Bitcoin has been around for more than a decade, and it is ever rising in popularity. Nowadays, it is fairly common for people to trade with digital currencies. Bitcoin is one of the many other cryptocurrencies available, and it has become a lucrative investment for many people. Many people argue that using digital currencies is safer and easier.
Many new individuals are starting to show interest in cryptocurrencies. As its popularity grows, security issues can become more prevalent. It is more important than ever before to have knowledge about keeping your Bitcoin secure.
To help you keep your cryptocurrency secure, we have compiled a list of the best cryptocurrency wallets, both digital and physical. First let’s take a look at what Bitcoin wallets are, and how they work.
What Are Cryptocurrency Wallets?
Cryptocurrency wallets are essential to store your cryptocurrencies for later use. In technical terms, Bitcoin wallets are a collection of private Bitcoin keys. The wallet is protected with a password and other protections to keep your Bitcoins safe. The user of the wallet has complete control over the contents, unlike Bitcoins in the blockchain.
Bitcoin wallets come in two forms, cold wallets, and hot wallets. To explain it simply, hot wallets are connected to the Internet, while cold wallets aren’t. However, hot wallets are quite secure even when they are vulnerable to attacks from the internet. The role of hot wallets is to keep a record of transactions whenever cryptocurrency is used.
Cold wallets work by signing the transactions in an offline environment with private keys. Any transaction that you initiate online is stored temporarily in an offline environment. The transaction is digitally signed in the wallet and then passed on to the online blockchain network.
Now let’s take a look at the best cryptocurrency wallets you can get for making your transactions simple and secure.
10 Best Bitcoin Wallets for Storing Your Cryptocurrency
Binance is perhaps the most popular cryptocurrency trading platform currently. With support for over 150 different tokens for cryptocurrencies, you can choose from a lot of options. Binance also provides you with an API that you can use to transfer your wallets from other apps to your Binance wallet. It is also one of the safest Bitcoin wallets, and you get 24/7 support if you face any issues.
- Compatible with every device with an internet connection.
- Provides both basic and advanced exchange interfaces
- A global community of cryptocurrency users
- Provides loan secured by crypto assets
Visit – Binance
WazirX Multi-Cryptocurrency Wallet
WazirX is one of the best crypto exchanges based in India. They also offer a separate crypto wallet service with support for various different cryptocurrencies. This company has also partnered with Binance, which is one of the largest cryptocurrency exchange in the world. Once you have an account on WazirX, you get the option to trade more than 200 pairs and store all cryptocurrencies in the wallet.
- Two-factor authorisation for enhanced security.
- Option to use both mobile and web wallets
- No initial deposit fees
- Support for many different cryptocurrencies
- Limits on maximum and minimum withdrawals
Visit – Wazir X
With Coinbase you get a mobile-based wallet to store your cryptocurrency, along with an additional cryptocurrency exchange facility. This app is decentralized from the crypto exchange and your wallet is stored in your phone. In terms of security, the app provides biometric authentication to keep your Bitcoins safe.
- No account required for setting up your wallet
- Decentralised from Crypto exchange
- Great security features
- Free to install and use
- The app collects a miner’s fee on transactions
Visit – Coinbase
Unocoin Bitcoin Wallet
Unocoin is one of the app-based wallets that is compatible with Android and iOS smartphones. It has support for 40 different cryptocurrencies. With Unocoin, you also get a merchant gateway service to accept payment for your business with Bitcoins. You can also recharge your mobile plans and DTH services with Bitcoin using this app.
- No fees on Bitcoin transactions for app users
- A simplified system for buying Bitcoin
- Integrated merchant gateway
- Lending facilities available
- For sending Bitcoin to other Bitcoin addresses, you need to pay a miner’s fee.
Visit – Unocoin
Ledger Nano X
This is one of the best options if you plan on getting a hardware wallet. Multicurrency hardware wallets from Ledger Nano can store your private keys securely. You get support for over 27 coins, and over 1500 tokens. This allows you to store both well-known cryptocurrencies and the less popular ones too.
- Small form factor and easy to set up by less experienced individuals
- Bluetooth support for managing your Bitcoin on the go
- Security with PIN code and a recovery phrase
- Compatible with most modern Operating Systems
- Needs battery power to run, so you’ll have to keep it recharged.
Visit – Ledger Nano X
Exodus Bitcoin Wallet
This is one of the desktop-based Bitcoin wallets that can store your private cryptocurrency keys. You’ll need Windows, macOS, or Linux to run and use this wallet. This wallet also encrypts your private keys and transaction data for better security, in case you face attacks from cybercriminals. You get support for 100+ crypto assets and you get a unique QR code for trading your Bitcoins.
- Exodus double checks all Bitcoin addresses for errors
- Encryption on private keys and transactions
- QR codes to verify addresses
- Does not work with older Operating Systems
Visit – Exodus
Guarda Bitcoin Wallet
With Guarda Bitcoin Wallet, you can choose from a web-based, desktop, or mobile-based wallet with support for over 50 different blockchains. With this wallet, your private keys are generated in your browser to use for transactions. You also get advanced encryption to secure your transactions and keys. There is also an extension for most popular browsers that lets you access your wallet easily.
- Support for many different platforms
- Cryptocurrency exchange system inbuilt
- No charges involved in downloading and using the wallet
- This is a non-custodial wallet, so if you forget your private keys, you’ll get locked out forever from your account
Visit – Guarda
Cool Wallet S
With Cool Wallet S, you get a hardware-based solution to store your private keys for cryptocurrency transactions. This wallet provides great security with 2+1 multifactor authorisation, and standby of 3 months on a single charge. This wallet weighs in at just 6 grams and comes in a credit card form factor. You can connect this wallet to your Android and iOS devices with Bluetooth.
- Military-grade security with specialised chipset
- Compatible with older operating systems
- Small and convenient form factor
- Supports all ERC-20 tokens
- Comparatively expensive
- Support for only 13 different coins
Visit – Cool Wallet S
Mycelium Bitcoin Wallet
Mycelium is an open-source bitcoin wallet that works on mobiles. Currently, you get support for Bitcoin, Etherium, ERC-20 tokens, and FIO tokens. You also get an in-built exchange system and custom transaction fees. With Mycelium, you can also monitor some hardware wallets with the intuitive UI of the app.
- Support for hardware wallets
- Open-source software
- Great customisation options
- Refreshing User Interface
- Support for mobile devices only
- Can be confusing for new users
Visit – Mycelium
Trezor Model T
Trezor Model T provides great security features in a compact hardware-based wallet. The user gets access to third-party exchanges directly from a web interface. The Trezor Model T comes with a touchscreen and MicroSD card support to encrypt your PIN-code and keys. With this wallet, you don’t get Bluetooth connectivity, which makes this a very secure option. You get support for over 1600 different tokens, and a wide variety of cryptocurrency standards.
- Support for most cryptocurrencies out there
- Web-based user interface with in-built exchanges
- Touchscreen for more simplified input
- A huge community for support
- Quite expensive
Visit – Trezor
With the ever-rising popularity of Bitcoins, the need for a secure Bitcoin wallet is also becoming essential. Having a good bitcoin wallet also allows you to trade in the open market with great ease. We have scoured the internet and listed the best cryptocurrency wallets for your ease. You can choose the Bitcoin wallet that best suits your needs easily from the variety of options listed above.