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Compare the best crypto wallets in 2022
This beginner friendly page explains everything you need to know about crypto wallets. Learn what they are, how they work, what to look out for when choosing one, and compare the best ones in this handy guide.
What are the best crypto wallets?
Below you will find a list of the best wallets overall catering for a wide range of uses. Click any of the links below to start using a wallet to securely store your cryptocurrency.
Top crypto wallets
Wallets come in all shapes and sizes from hardware devices to simple to use mobile apps. Depending on your requirements, one wallet may be more suitable than another. Below we’ve selected the best wallets for different categories to help you make the right choice.
Best hardware wallet – Ledger Nano S
The Ledger Nano S is a small device similar to a USB stick that lets you store cryptocurrency offline. Through its integration with other wallets and apps users are able to safely store various coins including all the leading ones like Bitcoin, Ethereum, and Ripple.
It has advanced security features and your coins will be kept safe, even if connected to an infected computer. As it has no battery, as soon as it is disconnected from a computer or phone it goes offline, further adding to its security. It’s one of the most affordable hardware wallets out there and there are no subscription fees to pay for using it.
However when moving funds out of the wallet, you may be charged a transaction fee, depending on the cryptocurrency you are transferring. Its small size, security features, and affordable price makes it our top rated crypto hardware wallet.
Best online wallet – Nuri
Nuri is an online platform that offers users the best of both worlds; it doubles as a traditional banking service, as well as a non-custodial crypto wallet. The platform also has facilities to trade cryptocurrencies and has its own debit card that can be used for spending fiat currency and crypto.
It is a European blockchain bank and is a good solution for anyone wanting to store their crypto without the need for external devices. When signing up with Nuri, users not only get a crypto wallet, but also an EURO bank account making it an easy way to purchase and store Bitcoin and Ethereum directly.
One of Nuri’s best features is its crypto earning account. It lets you put your crypto to work and through its partnership with Celsius Network, you can earn 5% annual interest on your Bitcoin holdings. Overall, Nuri’s multiple features, ease of use, and interest payments, make it the top rated online crypto wallet.
Best mobile wallet – Guarda
The Guarda mobile wallet is one of the most secure crypto wallets on the market and supports over 50 blockchains and over 400,000 digital assets. It’s easy to use app makes it a good choice for beginners entering the crypto space. While its many advanced features such as staking and loans, are suited to experienced crypto investors.
Users can download the Guarda wallet app for free on both iOS and Android, and setting it up takes just a few minutes. Although there are transaction costs associated with it which vary depending on the network you use. Guarda also has its own exchange, where you can buy and sell crypto but charges 3.5% per transaction.
The wallet can also be accessed online via the Guarda website and a downloadable desktop version is also available. Users of the mobile app benefit from increased security such as fingerprint or facial recognition authentication.
Best spending wallet – Wirex
Wirex is an account that lets you store, spend, and exchange cryptocurrencies. Users are able to buy and sell bitcoin, as well as more than 50 other coins while using its app or web based platform. Buying crypto with fiat such as GBP, EUR, and USD is an easy process and comes with a 2.5% transaction fee.
The platform makes it easy to spend your money through its debit card which are available to users in Europe and the United States. Europeans are able to apply for a Mastercard, while users based in America can use the Wirex Visa card. An added advantage of using the debit card is earning 2% on all spending, paid in Wirex tokens.
There are a range of fees to take into account before using Wirex, although they will depend on your location. For example, if you want to earn the highest rate cash back on spending, you’ll need to pay a monthly subscription of up to £29.99. There’s also a crypto exchange rate fee in addition to a 1% charge for exchanging cryptocurrencies.
What is a crypto wallet?
It is a programme or software where cryptocurrency is stored, similar to a bank account. Wallets come in different forms including web based wallets, mobile wallets, and hardware wallets. You don’t always need to use a wallet, as you can often store your coins directly with your broker or exchange. Although wallets provide extra security features not available on most trading platforms.
How does a crypto wallet work?
Wallets consist of two ‘keys’. One is public, known as the wallet address and the other is private, often referred to as the PIN number. Below is a brief description of each.
- Wallet address. A wallet address is a public key and works like an account number. As its name suggests, it is publicly available and anyone can view it. It is the address for people to send cryptocurrency to.
- PIN number. The PIN number is a private key and known only by the wallet owner. It is used when sending cryptocurrencies and consists of a long number. Certain wallet types don’t require you to know your PIN, while others like hardware wallets do.
When using a wallet you will need both keys to make any transactions. If you are transferring crypto from one wallet to another, you will require the public key (address), to know where to send your coins. To send crypto to another wallet from yours, you will require the private key (PIN number).
How should I choose a crypto wallet?
There are a lot of factors to think about when choosing the right crypto wallet for you and depending on your needs, some may be more important than others. Below we’ve included a few of the main things you should consider when choosing a wallet.
- Fees. If you want to use a hardware wallet, you’ll have to pay for a device. Online or mobile wallets are usually free, although all three often have fees you need to consider. Sending and receiving crypto has charges associated with it, as does trading coins.
- Number of cryptos supported. If you plan on using your wallet to store a range of assets then you’ll need to find one that supports it. It’s possible to find wallets that let you hold thousands of coins, but it’s a good idea to check before you start using one, especially if you want to store some lesser known tokens.
- Security. The main reason most people use wallets is for security, so choosing one which has extra features is recommended. Mobile wallets offer things like fingerprint and facial recognition. Hardware wallets are usually the most secure, as they’re completely offline.
- Extra features. If you want to use a wallet for more than securely storing your crypto then you’ll need to find one with extra features. Some wallets offer a range of added benefits such as staking, lending, and trading. Before you start using a wallet, make sure you check out all of its features.
Should I use a crypto wallet?
If you’re looking for extra security and privacy when making crypto transactions, then using a wallet is recommended. Wallets are usually free, (unless you’re using a hardware device) and are more secure than storing coins with an exchange or broker. The best ones offer lots of extra features and there are lots of different options to choose from so you’ll easily be able to find one that fits your needs.
Pros and cons of crypto wallets
To help you decide whether a crypto wallet is right for you, you can check out the pros and cons below.
- Wallets provide extra security features which you won’t find on an exchange .
- Some wallet platforms offer extra services like earning interest, staking, and lending.
- Most wallets are free – other than hardware wallets which come with a one off fee.
What are the fees for crypto wallets?
Usually a crypto wallet will be free, although of course, there will be a one off payment required for using a hardware wallet. Wallets don’t tend to have subscription fees, however some do if you want extra features. You’ll also need to take into account transaction fees when buying and selling coins. Each platform will have its own fee schedule, so it’s worth checking the terms before using one.
No. Wallets aren’t a requirement and you can simply head over to an exchange if you want to buy crypto.
Hardware wallets provide the most security, because they are offline until you connect one to a computer. The best wallet for you will depend on your own circumstances.
They are very difficult to hack. However, if someone finds out your key details and passwords, then they could get access to your wallet. Always keep your information safe.
No, but your private key is stored within your wallet. If you have the password to access your wallet, then you will be able to get the private key. If you don’t, then you can try to reset it. If you lose your private key, password, and the means to reset it: you’re in trouble.
Its exactly what its name says it is. A paper wallet is simply a piece of paper with your wallet address and private key printed on.
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