The best Bitcoin wallets out there make it easy to protect and manage your cryptocurrency, but selecting the right option can still be a little tricky, especially if you're new to the market.
Simply put, once you have purchased Bitcoin (BTC), Ether (ETH) or any other altcoin, you will need a safe place to store your holdings. Using a wallet, instead of storing your encryption on an Exchange, gives you more control over your virtual assets.
In this guide, we investigate the best Bitcoin wallets available to help you choose the ideal platform for your needs. The definition of the best encrypted wallet will depend on your main priorities (accessibility, transaction privacy, multiplatform support, etc.).
All encrypted wallets on our list have no custody, which means that you will have complete control over your private key (we recommend using a secure password manager), without which no transaction can be made.
Most of them are also classified as hot wallets, which means that they are always connected to the Internet. If you have large amounts of Bitcoin, however, consider using a hardware wallet to store your assets in a more secure way.
With all that in mind, here is our summary of the best Bitcoin wallets available at the moment.
To buy cryptocurrencies, you need to sign up for a stock exchange or trading platform like Coinbase, eToro, Robinhood or SoFi.
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Hardware Bitcoin Wallets
Ledger Nano X
A Ledger Nano X is a premium hardware cryptocurrency wallet built to keep your digital assets as secure as possible by storing your private keys offline.
To ensure that the hardware is as resilient as possible, Ledger employs a custom operating system (BOLOS) and a secure element chip (SE) certified by CC EAL5 +. The security of the device has also been audited and verified by ANSSI, the French National Cybersecurity Agency.
Nano X offers all the features of its cheaper brother, the Ledger Nano S, but with the added ability to store a wider range of assets at once and manage your portfolio on the go, linking the device to the smartphone app via Bluetooth.
Although Nano X is designed primarily with HODLers in mind, it is also simple to add to your cryptocurrency portfolio and put your holdings to use, thanks to partnerships with exchanges (exchanges) Coinify and Changelly and DeFi protocol Compound.
Just remember that the company recently suffered a data breach that exposed the personal data of a large number of customers. While the breach itself has nothing to do with the security of real hardware portfolios, it is reasonable to take this type of incident as a wake-up call.
Reasons to buy: Easy to use, highly secure, DeFi functionality, attractive desigh.
Reasons for not buying: Navigation could be simpler, more expensive, recent data breach.
Buy the Ledger Nano X.
Model T vault
Trezor by SatoshiLabs is one of the oldest cryptocurrency hardware portfolios on the market. First launched in 2014, Trezor Model T is the company's premium offering, designed to serve HODLers and active traders.
Trezor Model T offers all the features that come with Trezor One, along with support for the latest cryptocurrencies and exchanges such as XRP, Cardano, Monero and more.
Everything about Trezor Model T, from the hardware specifications to the software that powers it, is released under an open source license, which is definitely an advantage.
Meanwhile, an integrated touchscreen gives the Model T a premium look and allows you to enter your PIN and password on the device itself, which is very convenient.
Reasons to buy: Open source, touchscreen, easy to use, supports over 1600 currencies.
Reasons for not buying: It's expensive, mobile support for Android only.
Buy the Trazel Model.
Bitcoin software portfolios
Exodus is a multi-currency wallet that supports over a hundred cryptocurrencies. The wallet was originally available only for the desktop, but is now also available for iOS and Android mobile platforms.
Exodus differentiates itself from other portfolios with a design focused on people who have never been involved in the world of cryptography. It has an easy-to-use interface and its developers spend a lot of time and effort polishing the UI to make it more intuitive.
One of the most popular features of Exodus is support for a variety of different altcoins in addition to Bitcoin. You can also use your wallet to exchange one cryptocurrency for another without any form of registration.
Exodus is a solid option for managing and exchanging small amounts of cryptocurrencies without getting into the essential parts of the process.
We would not suggest it for advanced cryptocurrency users, mainly because the ability to set custom rates is currently restricted to Bitcoin only. And although the app is updated every two weeks, the fact that it is not entirely open source will discourage some people.
Reasons to buy: Support for many different currencies, intuitive interface, cross platform, updated regularly.
Reasons for not buying: Code not fully open.
Download the Exodus.
A Wasabi is an open source Bitcoin wallet, without custody and with a focus on privacy, available on Windows, macOS and Linux.
The distinguishing feature of Wasabi is the implementation of the reliable CoinJoin process. CoinJoin helps Wasabi to make individual Bitcoin transactions more secure by combining multiple currencies from multiple people into a single transaction. By mixing inputs and outputs, CoinJoins can obscure identifying information, making Wasabi a popular choice for privacy-conscious people.
To further obscure transactions, the wallet forwards them through the anonymous Tor network, which helps to hide the IP address from users.
Although Wasabi is a hot wallet, we would not hesitate to recommend it to anyone who cares about the privacy of their Bitcoin transactions. The developers also did a good job of preventing many of its complexities from ruining the user experience.
However, Wasabi is not as intuitive as other cryptographic wallets and you will need to spend some time reading its documentation before it is fully updated.
Reasons to buy: Open source, rotates addresses, embedded CoinJoins, customs fees.
Reasons for not buying: Complex for beginners, only for Bitcoin.
Download the Wasabi.
Electrum has existed since 2011 and works with Windows, Mac, Linux and Android. It is one of the most popular wallets, as instead of downloading the entire Bitcoin blockchain, it securely connects to other servers to check your BTC balance and process payments. This means that you can set it up in minutes and take up very little space on your hard drive.
Electrum uses a hierarchical deterministic portfolio, which means that a random 12-word 'seed' from the dictionary is generated when you start the app for the first time, from which it derives the keys needed to spend and receive BTC. Electrum displays the seed as you create your wallet and requires you to write it down. This means that if you lose access to this version of Electrum, you can easily reinstall it on another machine and use the seed to restore your BTC.
Electrum offers the option to encrypt your wallet file during setup, although you can choose to leave it unencrypted if you wish. You can also use Electrum in cold storage mode to create an “watch only” wallet. This allows you to receive Bitcoin payments and see your balance, but do not spend the coins, which can be useful if you are buying BTC as a long-term investment.
As a thin client, Electrum relies on other servers to obtain payment information, which makes it more vulnerable to certain types of hackers than other wallets.
Reasons to buy: Light and easy to set up, recover your BTC using a seed wallet.
Reasons for not buying: Depends on servers to verify transactions.
Download the Electrum.
Mycelium is one of the oldest and most popular Bitcoin wallets available exclusively for mobile platforms, having been launched for the first time in 2013 as an app Android, before being ported to iOS Also.
Mycelium describes itself as the “standard Bitcoin wallet” and, although its claims for the best rated cryptocurrency wallet title on the Play Store are no longer accurate, the app has several noteworthy features.
For starters, Mycelium is completely open source, which is one of the most essential resources for any good cryptocurrency wallet. The application also features the Simplified Payment Verification (SPV) technique, which allows you to confirm transactions without having to download the entire blockchain.
Since mobile devices are insecure in some ways and more prone to theft, Mycelium developers have implemented a handful of features to improve the security profile of the application, without complicating the interface too much.
Reasons to buy: Open source, various types of account, integrated market.
Reasons for not buying: Only for Bitcoin, without a desktop version.
Download the Mycelium.