Best Bitcoin and cryptocurrency wallets

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Bitcoin is growing in popularity and acceptance. You can withdraw your cryptocurrency from a crypto exchange, and then store them in an external wallet. It’s easy to store and manage your crypto portfolio securely with the best Bitcoin wallets.

You may be looking for the best Bitcoin wallet to store and buy Bitcoin. We compared a wide range of Bitcoin wallets, focusing on price, user experience, supported currencies, and other features. Continue reading to see the top Bitcoin wallets.

The Top Bitcoin Wallets for 2021

The Best Bitcoin Wallets

BEST FOR BEGINNERSExodus

  • Purchase costFree
  • Cloud Storage:
  • Cold StorageNo

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Why We Choose It

We picked Exodus as best for beginners because it is free and comes with good customer support and optional support for cold storage.

Pros & Cons

Pros

  • There are many cryptocurrencies to choose from
  • Built-in exchange
  • Good customer support

Cons

  • Closed-source software

Overview

Exodus is both a mobile and desktop wallet that can be used on any device. It has an easy user interface with built-in exchange and a simple user interface. Exodus allows you to trade between increasing numbers of cryptocurrencies. This is one of its most popular features. Exodus allows you to swap between more than 100 different cryptocurrency.

This wallet is perfect for beginners who are just starting out in the crypto space. It offers great support which is a crucial feature for beginners entering what many might consider a confusing market.

It is great for beginners but may not be suitable for more advanced users. Exodus is a closed-source wallet. This is against the Bitcoin and blockchain ethos and could cause security concerns. The code of Exodus is not available for public inspection. Users can instead rely on Exodus to make sure there are no security holes in its wallet.

Exodus allows you to create custom fees in order to reduce costs. You can also set an automatic fee to ensure that the transaction is completed quickly.

BEST FOR ADVANCED BITCOIN USERSElectrum

  • Purchase costFree
  • Cloud Storage:
  • Cold Storage:

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Why We Choose It

We chose Electrum for its security, open-source nature, advanced features, and other options.

Pros & Cons

Pros

  • Transaction fees that can be customized
  • Higher level of security than hot wallets

Cons

  • Bare-bones user interface
  • Only for Bitcoin
  • No customer support

Overview

Electrum was one of the first Bitcoin wallets. It was created in 2011, two years after Bitcoin was first introduced. The wallet has not changed much since then. Although it is basic in terms of user interface and commitment to Bitcoin, this wallet excels at its primary function. Electrum is more suited to advanced users because of its many options.

Electrum is an open-source project that allows users to create custom transaction fees and offers the choice between Segwit and legacy Bitcoin. You can also choose the level of security you want to use. You can choose to create a standard, multi-signature, 2-factor, or standard wallet. You can also add custom words to your seed phrase.

Electrum is the perfect choice for advanced Bitcoin holders who want great security and customization in a simple layout.

BEST FOR MOBILE USEERSMycelium

  • Purchase costFree
  • Cloud Storage:
  • Cold Storage:

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Why We Choose It

Mycelium was chosen for mobile users due to its ability to control transaction fees and integrate with a hardware wallet.

Pros & Cons

Pros

  • Transaction fees that can be customized
  • Hardware wallets can be used
  • Software that is open-source

Cons

  • Only for mobile
  • It can be confusing for first-time users

Overview

Mycelium, an open-source, mobile-only Bitcoin wallet, is available. Mycelium currently supports only Bitcoin, ETH and ERC-20 tokens. Mycelium can be compared to Electrum in some aspects. Mycelium has a mobile-only user interface, is more modern than Electrum and has a builtin exchange.

Mycelium is similar to Electrum and one of the earliest wallets in this space. You can also set custom transaction fees, so you can decide how long you want to wait for a transaction.

Mycelium has some other interesting features, such as hardware wallet support. This allows users to keep their Bitcoin offline and still use Mycelium’s user interface for their holdings.

BEST HARDWARE WALLETLedger Nano X

  • Purchase cost: $119
  • Cloud StorageNo
  • Cold Storage:

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Why We Choose It

We picked the Ledger Nano X because it offers secure cold storage and connects to devices with Bluetooth or USB through the Ledger desktop or mobile app.

Pros & Cons

Pros

  • Ledger Live offers an intuitive, user-friendly interface
  • Up to 100 apps available in stores
  • Software that is open-source and has community support
  • Bluetooth connectivity is convenient

Cons

  • Bluetooth integration is a possible vector for cyber attack (USB still an option).
  • Bluetooth is not yet perfect
  • Storage of a limited amount of money in the wallet

In July 2020, Ledger experienced serious hacks that revealed detailed customer information including names, phone numbers, email addresses, and even home addresses in some cases. Although this does not impact people’s private keys it has caused many to question Ledger’s internal security procedures.

Overview

Ledger Nano X, a French company that was founded in 2014, is the second generation of its hardware wallet. Ledger’s original cryptocurrency product, Ledger Nano S was the first on the market. It dominated this space for many years.

Nano X looks like a USB drive. It connects to your device using Bluetooth or USB. You can use your Android or iOS device to connect the wallet. It supports more than 1,800 cryptocurrencies. As the Bitcoin community requests support for their favorite cryptos, this list grows each year.

The device is a cold storage hardware wallet. However, Ledger has developed the Ledger Live software which provides an interface to all your holdings. Users can add wallets for different cryptocurrency to their devices, and manage their portfolios. The most widely used in the industry are the Ledger Hardware wallets. If you prefer Bluetooth, the Ledger comes with a 1 USB C to USB-A cable.

BEST FOR SECURITYTrezor Model T

  • Purchase cost: $190
  • Cloud StorageNo
  • Cold Storage:

OPEN ACCOUNT

Why We Choose It

Trezor was chosen as the best security wallet because it has the most robust security features and track record among all reviewed hardware wallets.

Pros & Cons

Pros

  • Web-based user interface that integrates exchanges
  • Huge number of supported cryptocurrency
  • Software that is open-source and has community and customer support

Cons

  • Price point higher than other
  • For typing small keys, use a touchscreen
  • It can be confusing for first-time users

Overview

Trezor is synonymous with cold crypto wallet storage, just like Ledger. The Model T is their second generation of hardware wallets. Although the Trezor Model T looks very similar to the Ledger’s, it allows the user to access third-party Exchanges like Changelly or CoinSwitch directly from its website interface. Although it is very convenient, the $190 price tag doesn’t justify its higher cost.

Model T uses a touch screen which is easier than their old model’s buttons. MicroSD cards can be used to encrypt your PIN and protect your Trezor from further attacks.

The Trezor Model T comes with a USB Type C cable, just like the Ledger NanoX. This cable can be used to connect to your smartphone or computer. The Trezor Model T currently supports over 1,600 different cryptocurrency. The Model T is considered to be more secure than the Ledger Nano X because of its Bluetooth connectivity. However, Ledger’s Bluetooth can be used if desired.

BEST BANG FOR YOUR BUCKLedger Nano S

  • Purchase cost: $59
  • Cloud StorageNo
  • Cold Storage:

OPEN ACCOUNT

Why We Choose It

The Ledger NanoS was chosen because it is an affordable way to get into cold storage hardware wallets.

Pros & Cons

Pros

  • Access to Ledger Live
  • Secure storage at a low cost
  • Software that is open-source and has community and customer support

Cons

  • Maximum storage for three apps
  • No wireless Bluetooth feature

Overview

Ledger’s first-ever hardware wallet, the Ledger Nano S, was introduced in 2015. It is one of the most innovative hardware wallets ever created. The Nano S, like all other wallets, is compatible with over 1500 cryptocurrencies. Users with modern smartphones might have difficulty connecting to the Nano S because it does not include a USB-C cable.

The Nano S is essentially identical to its predecessor, the Nano X. However, there are a few differences. Both can access the Ledger Live software and support the same cryptos. Nano S is not compatible with Bluetooth connectivity and can only store three apps, whereas Nano X can hold 100.

Nano S has only enough storage to create wallets for a small number of cryptocurrencies. Their online guide states that deleting an app to add another cryptocurrency will not impact your assets.

Ledger Live can still view the deleted wallet and the crypto contained within, but it will not be visible on the Ledger device. To make more space, you might need to delete another wallet.

The Ledger NanoS wallet is affordable at $59 and offers a great way to store your cryptocurrency securely for a reasonable price. Ledger Live makes it easy to use, making it a great product for beginners looking for simple and safe storage of a few cryptocurrencies.

Read the full Ledger Nano S review.

Final Verdict

There are many Bitcoin wallets available, and you can choose to have your private and public keys printed on a piece of paper. This will make it easy for you to find the best Bitcoin wallet. There are many options for crypto storage, whether you need an online wallet that is easy to use or a secure hardware wallet.

Compare the Top Bitcoin Wallets

CompanyType of walletPurchase costIncorporated ExchangeCompatible Hardware
Exodus Best for BeginnersHotNo costYesYes
Electrum Best for Advanced Bitcoin UsersHotNo costNoYes
Mycelium Best for Mobile UsersHotNo costYesYes
Ledger Nano X Best Hardware WalletCold$119YesYes
Trezor Model T Best for a SecurityCold$190YesYes
Ledger Nano S Best Bang for Your BuckCold$59YesYes

Most Frequently Asked Questions

What is a Bitcoin Wallet?

A Bitcoin wallet is a place that stores your digital Bitcoin and validates your transactions when you’re using your Bitcoin. A wallet keeps secret information, called a private key or a seed, which is used to validate transactions and “sign” them so that your Bitcoin can be used to make purchases or exchanged for another asset. This protects your Bitcoin from being used by others or allows you to alter the transaction with a third party.

A Bitcoin wallet is often referred to by people who are referring to a cryptocurrency exchange that provides a wallet as one of their account features. The wallet is simply where your cryptocurrencies are stored or where you can store fiat money for future uses.

What is a Bitcoin wallet?

A blockchain is a shared public ledger where all Bitcoin transactions are conducted, from Bitcoin wallets. A transaction is when there is value transferred between multiple Bitcoin wallets. A transaction is when one party exchanges Bitcoin for another asset or service. When this occurs, every individual Bitcoin wallet will use its secret data to sign and validate transactions, providing mathematical proof that the buyer or seller is the owner of their Bitcoin wallet. You can keep as many Bitcoins as you want in your wallet without worrying about losing them.

What is the Cost of a Bitcoin Wallet?

If you are just keeping Bitcoin in your wallet, a Bitcoin wallet won’t cost anything. If you are completing a transaction with an exchange or device housing your wallet, however, the owner of that exchange or device will charge you a fee depending on the task you are trying to accomplish. A wallet can cost anywhere from $0 to $200. You’ll pay either a flat fee or a percentage of total transaction value if you use a wallet to exchange.

How do you cash out your Bitcoin wallet?

Although you cannot convert Bitcoin into cash immediately, you can anonymously sell Bitcoin on the blockchain to receive the fiat currency of your choice. The transaction can be handled by a crypto exchange, which will find you a buyer to quickly convert your Bitcoin’s value into cash. Each wallet has its own rules and time frames for transferring fiat currency to your bank account. However, most transactions can be completed within 1 to 3 business days of the Bitcoin sale.

Methodology

We reviewed more than a dozen Bitcoin wallets around the globe and chose the best hot and cold wallets. This was based on security, cost, customer reviews, and other factors. Security is a major consideration. It’s crucial to choose a wallet with a lot of security protocols and that has been used frequently. You should also make sure that your wallet is compatible with the major exchanges in order to be able to quickly transact on the open market.

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