The 10 Best Crypto Wallets in 2022 – Review
More and more people are entering the volatile cryptocurrency market, giving cybercriminals an ever-expanding territory to hunt. To keep the digital cryptocurrency safe, a reliable crypto wallet is essential. Crypto wallets come in multiple forms, including mobile, web, desktop, hardware, and paper wallets. It can therefore be difficult to orient yourself on what the best crypto wallet is for your needs. We’ve listed it for you.
What is a crypto wallet?
Whether you have a mobile, web, desktop, hardware and paper wallet, the basics of all these wallets are the same. A crypto wallet is a digital address to store crypto currency. This is necessary because cryptocurrencies do not physically exist and it is also not possible to physically store cryptocurrencies, unlike gold or silver, for example. A well-secured crypto wallet is specially designed to keep digital cryptocurrencies safe from cybercriminals.
How do crypto wallets work?
When another investor or trader – be it a person or exchange – sends a digital currency to your crypto wallet, no physical coins are transferred. A cryptocurrency transfer means that ownership of the cryptocurrency is transferred to the address of your crypto wallet. The crypto currency registered on the blockchain under a unique address is added to your digital crypto wallet so that you can prove that you own the relevant amount of crypto currency. This process requires two digital codes:
A private key (seed phrase)
This is a long series of numbers and letters that only the owner of the crypto wallet knows. It is important to keep this key private, because it proves that you are the owner of the crypto wallet and everything that is stored in this crypto wallet.
A public key
The provider of a crypto wallet automatically generates a second set of numbers and letters that can be used for the transfer of crypto to or from this wallet. This address is necessary so that other persons or entities have an address for your crypto wallet to send crypto currency to.
For example, consider an email address. When someone wants to send an email to you, they need your email address (public key). To be able to read your emails, you need a password (private key) to log in to the email account (crypto wallet). For a transaction to or from a cryptowallet, both keys must be verified on the blockchain before a transaction is approved. Other people cannot transact with your cryptowallet as long as they don’t have your wallet’s private key. The private key remains invisible at all times during a transaction and is not disclosed to the other party involved in the transaction.
The list of best crypto wallets of 2022
This list of best crypto wallets is ranked according to their features and usability. This list includes free and paid crypto wallet apps.
1: Coinbase
- This platform makes it easy for investors or traders to buy or sell an extensive range of crypto coins.
- Coinbase has its own Visa-backed debit card that integrates with Apple Pay and Google.
- A wide variety of digital assets are stored in offline storage (out of reach of cybercriminals).
- Coinbase is supported in over 100 countries.
- New users get a $5 signup bonus when they subscribe to Coinbase.
- Cryptocurrency trading can be scheduled daily, weekly and monthly.
- The platform is known for its security and reliability.
2: Exodus
Exodus is the software that secures your digital assets offline on Trezor hardware (which is a hardware crypto wallet that must be purchased in order to use Exodus).
- Exodus has a mobile and desktop app.
- Earn interest on the cryptocurrencies stored at Exodus.
- Exodus has 24/7 customer support, an extensive FAQ, how to videos, and a large knowledge base.
3: Ledger Nano X or S plus
The Ledger Nano X/S plus is a hardware wallet and must be purchased before you can use the software options.
- Very reliable and one of the best crypto wallet apps.
- Very wide range of supported cryptocurrencies.
- Excellent mobile trading capabilities
- High security standards for keeping digital assets safe.
4: Binance
- Binance is a platform where you can invest or trade in more than 150 different crypto coins.
- Binance offers an API that facilitates integration with any trading software currently in use.
- Binance helps you create a crypto wallet and offers 24/7 customer support.
- The software is compatible with IOS, Android, web and PC clients.
- Binance also offers advanced trading interfaces.
5: Trezor-model T
- The Trezor platform offers thousands of cryptocurrencies to invest in and keep safe in your Trezor T Wallet.
- You can access the wallet through their website or the desktop app.
- This wallet is suitable for novice and advanced users.
- Money can be sent to multiple recipients with one transaction.
- This model of Trezor is compatible with Windows, iOS, Linux and Android.
- You can also make payments via your phone while accessing this wallet.
6: Mycelium
- Mycelium software is compatible with both Ledger and Trezor.
- Mycelium offers a “Watch Only” feature that allows you to see the money in the wallet without a private key.
- This software uses a Simplified Payment Verification that allows transactions to be confirmed without first downloading the entire blockchain.
- This platform makes it possible to make a secure backup of a crypto wallet.
7: Electrum
- Electrum is a good wallet for beginners.
- It is one of the oldest crypto wallets, as Electrum was introduced in 2011 and is still relevant today.
- Electrum is completely web based.
- Electrum charges 0.2 mBTC per transaction and carries out about 10% of all bitcoin transactions
- The software has an intuitive interface that makes it easy to use for new users.
- Users can integrate Electrum with existing hardware wallets, including Ledger Nano, KeepKey, and Trezor.
8: ZenGo
- ZenGo is available on the Google Play Store and App Store.
- This platform allows users to provide key recovery in an emergency for a set of 12-24 words.
- To protect the private key, the wallet supports the use of smartphone biometric scanners.
- ZenGo supports 70+ different crypto currencies.
- Interest is offered on the digital assets stored with ZenGo.
9: Blockfi
Update: Due to the collapse of the FTX exchange in November 2022, all transfers via Blockfi have been (temporarily) paused. If you are considering creating a Blockfi wallet, first check the latest news about this wallet.
- At Blockfi you earn no less than 8.6% interest on your crypto assets.
- Setting up a Blockfi account is quick and easy.
- Blockfi has strong cyber security.
- You do not need a minimum balance to qualify for interest.
- There are no hidden costs.
However, Blockfi does have the disadvantage that users have to wait 7 days after sending their withdrawal request.
10: Coinomi
- Coinomi is considered the best crypto wallet for novice, advanced and professional users.
- The software offers 125+ different cryptocurrencies and more than 380 tokens.
- Coinomi is a great app that is ideal for mobile and desktop users.
- There are no fixed costs, so you can buy crypto coins and tokens for every budget.
- The software allows users to get the best prices on cryptocurrencies and allows instant staking of cryptocurrencies earning as much as 7% interest per trade.]
- Coinomi gives monthly interest on the crypto assets stored with them.
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