Cryptocurrency wallets are available in many kinds, however at their core all crypto wallets present a technique to defend secret info that provides you management over your digital property. This isn’t one thing you wish to depart to likelihood; for those who lose entry to those “private keys,” you could by no means get your cryptocurrency again.

Non-custodial crypto wallets are the kind of storage possibility most well-liked by many crypto fanatics as a result of they place you in command of your individual non-public knowledge. Not like while you hold property on a cryptocurrency change, with a non-custodial pockets, you don’t must belief a 3rd occasion to safe your non-public keys. The collapse of crypto platforms FTX and BlockFi in 2022, which left clients questioning if their funds had been misplaced eternally, reveals a few of the potential pitfalls of leaving your crypto in another person’s fingers.

That’s to not say non-custodial wallets are with out danger. They’re much less forgiving of errors reminiscent of misplaced passwords, and you must belief that your pockets’s {hardware} and software program will work as meant.

And transferring property between wallets repeatedly can grow to be pricey due to transaction charges imposed by underlying blockchain networks. For these causes some crypto customers have a number of sorts of wallets: some for long-term safekeeping and others for energetic buying and selling.

A method to decide on a pockets is by trying on the web site of the cryptocurrency you’re hoping to retailer. There are lots of single-purpose options constructed for particular person cryptocurrencies. For instance, MetaMask is commonly thought of a high Ethereum pockets as a result of it focuses solely on ERC-20 tokens. Equally, Electrum is among the many high Bitcoin wallets as a result of it is constructed particularly for Bitcoin energy customers.

However for those who’re planning to guard a number of sorts of cryptocurrencies in a single place, it’s a good suggestion to buy round. Right here’s how to know what’s best for you.

For those who’re going to make use of a non-custodial pockets, the primary query is whether or not you need a scorching pockets or a chilly pockets. These phrases might sound unfamiliar, however the principle distinction between a scorching pockets and a chilly pockets is whether or not it’s related to the web.

• A scorching pockets is on a tool that’s related to the web. These are sometimes free to make use of, providing add-on companies reminiscent of buying and selling or staking in change for charges. A scorching pockets makes it comparatively simple to hold out transactions utilizing crypto, however it might be extra weak to hackers who might theoretically attain your crypto over the web.

• A chilly pockets is on a tool that’s disconnected from the Web. These are likely to value cash, as a result of you must purchase a bit of precise {hardware} that’s set up to retailer your crypto. As a result of they aren’t related to the web, they might be more durable for different customers to achieve. However for those who lose the precise system, restoration might be very troublesome.

There’s a giant collection of scorching wallets in the marketplace, and most of them can help a whole lot and even 1000’s of cryptocurrencies. In addition they typically can maintain not less than some sorts of NFTs, or non-fungible tokens, and lots of join on to exchanges the place you should buy or promote crypto.

The important thing variations between crypto wallets are:

• What number of sorts of digital property are supported?

• How simple is it to maneuver crypto offline, into a chilly pockets?

• Are there sources for in-app staking or rewards packages?

Crypto.com DeFi Pockets is a pockets created by an organization largely recognized for its crypto exchanges. It’s particularly tailor-made to be used in what is named decentralized finance (DeFi), which is a sector of the crypto world centered on lending, saving and different monetary merchandise that don’t depend on a central dealer. Customers of Crypto.com DeFi Pockets can use their crypto holdings to work together with DeFi merchandise each on their cell app and in a browser extension. It additionally has a desktop app that integrates with Ledger {hardware} wallets.

• Assets supported: Greater than 1,000.

• Can convert to chilly storage: Sure, on desktop.

• Staking/DeFi support: Sure.

Zengo has emerged as a next-generation pockets that claims to construct on the expertise of earlier wallets. Quite than seed phrases and personal keys, Zengo makes use of a type of cryptography referred to as multi-party computation, or MPC, to safe property and carry out transactions. Zengo claims that is the primary occasion of a client pockets (versus an establishment) utilizing MPC. Seed phrases and personal keys have been on the coronary heart of self-custody in crypto because the starting, however Zengo goals to reinforce safety whereas taking out the problems that come from managing your individual keys and seed phrases. The corporate says that as of 2024, no Zengo wallets have been phished, hacked or in any other case taken over. 

The largest draw back to Zengo is that it doesn’t supply a downloadable desktop model, and at present, it lacks help for some extremely popular cryptocurrencies, together with Solana, XRP, Cardano and Polkadot. ^[0]

Assets supported: Over 1,000.

Can convert to chilly storage: Sure, through WalletConnect.

Staking/DeFi support: Sure.

Guarda is a free, all-purpose crypto pockets whose customers can entry their crypto through cell, desktop or browser extension. It says it helps greater than 400,000 digital property. Customers of Guarda can transfer crypto into chilly storage by way of an integration with the {hardware} pockets Ledger. Guarda additionally has staking packages accessible.

• Assets supported: Greater than 400,000.

• Can convert to cold storage: Yes.

• Staking/DeFi support: Sure.

Exodus presents a strong set of software program instruments, together with a cell app, a desktop app and a browser extension. Its merchandise permit customers to purchase, commerce or stake cryptocurrency immediately from their wallets, and it has an integration with the Trezor chilly pockets meant to assist folks simply transfer crypto from scorching to chilly storage. Exodus, which is free to make use of, additionally has a strong library of explanatory content material for people who find themselves studying about crypto. Exodus helps about 300 cryptocurrencies, together with most of the hottest property. Nevertheless, that quantity is smaller than a few of its opponents who say clients can retailer tens of 1000’s of various sorts.

• Assets supported: Greater than 300.

• Can convert to cold storage: Yes.

• Staking/DeFi support: Sure.

You’ve heard of Coinbase. The corporate operates the most important U.S.-based crypto change. However Coinbase Pockets is a separate product that permits customers to retailer cryptocurrency themselves slightly than protecting it within the custody of Coinbase. As a result of the Coinbase Pockets was created by Coinbase, it integrates simply with its firm’s change and could also be a superb introduction for customers who haven’t used a non-custodial pockets earlier than.

The free utility has another strengths, reminiscent of cell and browser-based connections to decentralized functions. It additionally lacks some performance supplied by opponents, reminiscent of a desktop app, although its browser extension connects to the Ledger {hardware} pockets.

• Assets supported: “Thousands” according to Coinbase marketing materials.

• Can convert to cold storage: Yes.

• Staking/DeFi support: Sure.

Trust Wallet is another storage product that operates in partnership with a major crypto exchange. It is the official wallet of Binance, the international digital asset firm, and that partnership gives users the ability to buy, sell and trade directly from their wallet. It says it supports more than 10 million types of digital assets, though this should probably be taken with a grain of salt, as CoinMarketCap only puts the number of circulating cryptocurrencies at about 2.2 million^[0]

• Assets supported: More than 10 million digital assets and over 100 blockchains.

• Can convert to cold storage: Yes, to Ledger via browser extension.

• Staking/DeFi support: Sure.

If you’re a regular user of applications on the Ethereum blockchain, chances are you’ve come across MetaMask. Free and open-source, MetaMask can store any digital asset that’s built on Ethereum. MetaMask also integrates with many of the “Web3” applications that exist on the Internet and require crypto transactions to work.

MetaMask has mobile and browser-based wallets, though it does not have a desktop app. MetaMask also does not have staking directly in its app. You can, however, easily stake tokens using the apps that connect to MetaMask on the web. Just remember that if you’re not a big user of Ethereum and its related tokens, MetaMask might not be much help to you.

• Assets supported: More than 1,200.

• Can convert to cold storage: Yes.

• Staking/DeFi support: Through connected apps.

Electrum is an outlier among wallets reviewed by NerdWallet, in that it only works with one cryptocurrency. That cryptocurrency, however, is Bitcoin — far and away the most valuable cryptocurrency on the market. What Electrum lacks in altcoin offerings, however, it makes up for in security and transparency. This free, open-source product offers two-factor authentication, straightforward connections to cold storage, and support for multisignature transactions (which require the signoff of multiple users). Electrum only offers a desktop app and a mobile app for Android, but the tools it offers to Bitcoin enthusiasts make it a standout. And it’s a reminder that if you’re only looking to store one cryptocurrency, it can be a good idea to refer to its official website for recommendations.

• Assets supported: One (Bitcoin).

• Can convert to cold storage: Yes.

• Staking/DeFi support: No.

Cold wallets are usually gadgets that help you store sensitive crypto information on a device that isn’t routinely connected to the internet.

While there are ways to do this yourself, hardware wallets come preloaded with software and other usability and security features that make the process smoother.

Cold wallets cost more than hot wallets, in part because you’re buying an actual, physical product. When you’re comparing crypto wallets, you may want to consider details such as price and security measures. If you also use a hot wallet, you should check to make sure the hardware you’re considering will work with your software wallet.

Here are some of NerdWallet’s top picks for cold crypto wallets.

Ledger is one of the best-known names in crypto wallets. Its prices range from around $79 to $149, and Ledger can integrate with many popular software wallets such as Crypto.com and Guarda. Ledger has a highly rated mobile app, plus a dedicated desktop app, and its developers are in the process of rolling out a browser extension. Ledger also has two-factor authentication available, and a library of educational content for users.

• Assets supported: More than 5,500.

• Can convert to online storage: Yes.

• Staking/DeFi support: Sure.

Trezor offers some of the highest-end hardware available in crypto storage. While its entry-level model (the Tezor Model One) costs around $60, it also has a more expensive model (price at publication was $179) with a touch screen. Trezor has integrations with other crypto firms such as Exodus, though it also provides built-in services such as staking and crypto purchases through its software products. It has a desktop offering, as well as a mobile app (Trezor Suite Lite) for Apple and Android.

• Assets supported: More than 9,000.

• Can convert to online storage: Yes.

• Staking/DeFi support: Sure.

SafePal is something of a hybrid wallet, with both offline and online elements. It stores your crypto on a hardware device, which starts at a relatively affordable $50. You can then use that device to interact with SafePal’s software products such as a mobile application and browser extension that facilitate services like buying, selling and trading. It says it lets users explore more than 100 million digital assets^[0]

• Assets supported: More than 100 million types of digital assets, with 45,000 specific cryptocurrencies listed on its website.

• Can convert to online storage: Yes.

• Staking/DeFi support: Yes.

Crypto.com and Zengo are tied for the title of highest-rated hot wallet, owing to DeFi Wallet’s support for a wide variety of coins, and Zengo Wallet’s advanced security protocols and spotless security track record.

However, each of these wallets’ strengths is the other’s liability. DeFi Wallet lacks many common security features, including two-factor authentication, while Zengo lacks support for several popular coins such as Solana and XRP.

Ledger takes the highest marks in the cold wallet category thanks to its affordable price, popular mobile app and educational resources, security features, and integrations with popular crypto software.

How do we review cryptocurrency wallets?

NerdWallet’s comprehensive review process evaluates and ranks products that allow U.S. customers to store, send and receive cryptocurrency. Our aim is to provide our independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.

We conduct first-hand testing and observation, and the results fuel our proprietary assessment process that scores each provider’s performance across more than 15 factors. The final output produces star ratings from poor (one star) to excellent (five stars). For more details about the categories considered when rating wallets and our process, read our full methodology.