As cryptocurrencies continue to take the world by storm, they are being quickly integrated into the general public. With this integration, many aspects surrounding cryptocurrencies are still very difficult to understand and grasp, including where to store your wide range of cryptocurrencies. When you pair this with the ascension of NFT’s, having a reliable crypto wallet has become almost a necessity.
The difficulty arises when you see the wide variety of wallets to choose from. So this article will focus not on which wallet is the best overall, but which ones we think are the best for you and all demographics. Questions such as, which wallet is the safest? Which wallet is the most reliable, or even, which wallet utilizes a beginner friendly user interface and system? This list will also only focus on free crypto wallets. While there may be some that are better if you pay, not everyone has the money for these, so this list will be fully inclusive.
The first wallet to mention is the Coinbase Wallet. This wallet is arguably the safest and all around most reliable. Due to this wallet being integrated into the Coinbase exchange platform, it holds a 0% hack rate despite it being a hot wallet. While this statistic is important, it’s equally as important to state that the Coinbase Wallet doesn’t use browser extensions. This means that all your date is stored online and your private keys are stored elsewhere, and despite its safety there are still many users who are uncomfortable with this fact.
This wallet is great with integrating equally a beginner friendly interface and usage, while also allowing more experienced traders to still maintain some options you would find on other, more advanced platforms. For more advanced users, the smaller selection of cryptocurrencies may be a turn off. One last con of the wallet is comes from wanting to transfer assets and trade. While the exchange is free, just like all wallets there is an exchange free. Unfortunately, Coinbase has higher than average trading fees, even going as high as 4.5%. If you are looking for a safe, secure, and reliable wallet that is balanced between beginner and advanced, this is the wallet for you.
MetaMask is one of the most popular wallets in the community, this is mainly due to it being easy to utilize while also still maintaining its advanced features for high level crypto traders. MetaMask is a browser extension and can be used on Firefox, Edge, Brave, and Chrome. This wallet also has the added bonus of being available on a mobile app, and being linked to Coinbase and Shapeshift, two of the most popular crypto exchanges.
Other positives for MetaMask include its local key storage. As stated with the Coinbase wallet, some softwares store your private keys on their own server. With this in mind, we see the benefits of Metamask storing all of your keys locally and on your personal browser. Another positive note is the community. Some users may find this irrelevant, but Metamask has built up a very friendly and welcoming community. They have over 1 million active monthly users and over 600 thousand followers on twitter. Its clear that MetaMask makes it a priority to stay in touch with their community.
As far as negatives go, this wallet is a browser extension, this means that most of your data for this wallet will be stored on whichever extension you decide to use. We think this is an important consideration given that the main browsers used with this extension are Chrome and Firefox. Given Chrome and Firefox’s history with data this is a worthwhile consideration.
Exodus is next on our list and is considered by many to be the number one wallet for beginners. With a team that is constantly updating the interface to make it more user friendly, this is the perfect wallet for anyone looking to get a start in crypto, but doesn’t know where to begin.
Exodus is available on all platforms and even includes a cross platform app that doesn’t demand registration. Most people would describe this app as something that is used for people who have never dabbled in cryptocurrencies.
This wallet has a great amount of features to be acknowledged, including the use of plugins. These plugins have a wide variety of uses, including one that allows you to earn interest on your cryptocurrencies. Another popular feature is the benefits of having “Alt Coins” on the platform, while also giving you the ability to trade or exchange one cryptocurrency for the other without any form of registration.
Furthermore, Exodus has an amazing support system and team. Exodus has a built in support system so you never have to go anywhere else to receive all the help you need. They do not have any outsourced numbers, so if you see one, please know its a scam.
Exodus is a great wallet due to accessibility and easy to use interface, but what about its features for more advanced crypto users. Well this is where the one issue with Exodus comes in. Some advanced crypto users may find issue with the fact that custom fees are only restricted to Bitcoin. Another issue with this software is its security. While the security on Exodus isn’t bad at all, it still leaves much to be desired. If security is a main concern over accessibility, in regards to your crypto wallet, then exodus is not the wallet for you. We do want to reiterate that this security is not “bad” by any means, but it also is not on par with the other wallets that have been mentioned thus far.
The last wallet we have to mention is Crypto.com, but never fear, this wallet also has a mobile app that is just as functional as the website. Crypto.com is one of the easiest platforms to use and has a wide selection of cryptos to choose from, including many “Alt Coins.” Crypto.com has multiple ways to trade, buy, and earn interest on your cryptocurrencies. This wallet also has top notch security, on par with Coinbase, and does have two-step authentication.
Crypto.com has a plethora of side features that make this website and app a high consideration for many of the people on this team. They offer you the ability to earn cryptocurrencies free of charge. This is done through various methods such as inviting some of your contacts to come be a part of the platform. Crypto also has the added bonus of allowing you to get your very own crypto Visa card. This Visa card is connected to your crypto.com wallet, this way you don’t have a delay with transferring your assets into your account after a trade.
With this many reliable and free options in crypto wallets, we hope we were able to provide several options based on your personal preference. While some people may have known about these wallets in terms of cryptocurrency investing, their use and utilization when translating to this new NFT space may have been difficult to understand. With this knowledge you will truly be able to freeze out competition, and we consider that… A WIN-WIN!! Thank you!