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Best Crypto Wallets: Our Top 5 Picks

Review Updated
Emma Newbery
Author: Emma Newbery
Emma Newbery
Emma Newbery

Emma lives in Bogota, Colombia, where she owns the English-language newspaper The Bogota Post. She began her editorial career at a financial website in the U.K. over 20 years ago and has been contributing to Motley Fool Money since the summer of 2019.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page.

As a crypto investor, you've probably heard of crypto wallets and wondered if you need one. But what exactly are they and how do they work? Are they secure? And how can you choose the right crypto wallet for you?

Read on for answers to these questions, along with everything you need to know about cryptocurrency wallets, including finding the best crypto wallets.

Best Crypto Wallets

Ratings Methodology

Ledger Nano S

Great for: Value hardware wallet

Read Review
Ledger Nano S
Read Review

Blockchain Support

25+

Compatability

64-bit computers including Windows, Mac, and Linux, Android 7+ smartphones

Storage Type

Cold

Price

$59

  • The Ledger Nano S is a non-custodial hardware wallet that provides topnotch security at a reasonable price. Limited memory is its biggest issue and can make this wallet inconvenient for storing lots of different cryptocurrencies. Read Full Review

  • Ease of Use

    Rating image, 4.00 out of 5 stars.
    4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
     = Best
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    Support

    Rating image, 4.00 out of 5 stars.
    4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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    Security

    Rating image, 4.00 out of 5 stars.
    4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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    = Excellent
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    • Highly secure crypto storage
    • Affordable
    • Supports over 5,500 cryptocurrencies
    • NFT storage
    • User-friendly app
    • Limited memory
    • Small display
    • Less convenient than digital wallets
    • 2020 data breach

Trezor Model T

Great for: Secure hardware wallet

Read Review
Trezor Model T
Read Review

Blockchain Support

Supports over 1,200 cryptocurrencies from various blockchains

Compatability

Windows (version 10 or newer), MacOS (version 10.11 and higher), Linux, also supports Android mobile devices

Storage Type

Cold

Price

$215

  • This non-custodial wallet has a wealth of features and no major weaknesses. For those who don't mind the cost, it's one of the best hardware wallets on the market. Read Full Review

  • Ease of Use

    Rating image, 4.00 out of 5 stars.
    4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
     = Best
    = Excellent
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    Support

    Rating image, 4.00 out of 5 stars.
    4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
     = Best
    = Excellent
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    Security

    Rating image, 4.00 out of 5 stars.
    4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
     = Best
    = Excellent
    = Good
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    • Secure cold crypto storage
    • Touchscreen display
    • Supports over 1,200 cryptocurrencies
    • NFT storage
    • Digital identity and password management
    • Expensive
    • No mobile support for iOS
    • Less convenient than digital wallets

Exodus Wallet

Great for: First desktop and mobile wallet

Read Review
Exodus Wallet
Read Review

Blockchain Support

Supports currencies from various blockchains, but runs locally on your device.

Compatability

Available for download on all Windows, Mac OSX, and Linux, with companion apps available on iOS and Android.

Storage Type

Hot. Use of a Trezor hardware wallet gives access to cold storage.

Price

Free; Trans. Fees

  • Exodus is a secure and intuitive wallet for your digital currencies, offering support for cold storage for an added layer of security, and allowing you to exchange or earn passive income from the currencies you hold with it. Read Full Review

  • Ease of Use

    Rating image, 4.00 out of 5 stars.
    4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
     = Best
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    = Good
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    Support

    Rating image, 4.00 out of 5 stars.
    4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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    = Excellent
    = Good
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    Security

    Rating image, 4.00 out of 5 stars.
    4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
     = Best
    = Excellent
    = Good
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    • A good variety of coins with more added frequently
    • Exchange crypto without having to take it out of the wallet
    • Earn passive income by staking select coins
    • No sign-up required
    • Intuitive interface with many capabilities
    • 24/7 support
    • No multi-signature or two-factor authentication (2FA) security features
    • Variable fee structure that can result in higher fees than other exchanges

Metamask

Great for: Hot wallet for browsers

Read Review
Metamask
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
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Read Review

Blockchain Support

MetaMask supports multiple blockchains, including the BNB Chain (formerly known as the Binance Smart Chain), Polygon, Avalanche, and several other test blockchains.

Compatability

Ethereum, USD Coin, Dai

Storage Type

Non-custodial software hot wallet

Price

None

  • Metamask integrates with more decentralized applications than any other wallet. Read Full Review

  • Ease of Use

    Rating image, 4.00 out of 5 stars.
    4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
     = Best
    = Excellent
    = Good
    = Fair
    = Poor

    Support

    Rating image, 4.00 out of 5 stars.
    4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
     = Best
    = Excellent
    = Good
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    = Poor

    Security

    Rating image, 4.00 out of 5 stars.
    4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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    • Easy app usage and functionality
    • Service sign up does not require personal information
    • Supports multiple tokens, NFTs, and blockchains

    • The app does not support Bitcoin
    • Limited customer service

ZenGo

Great for: No worry seed phrases

ZenGo
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
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= Poor

Compatability

Ethereum Tokens, Binance, Tezos, Bitcoin, Ether

Storage Type

Hot

Price

Variable

  • A mobile crypto wallet that uses facial recognition to secure your account.

  • Ease of Use

    Rating image, 4.00 out of 5 stars.
    4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
     = Best
    = Excellent
    = Good
    = Fair
    = Poor

    Support

    Rating image, 4.00 out of 5 stars.
    4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
     = Best
    = Excellent
    = Good
    = Fair
    = Poor

    Security

    Rating image, 4.00 out of 5 stars.
    4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
     = Best
    = Excellent
    = Good
    = Fair
    = Poor
    • No passwords
    • Easy user interface
    • ZenGo has live 24/7 customer

    Store Keyless Recovery Backup on iCloud or Google Drive

What to look for when choosing the best crypto wallet

To choose the right blockchain wallet, think about how you plan to use it. Here are some questions to consider:

  • What costs are involved? Many software wallets are free, but if you want a hardware wallet you'll need to pay for it. It's also worth noting that when you make transactions  with a crypto wallet, you'll often need to pay gas fees which can be costly.
  • What cryptos does it support? There are many different types of cryptocurrencies, and even the best crypto wallets only support a limited selection of them, so make sure the wallet supports the cryptos you want to store in it.
  • How secure is it? Is it easy to use? As we've seen in this article, there's a trade off between security and useability when choosing the best crypto wallet. You need to find the level that's right for you and the amount of assets you want to store.
  • What features does it have? Some crypto wallets offer staking or trading directly from the wallet. If this appeals to you, make sure you understand what it’s offering and what fees are involved. It's also good to check whether it's compatible with other devices or exchanges you use.
  • What blockchains does it work with? In recent years, we've seen the growth of non-Ethereum (ETH) networks, and several of these ecosystems have their own wallets. For example, Solana's (SOL) Phantom wallet works with many of its applications.

Ultimately, you may end up with different wallets that you use for different purposes. For example, I have more than five software wallets, one browser wallet, and one hardware wallet. I keep some crypto in a custodial wallet, some in the hardware wallet, and use the web wallets with various DeFi applications. Once you've set up your first crypto wallet, you'll find it's easy to set up others and move your assets between them.  

What is a cryptocurrency wallet?

A cryptocurrency wallet stores your crypto keys and manages transactions. For example, if you wanted to pay for something using Bitcoin (BTC), you might have to sign or authorize the transaction in your crypto wallet.

Cryptocurrency wallets often get described as the digital equivalent to the physical wallet you keep your cash and cards in. But that's only partially correct. You don't actually store your crypto in your crypto wallet. You store the keys to your crypto assets, so it would be more accurate to call it a digital key ring.

TIP

Public and private keys

Cryptocurrencies get part of their name from the cryptographic keys used to manage them. There are two types of keys: A public key and a private key. A public key is like an email address or bank account number. It's what you use to receive cryptocurrency. A private key is like a password or PIN to your bank account. It is a huge number that can be represented in different ways. 

How does a crypto wallet work?

A crypto wallet is essentially a tool to manage your crypto transactions. You can use it to send and receive digital assets, including cryptocurrencies and non-fungible tokens (NFTs). You can connect your wallet to decentralized finance (DeFi) applications to earn interest or use your assets in other ways. You can also spend crypto from your wallet.

READ MORE: Best Crypto Apps

When you create a crypto wallet, you'll usually have to set up a password and generate a seed phrase. The seed phrase is a series of words that form a kind of master key to your wallet. It's the most important aspect of crypto wallets. Without your seed phrase, you could lose access to your crypto altogether. And if someone else discovers your seed phrase, they can steal your funds.

Different types of crypto wallets

If you bought crypto on a cryptocurrency exchange, you might not even know you have a crypto wallet. But it's impossible to own crypto without having a place to store your keys. If you don't control your keys, the crypto app or exchange is doing it for you. This is known as a custodial wallet and is a popular option, particularly for new crypto investors. Check out our crypto app reviews for more info about where to buy crypto.

However, as we saw when crypto platforms like FTX collapsed, custodial wallets can be risky. If you keep your assets on the exchange where you bought them, you could lose everything if that platform fails. This is one reason some people opt to move assets to a non-custodial wallet they control once they've been investing in cryptocurrency for some time. Many long-time crypto enthusiasts don't want to give a third party control of their funds.

Let's start by looking at custodial versus non-custodial wallets:

Custodial

  • Also known as hosted wallets or exchange wallets.
  • If you lose your password, you can easily reset it.
  • You may be able to access interest-earning products on that same platform.
  • There's a higher risk of falling victim to a platform hack or losing your assets if the platform fails.
  • Some centralized exchanges have insurance or crime protection.
  • You don't control your assets, the platform does. It could freeze your account or stop withdrawals.

Non-custodial

  • Can be hardware wallets, software wallets, or paper wallets.
  • You are responsible for keeping both your wallet and password safe.
  • You can buy NFTs and easily connect your wallet to a range of decentralized finance services.
  • There's less risk of losing assets to a platform failure or security breach.
  • You will need to pay gas fees on your transactions.
  • Becoming your own bank carries its own risks and can involve a steep learning curve.

Types of non-custodial wallets

If you're reading this article, you may be considering getting a non-custodial wallet. There are several different types, but broadly speaking, we can divide them into hot wallets that are connected to the internet and cold wallets that are kept offline. 

Hot wallet

Hot wallets are online, making them extremely convenient and easy to use. But that convenience comes at the cost of security -- anything that's online is more vulnerable to security breaches. They are great for small payments and are often the first type of non-custodial crypto wallet investors encounter.

READ MORE: Storing Your Cryptocurrency

There are various types of hot wallets. The most common is probably a software wallet, which is often a browser extension like Metamask. You may also come across a mobile wallet that works on your cell phone and a desktop wallet which gets installed on your computer. 

Cold wallet 

Cold wallets are the most secure way to keep your cryptocurrency. They are kept offline in what's known as cold storage, making them harder to hack. As such, cold wallets are a good way to store large amounts of crypto.

The main type of cold wallet is a hardware wallet. It's usually around the size of a USB drive that you can connect to your computer or other devices. The downside is they can cost anywhere from $50 to $200 and aren't as user-friendly as hot wallets. Paper wallets are another form of cold wallet, but they've become less popular in recent years. These are essentially printouts of your keys as a scannable QR code. 

Which crypto wallet is the most secure?

Cold wallets, particularly hardware wallets, are the most secure type of crypto wallet. They won't get impacted by computer viruses or malware and because they are offline, there's much less risk of hacking. They are not perfect, though. For example, there have been security breaches in which customer data was leaked, putting those users at risk. 

There are also stories of people losing access to millions of dollars worth of Bitcoin by losing the physical drive. However, these days, if your hardware wallet is lost or stolen, you can recover your assets using your seed phrase. This is the big advantage of a hardware wallet over a paper wallet. If your printout gets damaged or stolen, you won't be able to get it back. 

Protecting your cryptocurrency against platform failure

Cryptocurrency exchanges do not carry the same protections as a bank or a brokerage. In most cases, if your bank fails, FDIC insurance will protect consumers. If your crypto platform fails, your assets could get tied up in lengthy bankruptcy proceedings and you may not be able to recover them. This is one of several reasons the SEC advises investor caution when it comes to crypto.

This is one reason to use a cryptocurrency wallet that you control. However, wallets are not perfect either. They can be hacked and you might lose the wallet or they key. Cryptocurrency investing is not for the faint-hearted. In addition to the price volatility, there's also risk in the way you buy and store your tokens. Only invest money you can afford to lose and ensure that crypto only represents a small part of your portfolio.

Tips for keeping your crypto wallet safe

The appeal of using a crypto wallet is that you become your own bank. But that brings additional risks as well. You are 100% responsible for the security of your assets. If your computer gets hacked or infected by malware, your crypto is at risk. 

Here are some ways to keep your wallet and digital assets safe:

  • Never share your seed phrase with anybody. Your seed phrase is the master key to your crypto. If someone has your seed phrase, they can take your assets.
  • Keep your seed phrase in a secure place. Write down your seed phrase and store it offline. Some people keep their seed phrases in a physical vault or bank deposit box. 
  • Keep your antivirus and malware protections up to date. If you use web wallets or other online wallets, this will make you less susceptible to attacks.
  • Watch out for phishing attempts. Phishing is where scammers imitate a legitimate company in an attempt to trick you out of sensitive information. Be wary of anyone asking you to share passwords or other data. Check before you download a hot wallet to ensure the site is legitimate.
  • Cultivate good password habits. Use strong passwords that contain a mix of letters, symbols, and numbers. And don't reuse the same password on multiple accounts. Change your passwords often.

There are many benefits to keeping your crypto in a non-custodial crypto wallet. Use these tips to take control of your digital assets in a secure way.

FAQs

  • Some crypto wallets are free and can be downloaded online. Hardware wallets are physical devices, like a USB. The safest way to buy a hardware wallet is direct from the manufacturer or from an authorized reseller. 

  • The safest type of crypto wallet is a hardware wallet. These are not connected to the internet, meaning the keys to the crypto are kept offline and will not be easy to hack.

  • Keeping your seed phrase safe is the most important aspect of protecting your crypto wallet. A seed phrase is a series of words that act as a master key for your wallet. If you forget the password or lose access to your wallet, you can use the seed phrase to recover your assets. Don't share your seed phrase with anyone, and keep it offline in a secure place.

    It's also good to keep your antivirus software up to date and use a different, hard-to-guess, password for every account. 

  • Sometimes. There are many multi-asset wallets available, but with over 25,000 cryptocurrencies available, even multi-asset wallets won't be compatible with every crypto out there. Some crypto wallets are designed to work with specific blockchains, so you might need an Ethereum wallet or a Cardano wallet to store cryptos built on those networks.