In the last few years, the crypto market has gained a new mainstream traction, becoming a financial entity worth trillions. It is one the biggest financial markets, where billions worth of trade take place every single day. As a result, it creates a demand for a crypto wallet that can store and secure these crypto holdings. Interestingly, with constant development, many wallets are already available in the market, including desktop crypto wallets. However, the biggest issue is choosing the correct one.
A desktop crypto wallet is just a regular crypto wallet which can be downloaded and used on any computer device, like PC or Laptop. In simpler words, it is a digital tool that lets the users store crypto safely and securely on desktops.
In this blog, we will discuss some of the best desktop compatible wallets and their features.
Understanding Desktop Crypto Wallets
A desktop crypto wallet is a crypto storage software application, which lets the users safely store their crypto holding from possible thefts or malwares. More importantly, these are directly downloaded on the desktop giving all the control to the users alone, offering security and convenience at the same time.
Types of Crypto Wallets
- Hot wallet: Hot wallets are one of the most popular crypto storage solutions in 2024 due to their easy to install and simple to use interface. More importantly, most of them are free to use and can work on any device.
- Cold Wallet: Cold wallets are the most suggested crypto wallet in 2024 due to their extreme security, as these are not connected to the internet and store the private key offline. This makes it safer compared to the rest of the options.
What to Look for While Choosing a Desktop Crypto Wallet?
Similar to any crypto wallet, the desktop wallet lets its users hold their cryptocurrencies securely. These are built specially to let download and install on the PC or computer, and keep them safe and secure from almost all kinds of hacks and thefts. However, what is the most ideal Desktop crypto wallet and what a user should look into before downloading the token.
Before finalizing a cryptocurrency wallet for desktop, a user must lookout for these four things: –
- Security: A crypto wallet’s main function is to provide the utmost security to the owner’s crypto holdings. However, the level of the security may vary from device to device, which is why a user must look for a wallet, which covers the protection from malware and virus, physical damage and much more.
- User Interface: User interface plays an important role in crypto management. An easy to use user interface, including simple navigation, transaction history and customer support could make the crypto handling process much easier, simply for the beginners.
- Number of Supporting Assets: A large number of crypto wallets only support the popular cryptocurrencies like Bitcoin, Ethereum, etc, limiting the users in terms of holdings. However, there are many which support a wide range of cryptocurrencies, making it simpler to maintain everything in a single wallet.
- Is the team reliable: Last but not the least, associating with a wallet, which is backed by a reputed company or team is also important. A user should checkout their reviews, their social media platform and scam or any relevant history. It is better to choose a wallet, whose team is active and often updating the users about the possible updates.
Other than these four, there are many other features, which a user can consider like direct transaction with in built exchange, staking or yielding offers, backup options and much more.
5 Best Crypto Desktop Wallets in 2024
Guarda Wallet
Guarda wallet is a hot crypto wallet, which claims to be non-custodial to let the users control their account activities. It was launched in 2017 and has been running for 7 successful years. More importantly, it is easily accessible on multiple devices like Mobile (Android and iOS), Desktop (Windows, macOS and Linux.) and browser extension.
Advantages of Guarda Wallet
- Guarda crypto desktop wallet is a non-custodial wallet which allows users to control their private keys and personal data
- Available on multiple devices, like Mobile, Desktop and as browser extension
- It has its in-built crypto exchange, allowing access to many blockchains and thousands of supported cryptos
- The Guarda wallet offers staking options for many popular assets.
Disadvantages of Guarda Wallet
- It lacks two factor authentication features
- There is a high in app buying fee, around 4.5% – 5.5%
Electrum Crypto Wallet
Electrum wallet is one of the first crypto wallets of the industry, as it was launched in 2011, just two years after Bitcoin’s launch. It is also compatible on multiple operating systems like Desktop, Android, etc. Interestingly, it is a lite wallet, which has the properties of both the hot and cold wallet.
Advantages of the Electrum Desktop Wallet
- It has one of the simplest user interfaces, making it beginner friendly.
- It is open source so the users can easily control the transaction fees.
- Has better integration with other hardware wallets
Disadvantages of Electrum Crypto Wallet
- No customer support service
- It only supports one cryptocurrency, Bitcoin.
- Security concerns as the wallet was hacked in 2018
Okx Wallet
A web3 company called OKX launched the OKX Wallet in 2024, making it one of the newest options out there in the market. However, despite that, it has still made its name in the market in such a short time. It is multi chain and supports multiple blockchain and cryptocurrencies.
Advantages of OKX Wallet
- Compatible with 100 blockchains and 1M cryptocurrencies
- Low Trading Fees (0.1%)
- Support multiple payment options like cards, Apple pay and other
- High Staking Rewards
Disadvantages of OKX Wallet
- Liquidity Issues on many cryptocurrencies
- Services Restricted in USA and Canada due to regulatory issues
- Issues with crypto deposits as it asks for identity verification
Coinomi Crypto Wallet
Coinomi is a non-custodial crypto wallet and has been offering its services for more than a decade now. In starting, it was limited to just Android, but with time the team made it available for other iOS and even desktop versions.
Advantages of Coinomi Desktop Wallet
- It is a non-custodial wallet so the users have the control over the private keys.
- Easy Interfaces and supports hundreds of cryptocurrencies
- It has an integrated dApp browser
- Offers internal features like In-built crypto exchange
Disadvantages of Coinomi Wallet
- Lacks Hardware Wallet Integration
- It is not Open Source
Exodus Wallet
Exodus is another popular crypto desktop wallet and has been part of the crypto wallet since 2016. It has a user-friendly interface, making it a decent option for the beginners, especially for those who are looking for a multi device wallet which is accessible on Desktop, Mobile, etc..
Advantages of Exodus Desktop Wallet
- It offers a sleek and 24/7 interactive interface and even allows users to buy BTC with Apple pay.
- It supports a vast variety of cryptocurrencies (More than 300 tokens)
- Offers Staking Rewards
- Does not require KYC to create an account
- It has an in-built crypto exchange and offers email and chart support features.
Disadvantages of Exodus Wallet
- It is closed source
- It Does not offer two factor authentication.
- Staking is available on limited cryptos only
Conclusion
Choosing a right crypto wallet comes even before beginning the crypto trading journey. It is the way to ensure security for the crypto holdings and temporary storage. However, what kind of wallet to get totally depends on the individual and their needs. Usually, people use crypto mobile wallets or the one like hardware or software wallets, but there are many which prefer the crypto desktop wallets.
Similar to any crypto wallet, they have many features to keep your crypto holding safe and secure. However, there are certain mobility and hack related issues. So, the user should do a deep research and opt for a highly secure crypto desktop wallet.
