Exodus Wallet

Exodus remains our top crypto wallet for 2023.  It is able to hold almost every currency available: more than 180 of the top cryptocurrencies on the market are included, including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Ripple (XRP), Solana (SOL), and many others. It’s a very user-friendly wallet, compatible with iOS and Android mobile devices and Windows, macOS, and Linux operating systems. Since Exodus is a non-custodial wallet, the private keys are always stored on your device, and they are protected by passwords and seed phrases. They definitely have robust built-in security features. You can also use the wallet to buy cryptos with the help of a credit card or debit card. The wallet also has built-in crypto swap features and gives you access to many decentralized apps for staking, exchanging assets, and sports betting. Users can now also purchase crypto from the app. Outside of blockchain transaction fees, as well as fees for sending and receiving currencies, Exodus is a free platform and comes with a very useful mobile app you can freely download and use.  However, they have no cloud, so users have to sync apps. 

Cons:

• It lacks two-factor authentication
• The wallet isn’t based on open-source technology
• Because there’s no cloud, you’ll have to sync apps often to ensure information is up to date.
• There will be some fees, although these vary depending on the transferred amount of cryptocurrencies. These deductions will come from your crypto wallet.

Electrum Wallet

Electrum is a veteran Bitcoin software wallet that’s been present on the market since 2011. Made specifically for Bitcoin, the wallet is still undefeated when it comes to this particular cryptocurrency.

The Electrum wallet is both a mobile and desktop wallet that stores your private keys on your device, giving you full control over your crypto.  Its very secure crypto seeds allow users to utilize the seed in order to recover their Bitcoin in case they ever lose it. 

Electrum is a lightning wallet, which means that it uses the Lightning Network feature of the Bitcoin blockchain. The Lightning Network is used for conducting nearly instant transactions between familiar addresses. The feature is automatically used by Electrum whenever possible. The wallet protects your private keys with encryption features that are regularly updated by the Electrum team, one of the most trusted developer teams among BTC software wallets.

 Despite its simple and minimalistic appearance and features, the Electrum software is easy to understand and use. They have maintained an open-source software model that keeps users’ Bitcoins safe and also eliminates downtimes across multiple platforms. 

Cons:

• Only supports BTC.
• Complicated for beginners.
• Has unavoidable miners’ fees for processing exchanges, but these fees can be customized. You are allowed to limit how much you pay for a transaction.

MyCelium Wallet

MyCelium is another veteran BTC software wallet that’s very popular among Bitcoin enthusiasts. The wallet is only available for use on mobile devices and it uses the Simplified Payment Verification (SPV) technology, which enables the wallet to verify transactions without users having to download the whole BTC blockchain. Mycelium features a free app that is compatible with iOS or Android devices and provides full security and a backup system, in case users lose access to their assets. 

MyCelium has strong encryption features that make it quite difficult for hackers to breach a wallet account without a user’s access credentials, such as their password or seed phrase. It’s also possible to seamlessly connect a hardware wallet to your MyCelium account and conduct BTC transactions between the two wallets.

Cons:

• Lacks altcoin support
• Only available for mobile devices 
• Has unavoidable miners’ fees, although users are allowed to customize their costs when making an exchange.

Coinbase Wallet

Although Coinbase was initially a Bitcoin app, it has now expanded to a platform that is fully equipped to store a high number of unique cryptocurrencies and NFTs, as many as the user has acquired. Coinbase is of course mostly known for being a centralized exchange that works as a great first approach for newbie users to understand the industry. This Coinbase Wallet, although it comes from the same company, is a separate product. Therefore, storing coins on the Coinbase exchange is not the same as storing them in the Coinbase Wallet. As a centralized exchange, the first one owns the private key to your coins, while the latter one is a non-custodial wallet. This difference means with the wallet you are the one who owns your private keys. Additionally, you don’t need to have an account in the Coinbase exchange in order to have access to the wallet, but you will need Coinbase’s main app if you want to buy or sell. The wallet works with a cloud storage backup for the user’s private keys.

Cons 

• Users who intend to send and receive currencies on Coinbase are subject to miners’ blockchain transactions fees
• Users need a separate app to buy or sell

Trezor Wallet

Trezor is one of the most popular hardware wallets on the market, ever since 2014 when they became the first company to launch them, with their Trezor Model One.  These wallets are elegant, key-sized USB devices with small screens and two buttons used to approve transactions, enter PIN codes and conduct basic wallet operations. There are two available physical devices that come with high levels of security by taking your assets offline: 

1. The Trezor One model is small and supports more than 1,000 cryptos. It is only two inches tall, which means it is highly portable. It has a small screen that could make it harder for certain users to understand the prompts. To trade, users can connect the device to a computer or Android phone through a USB cable.

2. The following, more expensive Trezor Model T features a larger touchscreen and lists up to 1,800+ digital currencies. It is both your wallet, authenticator, and digital ID, while remaining a small and portable device. Additionally, it comes with a backup system designed to protect your currencies if you ever lose your device. 

Trezor wallets are operated with Trezor firmware apps that can be installed on a mobile device or PC. The private keys are always kept offline on your Trezor wallet, protected by PIN codes, passwords, recovery phrases, and some of the most advanced hardware encryption technology on the market. These additional layers of security also come with various ways for users to recover their coins if they are ever lost or stolen.

Cons:

• The Trezor Model T is a bit expensive
• No wireless connectivity option
• Devices can be paired with Android phones, but they don’t have an app to help ease that process. iOS and Windows phones are not yet compatible.  

Ledger Wallet

Ledger’s cryptocurrency wallets were also some of the first few to hit the market and have remained one of the best ever since. The company has two models available with different prices, security levels, and features: 

1. The Ledger Nano X. Known for its excellence when it comes to its security, this device is not connected to the internet and instead relies on a BlueTooth connection, which makes it definitely harder to get hacked or attacked. They also come with a chip, much like the ones you find on credit cards, the Secure Element Security Chip that has been certified by the EAL5+ process. It can manage NFTs and Defi, up to 100 apps, and is compatible with Android, iOS, Mac OS and Windows devices. $149.
2. The Ledger Nano S Plus. It comes with the best features from its predecessor (the security chip and all the excellent layers of security). It does not come with a BlueTooth connection but instead has a USB one, it can also manage NFTs and Defi, up to 100 apps, and is compatible with Android,  Mac OS and Windows devices but not iOS. $79.

The company makes it possible for users to buy, exchange or trade currencies straight from Legger’s app or from their higher-end wallets. This company clearly understands its market, what users want and need, and has no problem meeting both of those aspects. No wonder they have amounted a reputation for being one of the best hardware wallets available. 

Cons

• Their devices are not that cheap, but they certainly make up for it with their security protocols. 
• Although their convenient size does make them more portable, it also means their screens are small and can be harder to work with. 
• The devices have a limited capacity to store apps. 

ColdCard Wallet

ColdCard is another top-quality hardware wallet, except that it’s manufactured to store Bitcoin exclusively. The wallet comes in the form of a small, card-like device with numerical buttons and a small screen. ColdCard offers great security to BTC holders with its PIN code, passphrase, and seed phrase protection, along with advanced hardware encryption that stores private keys within the secure element of the ColdCard chip.

You can use the wallet with an SD card reader on your PC or mobile device without directly connecting it to any of these devices. In case it’s more practical for you, the wallet can be connected to a computer or smartphone through a USB cable.

Cons:

• No altcoin support
• Some users might find ColdCard a bit complicated to use