Looking for trustworthy crypto wallet reviews?
In this section of our site you will find indepth crypto wallet reviews focused on crypto storage. In this section we cover multiple ways to store your Bitcoin or crypto, be it a web wallet, app wallet, hardware wallet, desktop wallets and so. A wallet is a way to store your bitcoin or cryptocurrency. Think of a wallet being like a bank, a place where you keep and safely store your ‘money’, but its not a bank, its fully owned and managed by you if it’s a hardware wallet or possibly by someone else if it is a non-custodial wallet. We highly recommend custodial hardware wallets for storing crypto however in this section we review various types of crypto storage types. See all our crypto wallet reviews here…
Our Crypto Wallet Reviews
Read our detailed crypto wallet reviews to find the best way to store your Bitcoin and cryptocurrency
What is a Crypto Wallet?
Like normal fiat/money, crypto is best stored in a wallet, and there are various types of wallets and storage available. One of the hardest things to understand when you are new to crypto, like bitcoin and ethereum is how to buy it and how to store it safely. A crypto wallet allows you to put your mind at rest, however there are several different types of storage that you need to know about before you get started.
If crypto is digital why do I need a wallet?
Crypto is fully digital in the sense that you will never hold a physical Bitcoin in your hand like a gold coin, but in order to access you bitcoin or other cryptocurrencies, you will need to have a private key. A private key is an encrypted string of numbers and letters that reference your ownership of your crypto on the web. A private key is the most critical and sensitive thing to own once you have a few bitcoin to your name and storing it safely is incredibly important. So crypto wallets don’t actually hold your crypto but rather your private key that accesses all your crypto.
Types of Crypto Wallets:
To summaries there are 5 types of crypto wallets:
- Hardware wallets
- Paper wallets
- Desktop Wallets
- Mobile Wallets
- Web Wallets.
Where do I get a crypto Wallet?
As we outlined there are several kinds of wallets. See our reviews on each:
A hardware wallet is a piece of hardware that can be used to store you’re crypto. This is also referred to as cold storage and non custodial as mentioned above.
Offered by most exchanges however are non custodial (meaning you will hold your crypto personally. Most exchanges offer web wallets
Paper wallets are old school, not safe and very unpopular, so we don’t recommend any but you can read more about them here on wiki – Read more
Desktop wallets are wallets that live on your computer. They are pieces of software that you download. Keep in mind that a computer that is connected to the internet is always vulnerable so this is not the most ideal kind of storage but there are some decent desktop wallets out there. For example:
Bitcoin Core Wallet – which is the original solution as per satoshi nakamoto’s design. This wallet can be downloaded from here. The software is compatible with Windows, Mac and Linux and is complete free. This wallet is only suitable for Bitcoin
Greengrass Wallet – is another bitcoin only wallet. It’s technology stack and security stands out amongs some other players in the space.
Atomic Wallet – seems to be a decent wallet solution. It works on an above average number of computer systems and is available in multiple languages. The wallet allows storage of over 500 different cryptocurrenices and is endorsed by several key influencers in the crypto space.
Mobile wallets are dedicated APP that handle the holding of crypto. Most crypto exchanges come with an app and these might be indirectly viewed as mobile wallets. Mobile wallets are usually defined per mobile type; in other words Andriod or Apple (iOS).
Mycelium Wallet – is the most talked about Bitcoin Mobile Wallet for Andriod. It won mobile wallet of the year in 2014 and it seems quite user friendly.
Edge – is referenced a lot online as a good Apple Mobile Wallet.
What is the best crypto Wallet?
Honestly, the best crypto wallets hardware wallets because they offer cold storage that is non custodial which is much more secure. We are not going to sit here and pretend that we only store our crypto on cold storage. Every kind of wallet has a different purpose for different opportunities. For crypto gambling deposits you will definitely not use your cold storage wallet for example.
What is Cold Storage?
Cold Storage is the the safest kind of storage because they are disconnected from the internet. Cold storage wallets include: Hardware wallets (think physical hardware like a pen drive) and paper wallets which is exactly what it sound like, completely non technical, just a piece of paper that holds your private details (private keys) physically in black and white on paper. Whilst paper wallets might sound easy, secure and hassle free, hardware wallets offer much better long term security, since paper can be lots (yes i lost mine). Read a hardware wallet review
What does Non Custodial mean?
Non Custodial refers to your private keys and means that no one else holds this key other than you. Whilst the risk of losing the key can make you cry. Owning your own keys (having a non-custodial key setup) is the safest way of owning crypto. No middle man can ever come between you and your crypto. No bank or exchange can use your crypto, trade using your crypto (as banks often use their liquidity to trade on their own account), your crypto is owned by you and held by you directly and no one else can touch it.
What are Hot Wallets?
Finally, since there are cold wallets there have to be hot wallets as well! Think of a hot wallet like a hot potato, something you don’t want to hold onto for too long. Hot wallets are best used for crypto that you are actively trading or exchanging. Never put your savings or HODL’ed crypto into a hot wallet.
Crypto Wallet Security
Irrespective of the crypto wallet you choose, there are some clear no brainers when it comes to keeping your crypto safe. Let’s run through these briefly.
Hardware wallets – be sure to buy your wallet from an official source and that packaging is sealed. When setting up your private key, do not keep a copy of this online, always use the documentation provided and store it somewhere safe and off your person (not in your physical wallet for example)
For desktop wallets, mobile wallets, and hot wallets of any kind, ensure that two-factor authentication is ON. 2FA will safeguard illegitimate logins onto your accounts.