6 Best Crypto Wallets of July 2022 – Hot & Cold Options

6 Best Crypto Wallets of July 2022 – Hot & Cold Options

Where investors use crypto exchanges as trading platforms to buy, sell, and trade various cryptocurrencies, the best cryptocurrency wallets give them a place to store their digital assets. This distinction is important since crypto exchanges don’t always offer the best security, and since having a digital wallet ensures you always have exclusive access to your own private keys.

That said, the best crypto wallets all work differently, and some offer more security features and services than others. If you’re ready to move your crypto from an exchange to a crypto wallet where you have more control, read on to learn about our top picks.

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Best for Beginners
Best Offline Crypto Wallet Best DeFi Wallet Best Overall Best for Flexibility Best for Bitcoin
Coinbase Ledger Nano X Crypto Wallet Crypto.com Guarda Crypto Wallet Exodus Crypto Wallet Electrum Crypto Wallet
Our Partner Our Partner Our Partner
Wallet Types Offered

Mobile and Tablet

Hardware Wallet

Mobile and Tablet

Desktop, Mobile, and Online

Desktop and Mobile

Desktop

Fees for Crypto Storage

Free

$149

Free

Free

Free

Free

# of Supported Coins and Tokens

500+

5,500

100+

400k+ Digital Assets

180+

Bitcoin Only

Best for Beginners

Coinbase
Our Partner
Download Wallet

Wallet Types Offered

Mobile and Tablet

Fees for Crypto Storage

Free

# of Supported Coins and Tokens

500+

Best Offline Crypto Wallet

Ledger Nano X Crypto Wallet
Our Partner
Download Wallet

Wallet Types Offered

Hardware Wallet

Fees for Crypto Storage

$149

# of Supported Coins and Tokens

5,500

Best DeFi Wallet

Crypto.com
Our Partner
Download Wallet

Wallet Types Offered

Mobile and Tablet

Fees for Crypto Storage

Free

# of Supported Coins and Tokens

100+

Best Overall

Guarda Crypto Wallet
Download Wallet

Wallet Types Offered

Desktop, Mobile, and Online

Fees for Crypto Storage

Free

# of Supported Coins and Tokens

400k+ Digital Assets

Best for Flexibility

Exodus Crypto Wallet
Download Wallet

Wallet Types Offered

Desktop and Mobile

Fees for Crypto Storage

Free

# of Supported Coins and Tokens

180+

Best for Bitcoin

Electrum Crypto Wallet
Download Wallet

Wallet Types Offered

Desktop

Fees for Crypto Storage

Free

# of Supported Coins and Tokens

Bitcoin Only

Our Picks for Best Crypto Wallets

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Best Crypto Wallets – Reviews

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Download Wallet

Best Overall: Guarda Wallet

Pros
  • Wallet supports more than 400k digital assets
  • Free to use for storage
  • Users can earn and trade crypto
  • Incredibly secure
  • User-friendly mobile app
  • Excellent customer reviews on Trustpilot (average star rating of 4.6 out of 5 stars)
Cons
  • High fees for crypto purchases
  • No offline crypto storage available

Guarda Wallet lets users set up a desktop wallet, a mobile wallet, or an online wallet for their crypto. Each type of wallet is entirely free to use for storage and can be downloaded from the Guarda website. Once the wallet is set up, customers can earn interest on their crypto deposits or stake crypto in order to build streams of passive income.

Guarda customers also have access to a broad range of resources, including a Guarda Academy learning center and a Knowledge Base customer support portal. Privacy and security are also a key focus for Guarda, and this wallet lets users own and fully manage their private keys and user data. Custody-free service from Guarda also makes your fund management much easier and faster, and your private data is never stored on the company servers.

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Download Wallet

Best for Flexibility: Exodus

Pros
  • Supports a broad range of tokens and assets
  • Has its own crypto exchange
  • Free to use for storage
  • Compatible with a hardware wallet
  • Excellent user reviews on Trustpilot (average star rating of 4.2 out of 5 stars)
Cons
  • High transaction fees on the crypto exchange
  • No two-factor authentication

If you’re interested in short-term investing and you’re hoping to turn a profit by holding crypto for a while, the Exodus wallet could work for your needs. Its desktop wallet app offers a user-friendly interface that’s perfect for beginners, and customers never pay any fees for receiving crypto. This wallet is perfect for HODLing (holding on for dear life), but it’s also ideal if you want to send, receive, and exchange Bitcoin and 180+ cryptocurrencies with a platform that has top-notch security features.

Exodus offers some functions and perks other wallets don’t, such as 24/7 live customer support and a built-in exchange. Exodus users can also opt to manage crypto assets in Exodus securely from a Trezor hardware wallet.

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Download Wallet

Best for Beginners: Coinbase Wallet

Pros
  • Intuitive and user-friendly interface
  • Lets you store more than 500 cryptocurrency assets
  • Multi-signature and 2-factor authentication support
  • Easy to use for current Coinbase customers
  • No fees for crypto storage
Cons
  • Only available for mobile and tablets
  • Coinbase has less than stellar reviews from past customers

Coinbase is easily one of the best crypto exchanges available today, yet the fintech company also offers its own crypto wallet for storage. This wallet lets users store all their cryptocurrency and NFTs (non-fungible tokens) in one place, and it supports hundreds of thousands of tokens around the world. The Coinbase wallet also lets you explore the decentralized web using your favorite mobile device.

This crypto wallet is a self-custody wallet as well, meaning that you have complete control over your crypto and private keys. The company also offers industry-leading security, including multi-signature and 2-factor authentication support. Also, note that the Coinbase wallet offers an easy-to-navigate user interface that makes it perfect for beginners and experienced crypto traders. Finally, its app has connectivity to most major bank accounts.

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Download Wallet

Best Offline Crypto Wallet: Ledger Nano X

Pros
  • Supports more than 5,500 coins and tokens
  • Hardware wallet with beefed-up security
  • Bluetooth-enabled
  • Compatible for trading on the Ledger Live mobile app
  • Buy Bitcoin with ApplePay
Cons
  • Fairly expensive upfront investment (currently $149)
  • Use of Bluetooth may cause security concerns for some
  • No touchscreen

The Ledger Nano X is a hardware crypto wallet that offers cold storage you can hold in your hand. This wallet lets you store and manage more than 5,500 coins and tokens including Bitcoin, Ethereum, XRP and more. It’s Bluetooth-enabled, and you can also use the Ledger Nano X to store your NFTs.

This wallet is different from software wallets that store your crypto data and keys on your desktop or your mobile device. Instead, this crypto wallet is a physical product that is built on a versatile security operating system called BOLOS. Investors can also grow their crypto by staking their Tezos, Tron, Cosmos, Algorand or Polkadot directly in Ledger Live app on Android or iOS, or they can use the wallet to hold crypto for long-term growth.

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Download Wallet

Best for Bitcoin: Electrum Crypto Wallet

Pros
  • Supports several hardware wallets
  • Two-factor authentication available
  • Free to use for storage
  • Supports Lightning Network payments
  • Open-source
  • Custom transaction fees
Cons
  • Only supports Bitcoin
  • Minimal tools and features

If you’re learning how to invest in Bitcoin and you want a secure place to store your digital assets, the open-source Electrum Crypto Wallet may be what you need. We chose it as the best bitcoin wallet because this software wallet verifies that your transactions are on the Bitcoin blockchain, and lets you split the permission to spend your coins between several wallets for maximum flexibility. You have the option to keep your private keys offline and go online with a watching-only wallet, and you can even see your funds recovered with a secret phrase.

With all this being said, Electrum is only supportive of Bitcoin. This means it’s not the best option if you are looking for ways to invest in various cryptocurrencies like Ethereum, Dogecoin, Cardano, or Polkadot.

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Download Wallet

Best DeFi Wallet: Crypto.com DeFi Wallet

Pros
  • Advanced security features included
  • You hold your private crypto keys
  • Buy, sell and trade crypto
  • Earn interest on your deposits
Cons
  • No desktop wallet available
  • Fewer types of crypto supported than other wallets
  • Relatively poor user reviews

The Crypto.com DeFi wallet is a non-custodial wallet that grants access to a full suite of DeFi services within a single platform. Users get full control of their crypto and their keys, and they can easily manage more than 100 types of coins including Bitcoin, Ethereum, Cosmos, Cronos, and more. Crypto.com also makes it easy to import your existing wallet with a 12/18/24-word recovery phrase.

This crypto wallet lets you send crypto with ease, and you can also earn interest on more than 35 tokens you hold with the platform. Investors can also swap DeFi tokens directly from the DeFi Wallet. Also note that Crypto.com encrypts your private keys locally on your device using Secure Enclave, which is protected by Biometric and 2-Factor Authentication.

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Crypto Wallets Guide

The leading crypto wallets make it easy to store your digital currency in a safe and secure environment. They’re different from wallets offered as part of cryptocurrency exchanges in that these are dedicated products with robust security measures and tend to be targeted less by crypto hackers.

Read on to learn why cryptocurrency may be one of the best long-term investments available today, and why you should store your crypto in a wallet instead of an exchange.

What Are Crypto Wallets?

Where traditional wallets store your cash and your credit cards, a crypto wallet serves as a crypto portfolio, storing the private keys to your crypto, any NFTs you have, and other digital assets. If you lose the private keys to your crypto, you lose access to your money. A crypto wallet helps ensure that never happens since it can safely and securely store this private data where only you can access it.

How Do Crypto Wallets Work?

When someone sends you digital currency, regardless of whether it’s Litecoin, ERC-20 tokens, Dogecoin or Bitcoin cash, you need two digital codes to perform the transfer of ownership: a public key that’s automatically generated by the crypto wallet provider and a private key that only you should know.

Crypto wallets offer either hot or cold storage of your private keys. Where hot storage takes place on the internet where it may be prone to security concerns, cold wallets typically offer offline storage.

Either way, crypto wallets store your private keys, which are required to unlock access to your crypto and other digital assets. These wallets also offer beefed up security features that can protect your digital assets and keep your crypto working on your behalf.

Types of Crypto Wallets

There are three major types of crypto wallets, and each type comes with its share of pros and cons. 

  • Software wallets must always be connected to the internet, which is why they’re also called hot wallets. The most common types of software wallets include web wallets, desktop wallets, and mobile wallets.
  • Hardware wallets store your private keys on a physical device that you purchase and store on your own. Most cold storage wallets look and act similar to a flash drive, which you can connect to your computer when you need to access your crypto.
  • Paper wallets store your private keys on a physical piece of paper, often through printed out QR codes. This obviously creates a security concern, but paper wallets are popular for investors who don’t trust third parties to keep their crypto safe and secure.
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Important Factors to Consider

As you learn more about crypto wallets, it’s fairly easy to figure out what you should be looking for as you choose one. Just like you would consider different factors if you were comparing the best robo advisors, here’s everything you need to factor in before you choose a crypto wallet.

  • Crypto Security: The whole point of storing your crypto in a wallet is increasing security, so you want to make sure you choose an option that has the security features you want the most. In addition to encryption and other standard features, look for crypto wallets that offer multi-factor authentication.
  • Investing Style and Goals: Some wallets let you store your crypto without giving up the chance to buy, sell, or trade crypto along the way. Many wallets even let you earn interest on your crypto deposits, so make sure to check for these features.
  • Compatibility: Make sure any wallet you’re considering functions in a way that makes sense for you. For example, choose a crypto wallet that operates on a desktop or online if you prefer that option, or opt for a hardware wallet that lets you store your keys on a device. Also note that some software wallets are compatible with hardware wallets, which gives you the best of both worlds.
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How We Found the Best Crypto Wallets

To find the best digital crypto wallets and hardware wallets, we read through a countless number of user testimonials and reviews. We focused on crypto wallets that are free to use for storage, but we also considered wallets that require the purchase of a hardware device. Other factors we considered include overall functionality, ability to earn money via interest or staking, and the ease of use with which users can buy, sell, or trade their crypto assets.

Best Crypto Wallets FAQs

What are the best crypto wallets?

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The best crypto wallet for you depends on whether you want hot or cold storage, as well as the type of cryptocurrencies and digital assets you want to store. However, we believe the Guarda Wallet is the best crypto wallet for most users on the market today.

Are crypto wallets necessary?

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You can store your crypto on the exchange you buy it from, but moving your crypto to a wallet can help you access upgraded security features. Crypto wallets help you store your private keys off of the crypto exchange you use for purchases, and this makes your crypto less susceptible to hacking and other types of fraud.

What types of crypto wallets are out there?

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Software wallets, hardware wallets, and paper wallets are the main types of crypto wallets accessible to consumers today.

What’s the difference between a crypto wallet and a crypto exchange?

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A crypto exchange is similar to a brokerage account since you buy, sell, and trade crypto on this type of platform. Once you become a crypto investor, crypto wallets provide a safer place for you to store your digital assets.

What should I learn about investing?

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If you’re just now learning how to invest in crypto or you’re learning more about investing in EFTs, stocks, options, and other traditional investments, you should take the time to learn about the best online brokerage accounts for beginners.

Also learn as much as you can about the best investment apps, including apps that let you invest in crypto using your mobile device.

The post 6 Best Crypto Wallets of July 2022 – Hot & Cold Options appeared first on Good Financial Cents®.

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