Best Bitcoin and Crypto Wallets for July 2024

The availability of many crypto wallets may confuse you, so we have compiled the list of the best crypto wallets for this month. Ledger Wallet, Trezor, and Coinbase are among the top choices.

Securing your hard-earned cryptocurrency is crucial. This guide explores the best Bitcoin and crypto wallets available in July 2024, categorized as either “software” wallets (connected to the internet) or “hardware” wallets (offline storage). We'll compare their strengths and weaknesses to help you choose the wallet that best suits your needs. 

Quick Look: The Best Bitcoin and Crypto Wallets

• Best Cold Wallet: Ledger Hardware Wallet
• Best for Touchscreen Interface: Trezor Safe 5
• Best for Beginners: Coinbase Wallet
• Best for Mobile: Trust Wallet
• Best for Ethereum: Metamask
• Best for Desktop: Exodus
• Best for Bitcoin: Mycelium
• Best for Security: Electrum

Top 8 Best Bitcoin and Crypto Wallets

Here is the list of the best Bitcoin and Crypto Wallets.

1. Best Cold Wallet: Ledger Hardware Wallet

Ledger is a leading name in hardware wallets, offering secure offline storage for your crypto holdings. Their sleek, flash drive-shaped devices come in two versions: The Ledger Nano S Plus ($79) connects via USB-C, while the Ledger Nano X ($149) has Bluetooth connectivity for on-the-go management through the Ledger Live mobile app. Both support over 5,500 cryptocurrencies and provide access to decentralized finance applications (dApps). However, the Nano S no longer supports Non-Fungible Tokens (NFTs). Ledger goes beyond just secure storage. Ledger Live includes market analysis tools and a crypto tax calculator. They also offer a comprehensive library of educational resources on Ledger Academy, empowering users to navigate the crypto landscape. Compared to competitors like Trezor, which prioritizes security by omitting Bluetooth and Wi-Fi, Ledger offers more convenience with their mobile app connectivity.

Why We Love It: Ledger's hardware wallets are top-rated for cold, secure, offline crypto storage. They allow access to DeFi (decentralized finance) and easy transfers between hot and cold wallets. The Nano X model even offers a mobile app with Bluetooth connectivity for on-the-go management.

2. Best for Touchscreen Interface: Trezor Safe 5

The Trezor Safe 5 takes hardware crypto storage further with improved security features. Its innovative data backup system and haptic color touch screen provide a secure and user-friendly experience. Traditional backup methods are still available for those who prefer them. The standard model supports over 9,000 cryptocurrencies for coin variety, while a Bitcoin-only version caters to dedicated Bitcoin users. Experts describe the TS5 as “an app on your cellphone” - perfect for everyday use. Trezor even offers a $99 onboarding service with experts to help you set up your wallet and answer any questions. The TS5 is available for pre-order at $169. The TS5 prioritizes user experience with a touch screen and haptic feedback while leveraging a Secure Element chip for enhanced security. The Safe 3 offers a simpler, two-button interface for managing coins and tokens but retains robust security with its Secure Element chip. However, the Safe 3 supports a wider range of cryptocurrencies.

Why We Love It: Aiming for ultimate security and user-friendliness, the Trezor Safe 5 hardware wallet possesses a colorful touch screen with haptic feedback and improved backup options. It supports over 9,000 cryptocurrencies and even offers a Bitcoin-only version. Like other Trezor wallets, it leverages open-source software for added transparency.

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3. Best for Beginners: Coinbase Wallet

Coinbase Wallet offers a compelling feature set for crypto enthusiasts. It supports many digital assets, including all ERC-20 tokens built on the Ethereum network, essentially thousands of cryptocurrencies. This makes it a versatile option for those invested in a wide range of coins. The wallet also prioritizes user experience by allowing users to directly buy, trade, and earn rewards on crypto and NFTs without transferring them to a centralized exchange. This keeps your assets within your control while enabling financial activities. Coinbase Wallet partners with Ledger hardware wallets for enhanced security, facilitating a smooth transition to secure offline storage if desired. However, there are some security considerations. Unlike other wallets, Coinbase Wallet doesn't utilize two-factor authentication (2FA) or multi-signature support, which adds extra layers of protection against unauthorized access. Additionally, their software isn't entirely open-source, limiting transparency for some users. Despite these limitations, Coinbase Wallet offers a user-friendly mobile app and browser extension, making managing your crypto on the go convenient. They also provide educational resources and market analysis tools to help you navigate the crypto landscape. Finally, while Coinbase Wallet is free to use, be mindful of network transaction fees associated with cryptocurrency transfers. Coinbase's involvement with unregistered securities through the Wallet app also has ongoing legal uncertainty. While the service continues functioning, considering these legal issues before choosing Coinbase Wallet for your crypto storage needs is worth considering.

Why We Love It: Ideal for beginners, Coinbase Wallet offers a user-friendly interface on mobile and browsers for easy crypto management. It provides direct access to exchanges and decentralized applications (dapps) for a convenient all-in-one experience.

4. Best for Mobile: Trust Wallet

Trust Wallet, the official mobile app of leading crypto exchange Binance, stands out for its vast storage capacity. Despite the Binance connection, Trust Wallet is noncustodial, meaning you hold the private keys to your assets, not the platform. This emphasizes the importance of safeguarding your private keys yourself. Where Trust Wallet shines is its sheer breadth of support. It caters to over 100 blockchains, allowing storage for a staggering 10 million-plus cryptocurrencies and tokens - the most on this list. Furthermore, Trust Wallet caters to NFT enthusiasts with a built-in Web3 browser. This allows direct access to decentralized applications (dApps) and blockchain games within the app. Buying NFTs is seamless, as users can browse, purchase, and store them using the integrated decentralized exchange without leaving the app. Trust Wallet integrates with Binance DEX for those seeking traditional exchange options, facilitating large token purchases with debit or credit cards. This and its high ratings on Apple and Google app stores make Trust Wallet a compelling choice for mobile-focused crypto users who value a diverse and user-friendly experience.

Why We Love It: We chose Trust Wallet as the best mobile crypto wallet due to its user-friendly interface, vast support for over 10 million digital assets, and built-in features for interacting with dApps and NFTs. This makes it a versatile option for those who want to explore the full potential of the crypto world from their phone.

5. Best for Ethereum: Metamask

With over 30 million users, MetaMask is a leading Ethereum wallet known for its user-friendly design. Beginners can easily store, send, and manage Ethereum-compatible cryptocurrencies and interact with decentralized applications (dApps). MetaMask offers versatility beyond Ethereum. Users can add various blockchain networks to the app, allowing access to popular options like Polygon, BNB Chain, and Avalanche. This expanded functionality makes it a valuable tool for exploring the broader crypto landscape. Furthermore, MetaMask integrates with popular NFT marketplaces like OpenSea, facilitating NFT discovery, trading, and storage. Security is a priority for MetaMask. It is built on open-source code and allows developers and security experts to scrutinize it independently. Additionally, user account information is encrypted and remains entirely on your device, never touching MetaMask servers. This ensures you maintain complete control over your private keys. MetaMask's ability to seamlessly switch between different Web3 solutions makes it a convenient all-in-one platform for managing crypto assets and exploring decentralized applications.

Why We Love It: We crown MetaMask as the best Ethereum wallet for beginners. Its user-friendly interface, available as a browser extension or mobile app, grants easy access to thousands of Ethereum tokens and decentralized applications (dApps) within the Ethereum network. Plus, it connects to popular NFT marketplaces for a well-rounded crypto experience.

6. Best for Desktop: Exodus

Exodus started as a desktop-only wallet but has expanded to iOS & Android and even integrates with Trezor hardware wallets. Despite the mobile options, their core offering remains the feature-rich desktop app, updated every two weeks across Windows, Linux, and Mac. A major draw of Exodus is its extensive support for over 335 cryptocurrencies and NFTs, exceeding many other hot wallets. This includes established altcoins like Ether & Litecoin and popular meme coins like Dogecoin. Beyond its visually appealing interface, Exodus offers a growing suite of apps, expanding its functionality. Explore live market charts, earn interest through crypto staking, and even buy crypto directly within the wallet using fiat deposits. Exodus allows customization of fees for Bitcoin, Ethereum, and ERC20 transactions for added control. They also leverage a “light client” system, verifying transactions without downloading entire blockchains, which speeds up operations. However, remember that Exodus is primarily a hot wallet, meaning your assets are connected to the internet and potentially more vulnerable. For maximum security, consider pairing it with their Trezor hardware wallet integration.

Why We Love It: We chose Exodus as the best desktop crypto wallet due to its speedy transactions, beginner-friendly interface, and diverse functionalities. It boasts support for over 330 crypto assets, integrates with Trezor hardware wallets for enhanced security, and even allows users to conveniently purchase Bitcoin with Apple Pay. Plus, 24/7 customer support offers peace of mind.

7. Best for Bitcoin: Mycelium

Mycelium has a long history, being one of the first and most respected Bitcoin wallets available. Currently a mobile-only app (Android and iPhone), it prioritizes a simple and user-friendly interface. However, compared to other wallets, Mycelium offers limited cryptocurrency support. It primarily focuses on Bitcoin, Ethereum, and ERC-20 tokens (like Tether USD and USD Coin), excluding the vast array of newer cryptocurrencies. Transactions are facilitated directly within the app; you can purchase Bitcoin using traditional currency. Security is a focus, as Mycelium is a noncustodial wallet, meaning you control your private keys. Uniquely, it's also the only open-source hot wallet on this list. While this transparency enhances security, it comes with limited technical support options. Troubleshooting primarily relies on the email address listed on the website.

Why We Love It: Mycelium shines for Bitcoin and Ethereum users who prioritize security. This noncustodial wallet provides straightforward transaction capabilities and offers full control over your private keys, making it ideal for users seeking simplicity and security in managing their Bitcoin investments. 

8. Best for Security: Electrum

Electrum is a veteran in the cryptocurrency world, renowned for its security features and robust functionality. It's a Bitcoin-only wallet that focuses on providing a lightweight yet secure platform for managing BTC. Electrum offers advanced security features such as two-factor authentication (2FA), transaction verification, and multi-signature wallet support. Users can customize transaction fees based on their desired processing speed - pay more for faster confirmation. Its efficiency is another advantage. Electrum utilizes a “light client” system, minimizing download size and setup time compared to traditional wallets. It achieves this by employing Simplified Payment Verification (SPV), which downloads only essential blockchain data to speed up transactions without sacrificing security. Electrum's code is publicly available for review as an open-source wallet, fostering trust among users. It also supports standard and Hierarchical Deterministic (HD) accounts for greater flexibility and integrates with popular hardware wallets like KeepKey, Ledger, and Trezor for enhanced offline storage.

Why We Love It: We crown Electrum as the most secure hot wallet due to its robust features like 2FA and multi-signature support. Plus, it offers high customizability, letting you adjust transaction fees for faster confirmations. Electrum's unique server setup also ensures your wallet rarely experiences downtime.

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What Is a Crypto Wallet?

A crypto wallet is a digital tool that allows you to securely store, send, and receive cryptocurrencies such as Bitcoin and Ethereum and track your balances. It also enables users to connect to decentralized applications (DApps) like exchanges and games. Notably, wallets don't store the actual coins but provide access through public and private keys, which must be kept secure to protect your funds.

How Do Crypto Wallets Work?

A crypto wallet works like a tool with two main jobs: keeping your crypto safe and helping you move it around. It acts like a digital middleman between you and the blockchain network, a massive public record of all cryptocurrency transactions. Here's how it works: Let's say you want to send some Bitcoin to a friend. First, you'd open your crypto wallet app and tell it how much Bitcoin you want to send and your friend's wallet address. The wallet creates a digital message with these details, like a proposal for the transaction. Once you confirm you're happy with everything, the wallet steps in with its secret weapon: your private key. Think of this like a unique signature that proves you own the Bitcoin you're trying to send. The wallet uses this key to “sign” the transaction message, making it official. Finally, the signed message gets sent to the blockchain network over the internet. There, it joins a queue of other transactions waiting to be verified and added to the permanent record. 

Types of Crypto Wallets

Here are the two major types of crypto wallets:

Software Wallets: Software wallets, such as apps on your phone or computer, enable you to store, send, and manage your cryptocurrency. They act as a bridge between the blockchain and your device. These wallets store your private keys, like passwords to access your crypto. There are two main types: custodial and non-custodial. Custodial wallets (like exchange wallets) hold your keys for you, while non-custodial wallets give you complete control. While convenient and user-friendly, software wallets are considered "hot storage" because your keys are online and vulnerable to hacking. This makes them less secure than hardware wallets, which store keys offline.

Hardware Wallets: Hardware wallets offer the most secure storage for your cryptocurrency's private keys. Unlike a physical wallet, it doesn't hold your actual coins, but rather safeguards the keys needed to access them on the blockchain (offline storage). Many hardware wallets work with multiple cryptocurrencies, allowing you to manage various coins on a single device. Recovery phrases or PIN codes ensure easy data backup. Some even enable direct trading from the wallet, eliminating exchange transfers and associated fees. This offline, self-custody approach is the safest way to store and trade digital assets.

Custodial wallets are like traditional banks - a third party (like Coinbase) holds your private keys (like your bank card PIN) and manages your funds. This is convenient, but they control your money. Choose a reliable, regulated custodian for better security and insurance options. On the other hand, noncustodial wallets are like safety deposit boxes. You hold the key (private key) and have complete control over your crypto. This is ideal for experienced users who value self-reliance, but losing your key means losing your crypto forever. Remember, “not your keys, not your coins.” While noncustodial wallets are less vulnerable to data breaches, some require internet access. For the most security, consider offline hardware wallets.

What Is a Cold Wallet?

Cold crypto wallets are like high-security fortresses for your crypto. They're super tough to crack because:

 1.     You need the physical device itself, not just a password.

2.     Even when connected to a computer, the super secret keys never leave the wallet itself.

3.     Transactions are signed securely within the device before being broadcast.

What Is a Hot Wallet?

Hot wallets are like digital wallets for crypto on your phone or computer. They're convenient for everyday transactions and buying new coins, but not the most secure. Imagine a pickpocket - if a hacker gets online access, your crypto is at risk. 

What to Look for in a Crypto Wallet

When choosing a crypto wallet, there are several important factors to consider:

• Security: Look for a wallet with robust security features like multifactor authentication, encryption, and offline storage options to protect your private keys and prevent unauthorized access.
• Ease of use: Choose a wallet with a user-friendly interface that is easy to navigate, especially if you are new to cryptocurrency. The wallet should have clear instructions and helpful resources.
• Compatibility: Ensure the wallet is compatible with the cryptocurrencies you want to store. Some wallets only support specific coins or tokens.
• Backup and recovery: Ensure the wallet offers reliable backup and recovery options if you lose access to your device or account. Look for wallets that allow you to create and store recovery phrases securely.
• Transparency: Research the wallet provider's reputation, transparency, and track record. Look for wallets that have been audited by third-party security firms and have a history of reliable service.
• Control: Consider how much control you want over your private keys. Some wallets, like hardware wallets, give you complete control, while others, like exchange wallets, hold your keys.
• Fees: Be aware of any fees associated with using the wallet, such as transaction or withdrawal fees. Compare costs across different wallets to find the most cost-effective option.
• Mobility: Decide whether you need a mobile, desktop, or hardware wallet based on your needs. Mobile wallets offer convenience, while hardware wallets provide the highest level of security for long-term storage.

How to Set Up a Crypto Wallet

Ready to jump into the world of cryptocurrency? The first step is creating a crypto wallet, like a digital toolbox, to store and manage your crypto assets. Here's how to get started:

1.     Pick Your Wallet Provider: This is like choosing a bank. Research different wallet apps and pick one with a good reputation and security features. Popular options include Exodus, Electrum, and Trust Wallet.

2.     Download the App: Once you've chosen your wallet, download the app to your phone or computer. To avoid scams, ensure you get it from the official app store or the wallet provider's website.

3.     Create Your Account: Set up your account with your name, email, and a strong password. For additional security, some wallets might also ask for verification, like a selfie and ID.

4.     Fund Your Wallet: Now that your wallet is set up, it's time to add some crypto! You can transfer funds from your bank, exchange other cryptocurrencies, or receive them from someone else. Most wallets accept cryptocurrencies and provide a unique address to send your crypto. Some wallets even offer QR codes for easy transfers.

Finalizing the List of the Best Bitcoin and Crypto Wallets for July 2024

As the crypto space expands, the crypto wallet niche market also grows. Our experts have examined the market and carved out the best crypto wallets for you for this month. A single wallet may not possess all the qualities you want in a wallet. So, we have shared the list of 8 wallets. Our list of crypto wallets includes Ledger Hardware Wallet, the best cold wallet; Trezor, known for its touch screen interface; and Coinbase Wallet, for beginners.

Frequently Asked Questions