Top 10 Crypto Wallet Applications & Hardware Wallets

Bitcoin is the first and most popular decentralized cryptocurrency in the world that has given great returns to users who bought it a decade ago and amazing privacy to cypherpunk who value maintaining privacy.

\ Since Bitcoin is not managed by any central body, such as a government or private organization, you have to keep your money in either a cold or hot wallet. Unaware of these terms? Here is a quick insight: A cold wallet is a way to store your crypto money (or seed) offline using either software or crypto hardware wallets like Ledger, while a hot wallet involves trusting sites such as Binance or Coinbase to store your crypto money (or seed) on their platform.

\ The issue with hot wallets is that if the platform is hacked, all your crypto money can be lost forever; for instance, an anonymous hacker recently stole $230 million in crypto from the Indian company WazirX, and despite the company offering a $23 million bounty to recover the assets, the chances of getting it back are quite low.

\ I agree that hot wallets offer a more user-friendly way for non-tech-savvy people to manage their crypto money, making it easier to access from anywhere, but remember, you’re trusting a very fungible asset. If you are ready to push your boundaries, I have some apps and crypto hardware wallets to suggest that you can use for secure, private, and offline storage of your crypto assets.

Top 5 Crypto Wallet Applications

There are various crypto wallet applications, ranging from free, open-source, closed-source, crypto-specific, to multiple crypto wallets. I’ve used a few of the most trusted as well as the least known crypto wallet applications, and in my experience and investigation, most are either totally fraudulent or the developers are shady.

\ So, curating a list of the most trusted applications to share was a challenging task. However, I rigorously investigated both well-known and lesser-known applications that I could suggest, so here we start with…

1. Electrum (a free, open-source, Bitcoin-specific wallet)

\ Electrum (a.k.a. Electrum Bitcoin Wallet), released in 2011, is one of the oldest, free, open-source, cross-platform, secure, and highly trusted Bitcoin wallets for millions of Bitcoin users. I've personally been using it for years, and trust me, it has a fantastic user interface, security, and feature updates, which never give you a reason to switch to another app.

\ It provides a complete sense of privacy and security, as your private keys are encrypted and never leave your computer; it ensures no downtime with decentralized and redundant servers; it verifies all transactions in your history using SPV; and it supports third-party plugins.

\ Despite this, you can adjust the fees depending on the urgency of the transaction; if you pay more in fees, your transaction will be executed faster. There's no lock-in, and you can switch Bitcoin clients easily.

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| Pros | Cons | |----|----| | It's lightweight and fast, as it doesn’t download the entire blockchain. | There is no two-factor authentication. | | The code is publicly available for review, enhancing trust and security. | Only supports Bitcoin, unlike some multi-coin wallets. | | Available on various operating systems (Windows, macOS, Linux, and Android). | | | It allows users to set custom transaction fees and manage their own private keys. | |

2. MetaMask (a free, open-source, Ethereum-specific wallet)

\ MetaMask is a free and open-source specialized crypto wallet for Ethereum that offers a simple, easy-to-use interface for accessing thousands of tokens and decentralized apps (dApps) within the Ethereum network. It's used by millions of Ethereum users, and many NFT websites, such as Rarible, OpenSea, Uniswap, Gitcoin, etc., offer integration with MetaMask.

\ It can be used as a browser extension on desktop, supporting Chrome, Edge, and Firefox, or as a mobile app on Android and iOS. By default, it supports Ethereum and ERC-20 tokens, but you can add almost any blockchain network to the app. The wallet fully supports popular Web3 networks, including Polygon, BNB Chain, and Avalanche.

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| Pros | Cons | |----|----| | Simple and easy-to-use interface. | Users must be watchout about phishing attempts targeting their MetaMask accounts. | | Supports Ethereum and many ERC-20 tokens. | While it supports other networks, it's primarily designed for Ethereum, which might be limiting for some users. | | Supports multiple blockchain networks, including testnets. | Manual network switching can be confusing for some users. | | Provides secure key storage and encryption. | | | Hardware wallet support for added security. | | | Allows users to adjust transaction fees. | |

3. Exodus (a free, closed-source, multi-crypto wallet)

\ Exodus is a free, half-open-source (or rather, closed-source) application, meaning that only the company is involved in its design and development, with no community involvement. According to the company, the reason behind this decision is that open-sourcing all elements would allow hackers to create copies of the application and competitors to steal their designs.

\ If you have no problem with that, then it's a good application trusted by many; the best thing about it is that it offers more than 300 cryptocurrencies and NFTs, including Bitcoin, Ethereum, Solana, Dogecoin, Monero, and many more.

\ It offers a user-friendly interface, live charts, a crypto swap feature, a transaction overview, and rewards. It can be installed on Windows, Linux, and macOS, including as an app on Android and iOS, and it is also compatible with Trezor wallets, a popular hardware wallet brand.

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| Pros | Cons | |----|----| | Support over 300+ crypto coins, including BTC, ETH, ATOM, DOT, XMR, and LTC. | Exodus is not open-source, which some users consider a security concern. | | Compatible with Trezor hardware wallets | The convenience of the built-in exchange comes at the expense of higher fees compared to traditional exchanges. | | Users can swap between different cryptocurrencies within the wallet. | Exodus doesn't offer multi-signature functionality for enhanced security. | | Provides a clear overview of your crypto holdings and their value. | The wallet may collect some user data for improving services. |

4. Cake Wallet (free, open-source, privacy-focused, multi-crypto wallet)

\ Cake Wallet is the least popular crypto wallet compared to all the others mentioned in this article, but after digging deeper, everyone who has used this app has given a positive response. Cake Wallet founder Vik Sharma has also been very vocal about blockchain and cryptos and has so far had a positive personality in this sector.

\ Cake Wallet is a completely free, open-source app that gives you control over your private keys and digital assets, without surveillance or censorship. It allows you to choose remote nodes and use its built-in exchange to easily buy and sell XMR, BTC, ETH, LTC, USDT, and many more crypto coins, all without an account or limits.

\ You can install it on your Windows, Linux, and macOS PCs, as well as on your Android or iOS devices. If you want a Monero-only experience, you can try the "Monero.com by Cake Wallet" app, a fork of Cake Wallet that exclusively supports XMR storage on the device, though it does allow for exchanging XMR for other assets, with all other app features remaining the same.

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| Pros | Cons | |----|----| | Cake Wallet is designed with privacy in mind, supporting cryptocurrencies like Monero that prioritize anonymity. | It doesn't directly integrate with hardware wallets. | | It supports multiple cryptocurrencies, including Monero (XMR), Bitcoin (BTC), Litecoin (LTC), and Haven (XHV). | The built-in exchange feature may not always offer the best rates compared to dedicated exchanges. | | Users can exchange between supported cryptocurrencies within the app. | | | The wallet's code is open-source, allowing for community review and contribution. | | | Offers the option to route transactions through Tor for additional privacy. | |

5. Trust Wallet (free, open-source, mobile-focused, multi-crypto wallet)

\ Trust Wallet is the top choice for managing your crypto assets on mobile devices due to its free, open-source nature, ease of use, built-in support for dApps and NFTs, and the widest range of supported assets such as Bitcoin, Ethereum, Solana, Dogecoin, Cosmos, Optimism, and much more.

\ Besides this, it offers cloud backup with encryption for increased wallet security and promises not to track any personal information, including your IP address or balances. Its built-in mechanism easily detects and alerts you to risky addresses and dApp connections.

\ In 2018, Trust Wallet was acquired by Binance, but it remains non-custodial, meaning it does not store your private keys, and the user is responsible for their security. It is a mobile-focused app that works seamlessly on Android and iOS devices and can also be used as an extension for Chrome or Chrome-based browsers on PC.

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| Pros | Cons | |----|----| | It supports millions of assets across more than 100+ blockchains. | Trust Wallet is primarily a mobile app, with limited functionality on desktop platforms. | | It includes a built-in decentralized application (DApp) browser, allowing users to interact with various blockchain applications. | Owned by Binance, which has faced regulatory issues in the U.S. | | Users can stake certain cryptocurrencies directly from their wallets to earn rewards. | | | It allows users to store and view non-fungible tokens (NFTs). | | | Users can swap tokens directly within the app. | |

Top 5 Crypto Hardware Wallets

There are many crypto hardware wallets available on the market, with Ledger and Trezor being the most popular. However, they each offer multiple different models, which can be confusing for users, so I’ve compiled their best variants along with other reputable crypto hardware wallets.

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Note: I've mentioned the best variant from each crypto hardware wallet provider, which might be slightly more expensive than their base variant.

1. Ledger Nano X

\ Ledger Nano X is a popular crypto hardware wallet that lets you securely manage your crypto and NFTs anytime and anywhere. This cryptocurrency cold wallet measures 72mm × 18.6mm × 11.75mm and comes with a 128 x 64-pixel screen.

\ It is a Bluetooth-enabled hardware wallet that can easily connect with your smartphone via Bluetooth or with any desktop device via USB. After that, you can use the official Ledger Live app to start managing your crypto assets.

\ With the Ledger Nano X, you can securely manage over 5,500 different coins and tokens, such as Bitcoin, Ethereum, XRP, USD Tether, Polkadot, Litecoin, and more. It is built with a CC EAL5+ certified secure chip, which guarantees your device one of the highest levels of security available today.

\ In addition, you can enhance the security of your Ledger by adding a 4-8 digit PIN code during setup, and its 100 mAh lithium-ion battery can last up to 8 hours in standby mode.

\ If you have a professional interest in cryptocurrency, you can purchase it from one of the provided links. However, if you are a beginner, I recommend starting with the basic Ledger Nano S model or using the Crypto Wallet Application first.

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| Amazon (US) | Amazon (IN) | Official Site | |----|----|----|

2. Trezor Safe 5

\ Trezor Safe 5 is the latest model in the line, featuring a vibrant color touchscreen and confirmation haptic feedback. It comes in two variants: one supporting multiple cryptocurrencies and the other specifically for Bitcoin. Since both devices are priced the same, I suggest buying the universal hardware wallet.

\ The Trezor Safe 5 is built on open-source security and design, featuring a 240 x 240 pixel scratch-resistant Gorilla Glass color touchscreen display, haptic feedback, USB-C connection, and support for thousands of coins and tokens.

\ You can connect it to your smartphone or desktop and use the Trezor Suite app to manage your crypto assets. By default, it uses the latest certified chip EAL6+, but for extra security, you can add a PIN or passphrase during setup.

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| Amazon (US) | Amazon (IN) (Not Available) | Official Site | |----|----|----|

3. KeepKey

\ KeepKey is one of the best open-source crypto hardware wallet for beginners. While the previous two, Ledger and Trezor, come with a plastic body and display, KeepKey features a metal body and is designed to prevent reassembly once taken apart, protecting it from tampering.

\ It supports over 7,000 assets and 350 coins, has a large simple display, features PIN protection to guard against unauthorized use, supports additional passphrases, and can create limitless wallet addresses on a single device.

\ It can be connected to your smartphone or desktop via USB cable, after which you can use the KeepKey Desktop Application to manage your crypto assets. If you’ve connected it to your smartphone, you can connect it using a cold wallet app such as MetaMask.

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| Amazon (US) | Amazon (IN) | Official Site | |----|----|----|

4. BitBox02

\ BitBox02 is a simple, open-source, Swiss-based crypto hardware wallet that looks like a USB device but features a 128 x 64 pixel OLED display, an integrated secure chip, invisible touch sliders to control, microSD card backup, and a USB-C connection.

\ It supports over 1500+ coins and tokens, including Bitcoin, Litecoin, Cardano, Ethereum, Chainlink, BAT, and many more, and once you connect to a smartphone or desktop, you can use the BitBoxApp to manage your crypto assets on Windows, Linux, macOS, and Android devices. Additionally, you can also connect to third-party services like MetaMask, MyEtherWallet, WalletConnect, Rabby, and AdaLite.

\ It comes in two editions: a Bitcoin edition and a multi-edition, but they are the same in terms of purchase; only the Bitcoin edition firmware is focused on Bitcoin and is written with fewer lines of code, reducing the attack surface. However, since both are the same price, I suggest you buy the multi-edition, as it is a trusted device with a rating of 4.8/5 on Trustpilot.

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| Amazon (US) | Amazon (IN) | Official Site | |----|----|----|

5. CoolWallet Pro

\ ColdWallet Pro is a credit card-sized, portable physical wallet that you can carry in your wallet. It features a digital screen displaying transaction details and is bendable, water-resistant, and tamper-proof for added durability.

\ It's light in weight and supports multiple coins and tokens, including Bitcoin, Tron, Litecoin, Polygon, Solana, and over 12,000+ more. It features the latest secure chip EAL 6+ and AES-256 Bluetooth support, allowing you to connect it to your smartphone and manage your crypto assets with the ColdWallet App.

\ There are two variants of ColdWallet: the Pro, which we are discussing, and the basic ColdWallet S variant, which is budget-friendly but features an older chip and limited coin and token support; since price isn’t a major factor, I suggest opting for the ColdWallet Pro variant.

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| Amazon (US) | Amazon (IN) | Official Site | |----|----|----|

Wrap Up

In this article, you've discovered multiple crypto wallet applications and hardware wallets that you can trust and use regularly. If you have anything that must be included, do let us know in the comment section.