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The 6 Best Crypto Wallets of 2024

By Rebecca Campbell - Updated 09 May 2024
eToro
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The cryptocurrency market has risen sharply over the past few years and the surge in demand for cryptocurrencies, along with increasing cases of coins getting stolen, made it necessary for the market to innovate and find new ways for users to protect their digital assets.

This is where crypto wallets come into the picture. In this detailed article on the best cryptocurrency wallets in 2024, we will tell you about the meaning of a cryptocurrency wallet, different types of software wallets being used nowadays, how they work, key points to remember when choosing them, their pros & cons and the best ones available in 2024.

Top Picks of Best Crypto Wallets in 2024

  1. eToro – Best crypto wallet for beginners
  2. Coinbase – Best wallet for simplicity
  3. Nuri – Best wallet for linked bank account
  4. Wirex – Best cryptocurrency wallet for exchange fees
  5. Trezor – Best crypto wallet for security
  6. Ledger – Best wallet for range of cryptos

Our List of the Best Cryptocurrency Wallets

Below is an in-depth comparison of some of the top crypto wallets.

1. eToro – Best Crypto Wallet for Beginners

For those just starting out on their crypto journey, probably the first thing they will think of is which crypto exchange to use. Not only is eToro one of the easiest and most user-friendly platforms available for crypto users, but it also has its own web-based cryptocurrency wallet where customers can store their funds.

Security measures in place to protect user funds include Distributed Denial of Service (DDoS) protection and other high-level security features. In addition, lost keys don’t mean lost funds as eToro provides a backup private keys service to help people who have forgotten their passwords.

Having the eToro software wallet to hand while crypto trading on the platform ensures that all transactions remain in one place. Any problems users might have can be quickly dealt with by contacting the customer support of the crypto exchange.

Pros

  • Easy to use
  • Great for beginners
  • Large, helpful community
  • Secure
  • Multi-crypto
  • Private keys backup for lost information

Cons

  • Not as secure as a hardware wallet
  • Higher fees than other brokers
  • All positions denominated in US dollars only

Why we chose the eToro wallet

We chose the eToro wallet because it is one of the most straightforward cryptocurrency trading platforms to use. Having the wallet means that traders and investors can keep more than 500 cryptocurrency pairs safe without having to move their cryptos somewhere else—a process that involves some risks and also incurs additional gas fees for crypto transactions.

In addition, because eToro is regulated, it has special licenses in place to protect its customers. Because it is audited by these regulatory authorities on a regular basis, there is a very low chance of traders on the platform losing their funds through cyber theft and never seeing them again thanks to its robust security features. For these reasons and more, we think eToro is the best cryptocurrency trading platform, with a wallet, for beginners.

2. Coinbase – Best Wallet for Simplicity

Coinbase is one of the most high-profile cryptocurrency exchanges, partly due to its listing on the New York Stock Exchange, and partly because of its high number of users—98 million at the time of writing.

Like other crypto exchanges, Coinbase has its own crypto wallet where users can keep their favorite coins. These funds in the Coinbase wallet are readily available for quick and easy trading and transactions.

Being a self-custodial wallet, Coinbase customers are in total control of their digital assets. Stored on their mobile devices, users can use their hot wallet to move their funds and digital assets to and from the main exchange depending on what they want to do through the mobile app.

The Coinbase mobile app is clean, intuitive, and has a user-friendly interface, making it easy for beginners to use. The seamless integration between the crypto exchange and the Coinbase wallet is also a winning formula.

Pros

  • The official wallet of one of the world’s leading exchanges
  • Listed on the NYSE and highly regulated
  • Hot wallet is well-integrated, simple and easy to navigate
  • Supports both multi-signature and two-factor authentication (2FA)

Cons

  • Higher fees than other exchanges
  • Software wallets are not as secure as a hardware wallet

Why we chose the Coinbase wallet

We chose Coinbase as it is built with beginners in mind. The Coinbase wallet provides all of the functionality crypto enthusiasts and traders need, making it easy to move funds around or send funds to other wallets or exchanges.

As beginners become more advanced they can sign up for Coinbase Pro, which also has its own wallet. Funds can be transferred between Coinbase and Coinbase Pro wallets for free.

Both apps have a sleek mobile interface and provide an excellent overall user experience. For these reasons, both Coinbase platforms get the thumbs up from us for being the best crypto wallets for mobile devices.

Use Coinbase Now

3. Nuri – Best Wallet for Linked Bank Account

Nuri has a unique selling proposition in that it bridges the gap between the crypto world and traditional finance.

It does this by providing traditional banking services, and at the same time offering a connected Bitcoin and Ethereum cryptocurrency wallet. This allows funds to be seamlessly swapped between the two. Nuri also offers users a debit card so that users can easily transition between fiat currencies and crypto when making everyday purchases.

Formerly known as Bitwala, Nuri is among the first banks in the world to be built with blockchain technology. This feature makes it attractive to a growing niche of cryptocurrency traders tired of traditional banks and their limitations

Pros

  • A bank account and crypto wallet in one
  • A real alternative to traditional banking
  • Built on the blockchain
  • Delivers interest on held cryptos

Cons

  • Only available in certain European countries
  • Some stablecoins are not supported
  • A limited number of cryptos recognized
  • Users of the service will incur gas fees, which can be high on the Ethereum network

Why we chose Nuri

Nuri is one of a growing breed of fintech firms focused on bringing crypto and traditional finance together. Having a crypto wallet linked to a bank account all under one roof is something that a lot of crypto traders crave.

While the standoff between tradfi and defi rages on, with many traders finding themselves hamstrung by banks blocking deposits and withdrawals, Nuri has flipped this into an opportunity and capitalized on it.

Now crypto traders and investors can have a traditional bank account, built on the blockchain, and a connected crypto wallet in a single location for their crypto assets.

4. Wirex – Best Cryptocurrency Wallet for Exchange Fees

Bringing you a keyless non-custodial wallet, Wirex delivers innovation that lets users know there’s a lot going on in the background. Using biometric information, Wirex has circumvented the irritation associated with long, confusing, and easily mistyped seed phrases and two-factor authentication.

Using advanced Secret Multiparty Computation (SMPC) Wirex’s encryption ensures that only the owner of the wallet can gain access. Wirex also delivers another game-changer, which is the retrieval of funds even if the device is lost. This is done, again using biometric data that triggers full wallet retrieval of crypto assets.

The wallet also delivers cross-chain compatibility allowing users to swap DeFi tokens from the Wirex wallet across different blockchains. High yields are also available for those who want to stake. For people with NFTs, the Wirex wallet also provides watertight security.

Pros

  • Connected to Aave and Compound, two of the leading DeFi lending, borrowing and staking protocols in crypto
  • Earn high yields on held tokens up to 25%
  • Bulletproof protection through advanced data security
  • More than 50 crypto coins and digital assets are available
  • Store NFTs more safely than in browser-based software wallets
  • Has its own debit card

Cons

  • Is potentially vulnerable to regulatory crackdowns because of its offering

Why we chose

We chose Wirex because it stands out for its cross-chain, DeFi compatibility, keyless access, and innovative robust security features. In an industry that abounds with horror stories about lost wallets, keys and funds, being able to retrieve a lost wallet with biometric data is pretty futuristic, all of which are reasons we made Wirex one of our top picks.

5. Trezor – Best Crypto Wallet for Security

Trezor is one of the best and most widely used hardware crypto wallets available today. With more than 1500 supported coins and counting, it’s likely that, if there’s crypto you’ve got stashed away on an exchange somewhere and you want to ensure that its security is robust, Trezor has you covered.

Launched in 2013, at a time when cryptocurrencies were still in their infancy, the gadget is one of the safest hardware devices to keep your cryptocurrencies. There are a variety of models, with the premium wallet being the Trezor Model T, which boasts a nifty little touchscreen.

Trezor is also more than just a hardware wallet. It also has an exchange meaning that crypto holders can swap the tokens they hold without needing to connect to outside crypto exchanges. You can read our full Trezor review for an in-depth guide.

Pros

  • First to use Shamir Backup for enhanced security
  • First to market in the cold storage space
  • Two types of Trezor are available, the Model One and the Model T
  • Trezor Model T has a touchscreen interface
  • Over 1500 cryptos supported
  • Has its own exchange making cryptocurrency swaps easy

Cons

  • Questionable build quality as the wallet is made from plastic
  • Doesn’t have a smartphone app
  • Off ramping (ie changing cryptocurrencies to fiat currencies like USD and EUR) takes time
  • Expensive compared to other crypto wallet solutions

Why we chose the Trezor hardware wallets

We chose the Trezor hardware wallet because it was the first crypto wallet to market and remains one of the most popular crypto cold storage methods among retail and institutional traders.

Although not as physically robust as its nearest competitor, Ledger (see below), and slightly bulkier in terms of size, it does the job of keeping users’ cryptos safe and secure. While the first Trezor has been around since 2013, the newer Model T is more recent and comes with a touchscreen making it easier to approve and verify operations.

Trezor’s security measures are also among the best with Trezor being the first in the world to use Shamir Backup. This allows users to create multiple recovery shares to back up their private keys. Also known as multi-sigs, this unique security process means that Trezor users have safe, new ways to recover their seed phrase if it ever gets lost. Setting up a Shamir Backup is straightforward using the Trezor Model T’s touchscreen interface.

6. Ledger – Best Wallet for a Range of Cryptos

Ledger is the most widely used crypto hardware wallet in the world to store cryptocurrency with its closest competitor Trezor just a step behind it. Their battle for dominance resembles the Android vs. iOS conflict. In the end, both products do pretty much the same thing, crypto storage, in slightly different ways, and it simply depends on your personal preference as to which hardware wallet you ultimately choose to store your crypto funds.

Ledger looks just like a USB stick. Made of metal and plastic, the physical wallet build is solid. As with Trezor’s Model One and Model T, Ledger comes in two types, the Ledger Nano S and the Ledger Nano X.

The Nano X cold wallets are double the price of the Nano S, and with good reason. It is larger than, has a greater storage capacity and supports a higher number of cryptocurrencies. It is, therefore, more popular with very active crypto traders to store cryptocurrency. Like Trezor, Ledger also has its own exchange for swapping currencies. Plans are also underway to introduce a debit card for spending cryptos. You can read our full Ledger review for a more in-depth guide.

Pros

  • Sleek and simple to use
  • Intuitive interface
  • Excellent UX when connected to a computer
  • Nano X has a battery life of up to eight hours

Cons

  • No touchscreen interface on either the Nano S or Nano X
  • Nano S won’t work with iOS
  • High initial cost, especially for the Nano X
  • Can easily be confused with other similar-looking USB devices

Why we chose the Ledger hardware wallets

We chose Ledger mainly because of the high number of supported cryptos, particularly on the Nano X, which caters for almost 2000 digital assets and currencies. We also like the simplicity of the cold storage design and the user experience when connected to the computer.

Using the software is a breeze. Attractive visuals show users’ cryptocurrency holdings laid out cleanly and simply. Both Ledgers also have swapping capabilities making it easy to move cryptos around without going through the rigmarole of connecting to an outside crypto exchange.

In addition, for those who don’t want their cryptos just sitting in their cold wallets doing nothing, Ledger supports staking for an increasing number of crypto assets. This means that users can earn a passive income from their holdings without leaving the cold storage device.

What is a Cryptocurrency Wallet?

A cryptocurrency wallet can be termed as a hardware device, a software program, an online platform or a piece of paper that enables you to easily store private keys and public keys associated with cryptocurrencies.

Although you’re free to pick various brands, types, and designs, the basic purpose of a physical purse/wallet remains the same—to keep your money safe and handy. The same is accomplished with the help of a crypto wallet. While you can opt from multiple varieties, a cryptocurrency wallet’s basic purpose is to keep your cryptocurrencies safe.

Types of Cryptocurrency Wallets

A Crypto wallet can be categorized into multiple groups based on how they are used and the level of security they provide for crypto storage. All of them have their own respective pros & cons. It all boils down to which one you find the easiest to use, how good a job it does at protecting your private keys, and how well it meets your overall requirements. Let’s shed some more light on these popular crypto wallet types.

Hot Wallets

A hot wallet is a digital wallet that is connected to the internet. It enables the user to easily send, receive and store a cryptocurrency, thus making it a handy tool for anyone who indulges in frequent cryptocurrency transactions. However, because hot wallets stay connected to the internet, they’re more vulnerable to theft and hacking attempts compared to cold wallets which stay offline.  Almost all the well-known desktop, mobile and web wallets fall into this category.

Cold Wallets

A cold wallet is a physical device used for storing cryptocurrency-related information inside it. What sets it apart from a hot wallet, and is also its biggest selling point is that it’s not constantly connected to the internet (cold storage) and is, therefore, more secure than its online counterpart.

You can connect your cold crypto wallet to the internet (not paper wallets though) whenever you wish to execute a transaction. Both paper wallets and hardware wallets fall into this category, with the latter being more popular owing to their ease of usage and accompanying customer wallets support.

Cold Wallets vs Hot Wallets

As highlighted above, when it comes to hot vs cold wallets, their biggest difference is that while the former is connected to the internet, the latter isn’t. There are various reasons why someone might prefer their crypto assets to be disconnected or connected to the internet.

Hence, it’s not uncommon for people to own multiple crypto wallets. Unlike the hardware-based cold crypto wallet, the good ones among which are often above the $100 mark, hot wallets are usually free-of-cost and can hold multiple cryptocurrencies. Furthermore, hot wallets can be either custodial or non-custodial in nature, but cold wallets are almost always non-custodial wallets.

Hardware Wallets

Many consider a hardware wallet to be the most secure way of storing cryptocurrencies. It is a physical device, usually the size of a USB drive, with its own buttons and OLED screen to navigate through its interface. The main purpose of a hardware wallet is to safely store your public and private keys, and enable you to interact with crypto blockchain whenever you need to send or receive the cryptocurrency.

This device stays offline and is only connected to the internet when you need to transfer funds to anyone. The only way you can access the contents of a hardware wallet is by entering its private pin, making it almost impossible for any hacker to obtain your keys. The majority of good crypto hardware wallets cost upwards of $100 and allow storage of multiple cryptocurrencies.

Paper Purses

A crypto paper purse or paper wallet is nothing but a piece of paper that contains printed information about a cryptocurrency’s public address and private keys. While paper wallets may give the impression of being the safest form of cold wallet, as there’s no way anyone can reach it from the internet, it’s risky in its own unique ways.

In fact, it’s considered the riskiest type of cold wallet, as it can get thrown into the trash, get crumpled, splashed with or soaked in water or just get blown away by the wind! Having said that, nothing can take away from the fact that paper wallets are the most malware-free wallet you can have.

Mobile Wallets & Desktop Wallets

A desktop wallet is downloaded & installed on a personal computer/laptop and can be either a hot or a cold wallet depending upon how actively it stays connected to the internet. Available for all popular operating systems including Windows, Linux and Mac, it offers a healthy combination of convenience and security.

Please note, it’s very important to use a good anti-malware, antivirus software and a solid firewall, with a desktop wallet to ensure its safety.

Mobile wallets are a type of hot wallet that runs as a mobile application on a Windows, iOS or an Android phone device. This wallet offers quick access to the stored cryptocurrencies and is ideal for anyone who prefers shopping with them on a regular basis.

How do Cryptocurrency Wallets Work?

Before getting into how cryptocurrency wallets work, it’s important to understand what public and private keys are. Whenever you store a cryptocurrency in a wallet, you’d be provided with a private key and public key associated with the wallet. We can use the analogy of an email address to understand this better.

For instance, if you wish to receive email from someone, you’d give out your email address to them and then they can send an email to that address. However, if you wish to send an email out, you’d need to enter your password and then use the email service to send it.

The same way, anyone wanting to send cryptocurrency to you can use your public key to send it. However, if you wish to send cryptocurrency to someone, you’d need to enter your private key and then process the transaction. Hence, only you or anyone else who knows the private key can use the wallet to send the cryptocurrency. The private key must not be shared and should be kept safe at all times.

The same process is followed whenever you use a crypto broker/exchange platform or any P2P network to buy/sell cryptocurrency. Whenever you buy a cryptocurrency, it will be sent to you using the address associated with your public key and whenever you sell cryptocurrency, you’d need to authorize or complete the transaction using your private key.

Key Things to Consider When Choosing the Best Cryptocurrency Wallet

Now that you’re aware of different software wallets, hardware wallets and how they work, you should ascertain your expectations from a crypto wallet and then make a decision about the type of wallet you’d like to use. Let’s look at some commonly known factors that must be considered in this regard:

  • The purpose – If your purpose is to buy cryptocurrency and then hold on to it for the long-term, you’d be better off with a cold wallet. On the other hand, if you wish to make frequent purchases with cryptocurrency, a hot wallet like a mobile device wallet or an online wallet would be more suitable for you.
  • Security features – You should look at the various security features offered by the cryptocurrency wallet, including multi-sign-on functionality and two-factor authentication.
  • Single currency or multi-currency capability – It’s also important to consider if you’d like to transact in just one cryptocurrency or would require multi-currency capability in your crypto wallet.
  • Ease of usage – It’s important to pick a crypto wallet that matches your technical knowledge of cryptocurrencies. If you’re new to these currencies, it’d be better to go with a wallet that has an easy-to-understand user interface and can be used by anyone with minimum knowledge of cryptocurrencies.
  • Cost – While the majority of the crypto wallet comes free-of-cost, some, for instance, hardware wallets can require a nominal investment.
  • Security –  A hardware wallet offers increased security over that of online wallets but comes at the cost of convenience for that cold storage.

Pros and Cons of Using a Cryptocurrency Wallet

Pros

  • Some varieties of hardware wallets are impossible to hack when they’re stored offline.
  • Certain wallet types are extremely easy-to-use and can come in pretty handy to make online/offline payments.
  • Many crypto wallets come free-of-cost and with extensive features.
  • You can manage and use multiple cryptocurrencies with certain types of crypto wallets.

Cons

  • Some hardware wallets can be expensive.
  • Regardless of the wallet you use, there’s always a certain minimum risk of losing your coin/s.
  • Some crypto wallets can be very difficult to use for non-geeks.

Final Thoughts on Crypto Wallets

To conclude, we’d like to emphasize that a crypto wallet plays an important role in the present-day crypto economy and give new users the confidence to invest in and use cryptocurrencies. In this detailed guide, we informed you about the meaning of crypto wallets, different types, how they work, their pros & cons, what you should look for in them and the best cryptocurrency wallets in 2024.

Methodology - How We Test and Compare Cryptocurrency Wallets

There are lots of different software and hardware wallets available in the cryptocurrency space. In this article, we have focused on a selection that satisfies different needs according to what the user ultimately wants to achieve.

With each wallet, whether a hot wallet, DeFi wallet or hardware wallet, we tested them rigorously to see how they performed in different scenarios. Things we looked for were:

  • Ease of use: How easy was it to set up the wallet and start using it?
  • User experience: Once set up, what was the experience of using the software like?
  • Security and safety: How safe were funds when stored in the wallet?

With the hardware wallets we looked at, we tested them against each other to find their inherent strengths and weaknesses and included our findings in the pros and cons section for each.

With hot wallets, ie those connected to exchanges, we were more focused on ease of use and transaction speeds. Other considerations in our research included:

  • What the unique selling points for each wallet were
  • Any standout innovations the teams behind them had brought to the space
  • What add-ons they had made available, such as debit cards enabling wallet holders to use their cryptocurrencies in the real world

Find out more on how we test and how we fund our site.

Frequently Asked Questions

What if I lose access to the computer storing my crypto wallet?
You can regenerate your wallet with the help of your private key or the associated restoration code.
How much does a crypto wallet cost?
Most crypto wallets don’t cost anything. However, hardware crypto wallets can cost upwards of $100.
Is it possible to take a loan against a cryptocurrency stored in a wallet?
Yes, it is possible to take a loan against crypto coins stored in a wallet.
Is it wise to use multiple wallets for storing cryptocurrencies?
Yes, diversifying crypto storage locations is considered a good strategy for improving cryptocurrencies’ security.
Are hardware wallets worth spending money on?
Yes, considering the security and advantages a hardware wallet can offer to people wanting to safely store big amounts of cryptocurrencies.
Is it legal to buy and store cryptocurrencies in a wallet?
Yes, cryptocurrencies have been legalised in many countries across the world. Nevertheless, please check your local laws to confirm.
Can I exchange crypto stored in a wallet with fiat currency?
Yes, you can do it by selling your cryptocurrency on an exchange.
Can my crypto wallet get hacked?
It depends upon the kind of crypto wallet you’re using and how well you secure your private key.
What is the best Bitcoin wallet?
If you're looking for a guide on BTC specifically then visit our Bitcoin wallet page for the lowdown.
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