Best Crypto Wallets Of April 2023

Bitcoin remains the top cryptocurrency by market capitalization. Like other cryptocurrencies, Bitcoin requires a crypto wallet for storage. 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, doesn’t directly support Bitcoin, but that’s because the wallet is specifically designed for Ethereum-based crypto tokens. Other wallets may have a few quirks. Coinbase Wallet Web3 only supports Bitcoin via 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 own, Electrum could be a great choice. It’s never experienced a hack, plus it integrates with Ledger and Trezor.

Forbes Advisor performed an in-depth assessment of the features and options offered by the leading crypto wallets. The data was collected between Aug. 1 and Oct. 7, 2022. From the data gathered, each wallet was scored and assessed based on seven key variables:

• Stablecoins. The number of popular stablecoins supported, with particular emphasis on Tether, USDC, Dai, TrueUSD and Paxos Standard.
• Top cryptocurrencies. The number of supported major cryptocurrencies by market capitalization. We put a specific focus on the availability of the most popular 20 cryptocurrencies.
• Usability. The approach for this metric differed for Best Exchange/Hot Wallets and Best Cold Wallets. But both types of wallets were measured for exchange integration(s) and staking accessibility. This metric also measures utilization, such as the ability to convert coins within the wallet.
• Customer service. Types of customer support available, ranging from phone, email and live chat to 24/7 support, as some prime examples.
• Costs and fees. Fee structures were assessed differently for Best Exchange/Hot Wallets and Best Cold Wallets. Fees for Best Exchange/Hot Wallets were assessed on a range of costs of fees charged to users, such as fees for moving coins in or out of a wallet, associated conversion costs and transactional costs. Additional data sets were used to evaluate costs and fees for Best Cold Wallets, such as the initial cost for a hardware storage solution.
• Security. With security paramount when it comes to crypto storage, security was heavily weighted in the scoring of Best Exchange/Hot Wallets and Best Cold Wallets. Some of the features assessed in both rankings include whether the wallet recoups stolen assets and provides several security measures (e.g., two-factor authentication, password encryption, etc.). Previous security breaches or hacks were also noted.
• 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.

To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Rates Investing Products.

Cryptocurrency exists as nothing more than a string of code on a larger blockchain. When you purchase a crypto, 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.”

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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.

A crypto wallet, also known as a digital wallet, is a software program that stores private and public keys used to interact with a blockchain network and manage cryptocurrency. It allows users to send, receive, and store digital assets such as Bitcoin, Ethereum, and other cryptocurrencies.

Crypto wallets can be divided into two main categories: hot wallets and cold wallets. Hot wallets are connected to the internet and are more vulnerable to hacking, while cold wallets are offline and offer greater security.

Some popular types of crypto wallets include desktop wallets, mobile wallets, web wallets, hardware wallets, and paper wallets. Each type of wallet has its own set of advantages and disadvantages, and users should choose a wallet that best fits their needs based on factors such as security, ease of use, and accessibility.

Compatibility between wallets helps if you’re looking to access additional features. But a word of caution: If you have multiple wallets for the same crypto or token, you may have heightened security risks, since there are more touch points to reveal the keys to your crypto.

A hot wallet is a type of crypto wallet that is connected to the internet and used for storing cryptocurrency or other digital assets that are actively traded or accessed frequently.

This type of wallet is designed for convenience and ease of use, allowing users to quickly and easily send and receive funds without having to go through a lengthy process of transferring funds from a cold storage wallet.

Since hot wallets are connected to the internet, they are more vulnerable to hacking and other security risks compared to cold wallets, which are offline and therefore more secure. As such, it is important to take precautions to secure a hot wallet, such as using strong passwords and two-factor authentication, and not keeping large amounts of cryptocurrency in it for extended periods of time.

A cold wallet is a type of crypto wallet used to store cryptocurrencies offline. This is done to enhance security by reducing the risk of hacking, malware, and other security threats that come with being connected to the internet.

Cold wallets are either hardware devices like USB sticks, or paper wallets that store private and public keys to your crypto via non-electronic means. Either way, your private keys are kept completely offline and secure from any online threats.

While cold wallets offer a high level of security, they are less convenient to use for regular transactions than hot wallets. Cold wallets are ideal for storing large amounts of cryptocurrency for extended periods.

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It is important to note that users must take adequate precautions when setting up and using a cold wallet to ensure that they do not lose their private keys and are able to recover their cryptocurrency in the event of a loss or damage to their hardware device.