If you plan on investing in cryptocurrency, you should also invest in a crypto wallet.
Crypto wallets are a secure place to store your cryptocurrency on or your ownership, and they can take the form of hardware or software. Before I list out the best wallets, I first want to recommend that you get a noncustodial wallet.
A custodial wallet means you’re trusting a company to hold onto your cryptocurrency but they have total control over it. Noncustodial means an investor has complete control over their asset.
Trezor Model T
The Trezor Model T is a cryptocurrency hardware wallet that ranks among the best in terms of security. It’s about the size of a stopwatch and allows users to store their digital coins offline. The Model T comes with a touchscreen and a USB-C cable that connects to a computer and can store more than 1,600 coins and tokens with more being added. The full list can be found on the company’s website.
Can you tell she likes privacy? Smart cookie! 😉
— The Crypto Vigilante (@VigilanteCrypto) July 23, 2021
The software on the device is open source and does not support Bluetooth, both of add to its high level of security. It is one of the more expensive options at $190 and can be really confusing for beginners.
Exodus is a great wallet for beginners just getting into the crypto space. The wallet is a noncustodial app that’s available on mobile devices and desktop. It has a simple user interface that’s easy to understand and Exodus has an exchange built into it so investor can also buy assets while managing them. Currently, Exodus supports more than 130 types of cryptocurrency like Bitcoin, Dogecoin, and Tether.
The biggest problem with Exodus is that it is a closed source wallet which can be a security concern. The team behind Exodus does interact with its community frequently and works closely with users to ensure there are no holes in the security.
Mycelium is one of the oldest crypto wallets and is still highly recommended. The wallet is a mobile-only app and offers support with hardware wallets (like the Model T) for its secure accounts.
The first functional use of a Bitcoin Visa card, accepted everywhere. I scanned the code on the back with my Mycelium wallet, transferred a fraction of a Bitcoin and bought drinks for the key members of my development team – shown here. pic.twitter.com/mJCpLncShc
— John McAfee (@officialmcafee) May 6, 2019
The bad news is that Mycelium only supports a few cryptos: Bitcoin, Ethereum, and ERC-20 tokens like Tether USD and HobiToken. The good news is it’s free, noncustodial, and open source. It has a high level of security and gives more control to users over transaction fees. Mycelium even allows users to Bitcoin with fiat currency.
Ledger Nano S
The Ledger Nano S is an affordable entry for investors interested in hardware wallets. It costs $59 and is similar to the Ledger Nano X as the wallet is compatible with over 1,500 cryptocurrencies, but with fewer features. The Nano S does not have Bluetooth connectivity and can only store up to three apps versus the 100 that the Nano X can store.
I recommend the Nano S over the Nano X model because of its price tag and security. For $60, it’s one of the best hardware wallets out there for its price plus lack of Bluetooth means it’s more secure at the cost of luxury.
It’s important to mention that in July 2020, the company was hacked and some customers’ personal data was accessed. Access via Bluetooth is one of the most common ways hackers get into crypto wallets.