Best Bitcoin and Crypto Wallets for September 2022

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Unlike your old-fashioned physical wallet that keeps your bills and coins, a crypto wallet doesn’t actually hold your cryptocurrency like and . Instead, it contains the passkeys you need to and access them on the blockchain.

Crypto wallets can take the form of external hardware devices or software that runs on your mobile device or computer. And while their primary function is to keep your crypto safe and allow you to make trades, they also offer more control over your digital currency than you’ll get using a standard account at a or brokerage.

Some brokerages and payment services like  and let you  and other crypto easily without a crypto wallet. These services store your digital currency for you in their own « custodial » wallets, which means you’re trusting the company to secure, protect and hold your crypto. Ultimately, they have control, and you’ll need to trust them to act on your behalf.

Ledger Nano X

The is Ledger’s second-generation cold storage wallet. The integrated Ledger Live platform, which is easy to learn and use, supports more than 5,500 coins and tokens including bitcoin, ether and XRP. The wallet can be connected to your computer via a USB cable and Android and iOS mobile devices via Bluetooth — a connection the Model T lacks. 

The device is sturdy and features a small LED screen. To start, you’ll set up a PIN, then a 24-word seed phrase. The seed phrase acts as your wallet’s private key. Just like other wallets, as long as you keep the private key safe, you won’t lose your crypto assets — even if you lose your wallet. 

It’s important to note that Ledger suffered a data breach in July 2020, which resulted in the theft of some customers’ personal data — but, significantly, not their crypto assets. No private keys to wallets were taken, but there were  of customers receiving phishing emails and other scamming threats afterwards. That noted, Ledger has long been a trusted name in the crypto world, but the data breach is a good reminder to be careful online — especially when it comes to dealing in crypto assets.

Exodus

Exodus is a hot wallet, which means it’s a software wallet that’s connected to the internet; but it’s noncustodial, which means that only you have access to your private key — a 12-word password phrase that protects access to your crypto assets. 

The Exodus wallet is designed to run on Mac, Windows and Linux computers, though there’s a companion app available for Android and iOS devices. The user interface is slick and easy to learn. Your wallet is seamlessly integrated into the Exodus exchange, so it’s easy to make transactions. 

Exodus supports of cryptocurrency including bitcoin, ether, tether USD and dogecoin. But the exchange has some noteworthy limits: If you want to purchase crypto with US dollars and store it in the Exodus wallet, you’ll need to first purchase the asset on a centralized crypto exchange, such as Coinbase, and then transfer the assets to Exodus. The app version allows purchases of bitcoin with US dollars. And once you have an asset in your wallet, it can be easily exchanged for other supported assets. While the wallet itself is free to use, Exodus charges a fee for transactions made via its exchange.

Hot storage wallets are generally considered less secure than cold storage wallets, and some Exodus users may eventually want to upgrade to cold storage. The good news: Exodus is fully compatible with  hardware.

Mycelium

Mycelium has been around since the beginning of the crypto era, and the is one of the oldest and best-known bitcoin wallets. This is a mobile-only wallet — there is currently no desktop version — that supports both Android and iOS. 

The Mycelium wallet has an appealingly simple interface but it supports fewer kinds of crypto than others profiled here: You can send and receive bitcoin, ether and ERC-20 tokens such as tether USD, USD coin and binance USD — but not the hundreds of esoteric coins that have been developed over the past few years. You can buy and sell bitcoin directly in the app, and Mycelium lets you buy bitcoin with regular fiat currency. 

The Mycelium wallet is noncustodial, so you’ll have sole access to your private key and PIN. This wallet is also the only hot storage wallet on our list that’s completely open-source. Though there are security advantages in that, it also comes with limited tech support options; basically, if you get stuck, you can submit a help ticket to the email address listed at the . 

For more advanced users, Mycelium supports QR codes, allows you to set custom transaction fees and offers compatibility with hardware wallets from Trezor, Ledger and KeepKey. 

Best bitcoin and crypto wallets, compared

Best for beginners

Best for security

Best balance between accessibility and security

Best for desktop

Best for mobile users

Wallet

Coinbase wallet

Trezor Model T

Ledger Nano X

Exodus

Mycelium

Wallet price

Free

$280

$149

Free

Free

Offline storage

No

Yes

Yes

No

No

Custodial

No

No

No

No

No

Mobile version

Yes

Compatible with mobile app

Compatible with mobile app

Compatible with mobile app

Yes

How many supported coins and tokens

11+

1,800+

5,500+

260+

10+

FAQs

Do I need a crypto wallet?

If you want to invest in cryptocurrency, you should invest in a wallet. That noted, if you’re just dipping a toe, services such as PayPal and Robinhood allow you to buy a coin or fractions of a coin and store it on their servers. These are custodial wallets, however, where you don’t hold the private key. We recommend noncustodial wallets for long-term cryptocurrency users and investors.

How much money do I need to open a crypto wallet?

It depends. Hardware-based wallets generally cost between $100 and $200, though many software-based wallets are free. Most don’t require you to actually own any cryptocurrency.

Which wallet is best for beginners?

If you’ve never used cryptocurrency before, we recommend Coinbase Wallet. Coinbase is a well-known, US-based crypto exchange that’s easy to use, and it works well with Coinbase Wallet.

Which wallet is best for advanced users?

Today’s cold storage wallets can be quickly and easily connected to the internet for fast transactions, so most advanced users nowadays are probably most interested in a cold storage wallet. The hardware wallets sold by Ledger and Trezor are both good options. 

What are the risks?

Cryptocurrency is subject to far less regulation than conventional investments and securities. While the lack of oversight is an attractive feature to some investors, it’s important to know that bitcoin and other cryptocurrencies are highly volatile, experience dramatic price swings on a daily or even hourly basis and lack many of the protections of other forms of investment. The risks are significant.

Are assets in crypto wallets insured?

While the companies offering crypto wallets may offer some guarantees to customers and users, the Federal Deposit Insurance Co, are gathering information and considering legislation for the future. 

What’s the safest crypto wallet?

Cold storage wallets are generally thought of as a more secure way to store cryptocurrency when compared to a hot storage wallet. If you plan to store a large amount of coins or tokens for any length of time, we recommend using a cold wallet. 

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