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Compare the 9 best crypto wallets in 2023

Q: Do I need to use a wallet to buy cryptocurrency?

No. Wallets aren’t a requirement and you can simply head over to an exchange if you want to buy crypto.

Q: Is a hardware wallet better than an online wallet?

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.

Q: Can my wallet get hacked?

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.

Q: Can I access my Bitcoin if I lose my private key?

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.

Q: What is a paper wallet?

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.

Wallets let you conveniently store your cryptocurrency and keep it safe. Learn how they work and compare the best ones on this page.

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Updated: Feb 28, 2023

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This beginner friendly cryptocurrency article explains everything you need to know about crypto wallets. Learn how they work, what to look out for when choosing one, and how to compare the best crypto wallets in this handy guide.

Best crypto wallets overall for 2023

eToro: Best for beginners, copy-trading & demo-account

What are the best crypto wallets?

Below you will find a list of the best crypto 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 9 crypto wallets, reviewed

1. eToro. Best for beginners, copy-trading & demo-account

Visit site

1500

No. assets

$10

Minimum deposit

Crypto-wallets

Platform type

Pros & Cons

Popular ‘Copytrader’ function so users can follow top traders Mobile platform has great functionality Minimum first time deposit of $200 Expedient customer service, with live chat support provided Over 2,000 CFDs available to trade

Does not provide the MetaTrader platform High spreads on some assets Comparatively high fees for withdrawals and account inactivity

Overview

We love the eToro Wallet because it’s a great entry-level crypto wallet. Free to set up and use, it’s regulated to ensure its security and the app is available on iOS and Android devices. The wallet can hold 8 different cryptocurrencies at the moment, including Bitcoin, Ethereum, and XRP.

The eToro wallet offers a middle ground between keeping your coins on an exchange and transferring them to an external wallet. You don’t have control over your private keys with eToro but it does make it possible to recover your login details, which means it’s a better option for newbies than for advanced crypto enthusiasts.

The fees: It’s free to set up an eToro wallet but there is a 2% fee to transfer cryptocurrency from your eToro investment account to the wallet. There are no additional fees for sending or receiving transactions. Crypto conversions are charged a 0.1% fee. Blockchain fees may apply.

Visit eToro Read Review

77% of retail CFD accounts lose money.

What is a crypto wallet?

It is a program or software where cryptocurrency is stored, similar to a bank account. Crypto 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 on the crypto broker, like you would with a stocks in a company. Although wallets provide extra security features not available on most crypto 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.

Pros

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.

Cons

You need to take into account additional charges like transaction fees.
If you make lots of crypto trades, a wallet could be inconvenient.

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.

Choose a wallet now

How we choose the best cryptocurrency wallets

Helping people make better financial decisions is at the heart of our mission at Invezz.

We periodically test more than 19 crypto wallets to provide our users with clear, accessible guidance on the storage options available. All testing is carried out by our panel of crypto experts, analysts, and active traders who sign up to each wallet, conduct research, and score each service.

Our tests are designed to find services that offer a beginner-friendly, secure crypto storage experience at a fair price. To supplement our practical testing and experience, we research each wallet to gather any further relevant information. We read online customer reviews, app reviews on the Play Store and App Store, and conduct user surveys to get feedback from real people about what works, and what doesn’t.

Each crypto wallet is awarded a final score based on 130+ data points across 8 ranking categories: cost, reliability, user experience, deposit & withdrawals, investing options, range of products/markets, research & analysis tools, and the availability of educational & learning resources.

We work closely with individual wallet brands to ensure all factual information displayed here is accurate. All data is then fact-checked by an independent reviewer. You can learn more about our expert panel and how we test, rate, and review platforms in our review process.