If you’ve invested in Cryptocurrency, there’s one thing you’re always going to need — a safe, reliable Crypto wallet to store your assets in. Crypto wallets come in many shapes and sizes, with mobile, desktop and hardware wallets available for almost all coins on the market. As crypto wallets come in so many different forms, this article will explore the many different types of wallet, what they do, and how you can use them to safely secure your precious cryptocurrencies.
- What are crypto wallets?
- The different types of wallets available
- Desktop wallets
- 1. YouHodler
- 2. Nexo Wallet
- 3. StormGain Wallet
- 4. Exodus Wallet
- Mobile wallets
- 1. Wirex
- 2. ZenGo
- 3. Trust Wallet
- Exchange wallets
- 1. Bybit Wallet
- 2. Binance Chain Wallet
- 3. Coinbase Wallet
- 4. Kucoin Wallet
- Hardware wallets
- 1. Ledger
- 2. Trezor
- 3. Safepal
- How do I keep my wallet secure?
- Are you looking for a reliable wallet?
- Frequently asked questions
What are crypto wallets?
A crypto wallet is an application or software, that stores your cryptocurrencies. The wallet allows you to store, send and receive cryptocurrencies quickly and safely. Some of these wallets have more features than others, including the ability to store cryptocurrencies from various networks alongside more advanced security measures.
It is also important to be aware of “hot wallets” and “cold wallets.” Hot wallets are wallets hosted on an internet-enabled device, making them easier to access but also more susceptible to security risks. Cold wallets are wallets where assets are stored completely offline, meaning the only way to access them is to physically have control of the device, private keys or master seed phrase.
Generally, hot wallets are used for smaller amounts of funds that move quicker, like for spending, trading, payments or exchanges. Cold wallets are often used by long-term holders that wish to safely lock away a majority of their portfolio for a much longer time period.
The different types of wallets available
Now we’ve covered the basics of what a crypto wallet is and how it works, let’s move on to the different types of wallet available to you. BeInCrypto has compiled an overview of some of the most prominent wallets available for Bitcoin and other popular cryptocurrencies.
Desktop wallets
1. YouHodler
The multi-coin wallet integrates well with the additional features. It can also be used on either a web browser or a mobile device. You can also exchange your tokens between crypto, fiat, and stablecoins, and you can combine yield generation strategies to earn more interest.
1. Login to the YouHodler wallet.
2. Select a cryptocurrency.
3.Select deposit.
4. Copy address.
5. Send cryptocurrency.
Minimum deposit amount in crypto is $5 USD
Fiat withdraw fees: 0.15%-1.5%
Network gas fees
- Multiple features
- Supports loans
- Multi-HODL feature for compounding earnings
- Requires heavy KYC
- Not available in US
2. Nexo Wallet
The Nexo Wallet allows you to manage your balances across multiple wallets with one identity. It allows you to interact with multiple blockchains, such as: Ethereum, Polygon, Avalanche, Fantom, and BNB chain. The wallet also allows you to make cost efficient swaps and save on gas fees with batch transactions.
1. You will need to create one of the following wallets: Metamask, Coinbase, Brave wallet.
2. Sign into your Web3 wallet (Metamask, Brave, or Coinbase wallet).
3. Connect your wallet to Nexo Wallet, or import your wallet, or select Create Wallet to generate a new one.
4. Click on Receive
5. Check that both the blockchain and coin of choice are supported by the wallet.
6. Copy address to receive in Nexo Wallet.
Only nework gas fees
- Supports multiple blockchains
- User friendly
- Aggregates multiple wallets to create Web3 identity
- Not open source
Get the Nexo wallet today. Try it now!
3. StormGain Wallet
The StormGain wallet gives you access to some of your favorite cryptocurrencies. You can hold crypto and keep track of your profits to losses on the StormGain platform, all within the wallet. The StormGain wallet supports popular cryptocurrencies like Bitcoin, Ethereum, Litecoin, and more.
1. Go to your StormGain wallet.
2. Select Deposit.
3. Sign in to your StormGain account.
4. Copy the address to receive crypto.
5. Send crypto to the address.
Zero deposit fees. Fixed withdrawal fee + 0.1%. Minimum amount to withdraw crypto.
- Keep track of profits and losses on StormGain
- Hold, transfer, and withdraw crypto
- Limited functionality
- Limited cryptocurrencies
4. Exodus Wallet
The Exodus Wallet has been around for awhile and is reliable. The wallet supports multiple coins, tokens, NFTs, and blockchains. You can also trade, stake, and connect to hardware wallets all within the app.
1. Go to your Exodus Wallet.
2. Select Receive.
3. Copy your address.
4. Send crypto to your wallet.
Network gas fees
- Cross platform support
- Native Compound staking app
- Supports hardware wallets
- Not completely open source
- Limited functions when compared to competitors
Mobile wallets
1. Wirex
You can buy, store, exchange, and use both cryptocurrencies and fiat money with the help of the borderless payment platform Wirex. The payment app was founded in 2014, with its UK headquarters in London. The website also offers a debit card. You can use your Wirex debit card to make purchases anywhere that accepts Visa cards. In addition to a debit card, Wirex has a flagship wallet that supports NFTs and DeFi activities. Additionally, the wallet uses multi-party computation and does not use seed phrases.
1. Open up the Wirex wallet app.
2. Select a cryptocurrency.
3. Press ‘Buy’.
4. Fill out the necessary information to complete your purchase.
Network gas fees
- Suitable for new users
- Supports multiple cryptocurrencies and blockchains
- Simple wallet recovery
- Not fully non-custodial
- Limited features
2. ZenGo
ZenGo is one of a few new wallets that use multi-party computation, a way of securing your wallet. It also allows you to connect to your favorite DApps that support WalleConnect. The wallet also features a recovery kit for securing your assets, instead of seed phrases.
1. Login to your ZenGo Wallet.
2. Select your token of choice.
3. Click the Buy button.
4. Select the third-party payment provider of your choice.
5. Press Continue and follow the instructions.
Banxa spread fees: 1.99%
Banxa Debit/ Credit, Apple/ Google Pay: 3%
Moonpay spread fee: 1.5-3%
Changelly processing fee: 0.5%
Network gas fees
- Third-party payment providers in app
- Supports NFTs
- WaletConnect integration
- Limited functionality
- Limited blockchains support
Secure your crypto with the ZenGo wallet. Try it today!
3. Trust Wallet
Trust Wallet is an all in one wallet. You can send, receive, swap, and buy crypto with the app. You may also discover Web3 DApps. The wallet also has a native in-built browser, supports WalletConnect, and has a biometric lock.
1. Login to Trust Wallet.
2. Select the Buy button.
3. Choose a cryptocurrency.
4. Choose a provider.
5. Select Next and follow instructions.
The only fees and limits are set by third-party payment providers, otherwise network gas fees.
- Discover Web3 DApps within the app
- Native browser
- Multi-chain support
- May be difficult for beginners
Exchange wallets
1. Bybit Wallet
Bybit Wallet is a product of the global exchange Bybit. It alows you to buy and convert cryptocurrencies. It is also a DApp aggregator.
1. Login to your Bybit account and Bybit wallet.
2. Select Deposit.
3. Select Spot.
4. Choose a cryptocurrency.
5. Follow instructions.
Network gas fees.
Bybit’s fees when using spot and derivatives features.
- Web3 app aggregators
- Allows you to trade spot and derivatives
- Custodial
Get the flagship wallet of the popular Bybit exchange. Try it today!
2. Binance Chain Wallet
Binancce Chain Wallet is a Web3 wallet that interacts with the BNB chain. It is the equivalent to Metamask for the BNB chain. This means that user can interact with DApps on the BNB chain.
1. Create a Binance Chain Wallet.
2. Select a payment provider or one of your wallets that has cryptocurrency to transfer.
3. Select Receive.
4. Copy the address.
5. Send crypto.
Network gas fees
- Gives you access to DApps on BNB chain
- Allows you to connect to EVM-compatible blockchains
- Uses a threshold mechanism for private key storage, which means it is custodial
3. Coinbase Wallet
Coinbase Wallet has multiple features. When you create a wallet you have the option to claim a domain name, free of charge. In addition to buying and trading crypto, it also features a browser, has a browser extension, and allows you to connect to DApps.
1. Sign in to your Coinbase Wallet.
2. Choose a payment provider or a wallet to transfer crypto from.
3. Go into Coinbase Wallet and select Receive.
4. Select a chain and copy your address.
5. Send crypto.
Network gas fees
- Allows you to connect to DApps
- Supports multiple blockchains
- Features a browser
- Open-source
- May be difficult for beginners
4. Kucoin Wallet
Kucoin Wallet is a cryptocurrency that allows you to send and receive crypto. However, it also gives you access to the Kucoin exchange. The wallet also supports multiple cryptocurrencies.
1. Login to Kucoin Wallet.
2. Select Deposit.
3. Copy the address.
4. Send cryptocurrency.
Network and gas fees, otherwise, fees associated with using Kucoin exchange’s services.
Hardware wallets
1. Ledger
Ledger has an industry reputation for being trusted and reliable. Since its inception, it has not been hacked. The wallet uses Bluetooth technology as opposed to NFC technology.
1. Open the app and navigate to your account.
2. Select Transfer.
3. Select Withdraw.
4. Select External Wallet.
5. Select Add Wallet Address.
6. Select the Network and paste your Ledger account address.
Network gas fees
- Supports multiple cryptocurrencies
- Smart phone app
- Bluetooth
- Not fully open-source
Get the popular Ledger wallet to secure your crypto. Shop today!
2. Trezor
Trezor wallets are designed to have PINs that remain even if their host computers are compromised. Their PINs also have in-built systems that prevent brute force attempts. Also, after every incorrect attempt, the waiting time to log into a wallet is raised by a power of two.
1. Select Pay with and choose the cryptocurrency that you want to send to your Trezor.
2. Paste the address you copied from Trezor Suite in the ‘To’ field.
3. Write an optional note.
4. Click Continue.
Network and gas fees
- Secure
- Easy to use
- Supports multiple cryptocurrencies
- Not available on IOS
3. Safepal
Through encrypted QR code communications, the SafePal App establishes a connection with a SafePal S1 hardware wallet. Your cryptocurrency is actually stored on the blockchain and managed via the SafePal App. It does not use WiFi, Bluetooth, or NFC technology.
1. Select the crypto On the Asset page within the SafePal App
2. enter Wallet Detail page
3. Next select Receive enter the Receive page.
Network gas fees
- A self-destruct mechanism designed to protect against malware attacks
- Fairly priced
- NFT storage
- Fairly new
- Not open-source
How do I keep my wallet secure?
The level of security varies with each type of wallet. As always, storing your keys online is always a more high-risk option than offline because of the potential for hacking or a exploit on your devices. Ways to increase the security of your wallet include backing up your wallet, keeping the software updated and adding extra security measures such as 2FA and identity verification.
Regardless of which type of wallet you use, if you lose your private keys, you lose access to your assets. Please check out our Top 10 Security Tips for even more ways to improve the security of your assets. As the popularity and price of the cryptocurrency market continue to rise, it has maybe never been more important that users understand how to properly secure their assets.
Are you looking for a reliable wallet?
If you’re a cryptocurrency holder looking for a reliable wallet, you’re now spoilt for choice! Each wallet comes with its own benefits and risks, and many users may find it helps to explore multiple solutions for multiple use-cases.
Also, as times goes on, there will likely be strides made in both ease of use and security, but for now it still falls to the user to take necessary steps to be safe with their own funds. So whether it’s a desktop, mobile, browser, exchange, or hardware wallet, all of your favorite assets are now widely supported. We know you’ll find the right wallet for your needs using our guide above.
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Frequently asked questions
What is Argent Wallets account abstraction?
What is a crypto wallet?
What are hot and cold wallets?
What is a hardware wallet?
Disclaimer
In line with the Trust Project guidelines, the educational content on this website is offered in good faith and for general information purposes only. BeInCrypto prioritizes providing high-quality information, taking the time to research and create informative content for readers. While partners may reward the company with commissions for placements in articles, these commissions do not influence the unbiased, honest, and helpful content creation process. Any action taken by the reader based on this information is strictly at their own risk.
