Review of the best cryptocurrency wallets in 2022

Cryptocurrency wallets come in many types, but all of them inherently provide protection for secret information that gives the owner control over digital assets. This is a very important question, because if you lose access to the “private keys”, you will never be able to use your cryptocurrency.

Non-custodial crypto-currency wallets are the type of storage preferred by many crypto enthusiasts because they allow you to have complete control over your personal data. Unlike cryptocurrency exchanges with a non-custodial wallet, you do not need to trust the storage of your assets to someone else – you yourself are fully responsible for their safety.

This does not mean that non-custodial wallets are 100% secure. They are less tolerant of errors such as lost passwords and you need to be sure that your wallet hardware and software will work properly.

Additionally, regularly moving assets between wallets can become costly due to the transaction fees charged by the underlying crypto networks. For these reasons, some crypto users have several types of wallets, some for long-term storage and others for active trading.

One way to choose the right crypto wallet is to look at the recommendations on the official website of the cryptocurrency you want to store. There are many single-purpose solutions created for individual cryptocurrencies. But if you plan to store several types of cryptocurrencies in one place, it would be nice to look at crypto wallets that support such functionality. How do you know what’s right for you?

If you are going to use a non-custodial wallet, the first question is do you want a hot wallet or a cold wallet? These terms may seem unfamiliar, but the main difference between hot and cold wallets is whether they are connected to the internet.

• The hot wallet is located on a device connected to the internet. Most hot wallets are free to use. Some of them offer additional services such as trading and staking in exchange for a commission. A hot wallet makes transactions relatively easy, but it is more vulnerable to hackers who could theoretically access your cryptocurrency over the internet.

• The cold wallet is located on a device that is disconnected from the Internet. This is usually not free because you need to buy physical hardware configured to store cryptocurrency. Since a cold wallet is not connected to the Internet, it is difficult for hackers to get to the assets stored on it. But if you lose the device itself, it will be impossible to restore it and you will lose all your funds.

There are a large selection of hot wallets on the market, most of which can support hundreds or even thousands of cryptocurrencies.

They also usually support at least some types of NFT tokens, and many connect directly to exchanges where you can buy or sell cryptocurrencies.

The main differences between crypto wallets:

• How many types of digital assets are supported
• How easy is it to transfer cryptocurrency offline (to a cold wallet)
• Is there an opportunity for staking and rewards program

1.Atomic Wallet

• Supported assets: over 400
• Offline Support: No
• Staking support: yes

Atomic Wallet allows users to store over 400 cryptocurrencies and also provides options for people who want to buy, trade or stake digital assets directly from their wallet. Unlike some competitors, Atomic Wallet does not have the ability to directly connect assets to cold storage.

One of the features that sets Atomic Wallet apart from the competition is that you can buy a paid membership that allows you to earn rewards when you complete transactions on its platform. However, unlike some other hot wallets, Atomic Wallet does not offer a browser extension that allows you to interact with decentralized applications.

2. Coinbase Wallet

• Supported Assets: “Hundreds of Thousands,” according to Coinbase marketing materials
• Offline support: yes
• Staking support: yes

You may have heard of Coinbase, the largest cryptocurrency exchange in the US. But Coinbase Wallet is a standalone product that allows users to store their own cryptocurrencies instead of keeping them in the custody of the exchange.

Since the Coinbase Wallet was created by Coinbase, it integrates easily with the exchange of the same name and can be a good option for users who have not used non-custodial wallets before.

The free app has other strengths as well, such as mobile and browser connectivity to decentralized applications. However, Coinbase does not have a desktop version.

3. Crypto.com DeFi Wallet

• Supported assets: more than 700
• Offline support: yes
• Staking support: yes

Crypto.com DeFi Wallet is another wallet created by a company known for its crypto exchange. It is specifically designed for use in the DeFi sector focused on lending, savings and other financial products that do not depend on a central broker. Crypto.com DeFi Wallet users can use their crypto holdings to interact with DeFi products in both the mobile app and browser extension. It also has a desktop version that integrates seamlessly with Ledger hardware wallets.

4. Electrum Wallet

• Supported assets: bitcoin
• Offline support: yes
• Staking support: no

Electrum stands out among wallets because it only works with one cryptocurrency. However, that cryptocurrency is bitcoin – by far the most valuable cryptocurrency on the market. What it lacks in variety, it makes up for in security and transparency. This free and open source product offers two-factor authentication, direct connection to cold storage, and support for multi-signature transactions. Electrum is only available as a desktop application, but the tools it offers to power users make it very efficient and functional.

5. Exodus Wallet

• Supported assets: more than 150
• Offline support: yes
• Staking support: yes

Exodus offers a solid set of software tools, including a mobile app, desktop app, and browser extension. Its products allow users to buy, trade or stake directly from the wallet interface. Has integration with Trezor cold wallet. Exodus Wallet is free to use and has a solid library of educational content for beginners. Exodus supports around 150 cryptocurrencies, including many of the most popular assets. However, this number is less than some competitors that are compatible with tens of thousands of different cryptocurrencies.

6. Guarda Wallet

• Supported assets: over 400,000
• Offline support: yes
• Staking support: yes

Guarda is a free universal crypto wallet whose users can access their cryptocurrency through the mobile version, desktop version and browser extension. Supports over 400,000 digital assets. Guarda users can move their cryptocurrencies to cold storage through integration with the Ledger hardware wallet. Guarda also has staking programs.

7. MetaMask Wallet

• Supported assets: more than 500,000
• Offline support: yes
• Betting support: yes (via connected apps)

If you are a regular user of applications on the Ethereum blockchain, chances are you have come across MetaMask. The free and open source MetaMask Wallet can store any digital asset created on the Ethereum blockchain (more than 500,000). MetaMask also integrates with Web3.0 decentralized applications.

MetaMask has mobile and browser wallets, but no desktop app. MetaMask does not use staking directly in its application. However, you can easily stake tokens using decentralized applications that connect to MetaMask.

8. Trust Wallet

• Supported assets: more than 10 million
• Offline Support: No
• Staking support: yes

Trust Wallet is another product that works in partnership with a large company – the Binance crypto exchange. This partnership gives users the ability to buy, sell and trade directly from their wallet. Trust Wallet supports over 10 million digital assets, although it lacks some of the offerings that competitors provide. The wallet does not have a browser extension, but it allows users to interact with decentralized applications through a mobile application. It also does not support converting assets from hot storage to cold storage. However, Trust Wallet is completely open source, a feature that only a few competitors share.

Cold wallets are usually gadgets that allow you to store sensitive information without being connected to the Internet. Hardware wallets come preloaded with software and other features that make storage easier and more secure. Cold wallets cost more than hot wallets because you are buying a real physical product. When comparing cryptocurrency wallets, you should consider details such as how much they cost and how secure they are. If you are also using a hot wallet, you should make sure it will be compatible with your software wallet.

1.Ledger

• Supported assets: more than 5500
• Hot wallet compatible: yes
• Staking support: yes

Ledger is one of the most famous cold crypto wallets. Its cost varies from 79 to 149 dollars. Ledger can integrate with many popular software wallets such as Crypto.com and Guarda. Ledger has a highly rated mobile app as well as a dedicated desktop app. The developers are currently working on a browser extension. Ledger provides two-factor authentication and a library of educational content for users.

2. SafePal

• Supported assets: more than 30,000
• Hot wallet compatible: yes
• Staking support: yes

SafePal is a kind of hybrid wallet with offline and online elements. Cryptocurrency is stored on a hardware device, which is relatively inexpensive – only $50.

Its feature is the ability to interact with SafePal software products, such as a mobile application and a browser extension, which greatly simplifies the purchase, sale and exchange of cryptocurrencies. SafePal supports approximately 30,000 digital assets, which is the largest among hardware wallets. However, it does not have a desktop version.

3. Trezor

• Supported assets: more than 1,000
• Hot wallet compatible: yes
• Staking support: yes

Trezor offers one of the most advanced cryptocurrency storage hardware. While the entry-level model costs $72, there is a more feature-packed $255 model with a touch screen and more supported cryptocurrencies. Trezor is compatible with some hot wallets and provides additional services such as staking and buying cryptocurrency through its software products. Trezor has a desktop version but no mobile app.

In this article, we have made a brief overview of the top eight hot wallets and three cold wallets that have their own unique features. Use the wallet that suits you best in terms of cost, functionality and security threshold. But whatever wallet you choose, learn how to use it as safely as possible. Do not share your password with anyone, and do not leave it in a place where attackers can gain access.

Perhaps the best option would be to use multiple wallets. And finally, if you need a unique wallet, order its development from us, at AVADA-MEDIA. We have sufficient experience in developing such products.