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Best Bitcoin Wallets in 2024

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Bitcoin wallets are devices or programs that allow you to store, send, and receive Bitcoin and other altcoins. However, in order to choose the best digital currency wallet for your needs, there are a lot of factors to take into account. In this post, we’ll cover everything you need to know about the best altcoin wallets for crypto and how to get a crypto wallet. We’ll also review the best BTC wallets around.

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Bitcoin Wallet Guide Summary

A Bitcoin wallet is a device or program that stores your private keys and allows you to interact with the Bitcoin blockchain (i.e., send and receive Bitcoin). It’s important to differentiate between wallets where you have complete control over your private keys (non-custodial) and those that don’t give you access to your keys (custodial). Crypto wallets also come as apps, and we’ve covered those under mobile top crypto wallets.

Here are our top picks by category:

Best Wallet
Type:
Hot Wallet + DEX
Exodus
Type:
Web wallet
Zengo
Type:
Mobile wallet & Exchange
Ellipal
Type:
Hardware Wallet
Trezor
Type:
Hardware wallet
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If you want the complete guide to crypto wallets and different wallet reviews, as well as some valuable tips on choosing the best crypto wallet for 2024, keep on reading. Here’s what we are going to cover:

  1. What is a Bitcoin wallet?
  2. What is a private key?
  3. HD wallets
  4. Types of wallets
  5. What is the best Bitcoin wallet to use?
  6. Additional Bitcoin wallet terms
  7. Backing up your wallet
  8. Transaction fee handling
  9. What to watch out for
  10. Conclusion – My Top Picks

This isn’t the shortest read out there, but it will teach you everything you need to know about wallets. We think you should consider bookmarking this page for future reference!


Best Bitcoin Wallets Ranked

  1. Ellipal – an air-gapped, fully offline wallet. It supports Bitcoin, Solana, XRP.
  2. TREZOR Model T – a touchscreen wallet known for top security and also it’s easy to use for all.
  3. Cypherock X1 – a wallet that offers no seed phrase risk and crypto keys are split across 5 parts with advanced security chips.
  4. Blockstream Jade – an open-source, air-gapped wallet. Affordable at $64.99 with multisig security.
  5. Ledger Nano X – a Bluetooth-enabled cold wallet which is secure, intuitive, with Ledger Live mobile app.
  6. Exodus – a desktop, user-friendly and multi-crypto wallet. Supports Trezor integration and in-wallet trading.
  7. Bitcoin Core – a full node wallet for advanced users. Downloads the full Bitcoin blockchain.
  8. Armory – an open-source wallet with cold storage and encryption, ideal for security-focused users.
  9. Best Wallet – a mobile wallet with real-time insights, multi-blockchain support, and portfolio management.
  10. Zengo – keyless mobile wallet with advanced cryptography. Includes exchange and interest-earning features.

The Best Hot & Cold Crypto Wallet

If you are looking for a hot wallet, Coinbase Wallet is an ideal choice for November 2024 because of the following features:

  • Coinbase Wallet has it’s appeal to users because it’s easy to use and packed with helpful features. Its simple layout makes it easy for beginners and experienced users to manage their crypto.
  • The built-in exchange lets you buy and sell various cryptocurrencies without using another platform.
  • For security, your private keys are stored on your device, giving you control, and the app is regularly updated to stay secure. One of the best crpyto wallet apps out there.
  • You can also use decentralized apps (dApps) directly from the wallet, expanding its functionality.
  • If you use the Coinbase exchange, it’s very convenient and easy to move funds between the wallet and the exchange.

If you need a cold wallet for November 2024, The Trezor Model T is the way to go:

  • This wallet is a highly respected hardware wallet known for its advanced features and strong security.
  • Its large display offers an intuitive user experience, and Bluetooth connectivity allows for wireless use with smartphones or computers.
  • It uses a secure element chip to protect cryptographic keys and sensitive data, with recovery seed storage for added convenience.
  • The wallet stores private keys offline, protecting against hacks, and includes PIN protection and FIPS 140-2 certification for extra security.
  • Its user-friendly interface supports multiple languages, and its open-source software ensures transparency.

1. What is a Bitcoin wallet?

A Bitcoin wallet is a program for sending and receiving bitcoins. The wallet does this by interacting with Bitcoin’s ledger, known as the blockchain. Bitcoin wallet programs are available for mobile phones, desktops, and even as a standalone piece of hardware (more on that later on). It’s important to note that we will be using the terms “crypto wallet” and “Bitcoin wallet” interchangeably throughout this article. While there are some Bitcoin-only wallets available, the leading wallets on the market, including most of the ones mentioned in this list, support Bitcoin, Ethereum, stablecoins, and plenty of altcoins.

Generally speaking, Bitcoin wallets are a bit similar to how email works. If you want to send and receive emails, you need some sort of program to do so (e.g., Gmail, Outlook). Like emails, receiving Bitcoin requires a unique personal address. This unique address is called your Bitcoin address, and—just like your email address—you can share it with anyone who wants to send you bitcoins.

Here’s a Bitcoin address example: 1BoatSLRHtKNngkdXEeobR76b53LETtpyT

(Bitcoin addresses always start with a “1”, “3”, or “bc1”)

Once you have your address, what’s missing is your password. With email, you choose your own password, while with Bitcoin, the wallet chooses it randomly for you. This password is called your private key, and—similar to your email password—it should never be shared with anyone.

The private key is best kept offline, meaning you shouldn’t write it in a file on your computer. The best practice is to write it down on a piece of paper or keep it on a flash drive that’s disconnected from the internet.


2. What is a private key?

A private key is a very long string of numbers and letters that acts as the password to your Bitcoin. It’s from this secret combination that your wallet derives the capability to tell the Bitcoin network you want to send your Bitcoin to another destination. The most important thing to remember is this: Whoever knows your private key has control over your bitcoins.

Private key

The private key is also used to generate your Bitcoin address. The process would look like this:

  1. You download a wallet program (Wallet Apps) to your mobile phone or laptop.
  2. The program (also known as the client) randomly creates a private key.
  3. A Bitcoin address is created by running some sort of mathematical algorithm on your private key.

Even though the Bitcoin address is generated from the private key, there’s no way to figure out what the private key is just by examining a Bitcoin address. This is a one-way process.

The wallet’s core function is the creation, storage, and use of the private key. In other words, it automates Bitcoin’s complex cryptography and blockchain interactions for you. You could argue that the program itself isn’t that important—the only thing that matters is the private key.

For example, if you have a Bitcoin wallet app on your phone and that phone gets stolen, but you’ve written down your private key on a piece of paper before that happened, you could just download a new Bitcoin wallet to a different phone, import the private key to that new wallet, and regain control of your bitcoins again.

How to Store Seed Phrases Securely

When using non-custodial wallets, your private keys and digital assets can be accessed through a seed phrase. A seed phrase comprises of a sequence of 12,18, or 24 words, which needs to be inserted to get access to your safe crypto wallet. Therefore, it is very important to secure your seed phrase.

Users can secure their seed phrase by accessing storage devices such as Cryptotag. This device allows users to store a minimum of 24 seed phrases on aerospace-grade titanium plates. The device is water and heat-resistant, and bullet-proof. Cryptotag is compatible with top wallets such as Ledger, Trezor, and Metamask.

Visit Cryptotag

Custodial vs. Non-Custodial wallets

In general, wallets can be categorized as custodial and non-custodial. A non-custodial wallet is any wallet where you are the sole owner of the private key. This means that no one has access to the private key (or seed phrase) other than yourself.

A custodial wallet is kind of like today’s bank accounts. It’s a place to store your Bitcoin, but you don’t actually own it since the company supplying it holds the private keys to those coins. The risks of using a custodial wallet are that the company will freeze your funds, go bankrupt, or commit fraud and steal your coins.

The Bitcoin community has a phrase that says, “Not your keys, not your Bitcoin.” This goes to illustrate the dangers of a custodial wallet. On the other hand, some people prefer not to be in charge of their own funds and, therefore, choose custodial wallets.


3. The HD wallet evolution

As Bitcoin wallets evolved, HD wallets (aka hierarchical deterministic wallets) were created. HD wallets generate a phrase known as a seed or mnemonic phrase. This seed is a set of common words that you can memorize instead of the long and confusing private key.

As you can imagine, it’s much easier to write down 12 simple words than a long, confusing string of numbers and letters.

Electrum wallet seed generation with seed phrase
An example of a seed phrase from an Electrum wallet

Additionally, an HD wallet can create many Bitcoin addresses from the same seed, so you don’t have just one Bitcoin address. All the transactions sent to addresses created by the same seed will be part of the same wallet.


4. Types of Wallets

There are two main types of Bitcoin wallets – cold storage and hot wallets.

Cold storage: The secure way to hold Bitcoin

Cold storage (or cold wallets) refers to any type of wallet that is detached from an internet connection and, therefore, cannot be hacked remotely. Some examples of cold storage wallets are hardware wallets, paper wallets, and brain wallets.

All cold storage wallets are non-custodial.

Hardware wallets

Hardware wallets are physical devices that safely store private keys. They commonly look like a basic flash drive or a simple device that can connect to your computer or interface with a mobile phone, allowing users to interact with their crypto.

What are Hardware Wallets
A Look at Popular Hardware Wallets Trezor and Ledger. Image Source: Shutterstock

Hardware wallets are built to protect your private key, even if the device they are connected to is compromised by malware. You can even use them with a public computer you don’t trust. To send your bitcoins to someone using a hardware wallet, you’ll need to have your hardware wallet connected to a computer and use some sort of software or web page that allows control over the wallet.

Hardware wallets offer the optimal mix between security and ease of use. Their only limitations are that you need to have the hardware wallet on you in order to send the coins and that they cost money.

Among hardware wallets, there are two main types. The traditional hardware wallets shown above such as Trezor and Ledger need to be plugged into a computer to operate, and the other are air-gapped wallets such as the ones from Ellipal and NGRAVE. The key difference is that the air-gapped wallets do not need to be plugged in and have no data transmission options that may present remote exploit opportunities for hackers. Air-gapped wallets interact with mobile phones with an app from the wallet creator and transactions are initiated by scanning a QR code.

There is no evidence to support that one is better or more secure than the other, it is primarily user preference as to whether users prefer plugging a wallet into a computer or scanning QR codes between the wallet and phone. To help make a decision on what wallet is right for you, we have reviews and will give you our opinions on the leading wallets below:

Wallet Our Opinion Pros Cons Reviews
Trezor Best all round High security, beginner friendly, low cost Lacks DApp and DeFi access compared to Ledger and Ellipal Trezor Safe 3

Trezor Safe 5

Ellipal Best for DApp/DeFi access High Security, best coin support cost Ellipal Titan 2.0
Cypherock X1 Most secure wallet on the market Highest-rated security, Shamir Secret Sharing Enabled cySync desktop app has limited functionality Cypherock

Paper wallets

Paper wallets are just pieces of paper with a private key or seed written on them. When you keep your private key on a piece of paper, only someone who can view that paper can steal your Bitcoin. However, paper wallets are easily destroyed, and it’s advisable to create multiple copies so that if one is lost, your bitcoins can still be retrieved.

bitcoin paper wallet

An example of a Bitcoin paper wallet

Another thing to consider is that in order to send the Bitcoin you have on a paper wallet, you will have to import the private key into some form of digital Bitcoin wallet. Paper wallets aren’t very popular anymore due to their lack of convenience and the rising preference for hardware wallets.

Hot wallets – The convenient way to store Bitcoin

A hot wallet refers to any form of Bitcoin wallet that is connected in some way to the internet. This can be a wallet that is connected to a web service, a wallet installed on a computer connected to the internet, or even a wallet installed on your mobile phone, assuming you have an active data connection to and from your phone.

Can we refer to them as the best online wallets? This all depends on whether your priority is finding a truly secure crypto wallet. As popular as they are, hot wallets are also the least safe, because they allow access to their inner workings through internet connections.

Nowadays, most popular hot wallets are available cross-platform, on both desktop and mobile.

Desktop wallets

Desktop wallets are hot wallets that store your private key on your computer. As long as your computer is free of malware or any security weaknesses, your Bitcoin is safe. However, we all know that’s not the case for most of us. Today, it’s hard to be 100% protected, and this makes desktop wallets that are connected to the internet a valuable target for hackers.

Mobile wallets & apps

These wallets store your private key on your mobile phone. Many consider these wallets to be the less secure than hardware wallets but safer than browser extension wallets (Metamask, Phantom, etc.) This is because phones are frequently lost, broken, or stolen, it’s strongly advised that you enable two-factor authentication, password-protect your wallet, and create a private key backup.

Mobile wallets also come as apps – programs that store and protect the private keys to your Bitcoin and cryptocurrency wallets on your computer’s hard drive or mobile phone.

Mobile wallets and apps are highly convenient and are designed to provide as much security as possible in an insecure environment. Even so, substantial sums should not be stored on a mobile wallet.

Web wallets

Markets, exchanges, betting sites, and other Bitcoin services frequently require you to deposit funds into their online hot wallets in order to conduct your business. These web wallets are the least secure option for storing bitcoins because the operators own the private key to the bitcoins stored on their site. In other words, they are custodial wallets.

Web wallets are also more vulnerable to hackers since they have many possible loopholes along the way. For example, the website in question, the device you’re using to connect to the website or the internet connection can be monitored to steal your bitcoins.

On the other hand, web wallets are highly convenient, as they allow you to buy, sell, and send bitcoins at a moment’s notice.

More competent web wallet services will provide two-factor authentication options, such as validating every account login with a text message, to guard against external hackers. Even so, for storing any significant amount of coins, web wallets are not worth the risk. We advise that you avoid the #1 newbie mistake and never keep your bitcoins in a web/custodial wallet.

No KYC wallets

This handy guide takes you to our top pick of the best 5 no KYC wallets.

However, here’s some more detailed information about this handy crypto tool.

No KYC (Know Your Customer) wallets allow users to store and transact cryptocurrencies without the need to submit personal information or verification documents. These wallets are often popular among privacy-conscious users who wish to maintain anonymity in their crypto transactions.

Unlike centralized platforms that require identity verification, no KYC wallets are non-custodial. This means you retain full control over your private keys, ensuring that your funds remain in your hands at all times. No third party has access to your assets, which minimizes the risk of your funds being frozen or seized.

However, no KYC wallets also come with certain trade-offs. For one, they can be less convenient if you need to quickly connect to centralized exchanges or services that require verification. Additionally, since these wallets are typically non-custodial, users bear the full responsibility for their security. If you lose access to your private keys or recovery phrases, you lose your funds permanently.

On the plus side, no KYC wallets provide an extra layer of privacy. They protect against the risk of data breaches that can occur with centralized services holding sensitive personal information. Some of the more advanced no KYC wallets may even integrate features like Tor routing or coin mixing to enhance transaction anonymity.

For many, the appeal of no KYC wallets is the ability to trade and manage crypto without surveillance or heavy regulatory oversight. But as always, it’s essential to research thoroughly before choosing a wallet and ensure you’re comfortable with the security responsibilities.

For those looking to maintain privacy without sacrificing usability, no KYC wallets can be a strong option, but remember—never store significant funds in any wallet without understanding the risks.

Security Best Practices

To keep your cryptocurrency safe, it’s crucial to implement effective security measures. Whether you’re a beginner or an advanced user, here are the essential practices you should follow:

  1. Use Multi-Signature Support: Multi-signature wallets (multisig) add extra security by requiring multiple private keys to authorize transactions. For instance, you can set it to need two out of three keys to approve a transfer. This ensures that no one person can access the funds alone, reducing the risk of theft.
  2. Choose Cold Storage: Cold wallets, like hardware wallets or paper wallets, are not connected to the internet, which keeps them safe from online hacks. These wallets are ideal for long-term storage of large amounts of cryptocurrency. Ledger and Trezor are highly recommended for storing your private keys offline. Each offers top-notch security features like PIN protection and physical confirmation for transactions.
  3. Secure Your Seed Phrase: Your seed phrase acts as a backup for your wallet, allowing you to restore your funds if your device is lost. Devices like Cryptotag can store your seed phrase securely on metal plates that are resistant to fire and water. Make sure to store your seed phrase in a safe, offline location and never share it with anyone.
  4. Enable Two-Factor Authentication (2FA): For hot wallets, always use 2FA to add an extra layer of protection. Apps like Google Authenticator or Authy are popular choices that can safeguard access to your wallet by requiring a second form of verification.

5. What is the Best Bitcoin Wallet to Use?

You’ll need to decide which crypto wallet is best for your own particular needs, as various users choose Bitcoin wallets for different purposes. For example, we recommend that if you need to store a large amount of Bitcoin safely, cold storage/hardware wallets are the best bet. If, on the other hand, you just want to pay for a cup of coffee, an online wallet on a mobile phone would be more suitable. Whereas if you’re new to the crypto sphere, you might be keen on finding the best crypto wallet type for beginners, in which case we suggest a hot wallet which is accessible either online on your mobile or desktop.

Usually, wallets vary on the scale of security versus convenience, and you need to decide where you want to be on that scale. Some of the questions you should ask yourself include:

  • How much Bitcoin will I be storing?
  • How frequently will I use the wallet?
  • Can I afford to pay for a wallet?
  • Will I be storing additional coins other than Bitcoin?
  • Do I need to carry the wallet around with me?
  • Do I need to share the wallet with someone else?
  • How tech-savvy am I?
  • How much do I value my privacy?
  • Do I trust myself to safeguard my wallet, or do I want to give a third party the task of doing so?

You may want to use more than one wallet. For example, you can use a hardware wallet for large sums of Bitcoin and a mobile wallet with a small balance for daily payments then only keep enough in a browser extension wallet that you need for DeFi use. This way, even if your mobile phone breaks or gets stolen or your browser extension wallet is hacked, you’re not risking all your crypto.

How do I get a Bitcoin Wallet?

Desktop and mobile wallets can be downloaded for free from the internet, while hardware wallets can be bought online and will be shipped to your home or office. Web wallets require you to sign up for a specific service.

Pro Tip: When purchasing a hardware wallet ALWAYS purchase directly from the wallet website and NEVER purchase second hand. There have been instances of users purchasing compromised wallets from unofficial resellers or previous owners keeping the private key, both resulting in permanent loss of funds.

What is the Best Bitcoin Hardware Wallet?

What is the Best Bitcoin Desktop Wallet?

Exodus
Overall rating:
Electrum
Overall rating:
Bitcoin Core
Overall rating:
Armory
Overall rating:
To be reviewed
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Exodus

Exodus allows you to store not only Bitcoin but also Ethereum, Binance Coin, Dogecoin, Solana, and many others. This crypto wallet is unique in its beautiful design and intuitive user interface. You can swap and trade cryptocurrencies within the wallet. Exodus is available for both desktop and mobile and is compatible with Trezor hardware wallets. Here’s our full review of Exodus.

Bitcoin Core

Bitcoin Core (also known as Bitcoin QT) is a full node, meaning it’s a wallet that downloads the complete Bitcoin blockchain to your computer. This takes a lot of time (can reach several weeks) but also gives you an array of advanced options that are more suitable for experienced users. If you’re just starting out, we suggest avoiding this wallet as it is best for advanced users and features a poor user experience.

Armory

Armory is a well-known and trusted open-source brand when it comes to Bitcoin security. The wallet is usually best suited for more advanced users. If you are looking for a wallet that emphasizes safety and security, Armory should make the shortlist as it features a variety of encryption and cold-storage options (including multisig).

What is the Best Bitcoin Mobile Wallet?

Best Wallet
Overall rating:
Exodus
Overall rating:
Zengo
Overall rating:
Ledger
Overall rating:
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Best Wallet Review

We’ve chosen Best Wallet as our top pick for the best Bitcoin wallet app for a number of reasons. For starters, it offers market insights on various tokens and comes with a portfolio management tool that allows you to track profits and losses in real-time. The mobile app is easy to use and gives access to tokens across multiple blockchains – including Ethereum and Polygon. Users can also purchase $BEST, the native token of this mobile wallet, and earn discounts on trading fees. Best Wallet is a fantastic crypto wallet for users from all backgrounds ranging from beginners to pros.

If you want a deeper look into Best Wallet, check out ClayBro’s video review of it below:

Exodus Review

Exodus’s mobile wallet is one of the best wallets for cryptocurrency, mainly because it allows you to trade and manage 300+ digital assets anywhere, anytime. Users can access tokens from 50+ blockchain networks and use the built-in swap feature to seamlessly complete transactions. All private keys and encryption data are encrypted on the mobile wallet, and 24/7 support is provided for any queries.

Zengo review

Zengo offers a highly secure wallet without needing a private key, making the company a pioneer in their field. Zengo does that by securing the private key on both your mobile device and their servers and applying advanced cryptography measures. The wallet app is also feature-packed, including a crypto exchange, a trading platform, and even an interest-yielding account. You can read our full Zengo review here.

Ledger Nano X

The Ledger Nano X is the best hardware wallet by Ledger. The Nano X’s interface is done through the Ledger Live mobile app (via a Bluetooth connection). Ledger’s intuitive design is maintained with this model. This is probably one of the safest ways to store coins on your mobile device since the private key isn’t on the device; it’s on the Nano X itself. You can read our full review of the Nano X here.

Best Bitcoin Wallet for iPhone

Green Wallet is a popular Bitcoin wallet for iPhone, designed with simplicity and security in mind. As far as the best iOS crypto wallet goes, Green Wallet wins hands down. Its clean, intuitive interface makes it ideal for beginners, while securely storing private keys on your device to protect funds.

It also quickly syncs with the Bitcoin network, so you’ll get fast access to your funds and transactions. For added security, you can create and sign transactions offline, reducing online risks. As an open-source wallet, its publicly available code ensures transparency and reliability through community review which makes it a perfect choice.

Best Crypto Wallet for Android

Breadwallet is a popular Bitcoin wallet as it has a user-friendly, intuitive interface and puts a strong emphasis on security. The wallet ensures secure storage by keeping private keys on your device, protecting funds from unauthorized access.

Breadwallet also supports offline transactions, reducing exposure to online threats. As an open-source wallet, its code is available for public review, enhancing its transparency and security. Lastly, regular updates further strengthen its security and keep the wallet up to date with new features.

Wallet Recommendations Based on User Types

Different crypto users have different needs when it comes to wallets. Here are tailored recommendations based on user profiles:

  • Beginners: If you’re new to crypto, opt for a wallet that’s easy to use. Coinbase Wallet and Exodus are great choices. Both offer simple interfaces and support multiple cryptocurrencies, making them perfect for users just getting started.
  • Advanced Users: More experienced users might prefer wallets that offer greater control and functionality. Electrum for Bitcoin or Metamask for Ethereum are non-custodial wallets that give you full control of your private keys. They also support advanced features like multisig and DeFi integration.
  • Long-Term Holders: If you’re holding large sums of cryptocurrency for the long term, a hardware wallet is your best bet. Devices like Ledger or Trezor keep your private keys offline, protecting your assets from online threats.

6. Additional Bitcoin Wallet Terms

Multisig wallets

Multisig stands for multi-signature, a wallet that allows sending bitcoins, only with the approval of enough private keys, out of a set of predefined keys. Let me explain:

To clarify, let’s say that Alice, Bob, and Charlie all want to open a business together and invest some of their Bitcoin, but none of them actually wants only one person to have the private keys to the money. So they each get one key and use a multisig wallet that requires two out of three of those keys. This way, none of them can run away with the money alone, but they also don’t need all three of them to pay expenses.

For example, if Alice wants to run away with the money, she can’t because she only has one key. But if Bob is missing and Alice and Charlie want to pay an expense, they can do it with their two keys.

Multisig doesn’t have to be only two out of three—it can be almost any combination. For example, a couple wants a shared account and decides that they can spend the money only if both of them agree; or a Company’s board of directors allows payments only by vote of a majority.

Multisig is often used for escrow services, in which two parties decide on a transaction that requires two out of three keys. If the seller and buyer don’t agree, a trusted third party will arbitrate and release the funds.

SPV wallets

Some wallets hold a full copy of the blockchain in order to validate each and every transaction. This type of wallet is referred to as a full node. Unlike full nodes, SPV (simplified payment verification) wallets (aka lite or thin wallets) don’t hold a full copy of the blockchain. SPV wallets rely on the full nodes to which they are connected in order to validate transactions.

SPV wallets are faster and consume less disk space than their counterparts. Since the blockchain today is becoming increasingly big, many wallets offer an SPV solution for limited-capacity devices such as mobile phones, tablets, and desktops.

Brain wallets

Brain wallets are just a way to create a private key out of a predetermined text or set of words. So, instead of getting a randomly generated seed or private key, you can decide for yourself on a passphrase and use some basic algorithms to generate a private key from that passphrase.

However, brain wallets have a significant disadvantage by having a higher probability of being hacked. This is because people are usually very predictable in what they use as passwords or supposedly random text, and hackers have a way of knowing that.

To prove this point, some tests have been done where simple passwords have been used for brain wallets and deposited with funds. The results? The funds have been quickly stolen. Additionally, one Bitcoin user lost four bitcoins from his wallet after using a brain wallet private key generated from a little-known Afrikaans poem.

This proves that even if you think you’ve found an obscure text for a passphrase, you’re still in danger of being hacked.

Bear in mind that some wallets will fulfil more than one criterion. For example, you can have a mobile SPV wallet that also has a multisig feature.

Best Bitcoin Wallets Compared

Wallet Security Supported Cryptocurrencies Interface
Strongest Feature
Ellipal Air-gapped security Bitcoin, Solana, XRP Physical buttons
Unparalleled security
Ledger Nano X Cold storage Over 5,500 cryptocurrencies Ledger Live app
Versatility and ease of use
TREZOR Model T Cold storage Over 1,800 cryptocurrencies Touchscreen
Advanced features and customization
Cypherock X1 Split keys, no seed phrase risk Over 1,000 cryptocurrencies User-friendly
Enhanced security
Blockstream Jade Cold storage, air-gapped Bitcoin Physical buttons
Open-source transparency
Exodus Multi-sig support Over 200 cryptocurrencies User-friendly
All-in-one platform
Bitcoin Core Full node, multi-sig support Bitcoin Command-line interface
Complete control and decentralization
Armory Cold storage, multi-sig support Bitcoin User-friendly
Advanced security and customization
Best Wallet Multi-sig support Over 100 cryptocurrencies User-friendly
Comprehensive portfolio management
Zengo Keyless, advanced cryptography Over 100 cryptocurrencies User-friendly
Ease of use and security

7. Backing up your Bitcoin wallet

Because private keys and seed phrases have complete power over your Bitcoin, they must be kept secret and safe. If you fail to protect your wallet’s private key or seed, the Bitcoin it controls could be irretrievably lost.

A standard Bitcoin wallet (i.e., not an HD wallet) will create a wallet.dat file containing its private key. This file should be backed up by copying it to a safe location, such as an encrypted drive on your computer, an external flash drive, or even a piece of paper that’s hidden away.

An HD wallet, on the other hand, will supply you with a seed phrase with 12–24 words that you should write down in a safe place. One interesting product people often use for backing up their wallets is the Cryptosteel, an indestructible metal plate on which you can put your private key.


8. Transaction fee handling

Each Bitcoin transaction has a transaction fee attached to it. This fee is included in order to incentivize Bitcoin miners to include the transaction in the next block of transactions. The larger the size of your transaction, the higher the fee you’ll need to pay in order to get confirmed in the next block.

Some transactions aren’t as time-sensitive as others. For example, if I’m just moving funds from my desktop wallet to my hardware wallet for safekeeping, I don’t really care if it takes the transaction even two days to get confirmed. That’s why I can allow myself to use a lower fee. However, if I’m sending payment for a service or a product I purchased, I might want to use a higher fee so the transaction is confirmed faster.

Fees also highly depend on the number of transactions waiting to be confirmed. If many people want to confirm their transactions, they will start bidding up the attached fees. Therefore, a fee that was considered high yesterday might be considered low today.

One of the important features to check out in a wallet is fee handling. Here is what you need to find out:

  1. Does the wallet allow you to choose your own fee, or does it choose it automatically for you?
  2. Does the wallet support Segwit? This is an upgrade issued to the Bitcoin protocol, which—among other things—allows you to shrink your transaction file size (hence reducing your required fee).
  3. Does the wallet support Replace by Fee (RBF)? If your transaction can’t get confirmed because you didn’t pay a high enough fee, you can easily bump the fee via the RBF option. Your wallet will then rebroadcast the transaction with a fee raised to your required level.

9. Watch out! Common ways hackers will try to steal your money

Apps that steal Bitcoin

Hackers will sometimes introduce a new wallet to the Apple App Store (or Google Play) with the intent of stealing user funds. There’s no way to know a wallet isn’t malicious other than by actually reviewing its code, and that’s not a feasible option for most of us.

In order to stay on the safe side, it’s always recommended to only download the top bitcoin wallets that are open source (i.e., their code is public) and that have accumulated a strong reputation in the Bitcoin community. Don’t just download an app or wallet because a friend referred you; do your own research, ask around on forums, and read review sites.

The wallets listed on this page have all been around for several years and have gained a good reputation from the Bitcoin community.

Hardware wallet tampering

Hardware wallets should only be bought from the manufacturer or an authorized reseller. Having said that, most reputable hardware wallets have a built-in mechanism that will alert you if your device has been tampered with.

Hardware wallets should come sealed with a holographic sticker showing that the device has never been opened. One thing to keep in mind is that the seed phrase for the hardware wallet should be generated by the device itself and not by the manufacturer. This is done so that only you will know the seed phrase to your device.

Trezor Security
A Look at the Holographic Tape Security Seal on a Trezor. Image Source: Shutterstock

Not too long ago, a user reported that he’d received a Ledger wallet from an unofficial Ledger reseller with a sheet of paper that already had a 24-word seed phrase on it. Once he uploaded funds to the wallet, they were stolen, as the seller knew his seed phrase.


Regulatory Updates: Recent Developments Impacting Crypto Wallets

The regulatory landscape surrounding cryptocurrency wallets is constantly evolving as governments aim to enhance transparency and security. Here are the latest key developments affecting crypto wallets:

  1. KYC and AML Regulations: In the European Union, new anti-money laundering (AML) rules are being applied to all Crypto Asset Service Providers (CASPs). These regulations mandate that wallet providers verify user identities through Know Your Customer (KYC) processes. This includes collecting personal information such as names, addresses, and account numbers for all transactions exceeding €1,000​. This could impact the use of custodial wallets that manage these details for users.
  2. The Travel Rule: The Financial Action Task Force (FATF) introduced the Travel Rule, which requires crypto service providers to collect and share information about the originator and beneficiary of cryptocurrency transactions. As of 2024, the European Banking Authority (EBA) has extended this rule to all CASPs in the EU. This means wallet providers must track and report user data for crypto transactions, which could affect users of self-hosted (non-custodial) wallets​. The rule is designed to prevent money laundering and terrorist financing.
  3. Self-Custody Wallets: There has been ongoing debate about the regulation of self-hosted wallets. The EU’s updated AML legislation treats transactions involving self-hosted wallets as high-risk. This means users transacting with non-custodial wallets could face stricter due diligence requirements from exchanges and wallet providers​. Additionally, there is increased scrutiny of transactions involving decentralized platforms (DeFi) and privacy coins like Monero.
  4. New AML Authority: A new EU Anti-Money Laundering Authority (AMLA) is being established to enforce consistent supervision across the crypto industry. This body will oversee compliance with AML rules, ensuring that CASPs follow due diligence processes and detect suspicious activities​

Staying informed about these regulatory changes will help wallet users ensure compliance and protect their assets. Whether you’re using custodial or non-custodial wallets, understanding how these rules apply is crucial for safe and legal crypto transactions.


10. Conclusion – My Top Picks

Now that you’re a Bitcoin wallet expert, you probably understand that there’s no simple answer to the question, “What is the best crypto wallet to use?” But not to leave you empty-handed, here are my personal picks:

In the end, the decision is yours based on your needs and preferences.

Best Crypto Wallet FAQs

What is the best crypto wallet?

What is the best Bitcoin wallet?

How do I get a crypto wallet?

What is a fiat wallet?

What crypto wallet should I use?

What is the safest crypto wallet?

How do we choose and rank the best crypto wallets?

Are crypto wallets safe?

Are hardware wallets more secure than software wallets?

What is the difference between hot and cold wallets?

Can I store multiple cryptocurrencies in one wallet?

What should I do if I lose my wallet’s private key?

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital. 99Bitcoins may receive advertising commissions for visits to a suggested operator through our affiliate links, at no added cost to you. All our recommendations follow a thorough review process.

Having delved into futures trading in the past, my intrigue in financial, economic, and political affairs eventually led me to a striking realization: the current debt-based fiat system is fundamentally flawed. This revelation prompted me to explore alternative avenues, including investments in gold and, since early 2013, Bitcoin. While not extensively tech-savvy, I've immersed myself in Bitcoin through dedicated study, persistent questioning, hands-on experience with ecommerce and marketing ventures, and my stint as a journalist. Writing has always been a passion of mine, and presently, I'm focused on crafting informative guides to shed light on the myriad advantages of Bitcoin, aiming to empower others to navigate the dynamic realm of digital currencies.

View all Posts by Alexander Reed

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