Top Cryptocurrency Wallets To Store Your Crypto Safely in 2023

The concept of cryptocurrencies has been around for close to a decade now. In the short period that cryptocurrencies have been around, there has been a significant rise in digital assets’ value, leading to an increase in the number of crypto investors. Bitcoin is currently the most valuable crypto asset and has become relatively common among tech-savvy households. 

Proponents of the cryptocurrency revolution argue that digital currencies are easier and safer and have better privacy than traditional currencies. As cryptocurrency investment becomes more lucrative, the demand for crypto wallets has increased. Over 85 million crypto wallets have been created, with exponential growth in crypto wallets expected in the years. 

The considerable number of crypto wallets flooding the crypto market makes it challenging to choose an ideal cryptocurrency wallet in 2023. Nonetheless, to help you select an ideal crypto wallet, we have analyzed great wallets (both hot wallets and cold wallets) that you may consider.

Best Cryptocurrency Wallets 2023

Coinbase- Best Overall

• Type of wallet: Hot Wallet (Mobile and Web) 
• Cost: Free 
• Compatibility with Hardware Wallets: Yes  
• Incorporated Exchanges:  Yes 
• Supported currencies: 50+

Coinbase is an excellent crypto wallet with support for digital exchange. The wallet holds more than 20 cryptocurrencies, including U.S. dollars and USD Coins pegged to the dollar. With the Coinbase exchange’s integration, the Coinbase wallet allows you to buy, sell, and hold cryptocurrencies. In addition, the platform allows you to connect to a U.S. bank account and easily transfer dollars in and out of your wallets. 

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Coinbase integrates crypto staking, where users earn free cryptocurrencies in exchange for watching videos and taking quizzes. One of the major downsides of Coinbase is the high fees and transaction costs. However, there are flat transaction fees plus a spread of Coinbase charges when converting between cryptocurrencies. It would be best if you also were keen on security, considering that Coinbase has recorded several hacking incidents. 

Pros 

• User-friendly 
• Integrates into a leading crypto exchange 
• Strong security track record 

Cons 

• High transaction fees 
• Incidents of downtime are frequent.

Exodus- Best Cryptocurrency Desktop Wallet

• Type of wallet: Hot Wallet (Desktop and Mobile)
• Cost: Free 
• Compatibility with Hardware Wallet: Trezor 
• Incorporated exchange: Yes
• Supported currencies: 100+ 

Exodus is a software wallet built for desktop computers and also has a mobile app version. The wallet boasts an in-built crypto exchange and a straightforward, attractive interface that constitutes investor-focused tools. The wallet makes the management of your digital assets simple and effective thanks to its portfolio with graphs and charts. The wallet supports over 100 digital assets with the ability to swap between many cryptocurrencies. 

The wallet is great for beginners just entering the crypto space. It also has excellent customer support- an essential feature for beginners getting into crypto. The exodus wallet is also quite secure. Users are offered a private key to access their cryptocurrencies and other outstanding security tools to keep their assets as safe as possible. Nonetheless, the private key is still stored on your computer, so you ought to have a backup to ensure it’s safe should the computer stop functioning. 

While the Exodus wallet is excellent for beginners, it lacks some advanced features needed by more advanced users. Exodus is also a closed-source wallet- this is against the idea of decentralization in Bitcoin and blockchain. 

Pros 

• Extensive support for cryptocurrencies 
• Built-in exchange 
• High-quality user interface
• Integrates with Trezor
• Good customer support 

Cons 

• Lacks two-factor authentication 
• High transaction fees. 

Trezor Model T- Best Hardware Wallet for Security

• Type of wallet: Cold Wallet 
• Cost: $ 170 
• Incorporated exchanges: Yes 

Trezor Model T is a great hardware wallet offering ultimate security. The device is linked to your computer or smartphone via a USB Type-C cable. It consists of a touch screen for ease of operation plus a MicroSD card slot allowing users to use the MicroSD cards to encrypt the PIN and further protect the device from attacks. 

The Model T supports nearly 1 500 different cryptocurrencies plus integrates with third-party exchanges such as Changelly and Shapeshift. What sets model T apart from other crypto wallets is its multi-factor authentication and support for more than 1 000 digital coins. However, users should never lose their Trezor or Trezor password to avoid losing their cryptocurrencies for good.   

Pros 

• Supports over 1 000 currencies 
• Easy-to-use touchscreen 
• Ultra-secure offline storage 
• Web-based user interface with built-in exchanges. 
• Open-source software with customer and community support. 

Cons 

• Quite expensive 
• Small touch screen making navigation sought of challenging. 

Ledger Nano S/X- Best Durable Hardware Wallet

• Type of wallet: Cold Wallet 
• Cost: $ 69 and up 
• Incorporated exchanges: No 

Like the Trezor Model T, the Ledger Nano S or X is a great hardware wallet supporting over 5 500 cryptocurrencies, tokens, and 100 wallets simultaneously. In addition, the wallet device is quite durable, thanks to the stainless steel cover. Unfortunately, it doesn’t support the USB Type-C cable locking out users with modern smartphones. 

The device integrates with the Ledger Live software, where users can check their balance and send or receive currencies in addition to coin staking. The Ledger Nano X also has Bluetooth connectivity with a bigger screen to enhance functionality. In addition, users can select a pin code for additional security and get a 24-word recovery phrase to recover their digital assets if they lose the device or forget the pin. 

Pros 

• Very secure offline storage 
• Supports many currencies 
• Supports Bluetooth connectivity 
• Durable 
• Incorporated exchange 

Cons 

• The Ledge Live app is not open-source
• Complex set-up 

Edge Wallet- Best Mobile Cryptocurrency Wallet

• Type of wallet: Hot Wallet (Mobile) 
• Cost: Free
• Compatible with hardware wallet: Trezor and Ledger Devices 
• Incorporated exchange: Yes 

Edge wallet is a good mobile cryptocurrency wallet that guarantees total privacy and security. Edge is a multi-asset support wallet supporting different assets, including Bitcoin, Ethereum, etc. The wallet integrates with exchanges enabling users to exchange between digital currencies/assets on the go seamlessly. Additionally, it incorporates an in-app buy and sells feature where users can exchange fiat money for future financial support. 

Cutting-edge security, user privacy, and ease of use make Edge Wallet a strong choice for crypto enthusiasts looking for a mobile (iOS and Android) cryptocurrency wallet. 

Pros 

• User-friendly 
• High-end security with two-factor authentication support. 
• Supports more than 30 popular currencies

Cons 

• Lacks a desktop-web interface. 

Conclusion – Best Cryptocurrency Wallets in 2023

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Cryptocurrency wallets are essential tools in the crypto space to store and safeguard digital assets. The rising demand for wallets has seen a surge in the number of wallets in the crypto space. However, choosing an ideal crypto wallet is quite daunting. It would help if you considered several factors, including security, accessibility, compatibility with other crypto platforms such as exchanges, and additional features. The wallets discussed in this piece are safe, easy to use, affordable, and efficient. They, therefore, suit typical crypto users.