12 Best Crypto Wallets For Beginners In 2022
12 Best Crypto Wallets For Beginners In 2022
A Crypto wallet is a software/hardware application to store your cryptocurrency. However, cryptocurrencies do not exist in any physical shape or form. Crypto can’t technically be stored anywhere except coin wallets. This type of software is easy to use while also being secure and fast.
There are a plethora of Crypto wallets in the market, and choosing one can be difficult. Following is a handpicked list of Top Crypto Wallet App & software, with their website links.
1. Coinbase Wallet
Best for Beginners who have little to no experience in the crypto market.
Coinbase is a hot crypto wallet that can sell, transfer, buy, and store digital currencies. You can store all your NFTs and crypto coins in one place in Coinbase Wallet.
It supports more than 100 countries and more than 35 million people who trust Coinbase to sell, buy, store, and earn cryptocurrency. This Crypto wallet can store digital collectibles and NFTs and supports 500+ crypto assets.
Pros:
User-friendly interface
Multi-signature and 2-factor authentication support.
Provide optional cloud backups which can protect your digital keys.
Cons:
High Transaction fee
Limited trading types
Customer services issues
2. Binance
Best for crypto traders looking for multiple features in their wallets.
Binance is a central cryptocurrency exchange platform with a robust selection of crypto trading features. Binance was founded in 2017 by software developer Changpeg Zhao.
This crypto wallet offers leading crypto features like Auto-invest, staking, Defi, Futures and Options, and P2P trades. Their average 24-hour trading volume is worth $100 billion, crediting users’ trust in their system. Their native coin, BNB, is among the Top 5 crypto globally. This crypto exchange has a Blockchain called the Binance Chain.
Pros:
Low non-instant and instant buy fees
Extremely large coin selection
Numerous extra services
Cons:
Hiccups in account verification
Not available in the US
Non-transparent corporate structure
3. Crypto.com
Best for active traders and anyone interested in using crypto as an actual currency and not just for investment.
Crypto.com offers 250+ coins and is one of the fast-growing crypto exchange platforms. It allows users to sell, hold, buy and trade an extensive list of coins and enjoys low trading fees. Besides this, it also offers decentralized exchange, cryptocurrency credit cards, an NFT marketplace, and a standalone crypto wallet.
You can also hold your crypto for a set period and earn up to 14.5% interest on it.
Pros:
Low fees
Earn interest on crypto
Strong security
Cons:
Difficult to navigate
Coins aren't universally available
Poor customer service
4. MetaMask
Best for developers who have just started their blockchain journey
MetaMask is a digital wallet that allows you to manage, send, and receive Ethereum and ERC-20 tokens. You can also add the Binance Smart Chain network manually on MetaMask to store and exchange BEP-20 tokens. Aaron Davis and Dan Finlay designed it back in 2016 intending to assist crypto traders. The MetaMask wallet connects a regular browser like Google Chrome or Firefox to the Ethereum blockchain by acting as a browser extension.
Pros:
Higher availability
Very popular
Easy to use
Cons:
It is an online wallet
Too slow transactions
Only supports Ethereum and ERC-20 tokens
5. Electrum
Best for those who want to focus just on Bitcoin
Just two years after the launch of the world’s first cryptocurrency, Bitcoin, a cold wallet, Electrum, was launched in 2011. Electrum excels at its core purpose of securing cryptocurrency, despite its bare-bones user interface and devotion to just Bitcoin.
Pros:
Easy to set-up
A widely used platform
Provides integration with a hardware wallet for extra security
Cons:
Not suited for beginners
Supports Bitcoin only
Steep learning curve especially for Bitcoin newbies
6. Ledger Nano X
Best for those who want to store 5500+ crypto in one location.
Ledger Nano X is the advanced cold wallet by Ledger company. It supports over 100+ crypto apps and coins. It is bundled with features like Bluetooth and USB-C cable connectivity. It allows you to easily manage the cryptos and NFTs. It strikes a good balance of accessibility and security. Ledger Nano X is packed with the most convenient form factors and uses micro-LCD.
For the setup, you need to start with setting up a PIN, then a 24-word seed phrase, which acts as your wallet’s private key. It works best when paired with Ledger live smartphone app. Using the app, you can easily and quickly view your balance with or without the device.
Pros:
It can be set up and used with a smartphone or tablet
Very portable and has a built-in battery
Supports all major blockchains and a wide range of tokens
Cons:
The Bluetooth function might pose a security risk
Relatively expensive
Cannot store more than 100 applications
7. Zengo
Best for beginners and intermediate crypto investors who like quick purchases.
ZenGo is the non-custodial wallet that uses the next generation of security protocols using facial biometrics technology. This is a platform where you can buy, sell, trade, and invest in cryptocurrencies within the ZenGo wallet.
It is one of the easiest Cryptocurrency wallets in terms of setup. It is an innovative company holding a fresh product that solves a huge problem of private keys and passwords.
Pros:
Smooth user interface
Buy and sell within the app
One of the easiest wallets to set up
Cons:
Have to store Keyless Recovery Backup on iCloud or Google Drive
Not fully non-custodial
The keyless technology can be confusing for crypto beginners
8. Trezor Model T
Best for those looking for a digital security solution that transcends cryptos and easily controls your funds.
Trezor Model T is one of the most advanced and secured cold wallets in the market for your crypto traders. Trezor company is a subsidiary of Satoshi Labs. Trezor has two products Trezor One and Trezor Model T. Trezor Model T was released in 2016.
With Trezor wallet, you can protect your cryptos, digital assets, and passwords from hacks. It supports more than 1800 coins and tokens. The next-generation hardware wallet has several features, including a touchscreen display, a faster processor, and top-notch security.
Pros:
Top-notch security
Touchscreen user interface
Easy to set up
Cons:
Bulky design
Pricey
Poor customer support
9. Kraken
Best for experienced and new crypto investors.
Kraken is a cryptocurrency exchange platform where you can sell, buy, invest, exchange, set limit orders, and much more on crypto-assets such as Bitcoin and Ethereum. It is one of the oldest Bitcoin exchange places. It supports more than 120+ different coins in 150+ countries, making it one of the biggest crypto marketplaces. Kraken also supports spot trading and cryptocurrency futures.
Kraken was founded in 2011 by Jesse Powell in San Francisco. It also supports several institutional and individual investors with competitive prices in cryptocurrency trading. Kraken was launched after two years of development and rigorous testing.
Pros:
Low non-instant buy fees
Advanced trading platform
Massive product selection
Cons:
Extremely high instant buy fees
poor selection of educational materials
Limited options for funding accounts
10. Mycelium
Best for mobile users
Mycelium is one of the best mobile crypto wallets that is non-custodial. It gives you complete control over the transaction fees and integrates with major hardware wallets. It enables investors to securely manage Ethereum, Bitcoin, and ERC-20 tokens.
Mycelium provides advanced features like cold storage integration, spending accounts, and even single address savings accounts. It is a platform for investors to send, store or trade Bitcoin and other cryptocurrencies. It also supports different account types like Single Address, HD, Bit ID, Watch Only, and Hardware accounts.
Pros:
Users can create multiple accounts
Offline transaction available
Above-par security feature
Cons:
Lacks desktop version
Stores only Bitcoin
Not suitable for beginners
11. Exodus
Best for desktop users
Exodus is one of the most famous crypto wallets used to securely sell, buy, hold, and manage cryptocurrencies/NFTs. Its easy-to-use interface has made it very popular amongst new and experienced crypto traders. It gives access to more than 160+ cryptocurrencies.
It was founded in 2015 by JP Richardson and Daniel Castagnoli, with their headquarters in Nebraska. The U.S. Securities and Exchange Commission (SEC) approved it's Class A common stock offering in April 2021. It is compatible with hardware wallets.
Pros:
Allows users to retain their private keys
Supports multiple cryptocurrencies
Easy to use, beginner friendly
Cons:
High transaction fees
Doesn't offer two-factor authentication
It is not a highly secure wallet
12. CoinSmart
Best for beginners who have never tried cryptos
CoinSmart is a platform where people with zero knowledge of cryptocurrency can begin with. It accepts SEPA, E-transfers, and other cryptocurrencies as funding methods. You can easily track all your activities like deposits and withdrawals.
CoinSmart is a Toronto-based cryptocurrency exchange where you can quickly sell, buy, and track your cryptos. It was established in 2018 by Jeremy Koven and Justin Harzman. The motive behind creating CoinSmart was to make the exchanges of the cryptos easy and much more reliable to anyone in Canada.
Pros:
Easy to set up with quick account verification
Fast and same-day deposits
It offers a referral program
Cons:
Available in very limited countries
The selection of coins could be bigger
No android mobile app at present
