Best Cryptocurrency Wallets
Cryptocurrency wallets are used for securely storing and managing digital assets and cryptocurrencies. These digital wallets interact with various blockchain platforms, enabling users to send or receive cryptocurrency and monitor their balance.
While some crypto wallets only support a single cryptocurrency, many are multi-asset solutions, allowing users to hold multiple cryptocurrencies, like Bitcoin (BTC), Ethereum (ETH), and Litecoin.
The digital currency and assets aren’t physically stored in the crypto wallet; they live on the blockchain. Instead, the wallet stores cryptographic keys (public and private) and uses them to access the holdings and sign off on transactions.
Public keys are segments of digital code attached to a decentralized blockchain, similar to a bank account number. They are used to send or receive cryptocurrency into a wallet. Private keys are also digital codes but are unique to an individual’s crypto wallet, similar to an ATM PIN code. They are used to verify transactions and prove the ownership of a blockchain address, or in other words, unlock and access the cryptocurrencies.
Public keys can be shared with others; private keys should never be disclosed. Some crypto wallets, like hardware wallets, store private keys offline, minimizing the risk of online attacks.
To qualify for inclusion in the Cryptocurrency Wallet category, a product must:
Best Cryptocurrency Wallets At A Glance
G2 takes pride in showing unbiased reviews on user satisfaction in our ratings and reports. We do not allow paid placements in any of our ratings, rankings, or reports. Learn about our scoring methodologies.
- Overview
- Pros and Cons
- User Satisfaction
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Fireblocks is a digital asset custody, transfer and settlement platform. MPC-CMP wallet technology. 24/7 access.
- Financial Services
- 56% Small-Business
- 36% Mid-Market
34,527 Twitter followers
- Overview
- Pros and Cons
- User Satisfaction
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Zengo is a type of self-custodial cryptocurrency wallet solution designed to help users securely manage and store their digital assets without the vulnerabilities associated with traditional seed phra
- Financial Services
- Accounting
- 95% Small-Business
- 5% Mid-Market
44,075 Twitter followers
- Overview
- Pros and Cons
- User Satisfaction
- Seller Details
Coinbase is the world's most popular way to buy and sell bitcoin, ethereum, and litecoin.
- Financial Services
- Accounting
- 84% Small-Business
- 7% Enterprise
6,507,310 Twitter followers
- Overview
- Pros and Cons
- User Satisfaction
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Dfns is a leading Wallets-as-a-Service (WaaS) platform that helps fintechs, institutions, and enterprises worldwide simplify digital asset management and securely bring users into crypto. Our secure w
- Financial Services
- 86% Small-Business
- 14% Mid-Market
2,689 Twitter followers
- Overview
- Pros and Cons
- User Satisfaction
- Seller Details
xPortal is the ultimate financial super app for everything money, complete with debit cards, so you can go from crypto to cash in seconds. Buy, sell, stake, and swap crypto cross-chain, from your non
- Computer Software
- Financial Services
- 70% Small-Business
- 15% Mid-Market
1,071,750 Twitter followers
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- User Satisfaction
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CryptoCRIT is an open-source Cryptocurrency project which facilitates a Cryptocurrency wallet for making payments. The associated Cryptocurrency is called CritCoin.
- 64% Small-Business
- 27% Mid-Market
- Overview
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- User Satisfaction
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Venly is a blockchain technology provider creating tools and products to help companies benefit from blockchain technology. We provide a complete technology stack to bring brands, apps, games and pla
- Information Technology and Services
- Accounting
- 59% Small-Business
- 41% Mid-Market
20,617 Twitter followers
- Overview
- Pros and Cons
- User Satisfaction
- Seller Details
A crypto wallet & gateway to blockchain apps
- Financial Services
- Computer Software
- 93% Small-Business
- 7% Mid-Market
336,853 Twitter followers
- Overview
- User Satisfaction
- Seller Details
Bitget Wallet, the ultimate Web3 multi-chain wallet, offers a comprehensive platform for Swap, Asset Discovery and Management, NFT Marketplace, DApp Browser, and Launchpad. Established in 2018, it has
- 75% Small-Business
- 25% Mid-Market
- Overview
- Pros and Cons
- User Satisfaction
- Seller Details
One account, endless possibilities – Cryptomus is your go-to platform for everything crypto. Our multifunctional platform combines the best tools and services for secure, fast, and efficient digital a
- 88% Small-Business
- 12% Mid-Market
- Overview
- User Satisfaction
- Seller Details
Exodus is a software platform ONLY and does not conduct any independent diligence on or substantive review of any blockchain asset, digital currency, cryptocurrency or associated funds.
- 88% Small-Business
- 4% Enterprise
219 Twitter followers
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- Pros and Cons
- User Satisfaction
- Seller Details
BitGo is the leader in custody and security solutions. Founded in 2013, BitGo pioneered the multi-signature wallet and is the first digital asset company to focus exclusively on serving institutional
- Financial Services
- 68% Small-Business
- 16% Enterprise
66,182 Twitter followers
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- User Satisfaction
- Seller Details
Electrum was created by Thomas Voegtlin in November 2011. Since then, various developers have contributed to its source code.
- 80% Small-Business
- 27% Mid-Market
35,765 Twitter followers
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- Pros and Cons
- User Satisfaction
- Seller Details
Coinomi is a security-first multi-asset wallet that provides native support and true ownership for a total of total of 1770 coins and tokens, available in 168 fiat currency representations and 25 lang
- Information Technology and Services
- 71% Small-Business
- 21% Mid-Market
76,023 Twitter followers
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- Pros and Cons
- User Satisfaction
- Seller Details
BlockWallet is a privacy-focused self-custodial web3 wallet that is compatible with all DApps.
- 50% Small-Business
- 40% Mid-Market
- Overview
- Pros and Cons
- User Satisfaction
- Seller Details
A highly protected mobile app for DeFi operations. Manage your crypto assets and explore Web3. Powerful. Secure. Versatile. Crypto Wallet
- Financial Services
- 78% Small-Business
- 17% Mid-Market
1,361,696 Twitter followers
- Overview
- User Satisfaction
- Seller Details
Luno makes it safe and easy to store, buy, use and learn about digital currencies like Bitcoin.
- 58% Small-Business
- 25% Mid-Market
125,875 Twitter followers
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- User Satisfaction
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Cwallet is a unique multi-functional wallet which offers centralized and decentralized functions together under one app! With its futuristic tech and user-friendly Cwallet tools, it offers a free &
- 73% Small-Business
- 18% Enterprise
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- User Satisfaction
- Seller Details
Bitcoin Core is programmed to decide which block chain contains valid transactions. The users of Bitcoin Core only accept transactions for that block chain, making it the Bitcoin block chain that ever
- 55% Small-Business
- 36% Mid-Market
7,800,699 Twitter followers
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- User Satisfaction
- Seller Details
The most trusted and secure way to store your bitcoins.
- 71% Small-Business
- 36% Mid-Market
31,055 Twitter followers
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- User Satisfaction
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- 92% Small-Business
- 8% Mid-Market
1,363,655 Twitter followers
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- User Satisfaction
- Seller Details
Store and manage digital currencies with ease in the smart and beautiful mobile-first cryptocurrency wallets developed by Freewallet.
- 85% Small-Business
- 15% Mid-Market
106 Twitter followers
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- User Satisfaction
- Seller Details
Ambire Wallet is the first non-custodial smart crypto wallet with email authentication. Developed with a keen UX focus to engage on multiple networks, it places the user in the driver’s seat. Ambire
- 96% Small-Business
- 4% Mid-Market
27,031 Twitter followers
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- User Satisfaction
- Seller Details
CEX.IO was founded in 2013 with a mission to support global financial inclusion through the adoption of cryptocurrency and blockchain technology. As one of the most tenured market participants, CEX.IO
- 86% Small-Business
- 7% Mid-Market
2,051,531 Twitter followers
- Overview
- User Satisfaction
- Seller Details
MyEtherWallet is an open-source, client-side tool for interacting with the blockchain.
- Information Technology and Services
- Computer Software
- 74% Small-Business
- 19% Mid-Market
120,668 Twitter followers
- Overview
- User Satisfaction
- Seller Details
Enno Wallet: Secure Crypto Wallet and Gateway to DeFi Enno Wallet offers the complete non-custodial multichain DeFi experience you can expect from a wallet in an omnichannel interface with a seamless
- 67% Small-Business
- 33% Mid-Market
19,618 Twitter followers
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- User Satisfaction
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CoinPayments is a global payment gateway that enables users to easily transact with Bitcoin, Ethereum, Litecoin, and more than 2,000 other cryptocurrencies hosted on its platform. Since 2013, CoinPaym
- 77% Small-Business
- 31% Mid-Market
55,072 Twitter followers
- Overview
- User Satisfaction
- Seller Details
Atomic Wallet provides a powerful, in-demand service that allows users to reduce effort spent on managing crypto assets and makes it transparent and reliable
- 100% Small-Business
121,812 Twitter followers
- Overview
- Pros and Cons
- User Satisfaction
- Seller Details
Tangem’s tamper-proof digital identity solution allows users to own their digital identity with confidence. It guarantees secure and private storage of all personal data by combining accountability, r
- 50% Small-Business
- 33% Enterprise
- Overview
- Pros and Cons
- User Satisfaction
- Seller Details
Wirex Bitcoin Wallet gives you a full range of security features ensuring that you can buy, spend or transfer your funds with ease, no matter where you are in the world.
- 60% Mid-Market
- 40% Small-Business
135,622 Twitter followers
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- Pros and Cons
- User Satisfaction
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CryptoProcessing.com is a cryptocurrency payment gateway and the flagship brand of the CoinsPaid ecosystem, specializing in providing crypto payment solutions for the B2B industry. With extensive expe
- Information Technology and Services
- 50% Small-Business
- 50% Mid-Market
1,992 Twitter followers
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- User Satisfaction
- Seller Details
What is Guarda Wallet? Guarda Wallet is a custody-free multiplatform cryptocurrency wallet with a user-friendly interface designed to store, manage, buy, exchange, and stake cryptocurrencies. Guarda
- 60% Small-Business
- 40% Mid-Market
38,287 Twitter followers
- Overview
- Pros and Cons
- User Satisfaction
- Seller Details
Magic offers a robust platform for any size business that seeks to unleash the potential of Web3 with minimal difficulty, exceptional security, and strong regulatory compliance. Featuring one-click wa
- 80% Small-Business
- 20% Mid-Market
33,475 Twitter followers
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- User Satisfaction
- Seller Details
Cryptocurrency Wallets
- 67% Small-Business
- 33% Mid-Market
- Overview
- User Satisfaction
- Seller Details
NOW Wallet is the answer to your crypto needs. A top-performing mobile app that's fast, secure, and non-custodial. With advanced features like instant crypto-to-crypto and fiat-to-crypto exchanges thr
- 100% Small-Business
- Overview
- User Satisfaction
- Seller Details
Omniwallet is a new type of web wallet which aims to combine security, usability and multi-currency support.
- 100% Small-Business
540 Twitter followers
- Overview
- User Satisfaction
- Seller Details
AlphaWallet is the only self-custodial Ethereum network wallet that’s completely open source. Key Features: Beginner Friendly Web3 dApp Browser TokenScript Enabled WalletConnect Available ENS Name M
- 100% Small-Business
8,453 Twitter followers
- Overview
- User Satisfaction
- Seller Details
a smart wallet for cryptocurrencies and blockchain applications
- 50% Enterprise
- 50% Small-Business
16 Twitter followers
- Overview
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- User Satisfaction
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BLADE is the only cryptocurrency exchange dedicated to perpetuals. We enable leveraged (up to 150X) speculation and hedging on a large selection of cryptocurrency pairs. BLADE does not accept fiat cur
- 50% Mid-Market
- 50% Small-Business
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- User Satisfaction
- Seller Details
- 50% Mid-Market
- 50% Enterprise
- Overview
- User Satisfaction
- Seller Details
With COINS, you can Discover, Store, Invest, Send & Receive over 2000 cryptocurrencies. All in one app. Without Borders. Developed by Coinpaprika, COINS is an ultimate solution for every cryptocu
- 100% Small-Business
15,055 Twitter followers
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- Pros and Cons
- User Satisfaction
- Seller Details
Coin Wallet is a non-custodial multicurrency crypto wallet. Coin Wallet is available as a web wallet, a mobile wallet (iOS & Android), and desktop apps (Windows, Linux & MacOS). Supported co
- 100% Small-Business
- Overview
- User Satisfaction
- Seller Details
Daedalus is home to ADA, the cryptocurrency of the Cardano network. Daedalus is a highly engineered wallet with advanced security features, protecting your assets with the strongest cryptography yet d
- 100% Small-Business
- Overview
- User Satisfaction
- Seller Details
Airbitz is a single-signon security platform for blockchain apps
- 50% Small-Business
- 50% Enterprise
349 Twitter followers
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- User Satisfaction
- Seller Details
Gem Wallet is building a user-empowering onchain gateway that enables access to the vast world of web3. A self-custodial wallet committed to user privacy and open-source transparency, it supports over
- 100% Small-Business
4,993 Twitter followers
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- Pros and Cons
- User Satisfaction
- Seller Details
Hodlezz is a smart portofolio tracker that offers insights regarding your holdings and help you take action in order to maxime your earnings. Its blockchain and exchange agnostic connectors seamlessl
- 50% Mid-Market
- 50% Small-Business
- Overview
- User Satisfaction
- Seller Details
imToken is an easy and secure digital wallet trusted by millions
- 100% Small-Business
305,963 Twitter followers
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- User Satisfaction
- Seller Details
The Infinity Wallet is the ultimate easy to use, secure, multicurrency, practical and convenient cryptocurrency wallet that provides all a user will ever need in one platform. Providing a wide range o
- 100% Small-Business
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- User Satisfaction
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Secure & Anonymous crypto wallet with client-side private key storage.
- 100% Small-Business
2,326 Twitter followers
- Overview
- User Satisfaction
- Seller Details
What is Quppy? The licensed multicurrency payment system Quppy was developed in 2017 by recognized experts in banking, financial and information security, who previously worked for the world's leading
- 100% Small-Business
- Overview
- Pros and Cons
- User Satisfaction
- Seller Details
RuufPay is the friendliest self-custody wallet for users to securely store, swap, buy, sell, send and receive thousands of Ethereum & Polygon tokens. RuufPay is the first wallet being designed for
- 100% Small-Business
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- User Satisfaction
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Today’s financial system is complex, exclusive and expensive - making it hard to gain access, get lower fees and preferential treatment. We believe that the financial system should work for everyone!
- 50% Enterprise
- 50% Mid-Market
- Overview
- User Satisfaction
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Arctic Wallet is a Multi-Chain non-custodial crypto wallet, that doesn't collect any user data. You can store, exchange and buy crypto in one place. More than 150 assets available.
- 100% Mid-Market
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- User Satisfaction
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The Only Open-Source Wallet With Cold Storage And Multi-Signature Support
- 100% Small-Business
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- User Satisfaction
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Copay is a true bitcoin wallet, not an account service. Secure your personal funds with multiple signatures, or just one.
- 200% Small-Business
- 100% Enterprise
783 Twitter followers
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- User Satisfaction
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Bizzllet is a self-custody multisig business wallet that helps you manage day-to-day crypto operations. With multi-chain wallets, team collaboration features, and customizable role-based rules, Bizzll
- 100% Mid-Market
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- User Satisfaction
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This the the best crypto wallet in the market, they provide good customer support and they also provide complete anonymity just incase you need to perform traceless transactions.
- 100% Mid-Market
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- User Satisfaction
- Seller Details
Circle is a financial technology company that issues USDC and Euro Coin - globally accessible and regulated digital currencies powered by blockchain technology. USDC and Euro Coin provide a faster, sa
- 73% Small-Business
- 18% Mid-Market
231,291 Twitter followers
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- User Satisfaction
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- 100% Mid-Market
- Overview
- User Satisfaction
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Funex Pro wallet is decentralised wallet & one of the trusted cryptocurrency wallets, supporting a wide range of tokens and currencies. It provides a lot of features for users. Both desktop and mo
- 100% Small-Business
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- User Satisfaction
- Seller Details
We're on a mission to build the world's most secure and convenient digital vault. Keevo is a next generation crypto wallet with multi-factor / multi-sig authentication that provides state-of-the-art s
- 100% Enterprise
- Overview
- Pros and Cons
- User Satisfaction
- Seller Details
Founded by Mahin Gupta and a team of expert engineers, Liminal offers optimized solutions for processing and securing digital assets on an institutional level. Originating from the success of Zebpay,
- 100% Small-Business
1,660 Twitter followers
- Overview
- User Satisfaction
- Seller Details
LoadNG provides an automated way to receive Naira immediately after selling Bitcoin on the platform, our state of the art integration makes it possible to sell Paxful and Blockchain bitcoin seamlessly
- 100% Small-Business
- Overview
- Pros and Cons
- User Satisfaction
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- 100% Small-Business
37,909 Twitter followers
- Overview
- User Satisfaction
- Seller Details
Agama wallet is what you use to send, receive, and store your KMD
118,573 Twitter followers
- Overview
- User Satisfaction
- Seller Details
AnCrypto is the ultimate crypto defi wallet app for the decentralized finance (DeFi) enthusiast. This all-in-one crypto app allows users to easily manage their DeFi assets, including buying, selling,
- Overview
- User Satisfaction
- Seller Details
Atato is a fully licensed and compliant digital asset custody solution secured by multi-party computation. Atato enables web3 SMEs , market makers, institutions, and more safely store and manage any o
- 100% Mid-Market
2,946 Twitter followers
- Overview
- User Satisfaction
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World's safest way to store your cryptocurrencies. Unrivaled security and user experience, free encrypted backup system, and more!
- Overview
- User Satisfaction
- Seller Details
Best Bitcoin & Crypto Wallet - Buy and sell Bitcoin and other cryptocurrencies with the Best Crypto Wallet app. The smartest way to buy, store, and swap crypto.
- Overview
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Cyptocurrency wallet with more than 130 tokens, best in client service
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- User Satisfaction
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Bitamp is an easy-to-use, client-side, open-source Bitcoin wallet. Connect with the blockchain to send and receive Bitcoin from anywhere, or any device, instantly.
- Overview
- User Satisfaction
- Seller Details
Bitpowr is a blockchain and wallet infrastructure that enables businesses to accept, secure crypto assets and build secured digital businesses. We provide wallet infrastructure for our users (Individ
- Overview
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BitTap launched in 2024 with a clear goal: make cryptocurrency trading work for everyone. Starting in Dubai, we've quickly expanded across Asia with offices in Singapore and Malaysia, and we're headin
- Overview
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Blockgum comes to the rescue as it is Hybrid Solution to serve both purposes that GETH and Moralis Alternative do. Blockgum is a server app and has a ethereum mobile client for Full management purpose
- Overview
- User Satisfaction
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CoinsDo is a platform that helps businesses build, run, and scale a profitable digital asset enterprise. It offers an all-in-one solution with various types of wallets for storing, transferring, and i
- Overview
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CoinsPaid is the best automated management system of hot wallets for over 20 coins and tokens. The best hot wallet is an essential tool for crypto businesses with multiple accounts support.
17,643 Twitter followers
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CoinStats Wallet is a DeFi wallet that allows you to easily hold/swap/transfer your coins on our platform.
- Overview
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Cryptopayments is a provider of cryptocurrency services focused on serving business clients. Founded in 2022, the company offers a global reach and local expertise, enables businesses to accept, store
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- User Satisfaction
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- Overview
- User Satisfaction
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CyberWallet is the industry's most secure decentralized cryptocurrency wallet. It features cutting-edge protection technologies to ensure comprehensive security of user data. The wallet lets you secur
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Cypherock X1 is the world's safest hardware wallet. It is audited by Keylabs, a security firm that has found vulnerabilities in Ledger and Trezor. Cypherock X1 comes with a desktop application 'cySyn
3,511 Twitter followers
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- User Satisfaction
- Seller Details
DigiPay.Guru is a next-generation mobile finance solution that empowers FinTech companies and financial institutions. We help all our clients with cutting-edge mobile technology and FinTech trends tha
- Overview
- User Satisfaction
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Dynamic simplifies wallet interactions with one powerful SDK that combines authentication, smart wallets, and TSS-MPC secure key management. With the most extensive multichain coverage across chains a
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- User Satisfaction
- Seller Details
Emerald is an open-source software company building secure and user-friendly tools for managing cryptocurrency, including Emerald Wallet – a desktop app for Bitcoin, Ethereum, and ERC-20 assets.
- Overview
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120,668 Twitter followers
- Overview
- User Satisfaction
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Our team created a turnkey solution for startups and businesses that want to get a fully branded product with advanced features. Here is what we can offer with one of the editions of Everchain White L
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- User Satisfaction
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a. One-stop crypto wallet with the feature of Buy, Swap, Store, Stake for Bitcoin, Altcoin, and NFTs. b. Ellipal wallet supports 46 coins and 10000+ tokens, users can hold,trade,earn, and manage asser
- 100% Small-Business
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- User Satisfaction
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inabit is a secure self-custody crypto management platform built for businesses and enterprises that need speed, usability, and full control of their digital assets. The platform supports wallet manag
- Overview
- User Satisfaction
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Kassio is a safe & legally compliant global crypto asset management platform that provides the one-stop solution for all crypto financial needs to users. Utilize your crypto in new ways Earn, Borr
- Overview
- User Satisfaction
- Seller Details
Kiwi³ Wallet is an enterprise wallet solution package that integrates Pairsquare Lab's blockchain technology and information security expertise.
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KryptoGO Wallet is a non-custodian wallet with Web3 ID on the go and allows you to manage DeFi investment portfolios in multiple chains. This is a wallet you can simply chat, send and receive money th
- Overview
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Lonero utilizes Cryptonote’s protocols and their HashBolt masternode consensus, taking security, transaction speeds, and mining profits to a new global standard.
- Overview
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MetaOne® Wallet by AAG is a next-gen crypto wallet designed to streamline user onboarding into the Metaverse economy. With features like a secure and user-friendly interface, integrated dApp marketpla
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Minke is a non-custodial crypto wallet and the most intuitive way to use stablecoins and DeFi. With Minke you can buy stablecoins like USDC and USDT, earn interest on them and invest in other crypto a
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- User Satisfaction
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NOWPayments Custody: A Crypto Wallet Built for Business NOWPayments Custody is a secure and user-friendly crypto wallet designed specifically for businesses. It allows companies to receive, store, co
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- User Satisfaction
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Obvious is a self-custody wallet that brings together assets across EVM & non-EVM chains and powers your cross chain transactions by giving you safe, fast and affordable bridging & swapping ro
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Need a wallet that’s inclusive of everything you do in Web3? Omni makes navigating Web3 fast and simple by letting you manage all your assets, NFTs, protocols, yields, bridges and swaps easily in one
21,174 Twitter followers
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- User Satisfaction
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PlayWall is a Web3 mobile gaming wallet designed to simplify blockchain interactions. It eliminates transaction fees, supports social media logins, and offers skill-based PvP games. A dual-mode system
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Porto by Anchorage Digital is a self-custody wallet for institutions that enables protocols, VC firms, asset managers, and other businesses to participate in protocol-level interactions such as stakin
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- User Satisfaction
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Prokey Optimum is a web-based hardware wallet that allow you manage 1500+ cryptocurrencies through a browser only, without install any application and bridges. on the other hand, it's protected from s
Learn More About Cryptocurrency Wallets
What are crypto wallets?
Crypto wallets are necessary for anyone looking to invest and use digital currencies. They allow users to store and trade cryptocurrencies with other blockchain users. Owners can access their wallet from a desktop, web, or mobile app (iOS or Android) using their username and password, along with the seed phrase for authentication. Every cryptocurrency wallet generates a seed phrase that provides access to its digital assets.
What are the common features of crypto wallets?
While the features of a cryptocurrency wallet may vary depending on the type of wallet, the following are some core features that can help users safely access their cryptocurrencies:
- Key management: Key management allows users to manage their private encryption keys that are used to enable transactions.
- Authentication: Security is a major concern for crypto wallets. Authentication mechanisms such as multi-factor authentication are vital for a cryptocurrency wallet to be used safely.
- Debit or credit card support: Buyers can use their credit or debit cards to buy cryptocurrencies, non-fungible tokens (NFTs), digital collectibles, or other digital assets.
- Multi-signature: Multi-signature adds another layer of security to cryptocurrency wallet transactions. It uses a digital signature, which requires more than one private key to sign an ongoing transaction.
- Price tracking: Although cryptocurrency wallets are predominantly used for accessing funds, some wallets enable users to track cryptocurrency prices and charts.
- Access decentralized applications (DApps or dApps): DApps run on a blockchain network and can be accessed using some modern crypto wallets. Buyers may discover decentralized finance (DeFi) apps while researching online wallet products. In essence, they’re applications that are based on an emerging financial technology that’s, in turn, based on secure distributed ledgers similar to those used by cryptocurrency.
What types of crypto wallets exist?
There are multiple ways to differentiate cryptocurrency wallets. One way to label them is by splitting them into two broad categories: custodial and non-custodial wallets. A second way to label them is as hot and cold wallets, which is determined by their connection to the internet.
Another way to differentiate crypto wallets is by their access mechanisms, such as software, hardware, and paper wallets. Based on their working mechanisms, software wallets are grouped under hot wallets, and hardware and paper wallets are grouped under cold wallets. The cryptocurrency wallets buyers would see on G2.com are predominately software wallets.
- Custodial wallets: A custodial cryptocurrency wallet is one in which a third party holds the cryptocurrency assets in custody for the user. The third-party will be responsible for holding and managing the private keys on behalf of the user. This also means that the users won’t have full control over their funds, nor will they be able to sign transactions. However, this isn’t necessarily a bad thing. The custodian will keep the cryptocurrency safe, so the user doesn’t have to worry about losing their private keys.
- Non-custodial wallets: As the name suggests, a non-custodial cryptocurrency wallet is one in which the user or the holder possesses private keys. They can have full control over their funds, which means they’re fully responsible for keeping their private keys safe. Unlike custodial wallets, non-custodial wallets don’t have any know-your-customer (KYC) requirements and typically have lower transaction costs.
- Hot wallets: Any wallet connected to the internet in some way is called a hot wallet. They’re easy to set up and are the most popular among cryptocurrency traders and frequent wallet users. Also, the funds are easily accessible with hot wallets.
- Cold wallets: Cold wallets don’t connect to the internet. They’re notably safer because they use a physical medium to store the keys offline. This method of storing cryptocurrencies is called cold storage and is specifically suitable for long-term investors.
- Software wallets: As the name suggests, software wallets are applications that can be accessed via a browser or installed on a computer or mobile device. They are usually connected to the internet through a desktop or mobile wallet app. They support touchscreen user interfaces and make it easy to manage your crypto like other online payment systems or brokerages.
- Hardware wallets: Hardware wallets are physical devices, like a USB drive, that aren’t connected to the internet. They use a random number generator (RNG) to generate private and public keys. They’re less user-friendly and make it harder to access cryptocurrencies than software wallets.
- Paper wallets: A paper wallet, as the name implies, is a piece of paper on which a cryptocurrency address is physically printed out in the form of QR codes, along with its private keys. They are highly resistant to online attacks but have numerous associated flaws.
What are the benefits of cryptocurrency wallets?
Cryptocurrency wallets are a secure and convenient way for users to manage their digital assets. Here are some key advantages they offer:
- Security: Crypto wallets use advanced encryption techniques that protect your private keys and transaction data from malicious attacks.
- Decentralization: Unlike banks, wallet owners don’t have to rely on third-party authorization. This gives them complete ownership and control over their funds. Plus, they can access their wallet anytime and from any device with internet access.
- Transparency: Owners can connect to the blockchain network directly using cryptocurrency wallets. This provides full transparency to all the transactions recorded on the system, making the history traceable and secure.
- Low transaction costs: Traditional transactions require a lot of intermediaries, which results in added costs. Since crypto wallets don’t rely on intermediaries, there’s no added fee, especially for executing cross-border transactions.
- Backup and recovery: It’s easy to backup and recover cryptocurrency wallets in case of damage, loss, or theft. Each wallet generates a seed phrase, which is a unique series of 12 to 24 words used like a recovery key, thereby protecting all crypto assets.
Crypto wallets vs. crypto exchanges
It’s common for users to confuse cryptocurrency wallets with cryptocurrency exchanges.
Crypto wallets provide users with the information required to access cryptocurrency funds, while cryptocurrency exchanges allow them to sell or buy cryptocurrency or convert fiat currency into cryptocurrency and vice versa.
Both of these tools are often used together for cryptocurrency management. The wallet provides control and security, whereas the crypto exchange provides liquidity and trading functionality.
Who uses crypto wallets?
Crypto wallets are still in a relatively early stage of development and adoption. Using caution and fully understanding the risks before diving in is important. Here are some common users of this technology:
- Digital asset owners: Individuals who own digital assets like cryptocurrency and NFTs can utilize these wallets to store their assets.
- Merchants: Businesses that accept cryptocurrency as payment can use cryptocurrency wallets to hold digital coins.
- Day traders: These individuals frequently buy and sell cryptocurrencies in the hope of making a profit from price fluctuations. They use crypto wallets to store and move their investments.
- Blockchain developers: Developers may use cryptocurrency wallets to test new coins or explore the transaction process on different blockchain networks.
Crypto wallets pricing
The pricing models for cryptocurrency wallets vary as per their type. Here's a breakdown of the different pricing models:
- Free: Many cryptocurrency wallets, like software wallets and paper wallets, are available free of charge and can be downloaded for use instantly. They offer basic features without any upfront costs.
- Freemium: Many software wallets work on a freemium model, which means the basic version is free for all users, and the premium version is available for upgrade at a certain price.
- Upfront cost: Crypto wallets, like hardware wallets, are available for purchase at an upfront cost. Once the user buys the physical device, there are no recurring fees.
- Transaction fee-based: Some cryptocurrency wallets are free to sign up, but users must incur transaction fees for moving funds in and out of it.
Challenges with crypto wallets
Cryptocurrency wallet software solutions can come with their own set of challenges.
- Fraud: A vulnerable cryptocurrency wallet is typically riskier than a vulnerable banking app. That is because, unlike banks, blockchains don’t have a comprehensive anti-fraud system in place, nor do they have customer support to verify and revert transactions.
- DDoS attacks: Crypto wallets are highly vulnerable to distributed denial of service (DDoS) attacks. Hackers may push the wallet to its breaking point by flooding it with fake transactions. However, there will be a considerable amount of security if the wallet has a proper DDoS attack mitigation plan in place.
- Transaction errors: Cryptocurrency transactions are irreversible, and users might mistakenly send funds to the wrong address. Unlike traditional banking, there is usually no solution to recover funds in such cases.
- Network congestion: Due to high demand, blockchain can experience network congestion. This results in added transaction fees and processing time.
How to choose the best crypto wallet
The cryptocurrency wallet buying process may not be consistent among different buyers because their needs and expectations will greatly differ. Buyers must clearly define their purpose behind having a wallet and work up from there.
A buyer's level of expertise in cryptocurrency and blockchain also matters. Some wallets are beginner-friendly, while others may require more technical knowledge and experience. Some other factors to consider include
Evaluate investment purpose
Cold wallets are ideal if the buyer aims for long-term investment in cryptocurrencies. Hot wallets are a perfect choice if they wish to perform frequent crypto trading.
Buyers should also decide whether they want a custodial or a non-custodial wallet based on the level of control and convenience they seek.
Review cryptocurrency compatibility
It’s essential to consider the number and types of cryptocurrencies the wallet supports. There are more than 20,000 different cryptocurrencies in the market. Almost all wallets will support the ubiquitous ones like Bitcoin, Ether from Ethereum, and Litecoin.
If the buyer holds or is planning to buy not-so-famous cryptocurrencies, it’s advisable to check thoroughly whether the wallet supports them.
Ensure security
With the increasing number of cyberattacks, security is another area that should be heavily scrutinized. Hackers are especially enthusiastic about blockchain assets as the payout can be very high.
The cryptocurrency wallet should have solid security measures in place. Security features like two-factor authentication are considered the bare minimum at this point.
Check customer support
Similar to any other software product purchase, buyers should also consider the customer support channels available for the digital wallet. This becomes even more important as cryptocurrencies or wallets aren’t regulated by any governmental agency.
Identify transaction fee
Buyers should also consider how the wallet charges the transaction fees. The fees may be automatically set to make transactions quicker. Some wallets allow users to customize the fees and cut costs. Do note that lower transaction fees may increase the transaction times.
Crypto wallets trends
- NFT support: The rise of NFTs has led to the development of specialized crypto wallets for managing, buying, and selling NFTs. These wallets often provide features tailored to the unique characteristics of NFTs.
- Integration of Layer 2 scaling solutions: As blockchain networks face scalability challenges, wallets have started integrating with Layer 2 scaling solutions. This integration aims to reduce transaction fees by processing certain transactions off the main blockchain and enhance the overall scalability of cryptocurrency networks.
- Automation and smart wallets: The development of smart wallets that incorporate automation features is also rising. These wallets allow users to set rules and conditions for the automatic execution of cryptocurrency transactions.
Researched and written by Amal Joby
Reviewed and edited by Jigmee Bhutia
