We all know that Bitcoin has gained wide acceptance around the world and continues to gain popularity among people who are new to cryptocurrency for the first time. Unlike stocks at a stock brokerage, you can withdraw your cryptocurrency holdings from a crypto exchange and store them in an outside wallet. Using the best Bitcoin wallets can allow you to securely store and manage your cryptocurrency wallet.
If you think of buying and storing Bitcoin or any other cryptocurrency, you may also need to think of the best Bitcoin wallet. Thus, we have reviewed a long list of famous Bitcoin wallets focusing on cost, user experience, supported cryptocurrencies, and other features, so you can choose the one that suits your needs. Keep reading to find out more.
The Best Bitcoin Wallets Today
• Exodus: Best for Beginners
• Electrum: Best for Advanced Bitcoin Users
• Mycelium: Best for Mobile Users
• Ledger Nano X: Best Hardware Wallet
• Trezor Model T: Best for Security
• Ledger Nano S: Best Deal For Your Buck
1- Exodus: BEST FOR BEGINNERS
WHY WE CHOOSE IT
We thought of Exodus as the best Bitcoin wallet for beginners as it comes with no cost and offers great customer support and optional support for cold storage.
• Supports various cryptocurrencies
• Built-in exchange
• Good customer support
• Closed source software
Exodus is both a desktop and mobile wallet that comes with a friendly user interface and a built-in exchange. Besides, Exodus offers the ability to swap between an increasing number of cryptocurrencies. Currently, Exodus provides the possibility of swapping between more than 150 different cryptocurrencies.
Considering the simplicity it enjoys, this wallet is great for beginners who are new to the cryptocurrency world. Moreover, it offers good customer support, which is a needed feature for beginners getting dealing with a confusing market.
While it is a good option for beginners, more advanced users may find it poor and lacking in some features. Actually, Exodus is a closed source wallet. This goes against the ethos of the idea of Bitcoin and blockchain and users may have some security concerns as its code is not accessible for everyone. Instead, users trust the Exodus team to ensure the security of their wallets.
In addition to the ability to automatically set fees that ensure quick execution of the transaction, Exodus offers an option to set custom fees to keep costs as low as possible.
2- Electrum: BEST FOR ADVANCED BITCOIN USERS
WHY WE CHOOSE IT
We picked Electrum as it is highly secure, open-source, and offers advanced options and features for advanced users.
• Customizable transaction fees
• Higher security levels than other wallets
• Simple user interface
• Works only for Bitcoin
• Provides no formal customer support, only documentation and community.
Electrum is one of the first Bitcoin wallets that was created in 2011, just two years after the creation of Bitcoin. While this wallet enjoys a simple user interface and is committed to Bitcoin only, it set itself apart from other wallets at this primary function. Also, Electrum suits more advanced users because of the complex options it offers.
Unlike the previously mentioned wallet, Electrum is open source, giving the possibility to its users to define custom transaction fees, and offers the choice of choosing between legacy Bitcoin and Segwit. Moreover, it allows users to identify the security level they wish to use. As an example, you can create a standard wallet using either 2-factor authentication or a multi-signature wallet. You can also extend your seed phrase using customizable words.
Electrum is an ideal choice for advanced users looking for solid security features and more customizable options, all provided in a simple and easy layout.
3- Mycelium: BEST FOR MOBILE USERS
WHY WE CHOOSE IT
We chose Mycelium for mobile users as it can allow you to control your transaction fees and integrates well with a hardware wallet.
• Offers the ability to customize transaction fees
• Ability to use hardware wallets
• Open-source software
• For Mobile use only
• Confusing for a beginner user
Mycelium is an open-source wallet that is only available for mobile use. Currently, Mycelium supports a limited number of coins, such as Bitcoin, ETH, and ERC-20 tokens. Mycelium is fairly similar to Electrum wallet in some aspects. However, what differs this wallet from Electrum is that it is available for mobile use only, has a more refreshed user interface, and comes with a built-in exchange.
Similar to Electrum, Mycelium is one of the first wallets in the market. In addition, Mycelium allows you to define custom transaction fees so that you can decide how long to wait for a transaction to be completed.
Moreover, Mycelium provides interesting options and features, including hardware wallet support, giving you the possibility to store your Bitcoin in an offline storage device while still using the user interface of Mycelium to see your Bitcoin holdings.
4- Ledger Nano X: BEST HARDWARE WALLET
Why we choose it
We included Ledger Nano X in the list because it has secure cold storage and offers the possibility to connect to devices through Bluetooth or USB using the Ledger desktop or mobile app.
• Ledger Live has a friendly user interface.
• Offers storage for between 3 and 20 different apps.
• Open-source software with extra customer and community support options.
• Includes Bluetooth connectivity.
• Bluetooth integration can leave you at risk of experiencing cyberattacks (USB is still a safe option)
• Bluetooth feature is not good enough
• Wallet storage is limited
In July 2020, Ledger experienced critical cyberattacks that unveiled private customer information, such as names, phone numbers, email addresses, and even home addresses in some cases. While this had no effect on people’s private keys, it has aroused doubt about the internal security of Ledger.
The second-generation hardware wallet, Ledger Nano X is a French company launched in 2014. The Ledger Nano X is the first cryptocurrency product Ledger created, and it was one of the first invented hardware wallets that dominated the market for many years.
The Nano X is like a USB drive that connects to your device using USB or Bluetooth, allowing you to connect your wallet to your iOS or Android device without the need for a computer. Besides, it supports more than 1,800 cryptocurrencies, and the number is growing every year as the Bitcoin community continues to ask for supporting their favorite cryptocurrencies.
Although the device itself is a cold storage hardware wallet, the Ledger team has come up with the Ledger Live software that comes with an intuitive user interface. This software will allow you to manage your holdings and define new wallets for different cryptocurrencies on your devices.
Actually, Ledger hardware wallets have been and still are the most popular among Crypto users. Moreover, the Ledger comes with a 1 USB Type-C to USB Type-A cable so that you can connect it to either a desktop computer or a smartphone according to your preference rather than using Bluetooth.
5- Trezor Model T: BEST FOR SECURITY
Why we choose it
We included Trezor as the best wallet for security because it offers the strongest security features and comes with a track record of any reviewed hardware wallet.
• Web-based user interface that comes with built-in exchanges
• Supports an enormous number of cryptocurrencies
• Open-source software with additional customer and community support options.
• High price compared to others
• Inconvenient touchscreen for typing •
Similar to Ledger, Trezor is cold wallet storage for Cryptos. The model T refers to the second generation of hardware wallets they have created. Although the Trezor Model T resembles Ledger, it allows users to directly access third-party exchanges, like Changelly and CoinSwitch, in its website interface. While this is convenient and helpful, it comes with a more expensive price tag of about $195.
The Model T uses a touch screen, which is easier for beginners to use than the previous model that used buttons. In addition, the Trezor has a MicroSD card slot, where you can use your MicroSD cards to encrypt the PIN and eventually secure your device from being hacked.
Similar to Ledger Nano X, the Trezor Model T also comes with a USB Type-C cable, allowing you to connect your wallet to either your smartphone or computer. Today, the Trezor Model T supports over 1,800 cryptocurrencies. Some users believe that the Model T is a bit more secure than the Ledger Nano X because of the X’s weak Bluetooth connectivity it offers (although it is optional).