Best Bitcoin and Crypto Wallets for June 2024

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Contributor, Benzinga
June 14, 2024

Benzinga's top picks for the best crypto wallets are Ledger and Coinbase Wallet.

A cryptocurrency wallet is a must-have tool for anyone looking to navigate the world of digital currencies. By securely storing, sending, and receiving digital assets, a cryptocurrency wallet allows you to manage your finances in the digital realm with peace of mind and convenience. A cryptocurrency wallet is a digital tool for securely storing, sending, and receiving digital currencies such as Bitcoin and Ethereum. It functions like a bank account for your digital assets, offering a secure and convenient way to manage your finances in the digital realm.

The crypto industry has seen a significant rebound this year, with prices and market capitalization surpassing $1 trillion. This has sparked optimism among many investors. As the cryptocurrency market continues to grow, so does the need for secure storage solutions. Whether you are a seasoned trader or a beginner investor, choosing the best crypto wallet is key to managing your cryptocurrencies effectively. Explore your top options for the best Bitcoin and crypto wallets to protect your digital assets.

Quick Look: The Best Bitcoin and Crypto Wallets

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The 8 Best Bitcoin and Crypto Wallets

Crypto wallets come in various forms - from software and hardware wallets to mobile and desktop wallets. Each has its own features and security measures, making it crucial to choose the right one for your needs. We've narrowed down your options for the best crypto wallets to store your digital assets.

1. Best for Easy Use: Coinbase Wallet

  • Coinbase
    Best For:
    Active Crypto Traders
    securely through Coinbase's website

    Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards. ³Crypto rewards is an optional Coinbase offer. Upon purchase of USDC, you will be automatically opted in to rewards. If you’d like to opt out or learn more about rewards, you can click here. The rewards rate is subject to change and can vary by region. Customers will be able to see the latest applicable rates directly within their accounts.

Coinbase Wallet is known for being one of the easiest-to-use cryptocurrency wallets available on the market. Whether you are a beginner looking to dip your toes into the world of digital currencies or a seasoned investor, Coinbase Wallet offers a user-friendly interface and a range of features that make managing your cryptocurrency portfolio a breeze. With just a few clicks, you can buy, sell and store a variety of cryptocurrencies, making it easy to diversify your portfolio and take advantage of market opportunities.

Coinbase Wallet offers industry-standard security measures, including two-factor authenticator and biometrics, to protect your digital assets. It also provides tools such as real-time price tracking and customizable alerts to help you manage your cryptocurrency investments.

Why We Love It: Coinbase Wallet offers a friendly user interface, strong security features and seamless integration with the Coinbase cryptocurrency exchange. Whether you're looking to store your digital assets securely, trade cryptocurrencies easily, or manage your investments efficiently, Coinbase Wallet has you covered.

2. Best Cold Wallet: Ledger Hardware Wallet

Trusted by millions of users worldwide, the Ledger Nano X and Nano S Plus offer unbeatable protection for your digital assets. With an ability to store 1,000+ different tokens (including all ERC-20 and BEP-20 tokens), a reputation for excellent user experience and ease of use, Ledger is a clear choice for all types of investors. However, for more savvy investors, Ledger’s Stax wallet may be the best option – boasting the world's first curved E Ink touchscreen that can be used to manage day-to-day transactions in comfort.

Ledger is a market leader in security for crypto wallets, undergoing audits from the French National Agency for the Security of Information Systems (ANSSI) and using tamper-resistant Common Criteria (CC) EAL5+ certified Secure Element (SE) chips on all nanodevices. Although it's not open-source like some competitors, its consistent track record of security and trust make it a reliable choice for those prioritizing security.

Why We Love It: Ledger can store a wide range of tokens and undergo regular security audits, making it the best crypto hardware wallet choice for investors. 

3. Best for Touchscreen Interface: Trezor

Trezor is a popular hardware cryptocurrency wallet that provides a secure way to store and manage your digital assets. Developed by SatoshiLabs, Trezor offers two main models – the Trezor One and the Trezor Model T. Both of these models feature excellent security measures and support a wide range of cryptocurrencies, making them a versatile choice for those looking to safeguard their investments.

Trezor offers both desktop and mobile solutions for users. The desktop offering provides a user-friendly interface for securely managing your assets, while the mobile app, is available for both Apple and Android devices, giving users the flexibility to access their assets on the go.

One of the key features of Trezor is its integrations with other crypto firms such as Exodus, making it easy for users to manage their assets across different platforms. Additionally, Trezor provides built-in services such as staking and the ability to purchase cryptocurrencies directly through its software products.

Why We Love It: Trezor's user interface is designed with both security and usability in mind. The interface is clean and simple, with easy-to-navigate menus and options, which makes it easy for even beginners to navigate and understand.

4. Best Hot Wallet: Crypto.com

Crypto.com is a leading centralized cryptocurrency exchange that offers a non-custodial wallet. A non-custodial wallet is a type of cryptocurrency wallet where the user has complete control over their private keys. The exchange is not responsible for security user funds, as they are not stored on a central server. Non-custodial exchange wallets are crucial as they protect users from counterparty risks such as exchange hacks and asset mismanagement – as exemplified by the FTX scandal.

Crypto.com’s DeFi wallet provides access to a wide range of DeFi services in one place and allows users to easily manage 1000+ tokens. Crypto.com’s non-custodial wallet is a great choice for beginner investors who want to leverage the Crypto.com platform and who value convenience and ease of use.

Why We Love It: Crypto.com provides features like staking, earning interest on holdings and cashback rewards, making it a versatile and convenient option for crypto users.

5. Best Hybrid Crypto Wallet: SafePal

SafePal offers a solution that is both easy to use and highly secure, making it an ideal choice for both beginners and experienced crypto investors. One of the key features of SafePal is its offline storage capability, reducing the risk of theft from hackers or malware. It also utilizes a secure element chip for added protection of assets and transactions.

Another key feature of SafePal is its support for hardware wallet integration. This means that you can connect your SafePal wallet to a hardware device, such as a Ledger or Trezor wallet, for added security. This provides an additional layer of protection for your assets, making it even more difficult for hackers to access your funds.

Why We Love It: SafePal offers offline storage capability and supports hardware wallet integration for added security and protection against hackers. Plus, it is more affordable compared to hardware wallets.

6. Best Desktop Bitcoin Wallet: Electrum

Electrum is a software wallet that allows users to store, send and receive Bitcoin. It was created in 2011 by Thomas Voegtlin and has since become one of the most popular wallets in the cryptocurrency space.

Electrum is known for its focus on security, using a hierarchical deterministic system and supporting multiple hardware wallets. It also offers advanced features like multi-signature transactions for added security.

Why We Love It: Electrum is the best Bitcoin wallet for desktop computer because of its strong security features, simple user interface and compatibility with hardware wallets.

7. Best Mobile Bitcoin Wallet: BlueWallet

BlueWallet is a highly secure and user-friendly crypto wallet that allows you to securely store, send and receive Bitcoin and other cryptocurrencies. With a sleek design and intuitive user interface, BlueWallet makes managing your digital assets easy and convenient.

The wallet uses top-notch encryption techniques to ensure that your funds are safe from hackers and cyber threats. Additionally, BlueWallet also offers support for multiple cryptocurrencies, making it a versatile option for crypto enthusiasts. You can download BlueWallet on an iPhone or Android mobile phone.

Why We Love It: We picked BlueWallet as the best Bitcoin wallet for mobile because of its mobile app features and availability on both IOs and Android operating systems.

8. Best Solano Wallet: Phantom Wallet

Phantom Wallet is specifically designed for the Solana blockchain, which is known for its high-speed transactions and low fees. The wallet allows users to securely store, send, and receive SOL tokens, as well as any other tokens built on the Solana network.

Phantom Wallet also supports a wide range of other cryptocurrencies, including popular ones like Bitcoin, Ethereum, and various ERC-20 tokens. This versatility makes it a great all-in-one solution for managing a diverse crypto portfolio.

Why We Love It: We love Phantom Wallet because of its strong security features and support for a wide range of Solana-based tokens and decentralized applications.

What Is a Crypto Wallet?

A cryptocurrency wallet is a digital tool that allows users to store, send, and receive digital currencies like Bitcoin, Ethereum, and more. Just like a physical wallet holds cash and cards, a crypto wallet holds your digital assets securely.

How Do Crypto Wallets Work?

At its core, a crypto wallet is a software program that stores private and public keys. These keys are what allow users to send and receive digital currency, such as Bitcoin or Ethereum. The private key is like a password that allows access to the wallet and should be kept secure at all times. The public key, on the other hand, is what others can use to send cryptocurrency to your wallet.

When you want to make a transaction using your crypto wallet, you will need to enter your private key to verify the transaction. The wallet then broadcasts the transaction to the blockchain network, where it will be confirmed by miners. Once the transaction is confirmed, the cryptocurrency will be transferred to the recipient's wallet.

It's important to note that crypto wallets do not actually store your digital currency. Instead, they store the keys that allow you to access and manage your cryptocurrency holdings. If you lose your private key or it is stolen, you could lose access to your funds permanently.

Types of Crypto Wallet

Crypto wallets fall into two categories: hot wallets and cold wallets. Which is the best crypto wallet for you? While both serve the same purpose, they differ in terms of where they are stored.

Hot Wallets

  • Refer to wallets that are stored on the internet
  • Also known as "software wallet"
  • Convenient and easy to use
  • Available through a variety of mediums such as an app, web browser or desktop
  • Can be accessed from anywhere with an internet connection

Cold wallets

  • Physical wallets that store a user’s private keys offline
  • Also known as "hardware wallet"
  • More secure since they are not connected to the internet
  • Less vulnerable to hacking since
  • Widely considered to be the gold standard for storing crypto among investors
  • Can be clunky to use

How to Choose a Crypto Wallet

With so many options available, it can be difficult to find the best crypto wallet for you. However, the good news is that there are only two important factors to consider: security and wallet utility. While no wallet alone can perfectly cover both bases, it is possible to choose a wallet that balances your security and utility needs.

  • Security: The most important factor to consider when choosing a cryptocurrency wallet is security. Look for wallets with features such as 2FA and multi-signature support to ensure added protection against hackers and misuse of funds.
  • Utility: Wallet utility refers to the functionality and usefulness of a cryptocurrency wallet. Features such as exchange integration, DeFi integration, and support for multiple cryptocurrencies are important factors to consider when choosing a wallet.
  • Backup and recovery options: In case your wallet gets lost or damaged, it's important to have a backup and recovery option. Look for wallets that allow you to easily backup and restore your wallet using a recovery passphrase or seed phrase. Make sure to keep this information secure and never share it with anyone.
  • Customer support: Consider the level of customer support offered by the wallet provider. In case you encounter any issues with your wallet, it's important to have access to reliable customer support that can assist you in resolving the problem quickly.

How to Set Up a Crypto Wallet

The first step in setting up a cryptocurrency wallet is to determine the kind of wallet you want to use. Once you've decided on the type of wallet you want to use, you'll need to do the following:

1. Choose a wallet provider: There are several wallet providers available, each offering different features and levels of security. You can start with any of the crypto wallets feaured above.

2. Create an account: You will typically need to provide some personal information, such as your email address and a password. Some wallet providers may require additional verification steps, such as providing a copy of your ID.

3. Secure your account: Once you have created an account, it is essential to secure it with additional security measures, such as two-factor authentication. This will help protect your wallet from unauthorized access.

4. Generate a wallet address: In order to receive cryptocurrencies, you will need to generate a unique wallet address. This address acts as your public key, allowing others to send cryptocurrencies to your wallet.

5. Backup your wallet: It is crucial to backup your wallet in case your device is lost or damaged. Most wallet providers will provide you with a recovery phrase or seed, which can be used to restore your wallet on a different device.

If you opt to use a hardware wallet, you’ll need to purchase the necessary hardware first, then install the software to set up the wallet.

Get the Best Crypto Wallet for You

Cryptocurrency wallets are a must-have for any serious crypto investor. While software wallets are more accessible, hardware wallets are the way to go for maximum security, as they keep private keys offline. The market offers several reliable hardware wallets, including Ledger, Trezor and SafePal, each with its own set of unique advantages and features.

In the world of cryptocurrency, your wallet is your fortress. It is crucial to choose a wallet that fits your specific needs and preferences to protect your digital assets from any potential security breaches. Don't let ignorance or recklessness be the Achilles heel of your crypto investments. Take the time to research and choose the best crypto wallet for you and safeguard your financial future in the ever-evolving world of crypto.

Disclosure: ²Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards. ³Crypto rewards is an optional Coinbase offer. Upon purchase of USDC, you will be automatically opted in to rewards. If you’d like to opt out or learn more about rewards, you can click here. The rewards rate is subject to change and can vary by region. Customers will be able to see the latest applicable rates directly within their accounts

Frequently Asked Questions

Q

Should I put all my crypto in a wallet?

A
Generally, storing cryptos in a personal wallet is much safer than an exchange, especially if it’s a hardware wallet. This helps protect your assets from potential hacks or security breaches. However, it is important to research and choose a reputable wallet provider and always keep your private keys secure to avoid any potential risks. Consider diversifying your holdings and not putting all your crypto in one single wallet for added security.
Q

What is the most trusted crypto wallet?

A

The most trusted cryptocurrency wallet often depends on individual preferences and needs. However, some of the most popular and well-regarded crypto wallets include Ledger Nano S, Trezor, and Coinbase Wallet. It’s always advisable to do thorough research and choose a wallet that has a good reputation for security and reliability.

Q

What is the most popular crypto hard wallet?

A

The most popular crypto hard wallet currently is the Ledger Nano S. It is widely recommended for its security features and user-friendly interface.

Q

Which crypto wallet can withdraw to a bank account?

A

While most crypto wallets do not have the ability to directly withdraw funds to a bank account, there are some platforms that offer this feature. For example, platforms such as Coinbase and Kraken allow users to link their bank accounts to their crypto wallets and transfer funds back and forth. This makes it easier for users to convert their crypto assets into traditional currency and withdraw it to their bank accounts.

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