Not Private Way To Buy Cryptocurrency

Not private way to buy cryptocurrency

Not private way to buy cryptocurrency

In this post, I’m going to show you the 7 best cryptocurrency wallets.

Back in 2018, over $1 BILLION worth of crypto was stolen, so I will also show you a few simple crypto security tips that you can apply right now.

It gets even better.

This guide will ALSO help you select which cryptocurrency wallet is best for you.

Without further ado, let’s dive right into it.

What types of cryptocurrency wallets are there?

You may be asking yourself: How does a cryptocurrency wallet work?

What types of wallets are there?

Keeping it short and sweet, a cryptocurrency wallet is a tool that stores your private and public keys in order to let you send or receive cryptocurrency.

Since crypto wallets are a just tool that uses your private keys to access your coins, there are two different types of cryptocurrency wallets: cryptocurrency software wallets and cryptocurrency hardware wallets.

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Let’s now explore each one in a bit more detail to help you to find the best crypto wallet for you.

Online wallets

Online wallets are accessed on a website and enable you to interact with your coins from any device.

While it’s true that online wallets are not the most secure option since they are connected to the internet and can hence make you a target of bad actors, they are also one of the most convenient options.

Cryptocurrency hardware wallets

Crypto hardware wallets are by far the safest way to store your cryptocurrency.

Let’s explore what makes them special.

Crypto hardware wallets are devices that store your private keywords on a USB-like device. Hardware wallets are built in a way that always keeps the private keys offline, which leaves them out of reach of potential hackers at all times.

However, even if someone steals your hardware wallet, that still doesn’t necessarily mean that your coins are at risk.

The hardware wallets that we review below all enable you to set a multi-digit pin, which needs to be typed in before accessing the device to withdraw coins.

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Therefore, if your hardware wallet is stolen by someone who doesn’t know your pin, your coins are still perfectly safe.

Cryptocurrency app wallets

Crypto mobile wallets enable you to store your cryptocurrency right on your smartphone. This makes it very simple to carry around your crypto wherever you go and also enables you to easily use your coins for day-to-day purchases.

That being said, many people decide not to leave a lot of coins on their mobile wallet because smartphones can be an easy target for hackers.

Cryptocurrency Desktop wallets

Desktop wallets are a software program that you download directly to your computer.

Before choosing this option you need to be aware of the fact that some wallets will require you to download the entire blockchain history of the coin you want to interact with, which can weight tens of GigaBytes.

Furthermore, many desktop wallets (Like Bitcoin Core), will only support 1 coin (Bitcoin in this case).

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This can be a bit inconvenient if you hold multiple cryptocurrencies.

Cryptocurrency Paper wallets

As the name suggests, a paper wallet is simply a method by which your private keys are actually stored on a piece of paper (or written down on any other offline medium).

Paper wallets can be an alternative to hardware wallets if you want to store your coins safely but are not in a position right now to invest in a hardware wallet.

Best Cryptocurrency Wallets Compared

Before diving into more depth with each individual online wallet, let’s first check how the best cryptocurrency wallets compare between each other.

What makes a top cryptocurrency wallet?

Before proceeding to our comparison table of the best cryptocurrency wallets, it’s important that you know what you should be looking at when choosing a bitcoin or altcoin wallet.

We have conducted our cryptocurrency wallet review based on the 7 factors below.

  • Security: How secure is the cryptocurrency wallet?
  • Cost: How much does the digital wallet cost? Are there any transaction fees?
  • Ease of use: Is the online wallet intuitive and easy to use?
  • Multi-currency support: Does the cryptocurrency wallet support multiple cryptocurrencies?
  • Mobility: In the case of a hardware wallet, is it easy to carry around?
  • Look and feel: Does the cryptocurrency or bitcoin wallet “look” nice, or does it feel clunky and old?
  • Customer support: How good is the customer support of the company selling the bitcoin wallet?

Best Cryptocurrency Wallets Review

Coinbase Best Overall

Coinbase is not only the simplest way to buy cryptocurrency, but its integrated crypto wallet also makes it one of the best ways to store cryptocurrency.

PROS
  • Enables you to buy and sell cryptocurrency
  • Very intuitive and easy to use
  • Extremely safe
CONS
  • Coinbase charges a small withdrawal fee

Open Account at Coinbase

Before diving into the cryptocurrency wallet functionality of Coinbase, let’s first quickly have a quick look at what makes it different from other multi cryptocurrency wallets out there.

Coinbase currently enables its users to buy 15+ cryptocurrencies, including Bitcoin, Ethereum, Ripple, Litecoin, BAT, and more.

Coinbase charges a fixed 1.49% commission for buying or selling cryptocurrency.

This is relatively low compared to other Coinbase alternatives like Coinmama, which charges up to 4.5%.

To buy cryptocurrency on Coinbase, simply select the coin that you want to purchase and deposit funds in USD, EUR or GBP.

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You can make the deposit with your credit or debit card, or also with a bank transfer.

If you want to purchase cryptocurrency instantly, you should use a card. However, if you want lower fees, then you should deposit the funds with a bank transfer.

You can use the Coinbase cryptocurrency wallet on the “Accounts” tab.

Here you can deposit any of the supported cryptocurrencies by Coinbase by simply selecting the coin you want to select, and clicking “Receive”.

Once you click “Receive”, a window will open showing you the address where you can make the deposit on.

To withdraw your coins from the Coinbase wallet, simply click on “Send” and type in the crypto wallet address you want to send the coins to.

If you are looking for a Bitcoin wallet that not only enables you to store your coins safely, but that also enables you to easily buy cryptocurrency, then Coinbase is the best cryptocurrency wallet for you.

Ledger Nano S Best for Security

The Ledger Nano S is a highly secure cryptocurrency hardware wallet.

The device supports 350+ cryptocurrencies and is also extremely simple to use.

PROS
  • Extremely secure
  • Supports hundreds of cryptocurrencies
  • Excellent customer support
CONS
  • It’s a physical device that needs to be carried around
  • Less intuitive to use than some mobile wallets

Get Ledger Nano S

Since the safest option to store your cryptocurrency is a hardware wallet, that’s precisely the product that made it to the second spot on our crypto wallet review.

Manufactured in France by the trusted company “Ledger”, the Ledger Nano S is one of the most secure ways of storing your cryptocurrency.

In order to interact with the coins you store on a Ledger Nano S, you simply have to open “Ledger Live”.

The simplicity of this interface is why we also recommend it to beginners.

For additional security, the Ledger is locked with a customizable 8 digit pin. This way, even if your device is stolen your coins will remain safe as long as the thief doesn’t know your pin.

The Ledger Wallet is operated with 2 physical buttons that are found the top of the device.

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You can use these buttons to type in your pin, input your recovery words, confirm transactions, and view your balances. The fact that these buttons are physical is a significant security add-on since there is no way for a hacker to remotely click a physical button on your device.

Although the design of the device could be sexier, the Ledger Nano S is hands down the best crypto hardware wallet out there by combining extreme security, a simple interface, and an unbeatable price.

Trustwallet Best for Mobile

Trustwallet used to be a regular Ethereum and ERC-20 token wallet until it was acquired by crypto exchange titan Binance.

Now the wallet supports dozens of additional blockchains in addition to Ethereum and has become one of the best cryptocurrency apps.

PROS
  • Owned by Binance and hence very trustworthy
  • Supports hundreds of coins
  • Good for mobile payments
CONS
  • No web wallet available, only mobile

Get Trustwallet

Binance has now done multiple security audits to the wallet and also added support for additional coins like Bitcoin, Tron, Litecoin, and others.

However, this feature expansion has come at a cost.

Trust wallet now no longer the simple wallet that it used to be and is hence not a great option for people that are just getting started and that are not interested in an altcoin wallet supporting hundreds of different coins.

Furthermore, at the time of writing the Trust Wallet unfortunately only has an iOS or Android app.

There is no way to access the altcoin wallet online or to download it to your PC.

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This not only comes with a usability downside but also with security concerns.

It is a fact that smartphones are generally not the most secure option to store cryptocurrency since phones can be easily compromised. Therefore you should think carefully before sending all your coins to Trustwallet.

That being said, I will end with something positive and say that Trust wallet is a decent option for mobile payment.

Meaning that if you regularly spend your cryptocurrency at shops and stores, then keeping them on a mobile app like Trustwallet is going to make things much easier for you.

To conclude, all of the above factors make Trust Wallet the best cryptocurrency wallet app out there.

Atomic Wallet Best for Desktop

Atomic is a multi-currency web wallet that also offers an intuitive mobile wallet.

Although it’s less secure than a hardware wallet, it is a great way to store your coins nonetheless.

PROS
  • Great mobile app
  • Built-in cryptocurrency exchange
  • Simple to use
CONS
  • It’s a physical device that needs to be carried around
  • Less intuitive to use than some mobile wallets

Get Atomic Wallet

If you are not ready yet to purchase a hardware wallet and are instead looking for a simple and free software wallet, then Atomic is most likely a great fit for you.

Atomic is a simple multi cryptocurrency wallet that can be downloaded to your PC, Tablet or Smartphone.

Although this is the safest way for a software wallet to operate, it can be cumbersome for people that are looking for a web wallet that they can easily access online without having to download anything.

The wallet was not only launched several years ago and has been properly audited, but Atomic is also partnered with some of the largest companies in the space.

This boosts the wallet’s credibility further, convincing even the greatest skeptics that the wallet is safe.

With that being said, let’s dive into the functionality.

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As already mentioned, Atomic is a multiple currency wallet that supports hundreds of cryptocurrencies and that is very quick to add new ones.

Furthermore, a very nice additional feature Atomic offers to its users is a built-in exchange. With the coin swap functionality, users can easily exchange their coins directly through the wallet without having to risk sending their coins to an exchange.

Last but not least, another point that makes Atomic a great way to store your cryptocurrency is their fast support team and extensive help center.

If you’re ever having an issue with anything, rest assured that the support team will find a solution immediately.

TREZOR One

The TREZOR One was launched back in early 2014 as one of the first bitcoin hardware wallets ever, today it’s a multi cryptocurrency hardware wallet and supports dozens of other coins aside from Bitcoin.

PROS
  • Very secure
  • Most established hardware wallet in the space
  • Supports hundreds of cryptocurrencies
CONS
  • More expensive than Ledger Nano S
  • Plastic built instead of aluminum

Get Trezor One

The device has been battle-tested for several years which is why some consider it a more secure option than the Ledger Nano S, however, that is debatable since both devices have never been compromised yet.

The compact “key-like” appearance of the TREZOR One may not look very appealing, but it makes it very easy to carry around.

However, one downside that needs to be mentioned about the built of the TREZOR One is the fact that it is entirely made of plastic.

This makes the device significantly less robust to competitors like Ledger.

That being said, at the time of writing TREZOR does offer a special edition device which is made of Aluminium. However, the price tag is a hefty $700 which is rather expensive considering that a Ledger S costs about 10 times less.

Similarly to the Ledger Wallet, the TREZOR One also has two physical buttons that are used to operate the device.

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The only difference is that in the TREZOR they are found right below the screen, and not on one side of the device.

Finally, it’s important to point out that the TREZOR one is accessed with a software program that can either be added to your browser or to your computer.

However, although the functionality of this program is very complete, it can be confusing for beginners, which is why we only recommend the TREZOR for people that are already a bit familiar with cryptocurrencies.

Exodus Wallet

The Exodus wallet is a secure multi-currency wallet that at the time of writing supports 90+ crypto assets.

It was created back in 2016 and has since then built an excellent reputation due to its technical excellence and brilliant customer support.

Get Exodus Wallet

One of the main features that make the Exodus Wallet stand out is its intuitive user interface. Even beginners will be able to easily download the wallet to their computer or smartphone and start using it right away.

Secondly, the wallet also has a built-in exchange that enables users to seamlessly swap coins from right inside of the wallet.

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This reduces risk significantly by not forcing users to send their coins to a third party exchange when wanting to do a trade.

The wallet also offers a portfolio management feature, which enables to see all their cryptocurrency holdings at a glance.

Our only points of criticism for the Exodus wallet are its log-in mechanism and the fact that there is no web wallet.

The first point essentially means that the wallet is only secured by a password since there are no additional security measures, like 2-factor authentication via email, which means that if someone knows your password, he can steal your coins.

The second point means that you won’t be able to easily sign in from any device since you actually need to download the software, however, this point is largely balanced out by their excellent mobile wallet which is why we gave the wallet nearly 5 starts for mobility.

That being said, these are factors that most software wallets have in common and that does not make the Exodus wallet a bad pick.

BLOCKCHAIN

Formerly Blockchain.info, BLOCKCHAIN started out as a simple Bitcoin block explorer and has now evolved into one of the best crypto wallets out there with the slogan “Be your own bank”.

PROS
  • Great mobile app
  • Very simple to use
  • Web wallet available
CONS
  • Only supports 5 cryptocurrencies

Get Blockchain.com Wallet

The first thing that you will notice when creating a wallet with the company is that clearly, the main focus of the wallet is ease of use: the user interface is very clean, its very simple to send and receive coins, there is a limited number of coins, and the customer support is amazing.

BLOCKCHAIN is one of the best wallets for cryptocurrency out there for someone that is just getting started in crypto and wants to store their coins safely.

However, where many see advantages, some may see disadvantages.

At the time of writing, BLOCKCHAIN only supports Bitcoin, Ether, Bitcoin Cash, and Stellar Lumens.

This means that if you have any other cryptocurrency then you won’t be able to store it on this wallet

However, if that’s not a problem for you then read on because things are about to get interesting.

BLOCKCHAIN is a web-wallet, meaning that you don’t have to download any software in order to use it and that you can sign into your wallet from absolutely any device.

Furthermore, the wallet also has a great app for both iOS and Android which enables you to keep your coins right in your pocket wherever you go.

If you’re looking for the best cryptocurrency wallet for iphone or Android then BLOCKCHAIN is for you.

Last but not least, BLOCKCHAIN also includes several additional features which are very nice add-ons.

Some of the most powerful ones include a built-in exchange that easily enables you to buy or swap Bitcoin, Ether, Bitcoin Cash, or Stellar Lumens.

The wallet also has a feature it calls the “Lockbox” where it enables users to easily connect the BLOCKCHAIN wallet to their hardware wallet of choice.

MyCrypto

Founded by Taylor Monahan, MyCrypto was the result of an internal clash at MyEtherWallet.

Meaning that if you liked MyEtherWallet, you will love MyCrypto.

PROS
  • Offers the ability to interact with smart contracts
  • Amazing customer support
  • Built with security in mind
CONS
  • Only supports ETH and ERC-20 tokens

Get MyCrypto

If there is one thing that makes MyCrypto stand out then it’s their excellent customer support.

We recommend

If you have any problem and open a support ticket, you can expect to receive an answer in just a few hours, often by Taylor herself.

MyCrypto is a multi-currency wallet with a twist, it currently only supports Ether and Ethereum-based tokens.

Although it’s true that this encompasses hundreds of assets, it will leave people holding coins like Bitcoin, Ripple, or Tron, with empty hands.

So if you’re looking for the best Ethereum wallet then MyCrypto is for you.

However, if you are looking for a complete altcoin wallet, then you should look for a different digital wallet.

On a separate point, although the wallet is an excellent piece of software, it is not a great fit for beginners.

There are several barriers like the fact that users can not use a private key to log-in to the wallet or that some tokens need to be manually added that can be very off-putting for newcomers.

In fact, the wallet is designed with advanced users in mind.

MyCrypto enables advanced functionalities like triggering Ethereum smart contracts or scheduling transactions, which are clearly tailored to people that are already very familiar with blockchain tech.

Lumi Wallet

Lumi is a brand new cryptocurrency wallet combining ease of use with security, and advanced features like purchasing cryptocurrency right from the app.

PROS
  • Available as a web application and mobile wallet
  • Ability to purchase crypto right from the wallet
  • 1200+ coins supported
CONS
  • Not as secure as a hardware wallet

Get Lumi Wallet

Lumi stands out by offering a crypto collectibles wallet app, in addition to its regular crypto mobile wallet.

This collectibles app enables you to store and send ERC-721 Tokens (like crypto kitties), while also giving you access to a Dapp browser built right into the app.

It’s regular cryptocurrency mobile wallet is also nothing short of excellent.

It enables users to store over 1200 crypto assets in a secure and convenient manner, while also supporting simple credit card purchases right from the app.

That said, it’s important to note that the crypto purchase feature currently only supports two fiat currencies (USD and EUR) and two cryptocurrencies (BTC and ETH).

Finally, on the contrary to most wallets that offer excellent mobile apps, Lumi also offers an intuitive and secure desktop wallet.

To create a Lumi web wallet, simply head over to the web wallet creation page and set a wallet password.

Please make sure to properly save the 12 word mnemonic phrase, since that’s the only way to recover your funds if you were to forget the password.

So, which cryptocurrency wallet is the best for you?

Deciding which cryptocurrency wallet is best for you depends on 4 main aspects: how many coins you hold, your level of expertise, how much you move around, and how you use your coins.

Let’s dissect each of these 4 points into a bit more detail.

Depending on the amount of crypto that you hold

As mentioned throughout this guide, by far the safest way to store your cryptocurrency are hardware wallets.

However, as you know by now, they have a cost associated.

Types Of Cryptocurrency Wallets

A good hardware wallet costs about $70, which would not make it a great investment for people that hold less than $100-500 worth of cryptocurrency.

If you hold over $500 then you should definitely opt for a cryptocurrency hardware wallet since the cost of the device is only a fraction of your portfolio value.

Depending on your level of expertise

Another factor to consider is your level of expertise.

Although hardware wallets are highly secure, they might indeed prove to be a bit harder to use than software wallets.

Therefore, if you are still a beginner in cryptocurrency investing and are not very familiar with the tech yet, you might want to opt for a simple software wallet.

Depending on your mobility

Do you move around or travel a lot?

If yes then you should opt for a web wallet. Desktop wallets enable you to access your coins from any device in the world, so you won’t have to carry your PC or your hardware wallet with you all the time.

Another option if you travel around a lot is to keep the coins on a mobile app wallet.

However, you risk losing your device which might result in the loss of your coins if you didn’t back up your private keys or recovery words properly.

Depending on how you use your cryptocurrencies

If you actively use your cryptocurrencies for day to day payments then you should use a crypto wallet that you can easily carry with you at all times.

Image by WIRED

Therefore, in this situation, a mobile app wallet would make a lot of sense.

If, on the other hand, you’re currently holding cryptocurrencies as a long-term investment then you should opt for a highly secure storage method like a hardware wallet.

Are cryptocurrency wallets really secure?

The security of your cryptocurrency wallet depends entirely on the type of wallet that you are using, and how you use it.

9 Best Cryptocurrency Wallets in 2020 (For Bitcoin and Altcoins)

Since we already extensively covered which the most secure wallets are (hardware wallets), it’s now time to also explore some practices that you can follow to make sure that your crypto wallet is secure at all times.

Keep the amount of cryptocurrency you hold a secret

There have been countless kidnappings, robberies, and even assassinations, just to steal someone’s crypto.

And the best way to avoid this is to NOT tell anyone how much crypto you hold.

This, of course, applies to strangers and random people on the internet, but also to close friends.

While your friends most likely won’t do you any harm, they may accidentally reveal your holdings to someone that might.

Even the most secure hardware wallet won’t be able to protect you from someone holding a gun to your head.

Never tell anyone where you store your cryptocurrency

Remember: if someone finds your private key or recovery words for your wallets, then that person has full access to your coins.

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Therefore it’s crucial to store your wallet backups in a very safe place and to only tell about the place where you store it to 2-3 very close relatives that will be able to access in the unlikely case of your sudden death.

Properly protect your wallet backups

Even if you keep your wallet backups safely hidden, they might still be permanently lost in the case of a flood, earthquake or fire.

Therefore, it’s highly recommended to not only put your wallet backups in a protective case that’s waterproof (and ideally also fireproof) but to also have multiple copies of the backup and to keep them on different geographic locations.

Always download the latest software updates

This point might seem obvious, but it’s shockingly often neglected.

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Whenever a new update is available for your crypto wallet, you NEED to download it.

The creators of the wallet are pushing the update for a reason, and this reason is usually security related. So if you want to keep your coins safe, make sure to always have the latest wallet version installed.

What are multi-currency wallets?

As the name suggests, multi-currency or multicoin wallets are cryptocurrency wallets that enable you to hold cryptocurrencies from different blockchains.

So, if a wallet can hold Bitcoin, Ethereum, and Ripple, for example, then that’s a multi-currency wallet.

Multicoin wallets come in many forms and shapes. There are multi-currency wallets in hardware wallet format, web wallet, mobile wallet, and software wallet.

An example of a multi-currency hardware wallet is the Ledger Nano S, and an example of a non-multi-currency hardware wallet is the OpenDime as it only supports Bitcoin.

Investors that hold more than one cryptocurrency need to make sure that the wallet they are planning to use is indeed a multi-currency wallet.

Are there cryptocurrency wallet apps?

Cryptocurrency wallet apps are very convenient and make it easy for you to spend your cryptocurrency in stores and shops.

However, this convenience comes with a security risk.

It is said that cryptocurrency wallet apps are generally less secure than web wallets due to the relative ease by which smartphones can be infected with viruses.

Cryptocurrency wallet apps work like any other wallet as well, with the only difference that they can only be accessed from your smartphone.

Some examples of cryptocurrency wallet apps include the Samsung cryptocurrency wallet and the Trustwallet by Binance.

What about transaction fees?

Most cryptocurrency wallets do not rely on any third party and are hence free of rent-seeking transaction fees. The only exception can be some centralized cloud wallets where there is a company behind them and that you access with an actual account and not just your private key.

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However, these types of web wallets should be avoided anyways since they are not a secure way to store your coins.

That being said, there are indeed transaction costs when you send, for example, a BTC transaction through a Bitcoin wallet.

BUT they don’t go to the wallet creator. These costs are called “network fee” and are a payment that goes to miners that verify the transaction you just sent. You can usually adapt this fee yourself (the higher you set it, the faster your transaction will be processed).

Are cryptocurrency wallets anonymous?

Most cryptocurrency wallets are not anonymous, they are pseudonymous.

This means that although crypto wallets are not directly tied to your real-world identity, transactions are fully transparent and might be traced back to your computer.

For a truly anonymous crypto wallet experience, you essentially have two options.

First of all, you can opt for using the wallets of privacy coins like Monero or Grin. Since these coins are fully anonymous, your wallet won’t reveal any information about you as well.

The second option is to opt for a wallet with stealth addresses and built-in coin mixing.

One example of a wallet that supports these functionalities is the Bitcoin Samourai Wallet.

It’s true that these wallets are associated with higher transaction fees whenever you send some money to it, but they are pretty much the only option to anonymize a transparent coin like Bitcoin.

Did I miss your favorite cryptocurrency wallet?

Make sure to let me know in the comment section below.

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If you add a good argument for why the wallet should be in the article, I will consider adding it!

Pascal Thellmann

Pascal Thellmann is an investor and marketer focused on the intersection of cryptocurrency and the legacy financial system. He co-founded Bounty0x, which at the time was the largest crypto freelance platform.

Now Pascal dedicates his time to CoinDiligent and trading. You can get in touch with Pascal Thellmann on LinkedIn.

PROS
  • Simple to use
  • Portfolio management feature is helpful
  • Great mobile app

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