Best Crypto Wallets Of April 2024 (2024)

Crypto wallets provide a safe place to store cryptocurrency, although they work a little differently than tucking cash into a billfold. There are countless options to choose from—deciding which one fits your needs is the first step. Different wallets support different types of coins—most hold bitcoin, some only handle Ethereum, a few can hold any type of crypto—and they come in two main flavors: hot wallets (internet-enabled) and cold wallets (which live offline).

To help you find the right wallet for you, Forbes Advisor has evaluated the leading options and picked the best crypto wallets available. We’ve separated our list into the best hot wallets and the best cold wallets to further aid your search.

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Hot wallets are connected to the internet and are often available as a standalone product or as an add-on through popular crypto exchanges.

Hot wallets make it easy to execute crypto transactions. But since hot wallets are hosted online, they are more vulnerable to hackers. That’s why some users look to place their crypto in cold storage as a long-term solution.

Bitcoin remains the top cryptocurrency by market capitalization. Whatever the vicissitudes of the crypto market, investors remain committed to bitcoin as both a buy-and-hold asset and as a means of transaction.

Like other cryptocurrencies, bitcoin requires a crypto wallet for storage, and most of the leading crypto wallets—hot or cold—support BTC.

There are a few specialized wallets that do not support bitcoin. MetaMask, for instance, does not directly support bitcoin, as it is designed only for Ethereum-based crypto tokens. Other wallets may have a few quirks. Coinbase Wallet Web3 only supports bitcoin in its mobile app, for example.

Conversely, some crypto wallets are solely dedicated to the big “B.” Electrum only supports bitcoin. If that’s going to be the only crypto you keep in your portfolio, it’s a reasonable choice. It has never experienced a hack; plus it’s integrated with Ledger and Trezor.

Here are some leading crypto wallets that support bitcoin and other top major cryptocurrencies by market cap.*

*At the time of this writing, the top major cryptocurrencies (excluding BUSD) by market cap: bitcoin, Ethereum, Tether, USD Coin, BNB, XRP, Cardano, Solana, Dogecoin, Polkadot, Dai, Polygon, Shiba Inu, Tron and Avalanche.

If you’re looking for a crypto wallet that supports Ethereum and bitcoin—but some of the other major cryptocurrencies—Robinhood’s new Web3 Wallet or eToro’s exchange wallet might be a good fit.

Forbes Advisor performed an in-depth assessment of the features and options offered by the leading crypto wallets.

From the data gathered, each wallet was scored and assessed based on seven key variables:

• Stablecoins. The number of popular stablecoins supported.
• Top cryptocurrencies. The number of supported major cryptocurrencies by market capitalization.
• Usability. The approach for this metric differed for Best Exchange/Hot Wallets and the Best Cold Wallets. But both types of wallets were measured for exchange integration(s) and staking accessibility.
• Customer service. Types of customer support available.
• Costs and fees. Fee structures were assessed differently for Best Exchange/Hot Wallets and Best Cold Wallets.
• Security. Some of the features assessed include whether the wallet recoups stolen assets and provides several security measures (e.g., two-factor authentication, password encryption, etc.).
• Additional features. Other areas measured include, but are not limited to, whether the wallet provides educational resources and live charts and support for non-fungible tokens.

For each ranking, the sum of weighted values across all or some of these key factors was calculated to award each crypto wallet an overall rank.

• What Is a Crypto Wallet?
• How Do Crypto Wallets Work?
• Types of Crypto Wallets
• Why Do You Need a Crypto Wallet?
• How To Choose a Crypto Wallet
• How To Get a Crypto Wallet
• Crypto Wallet FAQs

Cryptocurrency is a highly abstract store of value, and ownership exists as nothing more than a string of code on a larger blockchain.

When you purchase a crypto, such as bitcoin or Ethereum, your ownership boils down to a public key and a private key.

The public key is like your bank account number but doesn’t provide access to your crypto. The private key identifies you as the “true owner.” If you lose your key, you could lose access. Likewise, the person holding a private key has full access to your crypto.

There’s a popular expression in the crypto world, “Not your keys, not your coins.” If you don’t control your keys, you don’t have full access to your crypto assets.

Crypto wallets work by storing the private keys for your cryptocurrencies. A wallet holds the credentials needed to prove you own the cryptocurrencies. You can also use the wallet to send cryptocurrencies to or receive them from others.

There are different types of crypto wallets, ranging from online services and programs to simply printing the keys on a piece of paper. The key function is that the crypto wallet holds the keys needed to access the blockchain to transact with your cryptocurrencies.

There are two main types of crypto wallets: hot and cold. Hot wallets are connected to the internet. These include:

• Online wallets. These wallets connect to other websites/online services. For example, many crypto exchanges offer online wallets through their platforms.
• Mobile wallets. Mobile wallets can be downloaded to your mobile device. You then store your keys on the mobile app.
• Desktop wallets. With a desktop wallet, you download a program to your computer, which you then use to store your keys.

Cold wallets are wallets that are not connected to the internet. For example, you could buy a USB key that stores your keys. You could also print off your private keys on a piece of paper.

In addition, crypto wallets can either be custodial or noncustodial. A custodial wallet is one where a third party controls and manages the wallet, including security, on your behalf. An online wallet from a crypto exchange would be custodial.

A noncustodial wallet is one where the cryptocurrency owner manages the wallet. A USB hard drive or a paper wallet would be noncustodial. You are responsible for storing and protecting your keys on a noncustodial wallet.

What Is a Hot Wallet?

“Hot” wallets can be desktop, mobile or web-based applications, requiring an internet connection. The connectivity to the web makes these types of wallets more accessible. But it comes with a trade-off: security. Online wallets are more susceptible to hacks.

What Is a Cold Wallet?

Generally, A more secure type of wallet is a “cold” wallet. These hardware wallets come in several shapes and sizes, and they can be a USB stick that connects to the web or a device that scans a QR code, linking to a software application.

Hardware wallets help keep your private keys safe from hackers who would need to steal the physical wallet to gain access and usually involve a PIN as an extra layer of security.

You can typically purchase a hardware wallet for between $50 and $150, although there are some higher-priced options, too.

Cryptocurrency exists as nothing more than a string of code on a larger blockchain. When you purchase cryptocurrency, such as Bitcoin or Ethereum, your proof of ownership is based on a public key and a private key.

The public key is like your bank account number: It tells you where your crypto is, but it doesn’t provide access to it. The private key identifies you as the “true owner.”

If you lose the private key, you could lose access to your crypto. Likewise, any person who gets ahold of your private keys has full access to your crypto.

There’s a popular expression in the crypto world, “Not your keys, not your coins.” If you don’t control your keys, you don’t have full access to your crypto assets.

If you’re buying crypto, you’ll want to explore the crypto wallet best suited for your needs. You might be interested in holding a whole portfolio of different coins and tokens in one wallet. Or maybe you’re just looking for a crypto wallet that supports only a few big cryptos with myriad features.

Overall, it’s important to find a crypto wallet with:

• A strong, stable history
• A high level of security

How to get a crypto wallet depends on what kind you want. If you’d like an online, mobile or desktop wallet, the steps are fairly straightforward.

1. Download the necessary software from the crypto wallet company.
2. Set up your account.
3. Use the digital address or QR code provided by the wallet to start accepting asset transfers. Some wallets can also integrate directly with major crypto exchanges.
4. Follow the wallet’s process for transferring over your assets. The crypto private keys will then be stored in your wallet versus the exchange.

You follow a similar process with a cold, offline wallet.

1. Buy the physical hardware wallet.
2. Download the necessary program to set up your wallet as indicated by your hardware.
3. Use the program to transfer your cryptocurrency keys to the hardware storage device.
4. Alternatively, there are paper wallet generator websites online. You can use those to create and print off a paper crypto wallet with your keys.

How To Set Up a Crypto Wallet

Just like there are many ways to store your cash, there are many ways to stash your crypto.

Opening a crypto wallet will vary by the type chosen. If you’re using an exchange wallet, for example, you’ll pick a platform that you trust and then create an account. Generally, personal information and a two-step verification process is required.

For a hardware wallet, you’ll need to purchase the hardware first. You’ll typically need to install software to set up the wallet, too.

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