8 Best Crypto Wallets for 2024

Cryptocurrency is transforming the way we handle money, but where can you store your digital assets safely? Well, crypto wallets are the answer. However, with dozens of wallets on the market, picking the right one can be confusing, especially if you’re relatively new to crypto.

In this article, we’ll break down the best crypto wallets of 2024 and guide you through what you need to know to secure your crypto.

The 8 best crypto wallets: Examining top picks for 2024

In the following sections, we are going to examine the best cryptocurrency wallets available at the moment. The selection includes a healthy mix of hardware, software, and exchange wallets, which means that you should be able to find a product that fits your needs without making any compromises.

1. Ledger Nano S Plus – Affordable hardware wallet with robust security

The Ledger Nano S Plus is a widely used hardware crypto wallet known for offering a strong balance between affordability and security. Hardware wallets like the Nano S Plus are designed to store private keys in an offline setting, providing a safer way to manage cryptocurrency. Priced at $79, it presents a solid option for those looking to protect their digital assets.

One of its key features is support for over 5,500 different crypto assets via Ledger Live, making it versatile regardless of which cryptocurrencies you’re interested in. Although you need to connect the wallet to a desktop or mobile device to perform transactions, the wallet only signs the transaction after you approve it. Importantly, it doesn’t reveal your private keys, even if the device you’re using is compromised by malware.

During the setup process, the Ledger Nano S Plus (or any hardware wallet) will generate a recovery phrase, consisting of 24 words. This phrase is crucial because it allows you to recover access to your crypto assets if the wallet is lost or stolen. Securing this recovery phrase is essential, and it should never be shared with anyone. For added protection, you could back up your recovery phrase using a metal backup, which can withstand extreme conditions like fires or floods.

Key features:

• Supports over 5,500 cryptocurrencies
• Affordable at $79 with strong security features
• Stores private keys offline, protecting against malware
• Requires physical connection to desktop or Android devices for transactions
• Recovery phrase backup for added security

Get Ledger Nano S Plus

2. Ledger Nano X – Cold wallet with Bluetooth connectivity

The Ledger Nano X is a more advanced option compared to the Ledger Nano S Plus. While the two devices are nearly identical in terms of functionality, the Ledger Nano X has one key difference — it can connect to other devices via Bluetooth and works with the Ledger Live app on both iOS and Android, making it our choice for the best crypto hardware wallet around.

On the other hand, the Nano S Plus can only connect through a cable and, when paired with Ledger Live on a mobile device, it only supports Android. Both devices are compatible with desktop computers as well.

For users who primarily manage their crypto on mobile devices, the Bluetooth feature of the Ledger Nano X may be a convenient advantage. However, this comes at a higher cost — the Nano X is priced at $149, almost double the price of the Nano S Plus.

Key features:

• Bluetooth connectivity for mobile transactions (iOS and Android)
• Supports over 5,500 cryptocurrencies
• Priced at $149, nearly double the Nano S Plus
• Can be used with desktop computers or mobile devices
• Recovery phrase backup with multi-sig support

Get Ledger Nano X

3. Kraken – The best exchange wallet

Kraken, a cryptocurrency exchange founded in 2013, has long been a prominent figure in the crypto space. Despite operating for over a decade, Kraken’s wallets have never been compromised by a security breach—an impressive track record given the frequency of hacks in the industry.

Kraken is often considered one of the safest and best crypto exchanges available and is highly regarded as a reliable platform for pretty much all kinds of crypto users. It offers security features like two-factor authentication and other safeguards to protect accounts from unauthorized access. 

While its selection of cryptocurrencies is somewhat smaller compared to other exchanges, it still provides a diverse range of assets that will meet the needs of most crypto investors. If you’re prepared to sacrifice a bit of security in exchange for the convenience of having your crypto stored on a crypto exchange, then picking Kraken is probably the way to go.

Key features:

• Never experienced a security breach in over a decade
• Two-factor authentication for enhanced account protection
• Offers CAD trading pairs for easy transactions
• Smaller selection of cryptocurrencies compared to some competitors
• High reputation for security among Canadian users

Create Kraken Account

4. Trust Wallet – The best software wallet overall

Trust Wallet is a multi-chain wallet, meaning it can store and handle cryptocurrencies across various blockchains. This is why we’re giving it a nod ahead of MetaMask, which handles Ethereum exclusively. Trust Wallet is particularly useful for users who hold multiple types of cryptocurrencies and want to manage them all within a single app. It supports major assets like Bitcoin, Ethereum (and other EVM-compatible blockchains), XRP, Solana, and many other widely used cryptocurrencies.

The wallet’s user interface is designed to cater to both beginners and more experienced crypto investors. Users can easily view their portfolio’s value in their preferred currency, track their on-chain transaction history, and manage multiple cryptocurrencies efficiently.

Trust Wallet also includes a DApp (decentralized application) browser, allowing users to engage with decentralized applications directly within the wallet. Additionally, it offers DeFi-centric features like crypto buying and selling, token swaps, and staking. The wallet also has its own native token, the Trust Wallet Token, which enables users to participate in governance decisions.

Key features:

• Supports multiple blockchains, ideal for diverse crypto portfolios
• User-friendly interface for both beginners and advanced users
• Built-in DApp browser for direct interaction with decentralized apps
• Features for buying, selling, swapping, and staking cryptocurrency
• Enables governance participation with its native TWT token

Get Trust Wallet

5. Coinbase – Leading exchange with strong security

Coinbase, a pioneer in the blockchain industry, has been offering trading services for well over a decade. In 2021, it reached a significant milestone by becoming a publicly traded company on the NASDAQ stock exchange under the ticker COIN, becoming the first major crypto exchange to get publicly listed. Being publicly listed subjects the exchange to greater regulatory oversight, which can provide more reassurance to customers compared to privately held exchanges, where internal operations are often less transparent and harder to assess for risk.

Coinbase has become a popular starting point for investors entering the crypto market. Its easy-to-use interface makes depositing funds from a bank account or purchasing cryptocurrency with a card straightforward, making it particularly suitable for beginners.

Additionally, Coinbase has upheld strong security standards throughout its history, with no breaches affecting its cryptocurrency wallets in over a decade. For those who prefer to store their assets on an exchange rather than using a self-custodial wallet, Coinbase is often regarded as one of the best options, alongside Kraken.

Key features:

• Publicly traded company, adding regulatory oversight
• Beginner-friendly interface for easy deposits and purchases
• No security breaches in over a decade
• Supports a wide range of cryptocurrencies
• One of the most trusted exchanges for storing crypto assets

Create Coinbase Account

6. Electrum – The best software wallet for Bitcoin

Electrum is a software wallet designed specifically for Bitcoin, available as both a desktop application and a mobile app. It is a non-custodial wallet, meaning users retain full control of their private keys (contrary to Kraken and Coinbase, for instance). Electrum can be used as a standard Bitcoin wallet or as a multi-sig wallet for additional security. One of its standout features is support for third-party plugins, allowing users to customize their experience according to their preferences.

Electrum operates on a decentralized network of servers, ensuring resilience and minimizing downtime. For those interested, it’s even possible to run your own Electrum server, which is a feature that only Electrum supports out of all wallets on this list.

If you’re solely focused on investing in Bitcoin and prefer a software wallet, Electrum could be your best choice. However, if you’re looking to invest in multiple cryptocurrencies, a multi-chain wallet might be a better option.

Key features:

• Bitcoin-only wallet with multisig and standard wallet options
• Decentralized server network for resilience and uptime
• Non-custodial, giving users full control of private keys
• Supports third-party plugins for customization
• Can run on both desktop and mobile devices

Get Electrum

7. MetaMask – The best software wallet for Ethereum

MetaMask is a wallet designed for Ethereum and blockchains compatible with the Ethereum Virtual Machine (notable examples include BNB Chain, Polygon, and Avalanche). It’s most commonly used as a web browser extension, but it’s also available as a mobile app.

With MetaMask, you can store ETH and any tokens issued on the Ethereum blockchain. In addition to basic functions like sending and receiving Ethereum-based assets, MetaMask includes features like on-chain token swaps, cryptocurrency purchases and sales via various onramps, and portfolio tracking.

For those looking to interact with decentralized applications, such as DeFi protocols and NFT marketplaces, MetaMask is a strong option. It can be used as a hot wallet or paired with a hardware wallet like the Ledger Nano S Plus for enhanced security.

Key features:

• Supports Ethereum and EVM-compatible blockchains
• Browser extension and mobile app for convenience
• Features token swaps, crypto purchases, and portfolio tracking
• Ideal for interacting with dApps, DeFi, and NFT marketplaces
• Can be paired with a hardware wallet for added security

Get MetaMask

8. Ledger Stax – Premium hardware wallet with e-ink display

The Ledger Stax is by far the most premium wallet on this list. Designed by Tony Fadell, the renowned Apple designer and “father of the iPod,” the Stax stands out with its large e-ink display, sleek finish made from high-end materials, and all the top features Ledger offers. The device has been in high demand, with its first two batches selling out almost immediately after they were announced by Ledger.

The Ledger Stax supports NFTs, has a customizable lock screen, Bluetooth connectivity, wireless charging, and a curved e-ink touchscreen. The main difference between the Ledger Nano X and Stax is the size and functionality of the display — Stax boasts a 400×672 px screen compared to the Nano X’s smaller 128×64 px display. The Stax also allows users to customize their home screens, which the Nano X does not.

Despite its sleek design and impressive features, the $399 price tag can be difficult to justify. In terms of software, the Stax doesn’t really offer anything beyond what the Nano X or the more affordable Nano S Plus already provide (except for eye candy, of course). Whether the enhanced design and large display are worth nearly triple the price of the Nano X is ultimately a personal decision.

Key features:

• A large 400×672 px curved e-ink display
• Supports over 9,000 cryptocurrencies and NFTs
• Bluetooth connectivity, wireless charging, and customizable lock screen
• Advanced security with Common Criteria EAL5+ and EMVCo certification
• Premium design priced at $399, offering little new beyond aesthetics over the Nano X

Get Ledger Stax

The bottom line

Choosing the best crypto wallet boils down to your needs and how you plan to use it. For serious investors looking for top-notch security, hardware wallets like Ledger Nano X or Nano S Plus are worth the investment. On the other hand, if you’re a regular trader or want a simple, mobile-friendly solution, Trust Wallet or MetaMask might be your best bet. If you don’t plan to move your crypto around much and don’t have a large sum of crypto, then keeping it on an exchange like Kraken and Coinbase might actually be your top choice.

Make sure to consider the security, user experience, and support for your specific cryptocurrencies before making your decision. If you’re looking for country-specific crypto wallet picks, make sure to check out the following articles:

• Best Crypto Wallets in Australia for 2024
• Best Crypto Wallets in the UK for 2024
• Best Crypto Wallets in Canada for 2024

Source: https://coincodex.com/article/46638/best-crypto-wallets/