Wallets are the core aspect of having a good crypto investing/trading experience. They allow easy payments and control over your assets. However, selecting the best wallet becomes difficult when there are hundreds of options available in the market.
Table of Contents
1. MetaMask (All-in-One Wallet)
MetaMask is an all-in-one crypto wallet where you can do almost anything without leaving the wallet. Core features include buying and selling crypto, staking, liquidity pools, spending with crypto cards, token swapping, token bridging, multi-chain access, and much more.
MetaMask has been the most used crypto wallet in current markets due to its first-mover advantage, top-grade security, and socially recoverable accounts, which let you recover your account even if you forget your seed phrase.
Although the new snaps feature allows you to receive any crypto, it is somewhat clumsy to use, and for crypto outside of the ETH ecosystem, Trust Wallet seems better to me.
I have been using MetaMask to receive crypto payments from global clients.
2. Coinbase Wallet (Free Web3 Domain for Easy Transfers)
The Coinbase Wallet is a self-custodial mobile and desktop wallet separate from the Coinbase Exchange Wallet. The self-custody wallet offers several features, like in-app DEX, dApp, and NFT access. Since the wallet is connected to a Coinbase Exchange account, it is easy to buy crypto and take self-custody in seconds.
Users also get a free NFT and a Base Blockchain Web3 Domain when they create a Coinbase Wallet account. This allows you to create usernames rather than sharing
Just like MetaMask, the Coinbase wallet also offers social recovery, allowing you to recover your seed phrases using your email address if you lose them.
Coinbase wallet uses AES 256 Encryption, which is known to offer maximum security against brute force attacks.
Although available for both mobile phones and computers, the wallet is best used when it is in a mobile phone.
Coinbase wallet was the first crypto wallet I ever created.
3. Trust Wallet (Multi-Chain and Multi-Crypto Wallet)
Trust Wallet is the best wallet for people with diversified portfolios and with investments across multiple chains.
The best feature of Trust Wallet is that, as a Binance product, it allows users to bridge major assets like Bitcoin, Ethereum, and memecoins to the BNB Smart Chain, enabling ultra-low-cost crypto transfers.
Trust Wallet features biometric login, giving you the freedom to forget passwords. Further, you can back up your seed phrases locally and can view them anytime if you are logged in.
I have been using this wallet since 2021 to HODL my long-term investments.
The wallet is best suited for storing tokens whose blockchains are mutually exclusive, and there is no other option to store both tokens together.
4. Binance Wallet (Best Convenient Wallet)
Binance Wallet (CEX Wallet) is the only crypto wallet you need if you are a beginner. I have been using Binance Wallet for small transactions since 2020.
The best features of this wallet are zero-fee intra-exchange transfers, email-based login, easy crypto withdrawals to any wallet, and support for the largest number of cryptocurrencies (Monero excluded).
I have been using Binance wallet for smaller transactions because it allows me ty convert them to any cheap native token, such as BNB, and then take them off the exchange via Trust Wallet or MetaMask.
5. Brave Wallet (Best for Getting Brave Internet Rewards)
Besides its privacy-centric approach, I like the Brave Browser for its rewards, which let me browse the internet securely and earn real cryptocurrencies (BAT Tokens). These tokens can be withdrawn using exchanges that partner with Brave.
I have been using Brave since 2022.
The best part of using Brave is that you can get rewarded even when you are not registered. All the rewards are stored locally on your machine, and you can cash out the rewards when you want.
Besides BAT, Brave offers a self-custodial wallet for all cryptocurrencies.
The wallet is available for both mobile and desktop.
Selection Process
Best in Category
Instead of posting about each and every wallet, I curated a list of wallets based on their exclusivity. Each wallet featured in this article brings a unique set of features that easily differentiate it from others.
Further, each wallet was analyzed over the years, not just for this article, but also for personal and business use.
Features Matter
Each wallet has a unique top feature. MetaMask provides top-class anonymity and security, the Coinbase wallet provides easy access to a Coinbase account, the Binance wallet provides easy self-custody of small amounts of cryptocurrencies, the Brave wallet is best for getting rewards without exposing your data, and the Trust wallet is a go-to choice for multi-token portfolios.
Least Risky Wallets
Security was the prime focus while selecting these wallets. Each wallet is a market leader and has a strong team to update the software, fix bugs, and handle complaints as needed. These are serious players in the business and not small projects that are at risk of shutting down at every crypto market dip.
Strong Support for Users
Each wallet team can be easily contacted either by email, chat, or via Telegram. However, users must remain vigilant of anyone who asks for seed phrases or asks to install any remote access software; these are usually scams.
Here are the official email addresses of each wallet:
- MetaMask
- Coinbase Wallet
- Binance Wallet
- Trust Wallet
- Brave Browser
Personal Usage
Each wallet was used by me for at least two years. In these years, I have thoroughly tested each feature of each wallet and therefore can bring the best of their features in the least amount of words.
How to Choose The Best Wallet For You?
If you go through this questionnaire, it will help you to a great extent in finalizing the best wallet for your needs.
Identify Your Needs
Ask the following questions to yourself and analyze the suggestions below.
- Are you learning crypto and want a safer wallet that forgives mistakes? In that case, you should be using a CEX wallet like Binance.
- Do you need to HODL crypto or trade? MetaMask is the best for HODL, while the Binance wallet is best for the latter.
Identify The Learning Required to Use a Wallet
All wallets do need a bit of learning. While you can easily learn the Binance Wallet, it takes some effort to learn more advanced ones like MetaMask with all its snap integrations. Therefore, you must decide which one you want for yourself.
The wallet in this article can be arranged in a similar fashion, from the easiest to the hardest to learn.
- Binance Wallet (easiest)
- Brave Wallet
- Coinbase Wallet
- Trust Wallet
- MetaMask Wallet (most difficult)
Convenience or Control?
Do you need to conveniently use your cryptocurrencies every now and then, or do you want less frequent but safer storage?
For convenience, choose the Binance wallet or any other exchange wallet that you want. Opposed to the commonly held view that they can seize assets on their own will.
For control, use self-custody wallets like MetaMask, Brave, Trust, or Coinbase Wallet. They keep your holdings anonymous so that no one can track theme except you.
Business or Private?
Common Risks Associated with Crypto Wallets and Solutions
Loss of Seed Phrases
Lost seed phrases are the most common way people get their wallets drained. Low password hygiene is a common cause of lost funds in my experience. People usually write seed phrases on random paper, often clicking pictures of it, sharing on the internet, etc.
It is essential to remember that once a seed phrase is even doubted to be compromised, you must instantly transfer all crypto to another secure wallet.
Stolen Passwords
In case your password is stolen, lost, or even if you suspect it has been accidentally exposed, transfer all your cryptocurrencies to a new wallet immediately, or risk losing everything in that wallet.
Crypto Sent to Wrong Address
In all cases, crypto sent to the wrong address is lost forever unless you know to whom you sent the cryptocurrency. Even if you get legal help, a wilful transfer will be counted as legal crypto in the hands of the receiver.
Frequently Asked Questions
What happens if I die?
This is the most common question I have encountered while talking to crypto users about wallets. There are several ways to let your kin inherit your crypto in case you are dead or incapacitated. The best of them is through “blockchain will” creation platforms. These platforms hold your private keys securely, just like an ordinary will.
Disclaimer: Kooh Crypto is a website only to share information; therefore, any information on this website is purely for educational purposes and does not constitute financial advice. Please consult a financial adviser before acting on any information regarding crypto markets.