The 5 Best Crypto Wallets for 2024

As the dust settles on the tumultuous years of 2022-2023 for crypto traders, it’s becoming increasingly clear that self-custody and decentralized finance (DeFi) are more important than ever. The collapse of major platforms and historic market turmoil have shown the dangers of blindly trusting custodial services. 

That being said, as decentralization and self-sovereignty grow, it’s crucial to have a reliable crypto wallet that puts control back in your hands. In this article, we’ll look at the five best crypto wallets for 2024, designed to keep your assets safe in an ever-changing market.

Key Takeaways:

• Hot wallet is a software that provides immediate access to daily transactions, while cold wallet is a physical device or paper that gives you extra security for long-term storage.
• SafePal offers a unique blend of both hot and cold wallets for a secure and convenient cryptocurrency management experience.
• Trust Wallet and Coinbase Wallet are among the most popular hot wallets, while Ledger and Trezor are well-known cold wallet providers.

What Is a Cryptocurrency Wallet?

A cryptocurrency wallet can be thought of as a virtual bank account that holds your digital assets. It allows you to send, receive and securely manage your cryptocurrencies. These wallets operate on the principles of public-key cryptography, which is based on complex mathematical functions to ensure that only authorized users have access to their funds.

While cash can be physically held and exchanged, cryptocurrencies are highly abstract and exist solely as lines of code on a blockchain.

Public Key vs. Private Key

A key aspect of owning and managing cryptocurrencies is understanding the concept of public keys and private keys.

• Public Key: This key is a unique digital signature that authorizes outgoing transactions from your wallet. It is crucial to keep this key secure and confidential, as anyone with access to it can use it to send funds out of your wallet.
• Private Key: Your private key works in tandem with a public key, which acts as an address where others can send cryptocurrencies. These two keys are essentially long strings of alphanumeric characters that work together to provide a secure means of transferring funds.

What Is a Recovery Phrase?

In addition to the public and private keys, crypto wallets usually provide users with a recovery phrase. This list of words, usually between 12 and 24, can be used to restore access to your wallet in case it is lost, damaged or stolen. Think of it as a backup key that can unlock your wallet even if you no longer have access to your original private key.

Hot Wallets: Convenient and Connected

Hot wallets are software wallets connected to the internet, providing convenient and immediate access to your cryptocurrency funds. They are ideal for daily transactions and active trading. 

Let’s take a closer look at three popular options for 2024:

Trust Wallet: A Versatile Solution

Trust Wallet is a popular software wallet, with over 60 million users. It offers support for a wide range of cryptocurrencies and tokens (more than 10 million digital assets), making it a versatile choice for managing your digital assets. The wallet provides easy setup and accessibility through its mobile app or Chrome extension.

One key advantage of Trust Wallet is that it is non-custodial, meaning users have complete control over their private keys and digital assets. This not only provides a sense of ownership but also enhances security for your funds.

The wallet also boasts a native decentralized exchange (DEX) that allows users to buy and sell BNB and BEP-2 tokens within the app. With two options available – swap and exchange – users can easily trade certain assets with ease.

Trust Wallet also offers staking options for 23 different cryptocurrencies, including popular coins such as Binance Coin, TRON, and others. This feature allows users to earn passive income on their holdings while securely storing them in the wallet.

However, one downside to Trust Wallet is its limited customer support options. While users can contact the team via email or chatbot, there is no direct customer support available. The help page for frequently asked questions can answer common issues, but it may not be enough for more complex problems.

Key Features:

• Supports a wide range of cryptocurrencies and tokens
• dApp integrations
• Available for iOS, Android, and as a browser extension
• Staking options available for 23 cryptocurrencies
• Non-custodial wallet with complete control over private keys
• No KYC verification is needed

Verdict: Trust Wallet remains a top choice for its versatility and security features. Its non-custodial nature ensures the safety and privacy of your funds, making it one of the best crypto wallets in 2024.

Coinbase Wallet: A Leading Crypto Exchange Wallet

Coinbase is a major US-based cryptocurrency exchange and one of the most trusted platforms in the industry. Its mobile app, Coinbase Wallet, serves 68 million registered users, making it a popular choice for both beginners and experienced traders.

The Coinbase Wallet provides a simple setup and integration with the main exchange platform for easy transfers. It supports over 100,000 digital assets. In addition to its native exchange, the wallet also connects with major DEXes for seamless buying, selling, and swapping of various assets.

Fast Fact

Coinbase is a partner for eight of the 11 spot bitcoin ETFs recently approved by the SEC early in 2024. The event was highly anticipated by the cryptocurrency community.

One of the key features of Coinbase Wallet is its non-custodial nature, giving users full control over their digital assets. Coinbase Wallet takes security seriously and offers multiple layers of protection. You can choose to add biometric authentication or a passcode when setting up the mobile wallet, while a password is required for the browser extension.

The wallet supports multiple networks and integrates with Ethereum layer-2 solutions like Arbitrum and Optimism. It offers seamless NFT integration with Ethereum and Polygon blockchains at no extra cost, prioritizing user privacy by not requiring personal information.

The Coinbase Wallet is also popular among users who frequently access dApps. The desktop wallet has a unique Community tab where users can connect with others, similar to social media platforms. Unfortunately, this feature is currently not available on the mobile app.

Key Features:

• 100,000+ assets supported
• Desktop and mobile versions are available
• Easy integration with the main exchange platform
• Option for self-custody or custody by regulated custodian service
• Wide range of supported cryptocurrencies and access to dApps
• High level of security with biometric/passcode authentication

Verdict: Coinbase Wallet remains a top choice for its user-friendly interface, high level of security, and integration with the Coinbase exchange platform. Its solid reputation and easy setup make it a reliable choice for managing your digital assets in 2024.

SafePal: Combining Hot and Cold Storage

SafePal is a crypto wallet provider offering its 6 million user base both cold and hot crypto storage options. Their SafePal S1 is one of the leading hardware solutions on the market as of 2024.

You can use the SafePal app through your smartphone if you do not want to carry around the hardware wallet. The app allows for seamless integration with the hardware version, providing easy access to your digital assets. SafePal supports over 20,000 tokens and major cryptocurrencies.

In terms of security, SafePal S1 offers several robust features, including a secure element chip (SE Chip) for encryption and secure storage of private keys. It also implements a hierarchical deterministic (HD) wallet structure for enhanced privacy and convenience. Other notable security features include an EAL 5+ certified secure element, a true random number generator for generating private keys, and an air-gapped signing mechanism.

SafePal also offers a built-in DEX called “SafePal Swap” within their mobile app, allowing users to trade cryptocurrencies without having to use external exchanges. Aside from this, SafePal supports integration with Binance for spot trading, a feature that is uncommon among its competitors.

The pricing for SafePal’s hardware version is slightly on the higher side compared to other hardware wallets in the market. There is a Standard bundle for $59,98, a Hardcore bundle for $94,98 and an Expert’s Choice bundle for $104,97.

Key Features:

• Supports over 20,000 tokens and major cryptocurrencies
• Both hardware wallet and mobile app for easy access
• Secure element chip for encryption and secure storage of private keys
• Built-in DEX called “SafePal Swap”
• Integration Binance spot trading

Verdict: SafePal offers a unique combination of hot and cold storage options, making it a top choice for users looking for enhanced security. It can be named the best crypto wallet in 2024 for its features and potential usability.

Cold Wallets: Enhanced Security for Long-Term Storage

Cold wallets are physical devices or paper-based solutions that store private keys offline, guaranteeing extra security against online threats. They are ideal for long-term storage and safeguarding significant amounts of cryptocurrency. 

Let’s explore two popular cold cryptocurrency wallets in 2024:

Ledger S Nano S Plus: The Trusted Crypto Hardware Wallet

With over 2 million units sold, the Ledger Nano S is a tried and tested hardware wallet for storing your cryptocurrencies securely offline. However, the team has released a new and improved version – Ledger Nano S Plus – to cater to the growing demands of crypto users.

The Ledger Nano S Plus comes at a slightly higher price point (about $72), but it offers added features such as multiple color options and improved connectivity with Bluetooth. This upgraded version also supports more than 5,500 assets and includes the same user-friendly design and OLED display as its predecessor.

One significant advantage of using a hardware wallet like Ledger Nano S Plus is that it ensures your private keys are never exposed to the internet, reducing the risk of hacking or theft. It also allows for easy backup and recovery options in case of device damage or loss. Additionally, the device is built with a CC EAL5-certified safety chip, making it even more secure.

The wallet is also DeFi and NFT friendly, ideal for those who want to venture into decentralized finance or non-fungible tokens.

Some downsides to the Ledger Nano S Plus include its limited storage capacity (up to 100 apps) and lack of a battery. This means that users may need to delete some apps if they want to add new ones, and they will also need to ensure the device is connected to a power source when in use.

Fast Fact

It is important to note that Ledger has had security breaches in the past. One major incident occurred in December 2023 when multiple Ethereum-based applications were compromised due to a security breach on Ledger’s Connect Kit.

Key Features:

• Supports over 5,500 cryptocurrencies
• Improved connectivity with Bluetooth
• DeFi- and NFT-friendly
• User-friendly design and OLED display
• Secure backup and recovery options

Verdict: The Ledger Nano S Plus offers an upgraded version of the popular Ledger Nano S, with added features and improved connectivity. Its hardware wallet design ensures the security of your private keys, making it a trusted choice for storing your cryptocurrencies in 2024.

Trezor: Reliable Cold Storage Solution

Another trusted name in the world of cold wallets is Trezor, which offers hardware wallets that securely store your private keys offline. The Trezor product is developed by Satoshi Labs, a company based in Prague, Czech Republic. The team behind Trezor comprises experienced individuals who have been working to provide secure solutions for storing private keys.

The most popular model among Trezor solutions is the Model T, which was unveiled in February 2018 as an upgraded version of the popular Trezor One. The Model T boasts a colored touchscreen and improved support for various assets, making it an instant hit among users.

Trezor is notable for its open-source firmware. The wallet also offers multiple security features, such as PIN protection, passphrase encryption, and a recovery seed phrase to ensure the safety of your funds. It also has a USB-C connection for greater user convenience.

Apart from storing cryptocurrencies, the Trezor Model T can also be used as a password manager or for securing GPG keys. The native Trezor Password Manager allows for easy management of passwords and competes with other popular devices like YubiKey.

Some downsides to the Trezor Model T include its price point ($179) and the lack of wireless connectivity. It also has a limited number of apps that can be installed on the device simultaneously, which may be a disadvantage for some users.

Key Features:

• Supports over 8,000 assets
• Touchscreen display
• Open-source firmware
• Multiple security features
• USB-C connection

Verdict: The Trezor Model T is a reliable cold storage solution for keeping your private keys offline. The price point may be a disadvantage for many, but its security features and open-source firmware make it a trusted choice for long-term storage of cryptocurrencies in 2024.

FAQs

How to choose a crypto wallet?

There are various factors to consider when choosing a crypto wallet, including security features, compatibility with your device, user-friendly interface, and backup and recovery options. Additionally, you may want to consider the reputation and history of the wallet provider for added peace of mind.

How do I secure my assets when using a crypto wallet?

The best way to secure your assets is by following proper security precautions, such as storing your private keys offline, utilizing 2-factor authentication, and double-checking recipient addresses before sending transactions. It is also important to regularly back up your wallet and update it with the latest security measures. Additionally, you may want to consider diversifying your assets across multiple wallets for added protection in case one wallet is compromised.

Is a hardware wallet safe or not?

Hardware wallets are considered the safest way to store cryptocurrencies. This is because they are not connected to the internet, making them less vulnerable to hacking attempts.