If you want to trade, sell, purchase, or collect cryptocurrency, you want to know what are the best cryptocurrency wallets on the market. A wallet will facilitate sending, receiving and storing assets, and it will keep your crypto assets safe. However, not all such wallets are created equal, and some stand out in their quality, security, and offered features. In this post, we’re taking a closer look at the best crypto wallet options available on the market today.
In this article we will take a look at the following topics:
- What is a cryptocurrency wallet?
- Crypto wallet security and private keys
- Best cryptocurrency wallets
If you’re new to this space, why not join our community on Discord and ask around. There’s a lot of knowledge in the DappRadar community, and knowledge can be shared. But first read our explanation about cryptocurrency wallet below:
What is a cryptocurrency wallet?
In the world of cryptocurrency, a wallet is an app or device used for receiving, sending, collecting, and tracking ownership of crypto assets. Unlike real-life wallets, where you keep your cash or payment cards, crypto wallets don’t exactly store your cryptocurrency.
What they do provide is secure access to your cryptocurrencies, so they resemble more to using a bank account or payment system. Think of a crypto wallet as your identity when transacting cryptocurrency. Your wallet’s address is how this transaction is recorded on the blockchain.
Crypto wallets can be in the hardware (a device similar to a USB stick) or software (online wallets and apps) form. Less commonly, they can also be paper-based (and stored in a safe place), but this is far from being the most convenient way to manage your crypto assets.
Due to being offline, hardware and paper wallets may be safer from malicious actors, but they lack functionality and can be damaged or lost. On the other hand, software wallets are easier to use and include all sorts of options, but their safety depends on the level offered by the wallet provider and the user’s own awareness. Never click on links you don’t know!
Crypto wallet security and private keys
A user’s wallet contains a set of one or more keypairs, which include a securely generated private key and its cryptographically derived public key.
The public key is the wallet’s address (receiving address). Since it’s public, it can be shared and displayed freely to others. For a transaction to go through from one user to another, the sending party needs to have the receiving wallet’s address.
This is an example of a public key, in this case a wallet owned by Snoop Dogg:
0xce90a7949bb78892f159f428d0dc23a8e3584d75In contrast, the private key is necessary for digitally signing any transactions in which cryptocurrencies are sent to another address. The private key also allows the user to make any changes to their wallet. The keyword here is ‘private’, which means you must never share it. Gaining access to a wallet’s private key would allow anyone to withdraw all the assets it contains. Also, losing the private key would mean losing forever the crypto assets sent to the wallet’s address.
A private key can look like this:
8da4ef21b864d2cc526dbdb2a120bd2874c36c9d0a1fb7f8c63d7f7a8b41de8fTo sum up, anyone can deposit cryptocurrency in a wallet using a public key. However, no one can withdraw or use these assets without a unique private key. Those who hold the private key, hold the power. That’s why it’s important for users to always have access to their own private keys.
Best cryptocurrency wallets
Now that we’ve gone through the basics, let’s check out what today’s cryptocurrency wallet scene has to offer.
WalletConnect
Integrating with over 75 wallet apps, WalletConnect is an open-source protocol that facilitates simple and secure communication between users’ wallets and dapps. To connect, you only need to scan the target dapp’s QR code or click on its deep link and you’re good to go. WalletConnect can connect with any blockchain, meaning that you can use and discover dapps on Ethereum, Solana and NEAR for example.
Metamask
An easy-to-use software crypto wallet and dapp gateway, MetaMask is available as a browser extension and mobile app. It provides users with a vault for storing and managing keys and passwords. It also allows transaction broadcasting, and the ability to send and receive crypto assets. METAMASK is compatible with every EVM blockchain. As a result it support basically every blockchain tracked by DappRadar, including popular ones like Ethereum, Binance Smart Chain and Polygon.
MEWconnect
A ‘hardware wallet without all the hardware’, MEWconnect adds a hardware wallet-like functionality to users’ mobile devices. Specifically, it stores private keys in a local, isolated vault on the mobile device, disconnecting them from the device that executes the transactions. MEWconnect uses WebRTC technology, using no central servers and ensuring secure and decentralized access. MEWconnect and MyEtherWallet support Ethereum, Binance Smart Chain and Polygon.
Temple Wallet
A user-friendly browser extension wallet, Temple facilitates interactions with various Tezos-based assets and web-based dapps directly from the user’s browser. It supports multiple accounts, account importing from other Tezos wallets, as well as FA1.2 and FA2 tokens. Temple only works with the Tezos blockchain, discover Tezos dapps here.
Ronin Wallet
Another simple browser extension and mobile app, Ronin Wallet allows users to use dapps and games on the Ronin sidechain. This is an Ethereum sidechain designed specifically for blockchain games, such as Axie Infinity. The wallet can be used for transactions, as well as to breed and collect NFTs without paying high gas fees. Discover dapps on Ronin here.
Phantom Wallet
A non-custodial wallet browser extension, Phantom provides a straightforward and safe way to interact with the Solana ecosystem. It creates and stores users’ private keys on their devices, providing them with full control over their funds. In addition the wallet carries out crypto transactions through its built-in DEX. Dive into the wider Solana ecosystem and start using Phantom.
Ledger Nano X
A hardware wallet for managing your cryptocurrencies on the go, Ledger Nano X connects with mobile devices via Bluetooth. Combined with the LEDGER Live app, it keeps users’ crypto assets offline and protected. It supports up to 100 dapps, and over 5,500 different tokens. Ledger launched a couple of years ago with support for Bitcoin and Ethereum, but has added a wide range of other blockchain ecosystems. Basically any blockchain tracked by DappRadar works with a Ledger wallet.
Trezor Model T
Trezor Model T is the first hardware crypto wallet to use Shamir Backup (SLIP39). This system also acts as a security token, authenticator, and digital ID. It stores private keys, providing safe access to them and keeping them isolated from online exposure. The device includes a touchscreen for verifying all the transactions. Similar to the Ledger wallets, the TREZOR Model T supports a wide variety of blockchains. This means you can connect your hardware wallet to all kinds of dapps.
Ledger Nano S
Ledger Nano S may be the cheaper version of the Nano X hardware wallet, but still has much to offer. It supports the installation of up to three dapps, as well as being compatible with the Ledger Live app. Ledger launched a couple of years ago with support for Bitcoin and Ethereum, but has added a wide range of other blockchain ecosystems. Basically any blockchain tracked by DappRadar works with a Ledger wallet.
Coinbase Wallet
While the main COINBASE app allows users to purchase and sell crypto, Coinbase Wallet facilitates storing private keys, sending, receiving, and spending digital assets, and accessing dapps. The app, which can be used on a mobile device or web browser, supports more than 4,000 different assets and numerous dapps.
The final choice is yours
If you’re a crypto beginner unsure of what wallet to use, we hope this list with the best cryptocurrency wallets has given you a place to start. If you’re an experienced user looking to switch to a better wallet, then you can consult the list, as well.
Either way, you can learn the latest on various decentralized apps and cryptocurrencies if you follow DappRadar on Twitter. You’re also invited to join the DappRadar PRO community and take advantage of the exclusive Discord discussion, along with the most current DeFi stats.
