Which crypto wallet is the best? Any crypto user asks this question sooner or later. Given the variety of crypto wallets on the market, choosing the right one can be difficult. In this article, we present a list of the top 10 best wallets for crypto for 2024 that will allow you to effectively protect and manage your digital assets.

What is a crypto wallet?

A cryptocurrency wallet is a tool that allows users to securely store, send, and receive cryptocurrencies. Functioning somewhat similarly to a traditional wallet for physical currency, a crypto wallet stores the private keys necessary to access and manage a user's cryptocurrency holdings on the blockchain.

How does a crypto wallet work?

A crypto wallet works by securely storing the cryptographic keys needed to control cryptocurrencies on the blockchain. When you create a new wallet, it generates a pair of cryptographic keys: a public key and a private key. The public key is akin to your bank account number, which you share with others to receive funds. The private key is like your PIN or password, which you keep secret and use to access and manage your funds.

These keys are then stored securely within the wallet. To receive funds, you provide your public key (wallet address) to the sender. To send funds, you input the recipient's public key and sign the transaction with your private key.

Behind the scenes, your wallet communicates with the blockchain network corresponding to the cryptocurrency you're using. When you initiate a transaction, your wallet broadcasts it to the network, where it's validated by miners (in proof-of-work blockchains) or validators (in proof-of-stake blockchains). Once confirmed, the transaction is added to the blockchain and becomes immutable.

Your wallet keeps track of your cryptocurrency balances by scanning the blockchain for transactions associated with your public key. It displays your balance and transaction history, allowing you to monitor your funds.

Types of crypto wallets

There are several types of crypto wallets, each offering different levels of security, convenience, and accessibility.

1. Software wallets. These are crypto wallet apps that can be installed on computers or mobile devices. They can be further categorised into desktop crypto wallets that are installed on a personal computer and mobile wallets that are installed on a smartphone or tablet.
2. Web wallets. These are online wallets that are hosted by third-party service providers and accessed through a web browser. They're convenient for everyday use but considered less secure than other types.
3. Hardware wallets. Physical devices designed specifically for securely storing cryptocurrency keys offline, away from potential online threats. They are considered one of the most secure options for storing large amounts of cryptocurrency.
4. Paper wallets. A printed piece of paper containing the public and private keys necessary to access and manage cryptocurrency. Paper wallets are stored offline, making them highly secure from online threats. However, they can be vulnerable to physical damage, loss or theft.

Hot and cold wallets

Hot and cold wallets are terms used to describe the online (hot) or offline (cold) storage of cryptocurrencies, each offering different levels of security and accessibility.

Hot wallets are connected to the internet and are used for frequent transactions and easy access to funds. They include software and web wallets. While convenient for everyday use, hot wallets are more susceptible to hacking due to their online connection.

Cold wallets are offline storage solutions designed to keep cryptocurrencies safe from online threats. They include hardware wallets, paper wallets, and some types of offline software wallets. Because they are not connected to the internet, cold wallets offer a higher level of security against hacking attacks. Cold wallets are ideal for long-term storage of large amounts of cryptocurrency that are not frequently accessed.

What type of wallet should I choose? 

The type of wallet you should choose depends on various factors, including your security preferences, level of technical expertise, and usage patterns.

If security is your top priority and you're holding a significant amount of cryptocurrency, consider using a cold wallet like a hardware crypto wallet. These offline storage solutions offer the highest level of security against hacking attacks.

If you plan to frequently send and receive cryptocurrency for everyday transactions, a hot wallet like a mobile or web wallet may be more convenient. They offer quick access to your funds and are suitable for small to moderate amounts of cryptocurrency.

Consider how and where you want to access your cryptocurrency. If you need to manage your funds on the go, a mobile wallet might be the best option. If you prefer to have access from multiple devices, a web wallet could be more suitable.

If you're managing funds for a business or organisation, consider using a multi-signature wallet that requires multiple keys to authorise transactions. This adds an extra layer of security and prevents unauthorised access to funds.

Ensure that the wallet you choose offers robust backup and recovery options. Losing access to your wallet due to hardware failure, loss, or damage can be devastating, so it's essential to have a backup plan in place.

Do thorough research and choose a wallet that aligns with your specific needs and preferences. You can also consider using a combination of different wallet types for different purposes, such as a hot wallet for everyday crypto transactions and a cold wallet for long-term storage.

Top 10 best crypto wallets in 2024

So, what is the best wallet for crypto assets? We have selected 10 we consider to be the best at the moment.

Trust Wallet

Trust Wallet is a popular all-in-one crypto wallet known for its strong security features, simplicity and support for a wide range of cryptocurrencies. It's available both as a mobile app and as a browser extension. Allows users to stake a number of cryptocurrencies and has a built-in Web3 browser for accessing decentralised applications (dApps).

Exodus

Exodus is a multi-currency software wallet with a user-friendly and intuitive interface. Available as a desktop, mobile app and browser extension. It supports a wide range of cryptocurrencies and offers features like built-in exchange, staking and portfolio tracking.

MetaMask

MetaMask is a popular mobile app and browser extension wallet that allows users to interact with Ethereum and Ethereum-based tokens. It's widely used for accessing dApps and decentralised finance (DeFi) platforms.

Coinbase Wallet

Coinbase Wallet is a mobile browser extension wallet provided by the popular cryptocurrency exchange Coinbase. It allows users to securely store a variety of cryptocurrencies and easily access the Coinbase exchange. Supports Bitcoin, Ethereum, Solana, Dogecoin, and all Ethereum-compatible networks. It's widely considered a solid choice for beginners.

MyEtherWallet (MEW)

MyEtherWallet is a popular choice for storing Ethereum and Ethereum-based tokens. It's an open-source wallet that allows users to interact directly with the Ethereum blockchain. The wallet supports staking, cross-chain swaps and working with dApps.

Guarda

Guarda Wallet is a highly secure crypto wallet that supports a wide range of cryptocurrencies. Available in desktop, web, and mobile versions. It offers staking, built-in exchange, and prepaid Visa crypto cards. Currently, it doesn't support NFTs.

Coinomi

Coinomi is a multi-currency mobile and desktop crypto wallet known for its strong security features and support for a wide range of cryptocurrencies. It has a user-friendly interface and offers many features, including built-in exchange, multi-seed support, cold staking and a dApp browser.

Ledger Nano Series

Ledger Nano hardware wallets, including Ledger Nano S and Ledger Nano X, are highly regarded for their security features and user-friendly interface. They support a wide range of cryptocurrencies and offer robust protection against online threats.

Trezor Wallet

Trezor is another well-known hardware wallet brand that prioritises security and ease of use. The Trezor Model T and Trezor One are popular choices among cryptocurrency enthusiasts.

KeepKey

KeepKey is a hardware wallet known for its large display and simplistic design. It offers secure storage for multiple cryptocurrencies and integrates with the ShapeShift exchange for easy trading.

StormGain crypto wallet

StormGain's built-in multi-currency wallet provides many beneficial features to its users. It will suit both those who regularly use cryptocurrencies for transfers or trading as well as those who just hodl them.

• Security. Two-factor authentication, superior security protocols and strong encryption ensure your assets are safe. Additional security is provided by hybrid cold-hot storage of crypto assets. Hot wallets are used to store a portion of crypto assets for day-to-day operations, while the bulk of the funds are securely held in cold wallets.
• Availability. You can access your wallet 24/7 worldwide from any device.
• Interest. StormGain clients can enjoy up to 12% annual interest on any cryptocurrency they have stored in their crypto wallets.
• Fast registration. StormGain's registration procedure is very fast.
• It's free. StormGain's wallet is completely free of charge.