friendly interface that ensures convenient navigation and efficient management of your crypto holdings.
Pros
- User-friendly platform for easy navigation
- CopyTrader tool lets beginners mimic professional trading strategies
- Access to a virtual demo account with $100,000 for practice
- Mobile app includes advanced trading features
Cons
- Elevated non-trading fees
- Absence of crypto-to-crypto trading options
- Room for improvement in customer support services
Our Ranking Methodology for the Best Bitcoin Wallets
To engage in cryptocurrency transactions and protect your digital assets, it’s crucial to have a suitable cryptocurrency wallet. To help you choose the perfect wallet for your needs, we have evaluated the top software wallets for cryptocurrencies.
Evaluation revolves around several key factors, including security, costs, privacy, user-friendliness, customer support, and features. We carefully assess these factors based on their importance. Our team consists of experienced writers who are experts in this field, and they have provided their well-informed perspectives.
Our focus is on companies prioritizing strong security measures and possessing excellent reputations. We prioritize companies offering a wide range of features, such as extensive support for different cryptocurrencies, compatibility with hardware wallets, and the ability to customize transaction fees.
>> Best Bitcoin Wallet: Zengo >>
Best Bitcoin Wallet – Buyer’s Guide
What Is a Bitcoin Wallet?
Bitcoin wallets are tools used to store Bitcoin, either in the form of software applications or hardware devices. These wallets don’t hold physical money. Instead, they store the private keys that are essential for conducting cryptocurrency transactions. The safest Bitcoin wallets take the form of USB-like hardware devices or digital applications that can be accessed on smartphones and other electronic gadgets.
How Does a Bitcoin Wallet Work?
In the realm of Bitcoin, a blockchain serves as a communal record that documents all transactions made through Bitcoin wallets. These transactions involve the transfer of value between multiple wallets. Usually, one party exchanges a certain amount of Bitcoin for an asset or service offered by another wallet.
In such cases, each individual wallet employs its confidential information to endorse and verify transactions, thereby furnishing mathematical evidence that the buyer or seller is indeed the rightful owner of their respective wallet.
>> Zengo for Crypto Management >>
Understanding Different Types of Bitcoin Wallets
Crypto wallets play a crucial role in enabling Bitcoin users to engage with the blockchain network, and a wide range of wallet options are available. Bitcoin wallets can be categorized into two primary types: hot and cold.
Hot wallets, which are connected to the internet, offer users faster and more convenient ways to trade and spend their Bitcoins. Cold wallets provide enhanced security measures by being offline, but they often pose challenges for users when it comes to accessing their Bitcoins.
Hardware Wallet
Hardware wallets, also known as cold storage devices, provide a secure way for Bitcoin users to store their private keys offline. Unlike hot wallets, which are susceptible to hacking and cybercrime, hardware wallets offer enhanced security since they’re not accessible online.
Physical loss or theft of a hardware wallet is still a possibility, similar to the risk associated with traditional wallets.
Desktop Wallet
A desktop wallet provides a secure way for Bitcoin users to store and handle their private keys on a personal computer’s hard drive. Users can easily download and install desktop wallet software onto their PC, similar to any other application installation process.
These wallets are commonly used by Bitcoin users who frequently engage in cryptocurrency transactions on their computers. It’s important to note that while desktop wallets offer convenience, they’re not as secure as hardware wallets.
Web Wallet
Web wallets, also known as hot wallets, store a user’s private keys on a server and can be accessed through the Internet. These wallets are managed by cryptocurrency exchanges or other third-party entities, and users need to sign in using an ID, password, or some form of identification to access them.
While web wallets offer convenience, their security depends on the trustworthiness of the third party managing them. Therefore, consider the reliability and reputation of the provider when using web wallets.
Mobile Wallet
A mobile Bitcoin wallet refers to an application that stores private keys on a smartphone, providing users with the convenience of using or trading cryptocurrency while on the move.
These mobile wallets are hot wallets and, therefore, subject to risks like malware or cyberattacks. They offer great convenience for making payments with crypto, including through QR code scans.
Paper Wallet
Paper wallets refer to cold storage wallets that are generated using a program that prints pairs of public and private keys for cryptocurrency transactions. Once these keys are printed, the paper wallet becomes similar to traditional paper currency.
If a paper wallet is lost or stolen, the funds it contains will be gone, just like with a stolen $20 bill. Paper wallets used to be the go-to method for cold storage in the crypto community but have been largely replaced by hardware wallets.
>> Best Bitcoin Wallet: Zengo >>
Custodial vs Non-Custodial Wallet
Custodial and non-custodial wallets are distinct categories of cryptocurrency wallets, each possessing unique attributes and compromises.
Custodial Wallets
Exchanges or wallet services frequently offer custodial wallets, which give third parties control over your private keys and funds. These wallets are user-friendly, making them a good choice for beginners. To access their funds, users simply need a username and password.
Since they hold the private keys, the responsibility for security measures, including safeguarding funds and protecting against hacks, lies with the Bitcoin wallet provider (company). Some custodial wallets also provide account recovery services to assist users who may forget their login credentials.
Non-Custodial Wallet
In a non-custodial wallet, you have complete authority over your own private keys and, as a result, your cryptocurrencies. The provider of the wallet doesn’t possess any access to your keys. Non-custodial wallets are considered more secure since they decrease the likelihood of hacks or breaches occurring at the provider’s end. It’s up to users to ensure their wallet’s security.
Non-custodial wallets can be somewhat intricate to set up and use, which makes them more suitable for experienced users. These types of wallets frequently prioritize user confidentiality, as personal information isn’t required from users.
The choice between a custodial and non-custodial wallet relies on one’s preferences, experience level, and security concerns. If you value convenience and are willing to entrust a third party with your funds, then a custodial wallet may be appropriate for you. Conversely, if security is your main priority and you desire full control over your assets, then a non-custodial wallet would be the better option.
>> Zengo for Crypto Management >>
Are Bitcoin Wallets Worth It?
The level of security you desire will determine the best approach. Crypto wallets protect your private key and cryptocurrency assets from potential security breaches. While most wallets grant you full control over your assets, not all cryptocurrency exchanges and investment platforms offer the same custody level (and custody doesn’t ensure complete security).
If you intend to use a built-in wallet provided by an exchange, it’s advisable to familiarize yourself with its storage capabilities and/or ability to transfer cryptocurrencies. If you seek external storage for your assets, cold wallets (offline storage chips) are ideal for maximum protection. Hot wallets may be a better fit if you prefer online software storage.
>> Best Bitcoin Wallet: Zengo >>
Best Bitcoin Wallet – Frequently Asked Questions
How Much Does a Bitcoin Wallet Cost?
Acquiring the safest Bitcoin wallet online can range in price from nothing to over $200. Storing Bitcoin in the wallet doesn’t incur any costs. However, if you engage in a transaction, fees will be imposed by the owner of the exchange or device that houses your wallet.
The amount of these fees depends on the specific action you’re taking. If you utilize a wallet within an exchange, you will typically encounter either a fixed fee of several dollars or a percentage charge based on the total value of the transaction.
How Do You Cash Out Your Bitcoin Wallet?
Converting Bitcoin into cash instantly may not be possible, but you can sell your Bitcoin on the blockchain in exchange for fiat currency without revealing your identity.
Using a cryptocurrency exchange, they can handle the transaction and connect you with a buyer willing to convert your Bitcoin into the cash you require. The process of transferring the fiat currency from your wallet to your bank account varies depending on different wallets and can take anywhere from one to three days after completing the sale of Bitcoin.
Do I Need a Crypto Wallet to Buy Bitcoin?
Setting up your own Bitcoin wallet may not be necessary for storing your assets. Several crypto exchanges, such as Coinbase, offer users their wallets. However, the key difference between these platforms and the aforementioned Bitcoin wallets lies in security and custody.
A non-custodial Bitcoin wallet is likely needed if you prefer complete control over your funds. Unlike most crypto exchanges, stand-alone wallets provide absolute control and security over your crypto assets. In contrast, with a crypto exchange wallet, the exchange retains some level of control over your assets.
Which Bitcoin Wallet Converts to Cash?
Certain Bitcoin wallets online can convert cryptocurrencies into cash. The safest Bitcoin wallet for converting to cash is Coinbase’s wallet. Coinbase conveniently enables investors to convert their crypto holdings into cash using either a web browser or a mobile device.
Final Thoughts
Finding the safest Bitcoin wallet online for everyone may not be possible, but there’s definitely a wallet that suits your needs based on your level of activity and risk tolerance. Consider factors such as the devices you plan to use for accessing your Bitcoin and the types and frequency of transactions you will be making.
It’s advisable to read online reviews from experts and other users to ensure that the chosen wallet is trustworthy. Remembering these guidelines can help any Bitcoin investor make an informed decision when selecting a wallet.
>> Best Bitcoin Wallet: Zengo >>