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Best Cryptocurrency Wallets In 2022

Author: Matt Pigott Updated: 31 May, 2022

Trading cryptocurrency is fun, but it can also be stressful—and risky. The biggest risk any cryptocurrency trader has is losing their funds. This can happen in a number of ways, but one of the most common is through accounts being hacked or exchanges going down. When this happens it is almost impossible to retrieve those lost funds. 

This is why anybody who is serious about buying and selling cryptocurrencies will—in addition to using a hot wallet provided by a cryptocurrency exchange or broker—usually have a number of non-custodial wallets and at least one hardware wallet. Non-custodial wallets and hot wallets are great for speed and convenience, whereas hardware wallets are the safest and most secure places to store your cryptos. 

This article compares different types of cryptocurrency wallets, how they work, why you might need them, and which ones best suit your purposes. If you already know that you want to get a wallet, below are some of the best hardware wallets available today.

CoinText top picks for best crypto wallets in 2022

  1. eToro - Best crypto wallet for beginners
  2. Coinbase - Best wallet for simplicity
  3. Nuri - Best wallet for linked bank account
  4. Wirex - Best cryptocurrency wallet for exchange fees
  5. Trezor - Best crypto wallet for security
  6. Ledger - Best wallet for range of cryptos

Compare the Best Cryptocurrency Wallets

Below is an in-depth comparison of some of the top crypto wallets.

1. eToro - Best crypto wallet for beginners

For those just starting out on their crypto journey, probably the first thing they will think of is which exchange to use. Not only is eToro one of the easiest and most user-friendly platforms available, but it also has its own web-based cryptocurrency wallet where customers can store their funds. 

Security measures in place to protect user funds include Distributed Denial of Service (DDoS) protection and other high-level security features. In addition, lost keys don’t mean lost funds as eToro provides a backup private key service to help people who have forgotten their passwords.

Having the eToro wallet to hand while trading on the platform ensures that all transactions remain in one place. Any problems users might have can be quickly dealt with by contacting customer support.

Pros and Cons


  • Easy to use
  • Great for beginners
  • Large, helpful community
  • Secure
  • Multi-crypto
  • Private keys backup for lost information


  • Not as secure as a hardware wallet
  • Higher fees than other brokers
  • All positions denominated in US dollars only

Why we chose the eToro wallet

We chose the eToro wallet because it is one of the most straightforward cryptocurrency trading platforms to use. Having the wallet means that traders and investors can keep more than 500 cryptocurrency pairs safe without having to move their cryptos somewhere else—a process that involves some risks and also incurs additional gas fees. 

In addition, because eToro is regulated, it has special licences in place to protect its customers. Because it is audited by these regulatory authorities on a regular basis, there is a very low chance of traders on the platform losing their funds through cyber theft and never seeing them again. For these reasons and more, we think eToro is the best cryptocurrency trading platform, with a wallet, for beginners.

2. Coinbase - Best wallet for simplicity

Coinbase is one of the most high profile cryptocurrency exchanges, partly due to its listing on the New York Stock Exchange, and partly because of its high number of users—98 million at the time of writing. 

Like other exchanges, Coinbase has its own crypto wallet where users can keep their favourite coins. These funds are readily available for quick and easy trading and transactions. 

Being a self-custody wallet, Coinbase customers are in total control of their digital assets. Stored on their mobile devices, users can use their hot wallet to move their funds to and from the main exchange depending on what they want to do.

The Coinbase mobile app is clean and intuitive making it easy for beginners to use. The seamless integration between the exchange and the wallet is also a winning formula. 

Pros and Cons


  • The official wallet of one of the world’s leading exchanges
  • Listed on the NYSE and highly regulated
  • Hot wallet is well integrated, simple and easy to navigate
  • Supports both multi-signature and two-factor authentication (2FA)


  • Higher fees than other exchanges
  • Software (hot) wallet not as secure as a hardware (cold) wallet

Why we chose the Coinbase wallet

We chose Coinbase as it is built with beginners in mind. The hot wallet provides all of the functionality traders need, making it easy to move funds around or send funds to other wallets or exchanges. 

As beginners become more advanced they can sign up for Coinbase Pro, which also has its own wallet. Funds can be transferred between Coinbase and Coinbase Pro wallets for free. 

Both apps have a sleek mobile interface and provide an excellent overall user experience. For these reasons, both Coinbase platforms get the thumbs up from us for being the best crypto wallets for mobile devices.

3. Nuri - Best wallet for linked bank account

Nuri has a unique selling proposition in that it bridges the gap between the crypto world and traditional finance.

It does this by providing traditional banking services, and at the same time offering a connected Bitcoin and Ethereum cryptocurrency wallet. This allows funds to be seamlessly swapped between the two. Nuri also offers users a debit card so that users can easily transition between fiat currencies and crypto when making everyday purchases.

Formerly known as Bitwala, Nuri is among the first banks in the world to be built with blockchain technology. This feature makes it attractive to a growing niche of cryptocurrency traders tired of traditional banks and their limitations 

Pros and Cons


  • A bank account and crypto wallet in one
  • A real alternative to traditional banking
  • Built on the blockchain
  • Delivers interest on held cryptos


  • Only available in certain European countries
  • Some stablecoins are not supported
  • A limited number of cryptos recognised
  • Users of the service will incur gas fees, which can be high on the Ethereum network

Why we chose Nuri

Nuri is one of a growing breed of fintech firms focused on bringing crypto and traditional finance together. Having a crypto wallet linked to a bank account all under one roof is something that a lot of crypto traders crave. 

While the Mexican standoff between tradfi and defi rages on, with many traders finding themselves hamstrung by banks blocking deposits and withdrawals, Nuri has flipped this into an opportunity and capitalised on it. 

Now crypto traders and investors can have a traditional bank account, built on the blockchain, and a connected crypto wallet in a single location.

4. Wirex - Best cryptocurrency wallet for exchange fees

Bringing you a keyless non-custodial wallet, Wirex delivers innovation that lets users know there’s a lot going on under the hood. Using biometric information, Wirex has circumvented the irritation associated with long, confusing and easily mistyped seed phrases and two-factor authentication.

Using advanced Secret Multiparty Computation (SMPC) Wirex’s encryption ensures that only the owner of the wallet can gain access. Wirex also delivers another gamechanger, which is the retrieval of funds even if the device is lost. This is done, again using biometric data that triggers full wallet retrieval.

The wallet also delivers cross-chain compatibility allowing users to swap DeFi tokens from the Wirex wallet across different blockchains. High yields are also available for those that want to stake. For people with NFTs, the Wirex wallet also provides watertight security.

Pros and Cons


  • Connected to Aave and Compound, two of the leading DeFi lending, borrowing and staking protocols in crypto
  • Earn high yields on held tokens up to 25%
  • Bulletproof protection through advanced data security
  • More than 50 crypto coins available
  • Store NFTs more safely than in browser-based wallets
  • Has its own debit card


  • Is potentially vulnerable to regulatory crackdowns because of its offering

Why we chose

We chose Wirex because it stands out for its cross-chain, DeFi compatibility, keyless access, and innovative security. In an industry that abounds with horror stories about lost wallets, keys and funds, being able to retrieve a lost wallet with biometric data is pretty futuristic, all of which are reasons we made Wirex one of our top picks.

5. Trezor - Best crypto wallet for security

Trezor is one of the best and most widely used hardware crypto wallets available today. With more than 1500 supported coins, and counting, it's likely that, if there’s crypto you’ve got stashed away on an exchange somewhere and you want to beef up its security, Trezor has you covered. 

Launched in 2013, at a time when cryptocurrencies were still in their infancy, the gadget is one of the safest places to keep your cryptocurrencies. There are a variety of models, with the premium wallet being the Trezor Model T,  which boasts a nifty little touchscreen.

Trezor is also more than just a hardware wallet. It also has an exchange meaning that crypto holders can swap the tokens they hold without needing to connect to an outside exchange. 

Pros and Cons


  • First to use Shamir Backup for enhanced security
  • First to market in the cold storage space
  • Two types of Trezor are available, the Model One and the Model T
  • Trezor Model T has a touchscreen interface
  • Over 1500 cryptos supported
  • Has its own exchange making cryptocurrency swaps easy


  • Questionable build quality as the wallet is made from plastic
  • Doesn’t have a smartphone app
  • Off ramping (ie changing cryptocurrencies to fiat currencies like USD and EUR) takes time
  • Expensive compared to other crypto wallet solutions

Why we chose the Trezor hardware wallets

We chose the Trezor hardware wallet because it was the first crypto wallet to market and remains one of the most popular crypto cold storage methods among retail and institutional traders. 

Although not as physically robust as its nearest competitor, Ledger (see below), and slightly bulkier in terms of size, it does the job of keeping users’ cryptos safe and secure. While the first Trezor has been around since 2013, the newer Model T is more recent and comes with a touchscreen making it easier to approve and verify operations. 

Trezor’s security measures are also among the best with Trezor being the first in the world to use Shamir Backup. This allows users to create multiple recovery shares to back up their private keys. Also known as multi-sigs, this unique security process means that Trezor users have safe, new ways to recover their seed phrase if it ever gets lost. Setting up a Shamir Backup is straightforward using the Trezor Model T’s touchscreen interface.

6. Ledger - Best wallet for range of cryptos

Ledger is the most widely used crypto hardware wallet in the world with its closest competitor Trezor just a step behind it. Their battle for dominance resembles the Android vs. iOS conflict. In the end, both products do pretty much the same things, in slightly different ways, and it simply depends on your personal preference as to which hardware wallet you ultimately choose.

Ledger looks just like a USB stick. Made of metal and plastic, the build is solid. As with Trezor’s Model One and Model T, Ledger comes in two types, the Ledger Nano S and the Ledger Nano X. 

The Nano X is double the price of the Nano S, and with good reason. It is larger than, has a greater storage capacity and supports a higher number of cryptocurrencies. It is, therefore, more popular with very active crypto traders. Like Trezor, Ledger also has its own exchange for swapping currencies. Plans are also underway to introduce a debit card for spending cryptos.

Pros and Cons


  • Sleek and simple to use
  • Intuitive interface
  • Excellent UX when connected to a computer
  • Nano X has a battery life of up to eight hours


  • No touchscreen interface on either the Nano S or Nano X
  • Nano S won’t work with iOS
  • High initial cost, especially for the Nano X
  • Can easily be confused with other similar-looking USB devices

Why we chose the Ledger hardware wallets

We chose Ledger mainly because of the high number of supported cryptos, particularly on the Nano X, which caters for almost 2000 digital currencies. We also like the simplicity of the design and the user experience when connected to the computer. 

Using the software is a breeze. Attractive visuals show users' cryptocurrency holdings laid out cleanly and simply. Both Ledgers also have swapping capabilities making it easy to move cryptos around without going through the rigmarole of connecting to an outside exchange. 

In addition, for those who don’t want their cryptos just sitting on the wallet doing nothing, Ledger supports staking for an increasing number of coins. This means that users can earn a passive income from their holdings without leaving the device.

What is a cryptocurrency wallet?

A cryptocurrency wallet is a place where crypto funds are stored. The main types of cryptocurrency wallets are ‘hot’ and ‘cold’—or ‘non-custodial’ and ‘hardware’—wallets. They are either software programs, such as Metamask, or physical devices such as Ledger where supported coins can be kept and sometimes staked to earn crypto rewards.

Hot wallets are also the wallets that users automatically get when they sign up to exchanges such as Binance. The reason for the existence of two main different wallet types is that hot wallets are ideal for carrying out quick transactions—great for high-frequency traders—whereas cold wallets are built for security. 

Most traders and investors will use both. Anyone with a large amount of cryptocurrency they aren’t using or staking will almost certainly want to keep their funds on a hardware wallet in cold storage. But when the time comes to sell, for example, some BTC or ETH, on an exchange, funds in cold storage will need to be moved to a hot wallet. 

The easiest way to think about the two is as a physical wallet in your pocket compare to a vault. The wallet you carry around with you has some ready cash in it for quick use, but the lion’s share of your capital is in a vault where it benefits from greater protection.

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What are the different types of cryptocurrency wallets?

  • Hardware Wallets - Also known as cold storage, these resemble USB sticks. These are best for security as they are not constantly connected to the internet. Some hardware wallets such as the Ledger Nano X have a battery that lasts up to 8 hours for trading on the move. 
  • Desktop Wallets - These are programs that can be installed on your PC and can be used as both hot and cold wallets depending on the network connectivity. These wallets provide anonymity and security for storing cryptocurrency coins.
  • Mobile Wallets - These are mobile apps that offer medium-level security with high accessibility. Access your cryptocurrency tokens on the go and trade wherever you are. Pro tip: For enhanced security, ensure that your mobile wallet features encryption. 
  • Paper Wallets - A form of cold storage in which both your public and private keys that provide access to your cryptos are contained within a QR code. Paper wallets, though secure, are rarely used by traders these days. 

How to choose a cryptocurrency wallet?

To choose a cryptocurrency wallet, you need to decide what you want to achieve with your crypto holdings and how frequently you want to access them. If you are a high-frequency trader, it’s likely you won’t want the hassle and expense of moving your crypto back and forth between a hardware wallet and an exchange. 

For this reason, most active traders will simply keep their cryptos in a hot wallet—that is the wallet provided by the exchange where they are trading and move their funds to cold storage if they won't be trading for a while, for example in a bear market. 

The downside of keeping funds stored in this way is that they're more vulnerable to cyber-attacks and cyber theft. That said, most well-known exchanges are beefing up their security as they strive to combat hackers. Many also have insurance policies in place, meaning they can return any stolen cryptos to their customers.

Advantages & Disadvantages of Using a Cryptocurrency Wallet

Hot wallets

These are typically mobile, desktop or web wallets that rely on a consistent internet connection


  • Easy and quick to use
  • Free to download in almost all cases
  • Can all be done on a computer connected to the internet
  • Are, for the most part, secure
  • Don’t require a USB stick or other physical storage appliance


  • Because they are on the internet they are more vulnerable to hacking
  • Lost keys mean lost cryptos
  • Reinstalling the program can lead to lost funds

Cold wallets/hardware wallets

These are wallets where digital assets are stored offline and only require an internet connection to move cryptos to an exchange for selling or converting


  • Much higher security
  • Transactions take place in-device making funds impossible to steal even when the wallet is physically connected to a computer and interacting with the web


  • Less convenient than hot wallets
  • More steps to go through to manage funds
  • Reinstalling the program can lead to lost funds
  • Costs between $50 and $300 to buy one

Pro (money-saving) tip: If you have a second mobile phone you don’t use, it is possible to use it as a cold storage wallet for your crypto, transferring funds to a hot wallet on you main mobile phone as and when you need to.

Methodology - how we test and compare cryptocurrency wallets

There are lots of different software and hardware wallets available in the cryptocurrency space. In this article, we have focused on a selection that satisfies different needs according to what the user ultimately wants to achieve. 

With each wallet, whether a hot wallet, DeFi wallet or hardware wallet, we tested them rigorously to see how they performed in different scenarios. Things we looked for were:

  • Ease of use: How easy was it to set up the wallet and start using it?
  • User experience: Once set up, what was the experience of using the software like?
  • Security and safety: How safe were funds when stored in the wallet?

With the hardware wallets we looked at, we tested them against each other to find their inherent strengths and weaknesses and included our findings in the pros and cons section for each. 

With hot wallets, ie those connected to exchanges, we were more focused on ease of use and transaction speeds. Other considerations in our research included:

  • What the unique selling points for each wallet were
  • Any standout innovations the teams behind them had brought to the space
  • What add-ons they had made available, such as debit cards enabling wallet holders to use their cryptocurrencies in the real world

Find out more on how we test and how we fund our site.


If you are transacting cryptos, it is inevitable that you will use some sort of wallet to store your funds. 

While most people use the hot wallets connected to their favourite exchanges and don’t venture further, more sophisticated investors, especially those handling large sums, will have cold storage wallets, also known as hardware wallets. Many investors minimise their risks by spreading their funds across multiple hardware wallets.

Because these are off-chain, in other words not connected to the internet—hence the term ‘cold’—they are the best way to keep crypto funds safe. In reality, traders will rarely rely on one wallet, as different wallets serve different purposes. Because crypto is still in its infancy, new and improved wallets are likely to come to market, and as traditional banking and crypto draw closer together, it's likely that even established traditional names will relent and start introducing crypto wallets to their apps to remain current.

Frequently Asked Questions

  1. A cold or hardware wallet as it doesn't feature online connectivity making it more secure.
  2. A hot or software wallet as it is connected to the internet ensuring immediate access to your cryptocurrencies.
  3. Mobile apps and web wallets are easy to use without any knowledge but hardware and purse wallets will require you to have a basic understanding and knowledge of cryptocurrencies and trading.
  4. A hardware or a paper wallet. They are the best way to store your cryptocurrencies offline without any internet connectivity.
  5. Cryptocurrency wallets include modern-day security features such as encryption, passphrases, two-factor authentication (2FA) and, increasingly, biometric data.

  6. Unless you have backed up your data somewhere else, if you lose your private key, you cannot recover it.
  7. Yes. Some wallets allow you to directly trade, buy and sell cryptocurrencies.
  8. It isn’t necessary to have multiple crypto wallets if you only have a small amount of crypto. Keeping it in a hot wallet to use on your favourite exchange is fine. If, however, you have a sizeable amount of crypto, it’s best to split it across wallets to minimize the risk of losing funds. As the saying goes, ‘never keep all of your eggs in one basket’.

  9. No. Almost all hot and cold crypto wallets are multi-asset and therefore support hundreds, if not thousands of different cryptocurrencies.

  10. Every cryptocurrency is bound to its own smart contract address which is immutably stored on the blockchain. Copy this address and paste it into your wallet. Once the address has been imported, your coins should appear.

  11. There are many different wallets where you can store your NFTs. If your NFT was minted on the Ethereum network then any Ethereum compatible wallet will work.

  12. If the NFT you own isn’t supported by the Coinbase wallet—for example, the NFT was minted on a blockchain other than Polygon or Ethereumthen— your NFT won’t appear. It also won’t appear if the NFT has been minted in an unsupported format.

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