See More

11 Best Altcoin Wallets To Consider In May 2024

26 mins
Updated by Artyom Gladkov
Join our Trading Community on Telegram

What is the best wallet for altcoins? Before choosing a random crypto wallet for your coins and tokens, take a moment to consider all available options and make an informed decision. In the end, your cryptocurrency security is only as good as your chosen altcoin wallet. Here are our 11 best altcoin wallets that will provide secure crypto storage for your investments in May 2024. 

Methodology

Best altcoin wallets in May 2024

1. MetaMask

Track and manage your web3 everything
Wallet type
Browser and mobile app
Price
Free
Supported blockchains
Ethereum & 10+
Incorporated exchange
Yes

2. Coinbase Wallet

Self-custody crypto wallet to store crypto and assets in one place
Wallet type
Browser and mobile app
Price
Free
Supported blockchains
Ethereum & 15+
Incorporated exchange
Yes

3. OKX Wallet

Store, trade, earn, and manage your crypto and your NFTs
Wallet type
Browser and mobile app
Price
Free
Supported blockchains
Ethereum & 70+
Incorporated exchange
Yes

4. Halo Wallet (KuCoin)

The ultimate SocialFi ecosystem
Wallet type
Browser and mobile app
Price
Free
Supported blockchains
Ethereum & 6+
Incorporated exchange
Yes

5. Zengo Wallet

Self-custodial crypto wallet with no seed phrase vulnerability
Wallet type
Mobile app
Price
Free option
Supported blockchains
Ethereum & 6 others
Incorporated exchange
Yes

6. Nexo Wallet

The defining wallet for Web3
Wallet type
Browser and mobile app
Price
Free
Supported blockchains
Ethereum & 4 others
Incorporated exchange
Yes

7. Trezor

You own 100% of your coins
Wallet type
Hardware wallet
Price
$59+
Supported blockchains
Bitcoin & 7 others
Incorporated exchange
Yes

8. Safepal

Own your crypto adventure
Wallet type
Hardware wallet
Price
$50+
Supported blockchains
Ethereum & 100+
Incorporated exchange
Yes

9. NGRAVE

The coldest crypto wallet
Wallet type
Hardware wallet
Price
€398
Supported blockchains
Ethereum & 15+
Incorporated exchange
No

10. Ledger

The secure gateway to all your crypto needs
Wallet type
Hardware wallet
Price
Free
Supported blockchains
Ethereum & 70+
Incorporated exchange
Yes

11. D’CENT

Enhanced crypto protection
Wallet type
Hardware wallet
Price
$139
Supported blockchains
Ethereum & 58+
Incorporated exchange
No

What are altcoin wallets?

Altcoin wallets are specialized digital wallets designed to store and manage alternative cryptocurrencies, also known as altcoins. These wallets come in different types, including software wallets (online, desktop, or mobile applications) and hardware wallets (physical devices).

Selecting a wallet that supports the specific altcoins one intends to store is crucial, as different wallets may have varying compatibility with different cryptos.

How do altcoin wallets work?

Altcoin wallets allow users to interact with the blockchain networks in a secure and user-friendly way. Here’s a general overview of how altcoin wallets function:

1. Creation of public and private keys

Each altcoin wallet generates a pair of cryptographic keys: a public key (used as the wallet address for receiving funds) and a private key (known only to the wallet owner and used to sign transactions).

2. Accessing the blockchain

Altcoin wallets connect to the respective blockchain networks of the supported cryptocurrencies. The blockchain is a decentralized and distributed ledger that records all transactions.

3. Transaction signing

When a user wants to send altcoins, the wallet uses the private key to sign the transaction. This cryptographic signature ensures the authenticity of the transaction.

4. Broadcasting transactions

The signed transaction is broadcasted to the altcoin’s network, where it undergoes verification by nodes (computers on the network). Once verified, the transaction is added to the blockchain.

5. Balance and history

Altcoin wallets record the user’s transaction history and display the current balance. This information is retrieved from the blockchain.

6. Security measures

Depending on the type of wallet, security measures vary. Hardware wallets, for example, store private keys offline, adding an extra layer of protection against online threats.

7. Compatibility and updates.

Altcoin wallets must stay compatible with updates and changes in the respective blockchain protocols. Users may need to update their wallets to access new features or ensure security.

8. Backup and recovery

Users are often provided with a recovery seed — a series of words — that can be used to restore access to the wallet if the device is lost or damaged.

It’s important to note that different altcoin wallets may have specific features and nuances based on their design and the cryptocurrencies they support.

Types of altcoin wallets

altcoin wallets

Desktop wallet

A desktop wallet is software installed on your computer that allows you to securely store and manage your altcoins. It provides a user-friendly interface for sending, receiving, and storing your cryptocurrencies. 

Desktop wallets are accessible as long as you have access to your computer and are a good choice for those who prioritize control over their funds.

Mobile wallet

A mobile wallet is an app installed on your smartphone that provides convenient access to your altcoins on the go. It offers a user-friendly interface for managing transactions, making it easy to send and receive cryptocurrencies using your mobile device. 

Mobile wallets are suitable for users who value accessibility and want to manage their altcoins using their smartphones.

Hardware wallet

A hardware wallet is a physical device designed for secure cryptocurrency storage. It keeps your altcoins offline, protecting them from online threats. Hardware wallets are known for their enhanced security features, such as biometric authentication and encrypted storage. They are ideal for long-term storage of significant cryptocurrency holdings, offering a robust safeguard against cyber threats.

Browser wallet

A browser wallet is an extension or plugin for your web browser that allows you to interact with blockchain networks. It offers a seamless way to manage your altcoins directly from your browser, making transactions and accessing decentralized applications (DApps). 

Browser wallets are convenient for users who frequently engage with cryptocurrencies while browsing the internet, providing easy integration with online activities.

Hot wallet vs. cold wallet 

Hot wallets and cold wallets represent two distinct approaches to securing altcoins. A hot wallet, such as a desktop or mobile wallet, offers convenience for daily transactions, making it a suitable choice for those actively trading or using cryptocurrencies. 

However, the continuous online connection exposes them to potential cyber threats. In contrast, cold wallets, including hardware or paper wallets, prioritize security by keeping altcoins offline, safeguarding against hacking attempts. The hot wallet vs cold wallet comparison underscores the trade-off between accessibility and enhanced security in the realm of cryptocurrency storage.

What to consider when choosing altcoin wallets?

When choosing altcoin wallets, several factors are crucial for ensuring the security of your cryptocurrencies. First and foremost, prioritize crypto wallet security by selecting wallets with robust features like encryption and secure storage of private keys. Consider options such as air-gapped wallets, which keep your keys offline for enhanced protection against online threats. 

For added security, you can also explore multisig wallets, which require multiple authorizations for clearing transactions. If you’re engaging with decentralized applications (DApps) and the broader decentralized web, a web3 wallet is essential. Opt for a non-custodial wallet to retain control over your funds, avoiding reliance on third-party services. 

According to a report by REKT Database, over $1.8 billion was stolen in crypto in 2023 alone. 

best wallet for altcoins
Source: De.fi Top Crypto Hacks by REKT Database

This staggering figure underscores the pervasive threats in the crypto space. Opting for wallets with robust security measures, such as encryption, offline storage, and multisig functionality, becomes imperative to safeguard your assets. 

Cybercriminals target vulnerabilities in less secure wallets, making it essential for users to prioritize security features when selecting altcoin wallets. By being proactive in choosing secure wallets, users can significantly reduce the risk of falling victim to theft and protect their valuable crypto assets.

How to set up altcoin wallets 

Setting up altcoin wallets involves choosing a suitable wallet type (desktop, mobile, hardware, or browser), following the wallet provider’s instructions, creating a secure password or PIN, and securely storing the recovery seed. 

If you’re keen for an overview of how to set up a crypto wallet, here is a general list of steps to follow:

  1. Choose wallet type (browser, desktop, mobile, hardware)
  2. Research security
  3. Download the wallet’s application 
  4. Create a new wallet
  5. Secure recovery seed
  6. Backup and update
  7. Explore features (sending and receiving altcoins, portfolio management, and security settings)
  8. Stay informed and up to date on any wallet-specific updates or announcements

How to store your coins in a wallet 

  1. Access wallet: Log in to your wallet using the chosen authentication method (password, PIN, biometrics, etc.).
  2. Find the deposit address: Locate your wallet’s deposit address, often found in the receive or deposit section.
  3. Copy address: Copy the address to your clipboard.
  4. Send coins: In the wallet where your coins are currently stored, initiate a transaction and paste the destination address.
  5. Confirm transaction: Confirm the transaction and wait for the blockchain network to validate and process it.

Selecting the right wallet

When choosing a wallet, consider factors like security, usability, and specific features. If you prefer seamless interaction with decentralized apps and the Ethereum ecosystem, a web3 wallet like MetaMask might be ideal. 

For enhanced security and physical storage of keys, explore the comparison between Ledger vs Trezor to find the best hardware wallet. 

If you’re torn between mobile wallets, delve into BeInCrypto’s detailed analysis of Trust Wallet vs MetaMask

Additionally, if you’re specifically looking for a Ledger wallet, weigh the pros and cons of Ledger Nano X vs S to make an informed decision tailored to your needs.

Safeguarding your altcoins

When it comes to securing your altcoins, prioritize crypto wallet security by choosing reputable wallets with robust features. Here are the top three aspects you should be considering before choosing your go-to crypto wallet:

  • Wallet security features: Prioritize wallets with advanced security features such as biometric authentication, encrypted storage, and secure elements. Opt for wallets that implement air-gapped or multisig solutions for added protection.
  • Supported cryptocurrencies: Ensure the wallet supports a diverse range of altcoins, including popular ones like Ethereum (ETH) and ERC-20 tokens. Compatibility with a variety of assets enhances flexibility and portfolio management.
  • Community trust and reviews: Research and gauge the reputation of the wallet within the crypto community. Consider user reviews and feedback on platforms like Trustpilot to understand the experiences of other users with the wallet’s security and functionality.

Furthermore, remember that not all wallets are created equal. Define the purpose of your investment and how it would be easiest for you to manage those funds. 

Explore the world of cryptocurrencies by investing in the top cryptocurrencies that align with your financial goals. And then note that not all wallets support all cryptocurrencies and altcoins. 

If needed, consider alternatives to popular hardware wallets like Ledger by exploring Ledger alternatives

Opt for a more secure and self-controlled approach with a non-custodial wallet. If you prefer browser-based solutions, explore this guide to using MetaMask to see if this is a wallet that can best suit your needs.

Best wallets for altcoins comparison chart

Let’s go through a quick overview of all the altcoin wallets we have talked about in this article:

Wallet TypeProject descriptionSupported assets
MetaMaskBrowser WalletMetaMask is a popular browser extension wallet that allows users to interact with decentralized applications (DApps) on the Ethereum blockchain.10,000+
Coinbase WalletMobile WalletCoinbase Wallet is a mobile wallet that provides users with a secure and easy way to manage their cryptocurrencies.5,500+
OKX WalletBrowser / Mobile WalletOKX Wallet is a mobile wallet developed by the OKX exchange, offering users a convenient way to manage their OKX assets and participate in the OKX ecosystem.3,000+
Halo WalletBrowser / Mobile WalletHalo Wallet is a mobile wallet designed for simplicity and security, allowing users to store and manage various cryptocurrencies in one user-friendly interface.10,000+
ZengoMobile WalletZengo is a non-custodial mobile wallet known for its user-friendly design.1,000+
Nexo WalletBrowser / Mobile WalletNexo Wallet is associated with the Nexo platform, providing users with a mobile solution to manage their crypto assets, earn interest, and access other financial services.1,000+
TrezorHardware WalletTrezor is a hardware wallet known for its security features.8,000+
SafepalHardware WalletSafepal is a hardware wallet designed for ease of use.10,000+
NGRAVEHardware WalletNGRAVE is a hardware wallet that prioritizes security.4,000+
LedgerHardware WalletLedger is a popular hardware wallet with a strong emphasis on security.10,000+
D’CENTHardware WalletD’CENT is a biometric hardware wallet offering secure storage.33,000+

What is the best altcoin wallet for you?

Choosing the best wallet for altcoins depends on individual preferences and priorities. Whether opting for hot wallets like MetaMask for convenient online access or cold wallets like Ledger for enhanced security, users should consider factors such as ERC-20 token support, multi-currency capabilities, and overall cryptocurrency security. The best wallet for you will depend on your personal preferences and requirements.

Frequently asked questions

What is the best crypto wallet for altcoins?

What is the best wallet for multiple cryptocurrencies?

What is the most recommended crypto wallet?

What is the best way to store altcoins?

Is it good to hold altcoins?

Where is the safest place to store crypto coins?

How safe is MetaMask?

Are Ledger wallets safe?

Trusted

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. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Iulia_Vasile_vertical.png
Iulia Vasile
Iulia Vasile is a seasoned professional in the cryptocurrency and blockchain industry, working full-time in the field since 2017. With a background in computer engineering, she has the unique ability to write about complicated topics, including DeFi, NFTs, trading, and AI, in a way that is easy to understand. Iulia learned multiple programming languages while completing her Software Engineering degree in Bucharest at Politehnica University. Iulia brings her expertise and personal...
READ FULL BIO
Sponsored
Sponsored