Since the creation of Bitcoin in 2008, one of the priorities has been finding a secure and safe way to store them without having it compromised by hackers or susceptible to a breach by unknown attackers. This is why, year after year, different wallets are created, and their underlying technology is improved.
Bitcoin wallets are physical and digital mediums used to store the private and public keys to Bitcoin for sending and receiving Bitcoin. Currently, industry-leading wallets to store and manage Bitcoin include Ledger Nano X, Trust Wallet, and CoinBase Wallet. Think of these as a banking wallet, where users store fiat currency and use it for transactions.
This article reviews some of the top Bitcoin wallets in 2024: their features, such as transaction management, security level, interactive design and interfaces, ease of use, pros and cons.
List of Top Bitcoin Wallet To Use
It can be a daunting task to figure out the top seven most secure Bitcoin wallets to use, highlighting their pros and cons. This article does that for you; the arrangement is in no particular order. So far, here are the best Bitcoin wallets in 2024:
- Trezor T model
- Exodus Wallet
- Electrum Crypto Wallet
- CoinBase Wallet
- Mycelium Wallet
- Ledger Nano X
- Trust Wallet
What Are The Types Of Wallets?
Before diving into the top Bitcoin wallets, it’s important to understand the different cryptocurrency wallet types available. There are two types of cryptocurrency wallets: the hot and cold wallets. The major difference between both types of wallets is the level of security attached to them. In the case of cold wallets, they tend to be more secure than hot wallets; however, the latter is more accessible than the former.
What Is A Hot Wallet
Hot wallets are cryptocurrency wallets that rely on the internet to function and are available on mobile phones, computers, and other internet-enabled gadgets. Hot wallets are suited for use as desktop, mobile, and web apps.
Some popular examples of hot wallets are Exodus Wallet, Trust Wallet, Coinbase Wallet, and MetaMask. Despite being easily accessible, some of these wallets aren’t accepted in specific regions and are more susceptible to hacks. Hot wallets are also referred to as software wallets and are a combination of custodial and noncustodial wallets.
Check out this article to learn more about custodial and noncustodial wallets
What is A Cold Wallet
Cold wallets are the opposite of hot wallets; these types of wallets don’t completely require the internet to function. These wallets come as hardware devices such as smart cards and USBs. There are three types of cold wallets: hardware, paper, and deep cold storage.
Because they’re offline, cold wallets are more secure than hot wallets; however, they’re not very accessible compared to hot wallets and cost a fee usually within the range of $100- $500.
Examples of cold wallets are Ledger Nano X, Trezor, and KeepKey. These wallets are strictly self-custodial or custodial, meaning users control their private and public keys entirely.
6/ Hot and Cold Wallets
Once you have bought some #crypto, the next step is deciding where to store it.
– Hot wallets are more convenient as they allow for a faster transfer of funds, and cold wallets are more secure
*graphic from @Changelly_team* pic.twitter.com/ZZX4mzPmjo
— CertiK (@CertiK) June 23, 2023
Trezor Model T
Trezor Model T is a hardware or physical wallet that stores Bitcoin alongside other cryptocurrencies. At the moment, it’s the leading hardware storage device, evident from its 300% in sales and 350% in website traffic following the crash of FTX in November 2022. The price for the Trezor Model T is $219.
The Trezor Model T is regarded for its high level of security features embedded in it, from its passphrase to its incognito trading features that let users perform anonymous transactions and also have the feature to block communication without being traced; these features are called Coinjoin and Tor. Trezor also has a time lock feature allowing users to delay transactions.
The new physical devices come as hardware with a screen touch feature, where users input their pin to access the Bitcoin and cryptocurrencies in their wallet. This is an advancement from the previous model that used buttons. It also comes with a USB-A and USB-C, which provides extra access to the wallets, meaning users can directly connect it to their mobile devices; however, this is restricted on iPhones.
Trezor has a mobile lite and a desktop app where users can check the worth and value of their Bitcoin and cryptocurrency stored on the hardware. The mobile and desktop are view only, and users aren’t permitted to carry out trades from the platform, like buying or selling crypto. These applications are available on iOS, Android, and Windows.
In addition, Trezor Model T supports an aggregated feature that allows users to bid or find the exchanges with the best prices when they decide to buy or sell their bitcoin or other cryptocurrencies available on the wallet.
Pros
- It’s a highly secured wallet with inbuilt security features such as the CoinJoin and Tor.
- Trezor Model T provides accessibility to a mobile and desktop feature for tracking the value of Bitcoin and other crypto assets.
- The newly improved screen touch added to the wallet makes it easy and very interactive than previous models.
Cons
- It’s an expensive hardware device to purchase, and it costs $219 for every hardware wallet.
- It can be difficult for a wallet for beginner users who don’t have prior knowledge of how it works.
Exodus Wallet
Exodus is another prominent wallet for users to trade their Bitcoin and has gained massive acceptance because of its interactive interface. It has a suite of functionality as well as an interactive interface making it the platform of choice for many beginners.
Some benefits of Exodus wallets include purchasing Bitcoin with USD, or other supported local currencies, multiple networks, and the swap option allowing users to exchange their Bitcoins for more than 1,000 different cryptocurrencies.
There are live chart options to monitor trades and price movement of Bitcoin or the selected cryptocurrency.
Exodus is a self-custodial wallet meaning as a user; you have complete custody over your private keys. It’s also open source and supports collaboration and the contribution of others to ensure the security of the wallet is 100% percent. The Exodus team is responsible for scrutiny to ensure all open-source audits are risk-free with zero vulnerabilities.
Another interesting part is that bounty rewards are allocated to those who spot vulnerabilities in the security code, which also adds a level of protection to users’ funds. Users can connect their Exodus account directly to Trezor to make it more secure. It was previously integratable with the now defunct centralized exchange FTX.
To find more information about the defunct cryptocurrency exchange FTX, here’s a detailed article to check out.
CoinBase
CoinBase Wallet is a self-custodial wallet that provides an interactive way for beginner and advanced users to easily store their bitcoins and other cryptocurrencies.
The most prominent feature of the Coinbase Wallet, aside from being in control of your private keys, is the ability of users to manage non-fungible tokens, crypto, and wallets from one place, connect and explore different decentralized applications (dApps), and access a wide variety of crypto. Users can purchase their cryptocurrency directly with supported fiat currency like the USD.
The security features are industry standards. The Coinbase wallet is available as mobile and desktop apps, and it’s supported on Android and iOS. There’s a distinction between a Coinbase wallet and a Coinbase exchange; the latter has custodial wallets with access to hundreds of tokens and goes beyond storing Bitcoin and other currencies for trades. Both platforms are synced for easy transfer between them.
Pros
- Easy to use and navigate for beginners and advanced traders.
- Support multiple use cases like interacting with dApps.
- Industry-standard security measures.
- Allows crypto purchase with fiat currency.
Cons
- Charges a fee for every commission swap.
- There’s limited Decentralized exchanges (DEX) integration on the platform.
Mycelium
Mycelium Wallet is a reproducible noncustodial wallet that positions itself as the best Bitcoin wallet of choice for those who, like the 8% of Bitcoin holders, keep their funds in custodial exchanges.
There are a lot of benefits that come with using Mycelium Wallet. In terms of security, It’s a reproducible wallet and open source that supports the ethos of the blockchain, and there’s the incognito mode for anonymous transactions. It also supports on-ramp exchanges and trading, allowing users to swap supported fiat currencies for crypto.
Mycelium wallet also supports multiple cryptocurrencies beyond Bitcoin. The most common is EVM-compatible cryptocurrencies. Hardware wallets like Trezor, Ledger, and KeepKey are supported. The platform is restricted to mobile devices, with no web app access, and doesn’t have social media accounts.
So far, Mycelium is the oldest Bitcoin wallet and has been in operation since 2008 with a growing community of hardcore Bitcoiners.
Pros
- It’s a highly secure wallet with a lot of security features.
- Supports over 90+ cryptocurrencies, including Bitcoin.
Cons
- It’s a mobile-only wallet.
- No social media presence to build more trust.
- Not suitable for first-timers or beginner traders.
- No customer support system in place.
Electrum Crypto Wallet
Electrum Wallet is a Bitcoin-only non-custodial wallet. It was founded in 2011, shortly after the creation of Bitcoin. Although the system is continuously upgraded and improved, Electrum hasn’t improved its overall design.
The different features of Electrum make it suitable for use by many. The multisig options allow users to split their Bitcoin across multiple wallets, and the no lock-in option enables users to export their private keys and use them in other Bitcoin wallets, the encrypted private keys, and the super-fast transaction system.
Electrum also supports third-party integrations and plugins such as multisig services and hardware wallets like Trezor. It’s also an open-source platform that supports collaboration to eliminate risk and vulnerabilities.
Pros
- Electrum is a highly secured Bitcoin wallet.
- Transactions are executed quickly on the platform.
- Supports multisig services as well as other hardware wallets.
Cons
- It’s restricted to offering Bitcoin only.
- It’s mainly suitable for advanced traders.
Ledger Nano X
Ledger Nano X is another superior hard wallet that was created in 2019 as an upgrade to an earlier model Ledger Nano S.
It’s a Bluetooth-enabled wallet allowing users to connect to their Bluetooth-enabled devices, like mobile phones and laptops. It comes with a USB type-C cable. It also has a mobile application available on Android and iOS with a web application.
Ledger
Ledger Nano X allows users to manage up to 5,500 crypto assets on its platform, including Bitcoins and NFTs. Ledger Nano X is also linked to several decentralized applications and has features like swapping and crypto lending on mobile devices.
The security level on Ledger is advanced, meets industry standards, and has multiple layers of security features: a secure element chip and a PIN code. However, in 2020, Ledger was hacked, and users’ data were stolen; however, no users’ private keys were intact.
In November 2022, Ledger partnered with centralized crypto exchange Binance to enhance the growth of Web3 and drive crypto adoption. Other platforms that it supports are Wyre and Coinbase.
Recommended read: a complete review of Ledger Nano X.
Pros
- A stable security system is in place.
- Supports a wide range of crypto assets and not just Bitcoin.
Cons
- It is relatively expensive; it cost $149.
- Users can’t purchase Bitcoin and cryptocurrencies via Ledger Nano X.
Trust Wallet
Trust wallet is a noncustodial hot wallet that allows users to store their Bitcoin alongside other cryptocurrencies safely. Since its launch in November 2017, over 9 million crypto assets have been stored and managed on Trust Wallet.
Trust Wallet is multichain, supporting up to 70 blockchains. Aside from swapping different crypto assets for another and buying them on the platform, there are other benefits like Tracking charts and prices. Users can also purchase crypto with credit cards on Trust Wallet.
Trust Wallet currently supports decentralized exchanges (DEX), and users can earn. Users can control multiple Trust Wallet accounts from its mobile app.
Trust Wallet was later acquired in 2018 by Binance and has since grown its user base to 60 million. It’s available on both Android and iOS devices.
Check out this complete and well-detailed review of Trust Wallet and how it functions.
Pros
- It’s easy to use for beginner and advanced traders.
- It has multiple use cases, from tracking price movement to purchasing crypto with credit cards.
Cons
- The option is to purchase cryptocurrencies via credit cards or withdraw directly into bank accounts.
- Certain features are limited on iOS devices like the dApp browser.
- Limited swap feature due to the absence of cross-chain.
Conclusion
Identifying the best cryptocurrency and Bitcoin wallet is very important for proper storage. There are several factors to consider when selecting which wallet to choose: whether it’s beginner-friendly or for advanced traders, the designer and interactiveness of the wallet, the accessibility to the internet, whether it supports third-party wallets and exchanges, the cost, level of security, etc.
Overall, it’s essential to identify what Bitcoin wallet suits your style before selecting.
