With advancements in the technological world, everything has changed. You can now easily purchase anything from your couch. You can even transfer funds without going to the bank, and most importantly, on a busy day at work, when you have no power to cook, simple online food delivery is at your fingertips. As the world took this shift, people developed different forms of currencies to exchange and trade.
This is a relatively new concept, but you must have heard about the famous Bitcoin, which is a cryptocurrency that most of today’s tech junkies invest in. You might be wondering whether they have a bank or a place to store these currencies? Well, yes, as there are online and offline cryptocurrency wallets. These best bitcoin wallets give you access to digital currency and your private keys to keep everything safe.
Just like the wallet in your pocket stores cash, these wallets store cryptographic information through which you can access Bitcoin addresses and carry out transactions. There are four main types of Bitcoin wallets — hardware wallets, desktop wallets, mobile wallets, and web wallets.
Hardware wallets are the most secure and handy. They function by saving all private keys on a USB-like device that plugs in the computer and signs the transactions, making them immune to virus attacks. Generally, to talk about their price, a single device can cost between $100 and $200, such as the Ledger and Trezor.
The desktop wallets are not highly secure, as everything is stored on the system. As a result, they can easily target hackers. Nonetheless, these wallets give complete control to their users and even offer additional functions such as exchange integration. Some famous desktop wallets are Electrum, Hive OS X, Armory, and Bitcoin Core.
Mobile wallets are similar to desktop wallets. However, they are the quickest and readily available. Although these wallets are compatible with iOS and Android, such as Bitcoin Wallet, Mycelium, and Hive Android, we advise you to beware of malware, as no one wants their data invaded.
Lastly, web wallets are online services that are accessible from any corner of the world. They store and send cryptocurrency within a few clicks on your behalf. Some of the popular wallets are Coinbase, Gemini, and Blockchain, but still, security is a significant concern. Keep in mind that anything that connects to the internet can easily be stolen or phished.
This article will explore our top five wallets that provide security and multiple options from which to choose.
Top 5 Best Bitcoin & Crypto Wallets In The Market:
- Ledger Nano X – Overall Best Bitcoin Wallet App & Hardware Wallet
- Trezor Model T – Recommended BTC Wallet For Bitcoin Exchanges
- Ledger Nano S – Standard Cryptocurrency Wallet
Next, here is a detailed review of each of these wallets.
#1. Ledger Nano X – Overall Best Bitcoin Wallet App & Hardware Wallet
Founded in 2019, the Ledger Nano X is one of the most premium hardware cryptocurrency wallets on the market. Their core purpose is to link and chain all of your crypto assets securely. Unlike hot wallets, which are at constant risk due to internet connectivity, the Nano X can locally store your private keys and give you full-time offline access to all of your crypto assets.
More importantly, it is the step-up version of its predecessor, the Nano S model. This new model comes with a much wider screen, Bluetooth connectivity, and a built-in battery. The large screen can store up to 100 applications, making it a perfect wallet for advanced crypto users.
The Ledger Nano X is in the #1 spot for its exceptional features.
Interface: The Ledger Nano X offers a straightforward interface. So, what can go wrong when there are only two buttons for navigation? As the device turns on, the buttons move left and right within the menus, confirming your selection when pressed together.
Easy Usage: The Ledger Nano X manages your crypto through the Ledger Live desktop or mobile wallet. You just have to connect the device with the system, and the rest of the process is self-explanatory with all of the sidebars and various functions visible on the screen.
Transferring Funds: With the Ledger Nano X, every transaction is easy. All you have to do is link the device to the Ledger Live App, and with a few clicks, all of your transactions are set and approved.
Another essential feature is the Swap tab. In this, you get the opportunity to directly exchange crypto assets, for example, Bitcoin or Ether. This swap diversifies your options without switching back to fiat currency. However, keep in mind that this option is not available in every region.
DeFi Security: Ledger Nano X employs secure DeFi functionality in their Ledger Live, which secures crypto and aids in currency rollout. Moreover, this partnership with a protocol compound allows Ethereum-compatible assets to accrue interest, which increases liquidity in the network.
Support: The Ledger Nano X ensures no one is left in the dark. For this purpose, they offer extensive information on setting up the wallet, transferring crypto, and understanding potential glitches. To top it off, their Ledger academy is a free design to help beginners explore the blockchain crypto world.
Price: A single pack of the Ledger Nano X can cost up to $119/£109. As an option, if you want to make a group purchase, then their $299/£274 for three packs is a good investment.
- Highly secure
- Attractive interface
- Easy to use
- DeFi functionality
- Can be expensive
The positive reviews have made us put the Ledger Nano X on a pedestal. The users appreciate the speedy transfer of Bitcoins because it is handy to use. Moreover, it not only saves time but also has an easy-to-understand interface. Similarly, high-tech security offers nothing but satisfaction. Overall, it is a highly reputable wallet.
#2. Trezor Model T – Recommended BTC Wallet For Bitcoin Exchanges
The famous Trezor Model T from SatoshiLabs is a classic cryptocurrency hardware wallet. Ever since its release in 2014, the wallet has been gaining hype. It offers all of the features of Trezor One and supports newer cryptocurrencies, like Monero, Cardano, XRP, and many more, adapting to the cryptocurrency revolution as it happens.
The device has a built-in touchscreen that levels up the experience. Another plus is that everything from hardware specifications to software wallet updates is available under the open-source license. Thus, it allows third parties to make quick fixes if any nasty bugs or unfortunate errors resurface.
Trezor Model T is ranked second for the following characteristics:
Interface: The device comes with many exclusive features. By default, it is designed to handle multiple cryptocurrencies, natively supporting Bitcoin, Bitcoin Gold, Bitcoin Cash, Dash, Zcash, Dogecoin, Litecoin, and Vertcoin. We recommend installing Trezor Bridge as one of the four documented mechanisms that will allow Trezor to link with its browser-based wallet app. After installation, the wallet website will allow you to set up the device and manage your crypto.
Easy Usage: Trezor Model T wants to make sure everything is intuitive and easy to configure. They prefer convenience, for which they offer in-wallet exchanges. Through this, you can easily buy crypto using fiat currencies and convert it back at any time using this simple app.
Trezor functions on macOS, Windows, Linux, and even on Android. However, it is not compatible with iOS.
Security: Everything with the Trezor Model T is exclusive, even its security features. They have Shamir Back-up that allows up to 16 shares through which you can recover your crypto. For two-way authentication, the standard universal second-factor procedure activates and keeps everything hidden. Moreover, you can even use the device as a FIDO2 security key, although this feature is not available everywhere.
Support: At Trezor, they offer an extensive load of informational material. The FAQ section has almost every query step-by-step explained. Even if you still feel uncertain about anything, feel free to troubleshoot and get the common answers within seconds.
Another feature is interacting with the developers on the Trezor subreddit, Facebook, and even on Twitter. If you are still unable to resolve the problem, then raise a ticket and call the support team. The company is readily available to solve any queries or problems.
Price: The premium-quality Trezor Model T costs $170 or €160, but if you want the Trezor One, it will cost you half of the price.
- Easy to set up
- Color touchscreen
- Easy to use
- Supports over 1,600 coins
- iOS is not supported
If something has been running for this long, then they are doing something right. But the Trezor Model T does it with incredible skill. The Trezor Model T is famous among experts and crypto enthusiasts. Everyone loves their straightforward transfers with full security. It has been positively reviewed by many critical review sites, ensuring its stability.
#3. Ledger Nano S – Standard Cryptocurrency Wallet
The introducer of the original hardware wallet, Ledger Nano S, was introduced in 2016, and it is the first-generation hardware wallet. Although it is cheaper and slightly smaller than its successor and our top pick for this list, the Ledger Nano X, it is still well-known and has various sustainable features despite the differences.
The Ledger Nano S can support over 1,100 different cryptocurrencies, such as the well-known Bitcoin (BTC), Ripple (XPR), Ethereum (ETH), Bitcoin Cash (BCH), EOS, and Stellar (XLM). Not only this, but the ledger website also has a helpful tool that allows you to search for any crypto to see which ones are supported.
The Ledger Nano S is famous among users for the following reasons:
Detailed Interface: Setting up the device is simple, as all you have to do is download the Ledger Live program apps. Luckily, it is compatible with Linux, Windows, and macOS, so no matter what device you use, you can use Nano S. However, every cryptocurrency requires a new app to be installed, where all of the transactions take place. Only three installed apps can run simultaneously, and for more than that, you will have to uninstall an app and reset it for the new currency.
Security: The Ledger Nano S is sealed by three security features — a PIN, Certified Secure Element (CC EAL 5+), and a 24-word backup recovery seed phrase. These seed codes and the PIN allow you to keep the private keys safe, secure, and restorable. No one (except you) can operate the Ledger without your permission. Similarly, the Secure Element Chips make the Nano S independently certified for high security. The Evaluation Assurance Level (EAL) has different stages of security, which makes this wallet an excellent pick.
Staking: Advanced crypto users prefer devices that enable staking. They can set a PIN or a recovery mode if their Nano S gets lost, stolen, or damaged through this feature. This ensures their cryptocurrency is safe, even if the device is out of their possession.
Price: The Nano S is not only secure, but it is also a real bargain. You can get the wallet for $59 without tax, and around $20 is cut for tax. The box contains the wallet, a USB cable, a keychain, and two paper cards for the 24-word backup seed phrase.
- Affordable price
- Good security
- Supports staking
- 1,500+ crypto coins are supported
- Offers offline cold storage wallets
- PIN and 24-word recovery seed
- Supports only three cryptocurrencies at a time
- Limited to only 18 applicants
Overall, many people find the Nano S to offer good services, especially for beginners. In addition, the low price with extensive features and security makes it a top pick. Although there have been complaints about some interfacial details, it is still a top recommendation.
#4. Exodus – Top Crypto Hardware Wallet For Beginner’s Investment
Founded by JP Richardson and Daniel Castagnoli in 2015, Exodus brought ease to the table. It is a multi-currency wallet that can support over 100 cryptocurrencies. The thing that distinguishes it from other wallets is its core motive to be people-oriented. For this, the designers have spent days polishing the UI to make it easy to use and intuitive.
If you are a beginner, then this wallet is your buddy. It is free of cost and not even custodial wallets, making you the direct owner of your Bitcoins.
The top features of Exodus are as follows:
Range of Coins: At Exodus, you can have a variety of different altcoins, including Bitcoins, with the ability to easily exchange cryptocurrencies without the need for registration. However, as a light wallet, only simplified payment verification is possible. Therefore, you can never download complete blockchains.
Interface: Exodus is an open and cross-platform app. You can find it on Windows, macOS, and Linux. All you have to do is simply download the app, and as it is free of cost, and it starts running on the spot.
With an intuitive and user-friendly interface, it becomes fascinating to manage cryptocurrencies. You can store, manage, and trade without any hassle.
Easy to Use: Exodus makes sure self-explanatory icons are at the top of the interface to make the navigation easy. For example, with the help of the portfolio icon, you can get an overview of all of the relevant information on your cryptocurrencies, along with the price movement from various time frames.
Similarly, the wallet section makes it easier to make transactions by using wallet addresses or QR scans. The exchange tab is the easiest way to trade between cryptocurrencies.
Security: The Exodus team makes sure that there is some level of security, but relatively, the app is the least secure. With no two-factor authentication, there is always a risk. However, they do make it mandatory for users to set up a password.
Support: Exodus lives off of transparency. Everything you do will be on display, like sending and receiving crypto, fees will be at the bottom, and the value of crypto is added and exchanged.
Their extensive support system for users makes it an insightful experience for new users. They have separate sections on an exchange, such as buying crypto, starting the journey, and much more. Just search for your query in the search bar.
If you find a solution, then you can message the support team. Remember that Exodus has no customer support number, so it is fake if you encounter any online.
- Supports every platform
- More than 100 cryptocurrencies
- Updates every two weeks
- Intuitive interface
- Not completely open-source
- Custom fee for Bitcoin
In all fairness, users love Exodus, despite its apparent shortcomings. Beginners start with this website and then move ahead. The Exodus has become a learning hub for everyone, as you barely lose anything. Moreover, their customer support is readily available 24/7 in case you require assistance.
#5. Mycelium – Most Preferred BTC Cryptocurrency Wallet App & Site
Launched in 2008, Mycelium is the first wallet ever to surface in the crypto world. A mobile-based hot wallet with a reliable platform allows users to store, transfer, and trade Bitcoin. It offers multiple types of accounts, like Bit ID accounts, Watch Only Accounts, Hierarchical Deterministic (HD), Single Address Accounts, and Hardware.
Mycelium provides an open-source solution that ensures a fast connection with the BTC network and allows integration with other wallets. This makes it user-friendly and super economical.
In 2014, it was awarded as the ‘Best Mobile App’ for cryptocurrency.
These are some of the features Mycelium offers:
Single Address Accounts: With Mycelium, there is no need to worry about various addresses to remember. Everything is in a single account, and you can quickly delete all of the private keys and make the device inaccessible. This will lock up your funds, and if you want to regain access, all you have to do is import the private keys back into the system.
Easy Usage: Mycelium is compatible with hardware wallets. So, you can now link up the wallets and store your crypto coins on a hardware wallet such as the Ledger Nano S or Trezor. Users who prefer only to watch their funds can use the watch-only accounts. Also, the Bitcoin addresses have no corresponding private key and are simply stored to view the outgoing transactions.
Marketplace: Mycelium owns its decentralized exchange center, known as Mycelium Local Trader. It is a marketplace where users connect with different traders to purchase and sell Bitcoins. The interface is secure and easy to navigate with secure end-to-end encryption over all of the chat functions. Having this tool available at your fingertips makes for easier and faster transactions, as you do not have to jump through hoops to buy bitcoin or sell. That is always a bonus.
Security: The only concern you should have about Mycelium is the possible threat of being connected to the internet. Other than that, the company offers top-notch encryption and secure transactions.
Customer Support: You will not find Mycelium customer support on any of the social media networks. Instead, head over to their email account, and the team will respond within 24 hours.
Moreover, you should check out their wide range of library and FAQ sections for quick answers. Their experience with customers in the past shows they know their stuff.
Price: The good thing about Mycelium is that there are no hidden charges. What you see is what you get. The users’ fees are the transaction fee ranging from $0.25 to $8 and the Bitcoin network fees. Surprisingly, you do not have to worry about holding your funds for a more extended period, as it is free of cost.
- Offline transactions are available
- Create multiple accounts
- Super-fast and quick
- Supports many crypto hardware storages – Offline Storage as well
- Safe and secure wallet
- No desktop version
- Only stores Bitcoin
Customers love to talk about Mycelium’s sophisticated and advanced features. Their thorough and quick interface makes it the perfect choice among advanced users.
How We Made This List
Our goal was to make this list as authentic and precise as possible, which was not easy. Since the explosion of Bitcoin into public awareness, many people have jumped on the bandwagon, so the competition for Bitcoin wallets is fierce.
So, how did we do that? At first, we did a major internet sweep to choose the most popular Bitcoin wallets.
After that, we further improved our selection process by thoroughly examining each of these digital wallet companies. Our approach has always been to closely check everything like costs and fees, stability, security, customer satisfaction, specifications, and many others. While “popular” does not mean “best,” we had to whittle down the genuine ones from the fakes. From there, we discarded multiple wallets that were not up to standard until we had our top ten companies.
Lastly, we further reduced the list and ended up with the top five best bitcoin wallets internationally.
What We Looked For
To narrow down the list and reach our top picks, we looked for the following factors within each company.
- Experience: It is an obvious fact that good companies always succeed in business. Thus, we checked how long each Bitcoin wallet company has been running and whether or not the company has enough experience to understand the sensitivity of storing and transferring Bitcoins. As a result, we chose the longest but most successful Bitcoin wallets.
- Security: When it comes to Bitcoin, every user wants the safest crypto wallet that is secure and risk-free. So, this was our sole element while researching. We selected only those companies that legally promised security.
- Customer Satisfaction: The internet never sleeps on bad products. Therefore, we looked into various customer reviews, online reviews, and professional ratings. Through this, we were able to narrow down the Bitcoin wallets that stood out the most.
- Costs and Fees: It is important not to get financially exploited. Therefore, we checked various aspects, like service fees, wallet fees, discounts, and refunds.
- Specifications: With diverse functionalities and benefits, wallets come in various forms. We looked at wallets that offered the most credible functionalities in almost all of these forms, such as web wallets, hardware wallets, mobile wallet, and desktop wallets. It is important to purchase crypto that is worth your money.
- Additional Benefits: In the end, to top it off, we selected those Bitcoin wallets that offered other benefits, too, such as educational forums. This addition allowed the less informed to research all of the information they needed about Bitcoin, its regulations, and cryptocurrency at large.
Factors to Keep in Mind Before Buying a Bitcoin Wallet
Once you have decided to buy a Bitcoin wallet, here are a few factors to consider before choosing one that suits your needs.
When you want a wallet that can store all of your Bitcoins, the goal should never be to just sign up with the first option produced by a Google search. There are many cases in which the wallet has built-in security flaws and can easily go unnoticed. So, how do you know which wallet is reputable?
You should search for the crypto exchanges regulations that come under the Bank Secrecy Act (BSA) scope. Similarly, the U.S. Securities and Exchange Commission (SEC) applies certain laws to digital wallets. Therefore, check in with these regulations to ensure your investments are not at any legal or security risk.
The major feature of the best wallets is that they will allow the user to customize the fees you have to pay to the public blockchain miners. We recommend you look for crypto wallets with convenient presets such as fast, medium, or slow. The faster the preset, the more quickly your transaction will occur but with a high price.
You need to seriously consider all of the customer satisfaction levels before choosing the Bitcoin wallet, as they will give insights on whether or not the users are affirmative with the wallet. The more positive the reviews, the better the crypto wallet is going to be.
Bitcoin wallets make it easier for you to back up all of your private keys. However, it can be challenging to store bitcoin. Many people write down their private keys on paper or somewhere safe. If you have more than one cryptocurrency, then managing all of their private keys can become a hassle. On the positive side, the private key management backs up all of the private keys on a cloud (Google or Apple). So, do not worry, as these private keys are encrypted and require a password to access the codes.
Access to Private Keys
Why would you want to access private keys if all of your Bitcoins are being transferred and stored perfectly? Well, the thing is that if the crypto wallet does not give you access to your private keys, then it is repudiating your control of the Bitcoins.
The private keys are the Bitcoin addresses that are referred to as passphrases. Each Bitcoin address has its own private key, and you should choose a crypto wallet that offers you independent control over your Bitcoins. If not, then if the cryptocurrency were to fail, you would lose all access to your wallet.
Your wallet must have the best line of defense ready in case your device gets into the wrong hands. The device should require a set of passwords and an encryption key to unlock the wallet. With newer technology, crypto wallets come with facial and fingerprint recognition, making it harder for thieves to crack.
If your Bitcoin wallet can offer more than basic features, then you have won. The top-rated crypto wallets are easy to use and navigate. So, keep an eye out for personal notes, displaying currency in various units, unlimited crypto wallet customizations, and so forth.
FAQs – BTC Wallets Of 2021
Q1. What is a Bitcoin wallet?
A bitcoin wallet is simply a store that holds all of your digital Bitcoin. It keeps all of the information intact and hidden in the private key or seed, which is only accessible via a ‘sign’ that lets you validate the transactions and exchange the Bitcoins for other digital assets. In addition, the wallet ensures no third party can use or make any changes to your Bitcoins, such as no transactions are viable without your consent. When it comes to security, hardware Bitcoin wallets are far more secure than web crypto wallets.
In more straightforward terms, crypto exchange accounts that use cryptographic control over the blockchain address are winners.
Q2. Do Bitcoin wallets offer security?
Yes, but it depends on the type of crypto wallet you are using. To make it clear, everything over the internet connection is always at constant risk. There are just some platforms that are safer because of the heavy encryption code they use. The safest digital wallets are offline wallet options, as they are not connected to the internet. Therefore, choose hardware wallets, as they can function offline.
Q3. How can I use a Bitcoin wallet?
There is not much difference between standard physical wallets and Bitcoin wallets. You do the same in a Bitcoin wallet as you would in the standard wallet for transacting dollars, pounds, and other international currencies. The Bitcoin wallet is a digital crypto wallet for all of your digital currencies such as Bitcoin, Litecoin, Ripple, and Ethereum. You can access them online or even offline, depending on how much security and convenience you want. We have featured the top crypto wallets that allow buying and selling and even offer an offline storage house. Therefore, you can even store Bitcoin as currency as per your liking. Just make sure to weigh the pros and cons before making the dive.
Q4. What is the purchasing price of the Bitcoin wallet?
There is no price. Using the crypto wallet will cost you nothing if you are only storing the Bitcoins. However, when making transactions, the device that houses your wallet or the exchange owner will charge specific fees. This depends on what you are trying to do — transact or surf. The price of purchasing a wallet varies between $0 to $200 or more. When buying it for an exchange, you either pay a flat fee or a percentage of the entire transaction value.
Q5. How much do I have to invest in Bitcoin?
Before thinking about investment, it is essential to look at all of the risks and benefits. Bitcoin is a wavering currency that has its downfalls, and there is no universal standard when it comes to purchasing, especially in digital currencies.
You might not come across heavy order sizes all of the time. So, at times, there will be minimum orders that might appear to be very practical. However, when you consider the fee structure, it will only result in loss.
The bitcoin wallets where you can access small amounts of Bitcoin are Robinhood (0.000001 BTC), Coinbase ($2), SoFi ($10). It is not recommended to invest in small orders because there are high chances of losing them. Instead, try compiling the cash and investing it in one trustworthy crypto wallet to secure it and gain profit.
Keep in mind that although many people profited from $13,000 in 2017, the price drastically collapsed to $3,500 in 2018. This volatility can be seen again when it blows up to $58,000 in 2021. Therefore, make sure you weigh all of your options before investing.
Q6. How to choose a Crypto wallet?
Choosing the best crypto wallet depends on your needs and goals. You cannot simply select a high-tech wallet and end up never using it again. With numerous different Crypto wallets out there, it can become confusing. So, for your ease, here are some of the best hardware wallets per your requirements and level of expertise.
Starters: If you are new to the entire process, choose the best crypto wallet that charges minimal fees for bitcoin transactions as necessary. The best options to go for are SoFi, Coinbase, or Robinhood. If you have a strong investment background, then look into Exodus and Coinbase.
Experienced Users: These users require more security, for which hardware crypto wallets are the best choice. The computer software can be slightly challenging, but with some help, the complexities are navigable. We recommend Trezor and Ledger as the best choices.
Serious Enthusiasts: Daily users with profound expertise require enhanced features and security, for which we recommend Coinbase, Trezor, Edge, Exodus, and Ledger as solid options.
Q7. How to cash out your Bitcoin wallet?
There is an entire process before you can cash out the Bitcoins. However, you can still sell the coins anonymously on the blockchain. This will allow you to have an exchange with the fiat currency of your choice, and the system works in this way. First, the crypto exchange handles your bitcoin transactions and looks for buyers. Just as the buyer lands, you are quickly able to exchange the Bitcoin into cash.
Different Bitcoin wallets have different rules and time stamps for transferring the fiat currency to the local bank. So, remember this when you consider cashing out.
Conclusion – Bitcoin & Crypto Hardware Wallets
The above-mentioned Bitcoin hardware wallets are booming in the crypto industry. From flexible prices and enhanced security features to offering two-factor authentication, there are many options on the market. It is vital that you thoroughly dive into the pros and cons before pulling the gear.
If you prefer a highly secure hardware wallet, we would recommend the Ledger Nano X. These have high-security features, offline mode of hardware wallets, and offer compatibility with over 1,500+ types of cryptocurrencies.
In short, make sure you are aware of the possible security breaches. Other than that, you are good to go.
With this article, you are forearmed and forewarned against any problems that exist in the virtual world. Remember that cryptocurrency is the cutting edge of progress within our lives. It is still new and fresh in the minds of many, but as time goes by, we see more and more people jumping on the crypto train.
With such a new endeavor, there is a hint of danger and uncertainty about cryptocurrency, but if you want to hop on this new craze, then use our guide as advice and enjoy the fresh, unfolding landscape. Overall, make sure your cryptocurrency is secure.
This is the future, so do not let the train pass you by.