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Best Crypto Wallets: Hot & Cold Wallets for Storing Crypto

This article was originally published on Udonis’ blog.

When searching for the best crypto wallets to store and manage cryptocurrency, there are several things you should consider.

The main thing is choosing between a hot or cold wallet. You should also consider the wallet’s features and security, as well as your specific needs and experience level. For example, perhaps you’re an advanced user primarily interested in trading crypto on decentralized exchanges, or you’re a beginner who wants to access blockchain games.

To help you choose the best wallet, I’ve listed the best hot and cold crypto wallets and explained their functionalities.

Best Hot Crypto Wallets

Let’s start with hot crypto wallets. For those who haven’t heard of this term, hot wallets are a type of crypto wallets that have digital storage and are connected to the Internet. Because they can be accessed online, hot wallets are easy to use and very convenient. However, they tend to be more susceptible to hacks and other types of virtual attacks, which is their main downside. But don’t stress, if you choose a reputable wallet with good security, the chances of that happening are low.

Furthermore, hot wallets can come as a mobile app, desktop app, or browser extension. Here are the best ones.

1. MetaMask

Because it’s very beginner-friendly and has many useful features, MetaMask is one of the most popular crypto wallets. That’s also why it belongs at the top of our list of best crypto wallets.

Here’s what you need to know about it.

MetaMask is an Ethereum wallet that’s available both as a mobile app and a browser extension. It allows you to securely store your crypto and NFTs, swap tokens, send and receive crypto, and gain access to various dApps.

It’s important to note that MetaMask is a self-custodial wallet, meaning that each user is the sole keeper of their assets and private keys. In other words, the user is the custodian and has complete control over their account and funds.

According to Apptica, a leading mobile intelligence provider, the MetaMask app has been downloaded more than 14 million times, over 10.5 million on Google Play and 3.5 million on iOS since its release.

If you’re looking for a mobile intelligence provider, Apptica provides a discount for our readers! To get it, click here and tell Apptica’s managers that you came from Udonis’ blog.

2. Phantom

The second on our list of best crypto wallets is Phantom.

Phantom is a beginner-friendly Solana wallet perfect for users who want to get into decentralized finance (DeFi) and non-fungible tokens (NFTs). With Phantom, you can store your digital assets, as well as trade, swap, buy, send, and receive tokens. Furthermore, it’s easy to connect it to an NFT marketplace like Magic Eden or your favorite Solana apps.

Another perk of using Phantom is the ability to earn Solana (SOL) by staking it. Staking Solana is incredibly easy; all you have to do is add SOL to your account, click the “Start earning SOL” button and choose a validator to stake with. Phantom recommends checking validators.app or StakeView.app for best Solana validators.

Just like MetaMask, Phantom is also a self-custody wallet, which means you have full control over it. If you want additional security, you can connect Phantom to a hardware wallet.

You can download Phantom as a mobile app (Android and iOS) or as a browser extension (Chrome, Brave, Firefox, and Edge).

3. Coinbase Wallet

Coinbase Wallet also deserves to be on our list of best crypto wallets. It is a secure self-custody hot wallet that supports hundreds of thousands of tokens — basically all ERC-20 tokens. Just like most other crypto wallets, it offers basic functionalities like the ability to buy, swap, send, and receive tokens.

If you have Ethereum or Polygon NFTs, you can safely store them in Coinbase Wallet and access them at any time. Furthermore, Coinbase Wallet is an entry point to web3.

For example, by connecting it to various dApps, you can swap crypto on decentralized exchanges (DEXs), start growing your NFT collection, participate in decentralized autonomous organizations (DAOs), and more.

According to Apptica, the Coinbase Wallet app has been downloaded more than 7 million times since its release on both iOS and Android.

4. Exodus

Exodus is another great hot crypto wallet worth considering. It supports more than 230 coins and tokens like Ethereum (ETH), Cardano (ADA), Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), and many more. You can buy these currencies, sell them, send them to other users or receive crypto from friends. Furthermore, Exodus makes it easy to start earning a passive income by staking crypto.

There’s no need to register or create an account, simply start using it. Just like with most hot wallets, you’ll get a secret recovery phrase used for authentication.

You can download Exodus as a desktop or a mobile app, or both. Furthermore, Exodus partnered with Trezor, meaning you can now connect your hot Exodus wallet to a Trezor hardware wallet for additional security.

According to Apptica, the Exodus app has been downloaded more than 1.5 million times.

5. ZenGo Wallet

If you’re looking for a simple and intuitive hot crypto wallet with amazing UI/UX, ZenGo is a great choice. It’s suitable for both beginners and advanced users looking for simplicity.

Besides the basic features like buying or swapping tokens, you can also earn interest on crypto by lending or staking your assets. Furthermore, ZenGo allows you to try out various dApps. For example, you can get into blockchain gaming or connect to NFT marketplaces and grow your collection.

The ZenGo mobile app is available on both iOS and Android. There’s a small incentive to download and use it. By using the code TRADEZEN when signing up for your account, you get $10 in Bitcoin on your first crypto purchase of $200 or more.

There’s also the option to get paid in crypto by automatically converting your paycheck (or a part of it) into Bitcoin, Ethereum, or USDC. If you set up a direct deposit of $250 or more, you get a $50 bonus.

Cool, right?

Best Cold Crypto Wallets

I’ve also included several cold wallets on our list of best crypto wallets. Unlike hot wallets, cold wallets are hardware wallets that are not connected to the Internet and generate private keys on their own. That, of course, makes them more secure as your crypto is stored offline.

The main downside of hardware wallets is that they cost money, while most hot wallets are 100% free.

Ledger Nano X

Ledger Nano X is one of the most popular hardware crypto wallets that supports more than 5,500 cryptocurrencies.

The physical Ledger Nano X wallet safely keeps your private keys and its large storage capacity allows you to store all or most of your assets in one place. Furthermore, you can connect it to a companion app called Ledger Live to use your favorite dApps.

With Ledger Nano X, you get all the standard features hot wallets offer, including buying crypto, growing your assets, and exchanging crypto, but with added security.

Even though this wallet has a Bluetooth connection, that doesn’t mean it’s less secure. According to the Ledger website, “The private keys never leave the secure chip, therefore Bluetooth communication (BLE) does not expose the Ledger Nano X to any additional security threat.”

Another popular Ledger model is Ledger Nano S — it’s perfect for those looking for a cheaper option.

Trezor Model T

If you want to go offline, another great hardware crypto wallet is Trezor Model T. It’s perfect for advanced users who want to trade several different cryptocurrencies, as it supports more than 1,800 tokens.

Trezor Model T has a built-in color touch screen, which makes it easy to approve your operations and verify everything. Furthermore, it has several security features and you can set a PIN code, recovery phrase, and passphrase, all of which make your assets extremely secure.

Another great thing about going with this wallet is Trezor’s amazing customer support. Whether you have technical difficulties or any questions about the wallet’s functionalities, you can get all the answers you need.

The main downside of Trezor Model T is that it’s quite pricey (about $250). If you’re looking for a cheaper option, look into Trezor Model One.

Ngrave ZERO

The final wallet I’ll include on our list of best crypto wallets is Ngrave ZERO, famous for its security features.

According to its website, this is “the coldest wallet”. That makes sense as Ngrave ZERO is completely air-gapped, meaning it doesn’t use USB or any type of network connection. Only QR codes are used to communicate with the online world. This is also how Ngrave ZERO connects to the Ngrave Liquid mobile app, which gets you quick access to your portfolio and the ability to securely approve your transactions.

Along with private keys and an impenetrable design, this device also has biometric security. Furthermore, it’s EAL7-certified, which is the highest security certification.

It supports major blockchains like Bitcoin, Ethereum, BNB Chain, and Solana, as well as more than 1,5000 ERC-20 tokens like USDT, HEX, MANA, SHIB, MATIC, and SAND.

Best Crypto Wallets: Wrapping Up

Now I want to hear from you.

What are your thoughts on these hot and cold crypto wallets — do you use any of them? Are there any other wallets that belong on our list of best crypto wallets? Let me know in the comments!

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