When we register on any crypto exchange or want to pay for goods in cryptocurrency, we just need a secure crypto wallet. Even when you register on crypto casino sites, you need a wallet to transfer crypto there or send winnings to your account.
You may think that the current development of the crypto market will help you choose the wallet, but sometimes it creates significant barriers – these developments attract scammers. Now, we will tell you about types of wallets and how to choose the safe one.
Types of Cryptocurrency Wallets
All the wallets differ in types of storage, coins choices, and access. Today, we will not review these types in detail – let’s just briefly explain, and you can check the guide on choosing a safe wallet for more information.
First, there are custodial and non-custodial wallets. Custodial ones store your private data and information on their servers. This is a plus if you forgot your password – you will be able to restore it. But, when scammers get to servers, your crypto may be in danger.
Secondly, there are Bitcoin/Ethereum and multi-currency wallets. When a wallet offers only one or a couple of currencies, it limits your choice in the future, and there is a great chance you will change it again later. If you choose a multi-currency one, you will have a great choice of coins to store.
And, lastly, there are online, mobile, desktop, paper, and hardware wallets. You can find the one particular for a device you are going to use.
4 Best Cryptocurrency Wallets in 2022
The market offers a lot of cryptocurrency wallets, and many of them are very high-quality and secure. We will consider the best wallets by analyzing user reviews, traffic, and the project itself.
The wallet is straightforward to use, which is why it attracts the attention of most wallets. Despite the fact that the wallet is a service from the well-known crypto exchange Coinbase, it is non-custodial and does not store your private keys and information on its servers. In addition, the Coinbase wallet has the following advantages:
- offers around 500 cryptocurrencies to store;
- has a multi-signature feature;
- high security & 2-factor-authentication.
Electrum saw the world back in 2011. This wallet is suitable for users looking for storage only for Bitcoin since it does not support any other currency. The wallet has one very distinctive feature – you can choose commissions depending on how long you are willing to wait for the execution of the transaction. That is, if you want to get money quickly, then you need to pay a higher commission.
In addition to this feature, the following advantages stand out:
- has a multi-signature feature;
- high security and 2-factor-authentication;
- integration with hardware storages like Ledger.
If you are not chasing convenience and simplicity, then Ledger is the perfect option for you. This is a hardware wallet; it looks like a flash drive, and absolutely all information will be stored only on this device. Some, seeing Ledger, get scared of the small screen, but it is comfortable, and it is enough to perform all the actions.
This type of wallet has the following advantages:
- +1500 supported cryptocurrencies;
- the best security level on the market;
- all the data is stored on the Ledger device.
Trust wallet is familiar to those who conduct cryptocurrency trading on the Binance exchange, which acquired this service in 2018. This wallet is completely mobile – you can only install it on your iPhone or Android. The wallet is straightforward to use and easy to navigate, has a modern design and a lot of features, for example:
- +160,000 supported cryptocurrencies;
- staking of TRX, ETH, ADA, TOMO, etc.;
- high level of security;
- excellent level of support.
The Best Cryptocurrency Wallets in 2022 – Final Thoughts
Modern solutions make us value privacy and security, and this is the most important fact while choosing storage for crypto coins. In this small guide, we offer you the list of four cryptocurrency wallets, which are safe, user-friendly, and have plenty of features. This list includes:
- Coinbase Wallet;
- Trust Wallet.