Bitcoin prices are soaring–setting new records daily. Therefore, it’s no surprise that crypto enthusiasts across the globe are always looking for opportunities to get some coins. Before you think of buying your first coin, however, you must identify the best bitcoin wallet. You will need it to keep your new digital assets safe. Looking at the crypto industry, the huge number of bitcoin wallets makes choosing the best bitcoin wallet in the UK, Australia, US, and the rest of the world quite hard. So how do you find the best app for your digital assets?
Well, you start by checking its security – that is – its susceptibility to the challenges facing most crypto wallets. You also need to consider the number of bitcoins you wish to store in a wallet and the nature of your investments. You should also take into account factors such as wallet cost and transaction fees.
In this guide, we will be listing what to look for and the biggest challenges facing bitcoin wallets. We will also detail everything you need to know about these nine top bitcoin wallets.
A Bitcoin wallet is an app, website, online cloud service, or hardware device that stores your Bitcoins-but you already know that Bitcoin is not a physical product. Therefore, a Bitcoin wallet is a hardware device or software program that stores and helps you manage the private keys associated with your Bitcoin.
Think of it as a bank account where you store your cash. It facilitates the sending, receiving, and spending of Bitcoin private keys.
Up to this point, you can see that there is a difference between a Bitcoin wallet and a Bitcoin exchange.
In likening a Bitcoin wallet to a bank account, we can in the same light, liken a Bitcoin exchange to the stock market.
The wallet presents you with a pouch where you can store your Bitcoins. The exchange, on the other hand, provides you with a platform where you can buy and sell these Bitcoins. Confusion between the two arises because most crypto exchanges are currently providing crypto wallet services.
Types of Bitcoin Wallets
Bitcoin wallets are broadly grouped into two major categories: HOT and COLD wallets.
Hot wallets refer to any Bitcoin wallet that is online-based and only functions when connected to the internet. They generate private keys online and wallet backup codes online. The most common type of hot wallets is app-based wallets. Because of this level of connectedness to the internet, they are considered vulnerable and quite unsafe.
Cold wallets, on the other hand, refer to Bitcoin and crypto-wallets that aren’t connected to the internet. They do not require the internet to generate wallet addresses or backup codes for your private keys. Hardware wallets are the perfect examples of cold wallets. They are considered relatively safe and less vulnerable to hacks.
Here are the different types of Bitcoin wallets:
A mobile wallet is an app-based wallet developed for such smartphone operating systems as Android, iOS, or Windows. Mobile wallets are hot wallets and thus vulnerable and least secure. Examples of mobile Bitcoin wallets include Mycelium, Coinbase, and electrum.
Desktop Bitcoin wallets are downloadable software programs for storing your Bitcoin private keys. They may be light desktop applications or full node clients. And they are designed for such popular desktop operating systems as Windows, macOS, and Linux. Like mobile wallets, desktop wallets are hot wallets and thus vulnerable and relatively unsafe. Examples of the best Bitcoin desktop wallets are Exodus, Bitcoin Core, and Jaxx.
Online crypto wallets refer to web-based wallets that are hosted online and accessible via internet browsers or browser extensions. They are hot wallets and can be accessed from virtually any internet-enabled device. They are the least secure types of Bitcoin wallets. Examples of the best online Bitcoin wallets are Metamask, Oxigen wallet, and Nifty wallet.
A Bitcoin hardware wallet refers to any hardware device that is specially designed to help store and manage your crypto assets. While the most popular are USB-like and credit card-like hardware devices, they can take any form or shape. They are categorized among cold wallets as they store your private keys offline in highly secure chips. They are some of the safest Bitcoin wallets. Examples of the best Bitcoin hardware wallets are Ledger, Trezor, and CoolWallet.
A paper wallet is a printout of all your Bitcoin asset details. It is a piece of paper that contains your Bitcoin private keys, wallet addresses, wallet QR codes, and backup seed. Paper wallets were at one time considered the safest method of storing Bitcoins and other cryptos. The development of inexpensive and highly secure hardware wallets is, however, making this method of storing Bitcoins obsolete.
What to Look for in the Best Bitcoin Wallet?
If you’re in the market for the ideal Bitcoin wallet, you’re probably confused seeing as there are many options to choose from. You need to have several factors to consider so you can make the best decision. Here are some of the things you need to consider when selecting your wallet.
Wallet security tops the list of factors that you must consider when looking for the best Bitcoin wallet. Check the number and effectiveness of the Bitcoin wallet’s security features. Determine where the Bitcoin wallet stores your crypto private keys. This can be on your device, the company’s servers, or third-party cloud servers. Importantly, check if the wallet has ever been hacked and the security measures adopted after the hack.
When you compare Bitcoin wallets, consider who owns the private keys. You are better off looking for wallets, especially hardware wallets, that let you retain ownership of your Bitcoin private keys.
Do not just look at the price of the best Bitcoin wallet but also consider any additional costs. Check if the company imposes such additional charges. These may be transaction fees or monthly subscription plans.
You also have to compare the Bitcoin wallet’s transparency. For instance, check if it is built on open-source technology and how the company collects and shares users’ data.
Your choice for the best Bitcoin wallet should also be easy to use. Whether an app, a web wallet, or a hardware device, the Bitcoin wallet should have a highly intuitive interface. Additionally, a top Bitcoin wallet should also support multi-signature. This isn’t just a security feature but it also facilitates wallet use by multiple individuals.
How to Keep Your Bitcoin Wallet Safe
The last thing you want is to lose all your cryptos through a wallet hack. Therefore, you must be vigilant in ensuring the wallet’s safety. So, what measures can you take? Let’s find out below.
The best Bitcoin wallet should make it possible for you to create a strong multi-character password. The password is the most basic and first in the line of defense for any Bitcoin wallet. We also advise that you change this password regularly and keep it private.
Download/buy from Legit Websites
When downloading free wallets or even buying premium hardware wallets, ensure that you only engage the official company websites. Avoid downloading free wallets or buying hardware Bitcoin vaults from third-party platforms.
Enable two-factor Authentication:
Most hot and cold wallets currently integrate the two-factor authentication feature. You can use your phone number, email, or even authentication apps like Google authenticator to enhance the wallet’s security.
Use a Secure Internet Connection
Avoid logging in to your Bitcoin wallet from a public Wi-Fi or suspicious internet connection. Importantly, avoid accessing the internet on the device that you use to log in to your Bitcoin wallet from a public or suspicious internet connection.
Maintain a Wallet Backup
Almost all wallets provide a form of Bitcoin wallet backup. In most cases, you will be provided with a 12 or 24-word backup seed. Record it and keep it safe. If possible, maintain a separate wallet for day-to-day operations.
Top Bitcoin Wallets in 2021
With detailed information about how to choose the right wallet, it’s time to get into the reviews. Before settling for any option, you need to do a thorough background check of the wallet to ensure it’s safe to use.
Well, we made the process simpler by reviewing 9 top bitcoin wallets in 2021. Here’s an in-depth look at each of them.
eToro wallet is a mobile app-based and multi-blockchain wallet developed and maintained by the all-popular eToro company. Though relatively new, the eToro crypto vault takes pride in being one of the most regulated Bitcoin wallets. Some of its unique strengths include the fact that it is free, records relatively fast transaction processing speeds, and features highly advanced security features. It also features an inbuilt exchange, facilitates Bitcoin transfers, and a multilingual customer support team.
In this review, we will go over its pros and cons, how to interact with the wallet, its security features, fees, and everything else you need to know about the eToro mobile wallet.
eToro Wallet Pros & Cons
Pros of eToro Wallet
Backed by a highly reputable crypto platform
Highly intuitive interface
Straightforward onboarding process
Cons of eToro Wallet
Less secure than a hardware wallet
Currently supports limited crypto
No access to your private keys
Platform reputation: The eToro wallet enjoys the rich reputation of its parent company eToro brokerage. It is also highly regulated and has never been hacked.
Intuitive interface: The eToro wallet has one of the most intuitive interfaces. It has a clean user dashboard that is easy to use for both beginners and highly experienced Bitcoin traders.
Straightforward onboarding: eToro has a straightforward onboarding process. And if you have an eToro or eToroX account, you can use these credentials to log into the wallet.
Less secure: eToro is a hot wallet that stores your Bitcoins in the company servers. This makes it susceptible to hacks and less secure than hardware wallets that store your coins offline.
Limited crypto: One may consider the number of cryptocurrencies supported by the eToro wallet limited.
No access to private keys: eToro stores your Bitcoin’s private keys on your behalf. Unlike non-custodial wallets, the eToro wallet does not let you access your private keys.
eToro Wallet Unique Features
App-based: eToro wallet is a mobile app-based available for Android and iOS devices. A desktop or web version of the eToro wallet doesn’t exist at the moment.
Inbuilt exchange: The eToro wallet features an inbuilt crypto-to-crypto exchange. You, therefore, do not have to leave the app to convert one crypto to another.
Integrates credit cards: In addition to the crypto-to-crypto conversions facilitated by the eToro wallet, you can also buy crypto using fiat balances. You have to start by integrating the wallet into your credit or debit card. You will then be directed to Simplex – a third-party fiat-crypto conversion platform – that facilitates the purchase.
Synchronization with the exchange: The eToro wallet is synchronized with the rest of the eToro platforms, especially the eToroX crypto exchange.
Multicurrency: In addition to Bitcoin, the eToro wallet supports all the equally popular cryptocurrencies. Currently, the eToro wallet supports 110+ cryptos and altcoins.
eToro Wallet Security Features
Password and recovery key: When setting up the eToro wallet account, you will be required to create a strong multi-character password to secure the app. Additionally, the wallet provides you with the eToro Money Wallet Security Key. You will need this key to recover your lost wallet and private keys.
Military-grade encryption: Your data – including the Bitcoin private keys – stored in the eToro servers is highly encrypted. The wallet’s interactions with other third-party service providers like payment processing companies are also highly encrypted.
Two-factor authentication: In addition to a strong password, eToro requires its wallet users to enable two-factor authentication. To activate this feature, the wallet uses the mobile phone you used when registering for your eToro account.
On-chain address: The eToro wallet will also present you with a private and unique address that you can use to send and receive cryptocurrencies.
Multi-signature: Two or more individuals can share the eToro wallet. In such a case, you can activate the eToro wallet’s multi-signature functionality. It requires the signatures of two or more co-users to authorize a translation.
Supported Countries and Cryptocurrencies
The eToro wallet is currently available in 96 countries around the world. Wallet users in these countries have access to Bitcoin and 112 other cryptocurrencies and altcoins. These include the tokenized version of popular fiat currencies like CADX for the Canadian dollar and EURX for the Euro.
eToro Wallet Fees and Limits
Downloading and storing Bitcoins and other cryptos on the eToro wallet is free. You will, however, be charged a small transaction fee every time you convert crypto or transfer Bitcoins via the wallet.
In-wallet crypto-to-crypto conversions attract a 0.1% fee.
fiat-to-crypto conversions using a credit/debit card via simplex attract a standard 4% charge.
Bitcoin withdrawals and transfers to another wallet carry a 0.005 BTC charge plus the blockchain network fees.
The minimum and maximum per-transaction limits are capped at $125 and $10,000 respectively. On the other hand, maximum daily and monthly transaction limits are capped at $20,000 and $50,000 respectively.
There is also a limit on how much fiat you can convert to crypto.
How to Activate eToro Wallet
1: Start by downloading the eToro wallet app on Google play store or Apple App store.
2: If you already have an eToro account, use the credentials to log in to the account. If you don’t have an account with eToro, click on the “Create new account” tab.
3: Enter your email address and create a strong password for the wallet. .
5: Verify your identity by providing eToro with such details as your proof of address, government-issued identity document, mobile phone number, and pass the KYC/AML tests.
6: eToro will email you confirming that your wallet has been duly verified and is now ready to use.
How to Receive Bitcoins into Your Wallet
1: Log in to your eToro wallet app.
2: Click on the “Balances” tab and click on the cryptocurrency you wish to receive.
3: Select “Receive.”
4: Copy the corresponding wallet address/QR Code and forward it to the individual sending you coins.
How to Send Bitcoins from the Wallet
1: Start by logging in to your eToro wallet app.
2: Click on the “Balances” tab and select the cryptocurrency you wish to send.
3: Select the “Send” option.
4: On the transfer window, enter the amount of BTC to send as well as the recipient’s wallet address or scan their wallet QR code.
5: Confirm that the amount and wallet address is okay and hit the “send” button.
6: You will receive a transaction confirmation code on your phone (2FA), copy it to the phone, and click “Verify.”
How to Send Bitcoins From eToro Trading Platform to eToro Wallet
1: Log in to your eToro trading platform and click on the “Portfolio” tab on the user dashboard.
2: Click on the crypto asset you would like to transfer.
3: Click on “Edit Trade” and select “Transfer to wallet” to review transaction details.
4: Confirm the transfer details and hit on the “Transfer” button to authorize their transaction.
Is eToro Bitcoin Wallet Safe?
Yes, the eToro wallet has put in place several safeguards aimed at maintaining the integrity and safety of your crypto assets. These range from a strong password, the recovery key, a unique on-chain address, and multi-signature functionality. It also stores the Bitcoin private keys on your behalf and has never been hacked.
We must, however, mention that eToro is a hot wallet and, therefore, exposed to the inherent dangers facing online wallets.
Naga wallet is a hybrid and highly advanced crypto vault introduced to the crypto community by NAGA Markets LTD in 2015. It is a free custodial wallet whose key strength is integrating one of the most advanced bitcoin exchanges.
Naga wallet was also among the first wallets to allow and popularize the transfer of crypto such as bitcoin to an email address. It also takes pride in maintaining relatively low transaction fees, free transaction costs for transfers within the Naga ecosystem, and ultrafast transaction speeds.
On their website, it is described as a “simple and secure storage for your crypto and fiat.” In this best bitcoin wallets for 2021 review, we delve into its ease of use and security features. We also look at its fees, transaction limits, and tell you if it is a safe bitcoin wallet.
NAGA Wallet Pros & Cons
Pros of NAGA Wallet
Send bitcoins via email
Exchanged linked wallet
Highly responsive customer support
Cons of NAGA Wallet
No anonymous trading
Limited crypto supported
It is a hot wallet
Send Bitcoins to email addresses: Naga Bitcoin wallet simplifies the process of transferring crypto by making it possible for you to send coins to email addresses. If the recipient does not have a Bitcoin wallet, they will be prompted to create a free Naga wallet.
Exchange-linked wallet: Naga wallet integrates the Naga exchange that allows for the seamless conversion of both fiat-to-crypto and crypto-to-crypto. Transactions on this exchange are fast and attract relatively low fees.
Responsive support: Naga wallet has one of the most responsive customer support teams. They are available 24/7 via live chat and on the official Naga wallet social media channels.
No anonymous trading: Naga wallet does not support anonymous trading. Every platform user must verify their identity and pass both KYC and AML processes. You cannot make the first deposit or use trade fiat before verifying your identity.
The limited number of crypto: When we compare Bitcoin wallets, Naga currently supports a limited number of cryptocurrencies. For instance, it doesn’t even support the most popular stable coins like Tether.
Naga is a hot wallet: Naga wallet is a hot wallet and, therefore, not immune to the inherent threats facing online wallets.
Naga Wallet Unique Features
Multi-asset crypto wallet: While it supports a limited number of cryptocurrencies, Naga wallet is still a multi-asset vault. In addition to Bitcoin and altcoins, Naga wallet also hosts some of the most popular fiat currencies.
Multi-platform wallet: Naga wallet is a multiplatform wallet in that it is available as a web wallet and a mobile app. Both are highly advanced and transaction processing on either platform is ultra-fast. They share similar features and security tools.
Inbuilt exchange: Naga wallet features a hybrid exchange from whence you can buy and sell crypto with fiat and exchange one crypto for another. The exchange is highly advanced and supports crypto purchases using debit and credit cards. It also integrates trading tools and charts.
Naga Card: The Naga wallet also integrates a contactless prepaid card launched by Naga Markets LTD. You can use the wallet to load the card with cryptocurrencies. The balance can then be used to make purchases or pay for services in crypto-friendly stores across the world.
Instantaneous transaction processing: Crypto transfers from one Naga wallet to another are free. They are also instantaneous, given that Naga is a custodial wallet. Importantly, the Naga wallet integrates the fiat-to-crypto payment gateway that processes crypto purchases via card instantly.
Naga Wallet Security Features
Password and wallet backup: When creating a Naga wallet you will need to create an ultra-strong password for the wallet. Naga also makes it possible for you to create a 2-step backup. This backup comes in handy when you want to recover lost private keys or wallet.
2FA and identity verification: As we have mentioned above, each Naga wallet user must verify their identity before they can start using the platform. You are also required to enable two-factor authentication for the wallet using your email or Google authenticator app.
Backed by a reputable company: Naga wallet and the Naga exchange are highly regulated. Importantly, the wallet’s parent company NAGA is a publicly listed company. Moreover, it has the backing of the highly reputable Chinese multi-billion fund – FOSUN.
Enterprise-grade encryption: Naga wallet is a custodial wallet that stores your Bitcoins and other crypto assets in the company’s cold servers. Naga wallet user data is also stored in highly encrypted company servers.
Naga Wallet Supported Cryptos and Countries
Naga wallet is currently available in 100+ countries across the world. It, however, isn’t available in such countries as the USA, Iran, North Korea, Cuba, Iraq, or Syria.
The wallet users in the supported countries get to interact with the 12 cryptocurrencies, numerous ERC-20 tokens, and all the popular fiat currencies.
Naga Wallet Fees and Limits
Naga wallet is free to download. Further, it does not charge you storage fees to host your Bitcoins or other digital assets. There also are no depositing fees when you add crypto to the wallet.
You only have to pay the transaction processing fees for crypto and fiat-to-crypto conversions initiated on the wallet’s inbuilt exchange. Note that you stand to benefit from a 10% discount if you choose to pay this transaction fee using Naga Coins (NGC).
In addition to the blockchain network fees, Naga wallet charges users a 0.99% fee when they send crypto to another blockchain and a 1% fee for sending it to email addresses.
How to Activate Naga Wallet
1: Open the Naga wallet website and on the upper right corner and click on the “Sign Up” icon.
2: Complete the application by entering required personal details like name, email address, country of residence, and phone number. You also get to create a unique user name and a wallet password.
3: Alternatively, sign up by linking the Naga wallet with your Facebook account or Google profile.
4: You will then be asked about your crypto trading experience.
5: Create an investor profile by providing more personal information and answering queries about your financial health.
6: Verify your identity by sending Naga a photo of your national identification document.
7: You will receive an email from Naga wallet notifying you that your identity has been verified and your wallet activated.
8: Start depositing crypto or fiat and trading on the inbuilt exchange.
How to Add/Receive Bitcoins into Naga Wallet
1: Log in to your Naga wallet and on the upper left corner of the dashboard, click on the “Add Funds” tab.
2: From the list of supported deposit processing methods listed here, choose ‘Cryptocurrencies.’
3: Select the coin that you wish to add to your Naga wallet – in this case, Bitcoins – and click on the “Receive” button.
4: Copy the Bitcoin wallet address and send it to the party sending you the crypto.
5: Wait for the funds to reflect on your Naga wallet.
How to Send Bitcoins from the Naga Wallet via Email
1: Log into your Naga wallet and from the list of cryptocurrencies supported, select the coin you would like to transfer, and hit the “Send To” icon.
2: Choose the destination of the crypto you wish to send – the Naga exchange, to another crypto wallet, or to an email address.
3: If you wish to send crypto via email, enter the recipient’s email address and the number of coins.
4: Create a message that accompanies the emailed funds (optional) and choose the payment method for the network fee.
5: Confirm that the transaction details are correct and hit send.
Is Naga Bitcoin wallet safe?
Yes, Naga wallet has put in place several advanced security measures around the crypto vault. First, it requires all wallet users to verify their identity. Secondly, it requires that every wallet be secured with a strong password and two-factor authentication.
Additionally, it stores client private keys and personal data in highly encrypted offline servers. However, while these measures have been effective in deterring any breaches so far, we must caution that Naga wallet is a custodial hot wallet. It is, therefore, not immune to the inherent challenges affecting online vaults like hacking and malware.
Coinbase wallet is a standalone mobile app that helps you store cryptocurrencies and interact with the DApp browser. Standalone implies that though they share parentage, it is independent of the Coinbase exchange. Unlike other exchanges with integrated wallet apps that share login credentials, you are not required to create a Coinbase exchange account before you can use the Coinbase wallet.
The wallet app ranks highly on our bitcoin wallet comparison guide because of Coinbase’s reputation and its commitment to security, and innovativeness. For instance, Coinbase is one of the few wallets that let you send crypto to friends, not wallet addresses. We must also mention that it started as an eth-focused wallet. Today, however, it currently welcomes multiple blockchains but still leans heavily towards the eth-ecosystem.
Here is everything else you need to know about the Coinbase wallet app – available in Android and iOS versions.
Pros and Cons
Coinbase Wallet Pros
Free standalone crypto wallet
Backed by highly reputable crypto exchange
Coinbase Wallet Cons
High transaction fees
Limited crypto supported
Not as secure as a hardware wallet
Beginner-friendly: Coinbase wallet maintains one of the most user-friendly interfaces. It is clean and easy to navigate for both crypto novices and veterans.
Free standalone app: Coinbase wallet is a standalone app. Unlike other wallets such as eToro that require you to first create an account with the trading platform, you don’t need a Coinbase.com account to use the wallet. They do not share login credentials.
Backed by a highly reputable exchange: Coinbase wallet has the backing of the most popular and one of the largest crypto exchanges in the world. Both are highly secure and neither has ever been hacked.
High transaction fees: Coinbase wallet app users have complained about the relatively high fees imposed by the wallet. Though variable, one may term the transaction fees imposed by the Coinbase wallet exorbitant.
Supports a few cryptos: Coinbase wallet started as an Ethereum-focused crypto vault dubbed Toshi. Though it has made significant strides in welcoming other currencies, it still has a long way to go.
Less secure: Unlike most other wallet apps, the Coinbase wallet gives you control over your crypto assets and private keys. However, while it may be considered to be more secure than some custodial wallets, it isn’t as secure as a hardware wallet.
Coinbase Wallet Unique Features
Multi-currency wallet: Coinbase wallet is a multi-currency crypto vault. It lets you store multiple crypto assets including popular coins like Bitcoin and Ethereum, all ERC-20 and ERC-721 collectibles.
Integrated DApp browser: We have mentioned that the Coinbase wallet leans heavily towards the Ethereum blockchain. It is one of the few popular crypto wallets that integrate the DApp browser. This browser lets you interact with multiple decentralized apps and take advantage of the DeFi apps. You also get to interact with decentralized exchanges as well as the open financial system.
Earn coins and collectibles: The DApp browser and DeFi finance apps expose you to numerous earning opportunities. Some of these make it possible for you to earn interest by staking your coins or lending them to other app users. You also get to participate in such activities as bounties, airdrops, play games, and numerous other task-based gigs that earn you tokens and collectibles.
Seamless integration with Eth-based wallets: The eth-focused nature of the Coinbase wallet ensures that it integrates seamlessly with other eth-based wallets. For instance, you can easily import your crypto holdings from such eth-based wallets as MetaMask and MyEtherWallet into your Coinbase wallet.
Customizable addresses: Coinbase wallet joins other crypto vaults in simplifying the process of sending and receiving crypto assets. It lets you create a unique username when creating your user account. Coinbase wallet users can then send cryptos to this name and not the wallet address in the “Pay Friends, Not Addresses” project.
Coinbase Wallet Security Features
Password and biometric locks: As with most wallets, a strong password acts as the first line of defense for your Coinbase wallet. Coinbase also supports biometric security locks like Touch ID on supported devices. Additionally, the Coinbase wallet lets you determine how long your wallet can remain open while not in use with auto-locks. These let you set the timer for auto-closing the app after one, two, three, five, ten minutes/hours of inactivity.
Gives you control over your crypto assets: Coinbase is a non-custodial crypto wallet. It does not store cryptocurrencies on your behalf. Rather, it encrypts them heavily and stores them in your device. This gives you absolute control over your crypto holdings. It also ensures that even if the Coinbase wallet servers were hacked, you won’t lose your digital asset.
Double encryption: According to Coinbase, all user data – their private keys and personal information – is doubly encrypted. It is subjected to the enterprise-grade AES 256 and FIPS 140 encryption algorithms.
Two-factor authentication: Coinbase wallet users are also encouraged to enable two-factor authentication for outbound transactions. You can use your phone number or an authenticator app to receive verification codes.
Recovery seed: Coinbase will also provide you with a 12-word recovery seed during the wallet creation. You will need this to recover a lost wallet or private keys, or even import the wallet to a new mobile phone.
Coinbase Wallet Supported Cryptos and Countries
Unlike the Coinbase exchange that is only available in a few countries, the Coinbase wallet is available in 100+ countries around the world. The wallet users in these countries have access to such cryptocurrencies as bitcoin, Ethereum, Ethereum Classic, Bitcoin Cash, Litecoin, Dogecoin, Stellar Lumens, Ox, QTUM, and Ripple. It also supports all ERC 20 tokens like DAI and USDC coins, and ERC 721 collectibles.
Coinbase Wallet Fees and Limits
Coinbase wallet is free and does not charge you for storing crypto, tokens, or collectibles on the platform. You will however be charged a transaction fee every time you send coins to another exchange of wallet.
This fee is highly variable and the Coinbase wallet does not maintain a fee structure. You, therefore, will not know how much a transaction attracts until you initiate the transfer. Nevertheless, this fee often ranges from 1.49% to 3.99% of the transaction amount.
How to Activate Coinbase Wallet
1: Download and install the Coinbase wallet app from Google play store or Apple app store.
2: Open the Wallet app and tap on the “Create a new wallet” icon
4: Choose a unique username for your wallet.
5: Secure your account by creating a unique 6-digit pin of choosing the Touch ID feature.
6: The app will now provide you with 12 words that serve as your wallet’s backup seed. Write them down and keep the record safe.
7: Confirm that you have accurately recorded this recovery code. Your wallet account is now secure and ready to use.
How to Add/Receive Bitcoins into Your Wallet
1: Log in to your Coinbase wallet app and click on the “Wallet” tab to outline supported cryptocurrencies.
2: Select the coin you want to receive – in this case, bitcoins – and choose “Receive.”
3: A window will pop up, revealing the wallet address and corresponding QR code. Copy either and forward it to the party sending you bitcoins.
4: Wait for the coins to reflect in your wallet.
How to Send Bitcoins from the Wallet
1: Log in to your Coinbase wallet app and click on the “Wallet” tab to outline supported cryptocurrencies.
2: Select the coin you wish to send – in this case bitcoins – and select the “Send.”
3: On the transfer window, enter the recipient’s wallet address or scan their wallet QR code. Then enter the number of bitcoins you wish to send.
4: If you are sending the coins to another Coinbase wallet user, you can simply enter their username.
5: Confirm the transaction details are correct and tap the “Continue” button to authorize the transfer.
How to Send Crypto from Coinbase.com to Coinbase Wallet
Step 1: You first need to connect your Coinbase wallet to the Coinbase exchange account. Tap the settings button on the wallet dashboard and choose “Connect to Coinbase.”
Step 2: Upon connecting the two, click on the “Settings” button on the wallet dashboard and select “Transfer.”
3: Select the coin you wish to transfer – in this case, bitcoin
4: Enter the number of bitcoins you wish to transfer
5: Click on “Continue” and follow the prompts to complete the transfer.
Is Coinbase Bitcoin Wallet Safe?
Yes. Coinbase wallet is a safe crypto vault as it has put in place highly advanced security measures around your crypto assets. These include requiring a strong password from users, enabling two-factor authentication, integrating biometrics, and supporting auto-locks. The wallet is also non-custodial.
Robinhood crypto wallet started as a stock trading platform and is one of the few commission-free brokerages. In the recent past though, it has introduced crypto trading and storage services through a hybrid bitcoin wallet. Today, you can buy and store bitcoins and all the popular cryptocurrencies on the wallet.
Robinhood wallet’s most distinctive feature is its fee-free transactions. It helps the crypto vault top our bitcoin wallet comparison table and one of the best bitcoin wallets for android and iOS. Unlike all other crypto wallets we have featured here, you don’t pay a dime to acquire or dispose of crypto assets on the platform.
Here is everything else you need to know about the Robinhood crypto wallet before you get started.
Pros and Cons
Robinhood Wallet Pros
Commission-free buying and selling
A lot of crypto education materials
Easy to use platform
Robinhood Wallet Cons
No private keys
Doesn’t provide wallet address
No inbound/outbound crypto transfers
Commission-free: Robinhood was among the first trading platforms to introduce commission-free trades. Today, Robinhood crypto has borrowed this practice and doesn’t charge a trading commission to the bitcoin wallet users.
Crypto education: The Robinhood wallet platform is rich in educational content about cryptocurrencies and blockchains. It also touches on crypto investing and explains different crypto events.
Easy-to-use platform: Robinhood wallet is also made available in some of the friendliest user interfaces. For instance, the process of buying and selling bitcoins on the platform is easy and quite straightforward. You don’t even need prior crypto trading experience to start interacting with Robinhood wallet.
No access to private keys: Robinhood wallet continues to expand the number of supported cryptocurrencies. However, Robinhood wallet is custodial and doesn’t give you access to your crypto private keys.
No inbound/outbound transfers: Interestingly, you can only buy and sell cryptocurrencies within the platform. Robinhood doesn’t support inbound or outbound crypto transfers.
No access to wallet address: In line with the fact that Robinhood wallet doesn’t support inbound or outbound crypto transfers you won’t have a wallet address.
Robinhood Wallet Unique Features
Multi-platform wallet: Robinhood is highly versatile. It is available as a web service and as an Android/iOS app. These platforms are highly secure and beginner-friendly. You don’t need prior experience interacting with a crypto wallet to learn your way with either. Both the onboarding process and that of buying/selling crypto is quite beginner-friendly.
Supports different assets: For its transition into a crypto wallet, Robinhood started by processing bitcoin purchases. Today, Robinhood has grown into one of the most inclusive crypto wallets. It currently supports bitcoins, Ethereum, and all the most popular crypto-assets.
Commission-free trades: Robinhood wallet’s greatest selling point is the commission-free trades. Here, you won’t be charged a transaction fee when you buy or sell bitcoins and other cryptos.
Hybrid wallet with the integrated exchange: Robinhood is a hybrid platform that constitutes a wallet and an inbuilt exchange. The exchange provides a gateway that you can use to convert your fiat balances into crypto coins like bitcoin. It also comes in handy in processing fiat deposits and withdrawals.
Track crypto trends: The Robinhood wallet integrates several charting tools that you can use to monitor different crypto trends. You can, for instance, use the wallet to monitor the price-performance trends for all the supported cryptocurrencies.
Robinhood Wallet Security Features
Password: Like most of the best bitcoin wallets for iOS, Robinhood wallet is secured with a strong password. You are required to set this password during account registration. And it can be used to log in to your account on any platform.
Two-factor authentication: In addition to a strong password, your Robinhood wallet will also allow you to activate two-factor authentication. In most instances, the phone number used to create the wallet account will be used to receive verification codes.
Custodial wallet: Robinhood is a custodial bitcoin wallet. This implies that it stores bitcoins and all other cryptocurrencies on your behalf. The nature of custody services provided by Robinhood is slightly different from the one offered by most custodial wallets. It, for instance, does not provide you with any information about your digital assets – save for the crypto balances. It does not let you view the private keys or provide you with a wallet address.
Cold storage: Robinhood argues that it stores a significant portion of crypto assets in cold storage. Only a small portion is held in hot wallets to facilitate the day-to-day transactions. It also mentions that transfers into and out of these offline storages require authorization from a select group of people.
Highly regulated: The Robinhood wallet is registered with and regulated by FinCEN in the United States. It, therefore, abides by the Bank Secrecy Act –US with regards to the transmission of money.
Supported Cryptocurrencies and Countries
The Robinhood wallet is available in almost all countries across the world except Cuba, Syria, North Korea, Iran, Iraq, and some parts of Ukraine. Users here have access to such cryptocurrencies as bitcoin, Ethereum, Bitcoin Cash, Bitcoin SV, Ethereum Classic, Litecoin, and Dogecoin. And we expect the wallet to add even more popular altcoins soon.
Robinhood Wallet Fees and Limits
Robinhood wallet is free. Downloading the app and registering an account on the platform is free. Similarly, you wouldn’t be charged a broker commission for buying or selling your crypto assets.
How to Activate Robinhood Wallet App
1: Start by downloading your Robinhood wallet on the Google play store or the Apple app store.
2: Submit an application by completing the user profile. The profile captures your personal information, your financial details, and your trading experience.
3: Robinhood will respond within a day either confirming that your application was successful and your wallet account is now active or asking for identity verification.
4: The email will also specify the identification required and how to send it. Processing and approving the wallet account after this may take up to 7 days.
How to Buy Bitcoins Using Robinhood Wallet iOS App
1: Log in to your Robinhood wallet iOS app and on the user dashboard, click on the “Trade” icon.
2: Select the “Buy” option.
3: On the upper right corner, click on the “Order Types” icon.
4: Choose cryptocurrencies, the type of crypto, and the amounts you wish to buy.
5: Confirm that the order details are correct and swipe up to submit.
How to Sell Bitcoins Using Robinhood Wallet iOS app
1: Log in to your Robinhood wallet iOS app and on the user dashboard, click on the “Trade” icon.
2: Select the “Sell” option.
3: On the upper right corner, click on the “Order Types” icon.
4: Choose cryptocurrencies, the type of crypto, and the amounts you wish to sell.
5: Confirm that the order details are correct and swipe up to submit
Is Robinhood Bitcoin Wallet Safe?
Yes, Robinhood has adopted a unique approach to keeping your cryptocurrencies safe. It, for instance, requires identity verification for the wallet app users, encourages you to create a strong password, activates two-factor authentication, and disables the transfer of cryptocurrencies in and out of the wallet.
Ledger Nano X is a USB-like hardware wallet developed by Ledger SAS – a crypto-security company. It launched in early 2019 and went on to become one of the most popular bitcoin hardware wallets in the world. It features on our list of the best bitcoin wallet because of its innovativeness and commitment to the security of user data.
Nano X is an improvement of yet another popular hardware wallet, Ledger Nano S. But Ledger Nano X features more advanced technology. It is considered one of the most secure hardware wallets and was recently presented with the CES Innovation Honoree Award. Further, the offline device gives you absolute control over your crypto assets.
In this bitcoin wallet comparison piece, we look at Ledger’s features, security, how it works, and tell you if it indeed is one of the most secure wallets.
Pros and Cons
Ledger Nano X Wallet Pros
Easy to configure and friendly interface
Compatible with all other ledger wallets
Ledger Nano X Wallet Cons
Can only store limited wallets simultaneously
Ledger was recently hacked
Highly secure: Ledger Nano X is considered the most secure bitcoin wallet because it leverages some of the most advanced crypto technology. The safety of your crypto keys is guaranteed by their proprietary and certified secure chip.
Easy to configure: Ledger Nano X has a straightforward configuration and wallet activation process. We also consider the user interface for both the hardware device and software companion to be quite user-friendly.
Compatible with other ledger wallets: Ledger Nano X is compatible with virtually all other Ledger hardware wallets. This means that if you lost your Ledger Nano X wallet, you can recover the assets therein on any other ledger hardware wallet including Ledger Nano S.
Expensive: Its sleek design and safety guarantee notwithstanding, its $119 price tag is rather steep. It is far more expensive than equally safe hardware wallets like Ledger Nano S.
Stores limited crypto wallets at a go: Note that while Ledger Nano S is compatible with 1000+ cryptocurrencies, tokens, and collectibles, it can only hold so much at a go. Currently, the hardware wallet can only hold up to 100 crypto wallets simultaneously.
Recently hacked: In December 2020, Ledger confirmed that their servers had been compromised and the private data of their million+ clients stolen. During the heist, no crypto-asset on the hardware wallet was stolen. Crypto security experts are, however, wary that scammers may try to use this private data in phishing attacks. Their aim would be to gain information that they can use to recover Nano X wallets.
Ledger Nano X Wallet Unique Features
Grow assets with ledger live: Ledger Live is the software companion of the Ledger Nano X hardware device. In addition to providing an interface for interacting with ledger hardware, it provides you with an opportunity to earn. It integrates an open finance platform and access to Defi apps where you earn interest from staking different crypto.
Ultimate multi-currency wallet: Ledger Nano X is the ultimate multicurrency wallet. Of all the multi-currency wallets we have listed so far, Nano supports the largest and most diverse collection of coins. These include cryptocurrencies like bitcoin, altcoins like Litecoin, ERC 20 tokens, and ERC 721 collectibles.
Compatible with different OS: Ledger Nano X is also a multi-asset wallet that’s compatible with all the popular operating systems. Unlike Nano S that will only connect to desktop computers and Android devices, Nano X connects with Android, iOS, Windows, macOS, and Linux. You need to download the hardware manager app to connect to smartphones and the Ledger Live to connect to computers.
Portable: Ledger Nano X is also highly portable. It is small in size and light enough to be carried around. This ensures that you get to access your digital assets while on the move.
On-device navigation: The hardware wallet features an on-device screen and two buttons to facilitate navigation. This screen is relatively big to fit a full wallet address. The buttons come in handy during wallet account registration, when confirming transactions, and when authorizing crypto transfers.
Ledger Nano X Wallet Security Features
Passcode: Like most other crypto wallets, Ledger Nano X has a pin code as its primary line of defense. When configuring the hardware wallet, you will be required to create a 4 to 8 digit pin code. As an added security feature, the device pin is created by the device offline.
Recovery seed: The hardware device will also provide you with a 24-word recovery seed. You will need it to recover your digital assets, should you lose the wallet. You will also need the backup seed if you wish to import your crypto assets to another wallet. Like the pin code, the recovery seed is created by the device, offline.
Offline storage: Ledger Nano X has cold storage as its most distinctive feature. It stores the private keys for your bitcoins and other cryptos offline in a highly encrypted secure element. This feature ensured that even if hackers breached their servers, the safety of their client crypto holdings would never be compromised.
Bluetooth encryption: Ledger Nano’s Bluetooth connectivity is as popular as it is controversial. Critics consider it to be the single weak link in Ledger’s race for creating the most secure wallet. Most of this controversy is drawn from the fact that Bluetooth technologies aren’t hackproof. The wallet developers have, nevertheless, rubbished these concerns, arguing that it is secured with end-to-end encryption technology. We hope that this is strong enough to prevent possible man-in-the-middle attacks.
Physical transaction confirmation: Outbound Ledger Nano X transactions must be confirmed by pressing the two buttons on the hardware device. This makes it impossible for anyone to control the wallet. They cannot empty your wallet even if they have a password to your ledger live app.
Supported Cryptocurrencies and Countries on Ledger Wallet
The Ledger Nano X wallet can be shipped to virtually every crypto-friendly country around the world. To date, Ledger argues that it has shipped more than 1.1 million devices to 165+ countries. The company also mentions that the hardware is compatible with all popular cryptocurrencies and tokens. In total, the wallet currently supports 1500+ crypto assets.
Ledger Nano X Wallet Fees and Limits
Ledger Nano X costs $119. Ledger Nano X does not impose additional charges to a blockchain network processing fees whenever you send crypto to another wallet.
How to Set Up Ledger Nano X Wallet
First, we look at what is in the box. Herein you will find the hardware device, a USB type-c cable, two recovery seed cards, and the multilingual user guide.
1: Start by downloading ledger live app for desktop or android
2: Turn on the hardware device and connect to your computer using the USB cable or Bluetooth to a mobile phone
3: Open the ledger live app and once detected, select your device – Ledger Nano X.
4: Use the on-device to navigate the device. Start by selecting “Set Up as New Device” by pressing both buttons simultaneously.
5: It will prompt you to create a PIN code. Use either button to select a digit and press both digits to select it. Then re-enter the pin to confirm.
6: The device will then provide you with the 24-word recovery seed. Write them down and press both buttons to confirm you have noted them down and to proceed to the next step. You will however need to confirm the seed first.
7: You now need to add apps to your wallet. Use the ledger wallet to install apps for the crypto assets you intend to use. Ideally, the apps for all the most popular crypto like bitcoin and Ethereum will come installed.
8: Your wallet is now set and ready to use.
How to Add Bitcoins into Ledger Nano X Wallet
1: Connect the wallet device to your phone or computer.
2: On the ledger live app, select the coin you wish to add to your wallet and click “Receive.”
3: Confirm that the wallet address that appears on the app is the same as the address on the device screen.
4: If they match, copy the address or its QR code and forward it to the person sending you coins.
How to Send Bitcoins from the Ledger Nano X Wallet
1: Open your Nano X hardware device and connect it to your phone or computer.
2: Connect it to the ledger live app. At the bottom of the app, click on the “Send Funds” icon.
3: Select the crypto asset you wish to send – bitcoins in this case.
4: On the transfer window that pops up, enter the recipient’s wallet address, number of bitcoins you want to send, and choose the transaction fee type (could be high for fast transfers and low for normal transaction confirmation speeds).
5: Confirm that the transaction details are correct and click on the send button.
6: Press on the two on-device buttons simultaneously to authorize the crypto transfer.
Is Ledger Nano X Bitcoin Wallet Safe?
Yes, Ledger Nano X is considered one of the safest bitcoin wallets for a good reason. Save for the recent security breach of their company servers, the wallet had not experienced a security breach in the past. And even in this hack, the hackers only got away with the user’s contact information like email and address and not the actual crypto assets.
ZenGo wallet is arguably one of the most revolutionary crypto vaults to make it to our list of the best bitcoin wallet for iOS or Android devices. At the core, ZenGo is an app-based wallet developed by KZen – an Israel-based crypto security company.
According to its developers, ZenGo wallet offers a blend of simplicity and safety. It stands out because of its keyless technology that does not require passwords or traditional crypto wallet backups. In place of backups and traditional sign-in processes, ZenGo leverages biometrics and open-sourced threshold cryptography.
Also known as threshold signatures, this technology replaces the traditional backup with “mathematical secret shares” created independently and hosted on the client device and over the cloud. How does the ZenGo wallet work, though, and what other security features does it introduce to the industry? We tell you everything you need to know about the app wallet here.
ZenGo Wallet Pros and Cons
ZenGo Wallet Pros
User-friendly crypto wallet
Easy sign-up process
Highly responsive customer support
ZenGo Wallet Cons
No access to your private keys
It is a hot wallet
Low limits for unverified users
User-friendly wallet: ZenGo wallet maintains a decongested and highly navigable interface. You do not need any experience to interact with the wallet app. It also provides new users with practical guides on how to interact with most of its features.
Easy onboarding process: Of all the crypto wallets we have listed here, ZenGo has the easiest onboarding process. According to its developers, setting up the account should take no more than 19 seconds.
Responsive support: ZenGo wallet has one of the most responsive customer support teams. It is available 24/7 via live chat and on the wallet’s official social media pages.
No access to private keys: Unlike most other non-custodial wallets that give you absolute control over your crypto assets and private keys, ZenGo does not give you access to your private keys.
ZenGo is a hot wallet: The highly innovative nature of the wallet notwithstanding, we must appreciate the fact that ZenGo is an online wallet. It, therefore, is predisposed to the different threats facing online wallets like hacking.
Low transactional limits: When using the unverified ZenGo wallet account, you can only transact a maximum of $50 per day. You are, therefore, forced to verify your account if you wish to expand these transaction limits.
ZenGo Wallet Unique Features
Grow your crypto assets: ZenGo wallet provides you with access to the open finance Defi apps that let you earn from staking crypto assets. The wallet, however, adopts a different approach from the one used by other wallets. The integrated apps do not require you to lock up funds for a specific period of time. Your interest earnings are remitted daily and you can opt-out at any time.
Buy crypto using fiat: Verified ZenGo wallet users get a chance to convert crypto for fiat and vice versa. To achieve this, ZenGo wallet integrates third-party fiat-to-crypto conversion sites Moonpay and Coinmama. These accept Apple pay, SEPA, and credit/debit card payments.
Swap crypto: In addition to integrating third-party exchanges, ZenGo wallet provides crypto swap services. It lets you swap one crypto for another within the ZenGo ecosystem at a competitive fee.
Investment tracker: ZenGo wallet also integrates the live market watch. This lets you track the lime market prices and performance of your crypto portfolio, ZenGo supported currencies, and the Top 100 cryptocurrencies and tokens – by market cap.
Integrates ZenGo card: ZenGo wallet integrates the ZenGo prepaid Visa card. It allows you to spend your crypto in any crypto-friendly store across the world. And you can load this card with the ZenGo bitcoin wallet.
ZenGo Wallet Security Features
Biometrics: In place of passwords and PIN codes, ZenGo wallet leverages the hard-to-duplicate biometrics. Most of the wallet features and processes only require your fingerprint or face ID. For instance, a Fingerprint is required to log in to your ZenGo wallet.
Hosted crypto storage: ZenGo is a custodial wallet. Unlike most custodial wallets, however, it doesn’t retain absolute ownership of the private keys for your wallets. It embraces threshold signature technology that creates two independent signatures- one for your mobile device and another for the ZenGo servers. Both are required when signing and authorizing a transaction. It means that even if the ZenGo servers were hacked, your digital assets are safe as long as you have your phone.
Encrypted servers: In addition to the threshold signature technology, ZenGo wallet servers are highly encrypted. All your private data, including the private keys, are highly encrypted.
Biometric backup: Encrypted within the ZenGo wallet servers is a copy of your threshold signature key. This acts as the wallet backup. Should you lose the phone that hosts your account, all you need is to download another app on a new device and recover this key using a 3D scan of your face.
ZenGo Wallet Supported Cryptocurrencies and Countries
ZenGo wallet is currently available in 188 countries and territories across the world. The bitcoin vault users in these countries have access to 22 crypto and tokens that ZenGo currently supports.
ZenGo Wallet Fees and Limits
Currently, ZenGo wallet app is free to download and use. You only have to pay the 0.75% transaction processing fee crypto swaps, fiat-to-crypto conversion fee collected by third-party exchanges, and a blockchain fee collected by miners and network administrators. ZenGo however plans to introduce a monthly fee in the future.
There currently are no trading transaction limits for crypto swaps. The fiat-to-crypto trading limits are however based on your verification level. If you have only provided ZenGo with basic personal information like name, email, date of birth, and address, you can trade a maximum of $50 daily and $150 monthly. This limit expands to $50,000 if you complete the verification process.
How to Set Up the ZenGo Wallet App
1: Start by downloading the ZenGo wallet app on Google Play Store or Apple App store.
2: Open the app and click on the “Create a New Account” button.
3: Enter a valid email address.
4: You will receive a confirmation link in the email provided. Click on the “Confirm” tab.
5: Secure your ZenGo wallet with a Fingerprint or Face ID.
6: The wallet is now set and ready to use. You will, however, be prompted to create a backup before you can start using it.
How to Add Bitcoins into Your ZenGo Wallet
1: Start by logging in to your ZenGo wallet and tapping “Receive” on the user dashboard
2: Select the cryptocurrency you wish to receive
3: The app will provide you with a wallet address and a corresponding QR code
4: Copy either and forward it to the party sending you the coins
How to Send Bitcoins from the Wallet
1: Start by logging in to your ZenGo wallet and tapping “Send” on the user dashboard.
2: Select the cryptocurrency you wish to send.
3: On the transfer window, enter the recipient’s wallet address and the number of bitcoins you want to send.
4: Confirm that the transaction details are correct and hit send.
Is ZenGo Bitcoin Wallet Safe?
Yes, ZenGo wallet has come up with revolutionary and highly innovative measures aimed at keeping your crypto assets secure. The most significant being the emphasis on biometrics and the adoption of threshold signature technology. These are highly effective, but we mention that the online nature of the bitcoin vault exposes it to the inherent threats facing hot wallets.
Electrum wallet makes it to our list of the best bitcoin wallets 2021 because of its safety and reliability. It is one of the oldest and thus most popular desktop wallets. It was created in 2011, by a German Computer scientist – Thomas Voegtlin – as a substitute for full-node desktop clients. Today, Electrum wallet is hugely popular and it is even estimated that close to 10% of all bitcoins are stored in Electrum wallets. Its key selling points are its lightweight nature, the open-sourced code, and customizability.
In this review, we check if this popularity matches its safety. We will detail its key operational features, the security safeguards in place, and provide you with a step-by-step guide on how it works.
Electrum Wallet Pros and Cons
Electrum Wallet Pros
Straightforward registration process
Faster than most full node desktop clients
Decentralized and encrypted wallet
Electrum Wallet Cons
Processes transaction through third-party servers
Electrum Wallet was recently breached
Straightforward onboarding: Electrum wallet has a rather straightforward onboarding process. It may be lengthy and a tad complicated for a beginner, but it is straightforward.
Faster transaction processing: Unlike other bitcoin desktop clients, Electrum is lightweight. It does not download the bitcoin blockchain into your wallet. This ensures that it not only takes a small computer space but also records the fastest transaction processing speeds.
No single point of failure: The Electrum wallet’s server network is highly decentralized. This eliminates downtime incidences and ensures that there cannot be a central point of failure.
It is a hot wallet: Decentralization of servers and solid reputation notwithstanding, Electrum is a hot wallet. And this exposes it to the inherent challenges facing online wallets.
Wallet was recently breached: Electrum wallet was recently hacked with hackers making away with 1400 bitcoins. On this occasion, it is our belief that Electrum wasn’t as swift in addressing this loophole.
Not beginner-friendly: Electrum wallet is not beginner-friendly. Both the setup process and basic processes require a little crypto trading experience.
Electrum Wallet Unique Features
Light desktop app: Electrum wallet is a light desktop client. It was designed as the perfect alternative for the space-consuming and relatively slow full-node desktop clients that download desktop blockchains into your computer. It uses decentralized servers and records faster transaction processing.
Compatible with hardware wallets: Electrum wallet is also compatible with such popular bitcoin hardware wallets as Ledger and Trezor. Connecting the two allows you to store your bitcoins offline.
Multi-platform wallet: The Electrum wallet can also be considered multi-platform. While it started as a desktop-only wallet, they have currently introduced an Android version of the app.
Hugely customizable: Most aspects of the Electrum bitcoin wallet are highly customizable. It, for instance, lets you label addresses for reference. It allows you to rebroadcast transactions that don’t get confirmed faster using a higher fee and makes it possible for you to consolidate bitcoins payments via the “Pay to many” option.
Electrum Wallet Security Features
Password and 2FA: Electrum wallet has a password as its first line of defense. You can also activate two-factor authentication that ensures hackers do not empty your wallet even if they have the wallet password.
Watch-only mode: The Electrum wallet also makes it possible for you to view the wallet in watch-only mode. You can only view the wallet balances but cannot send or change key aspects of the wallet like passwords.
Open source: The Electrum wallet is also open-sourced. Over the years, numerous cryptography experts have vetted and helped improve the security and operability of the crypto wallet.
Hierarchically deterministic: Electrum wallet is also hierarchically deterministic. This implies that it creates a new wallet address for every crypto transaction. It goes a long way in hiding your actual wallet address and makes it hard to track your crypto activity.
Recovery seed: When creating a bitcoin wallet on Electrum, you will be presented with a 12-word backup seed. You, however, have the option to increase this seed by adding more custom words.
Non-custodial wallet: Electrum wallet is non-custodial and stores your bitcoin private keys in your device. It does not share these highly encrypted keys with any servers.
Electrum wallet supported crypto and country
Electrum is a bitcoin-only desktop wallet. The wallet is also available in 100+ crypto-friendly countries across the globe.
Electrum wallet fees and limits
The Electrum wallet is free to download. It, however, embraces a dynamic fee approach to managing bitcoin processing fees. This implies that you get to choose the fee to pay for a bitcoin transaction depending on the transaction processing speeds. Higher transaction speeds attract higher fees while lower fees translate to slow processing speeds.
How to activate Electrum wallet
1: Open the Electrum official website and download the Electrum desktop wallet app.
2: When installing the wallet you will be asked if you want to install a Standard wallet, Multi-signature wallet, 2FA wallet, or to import an existing electrum wallet. We chose a standard wallet.
3: Since we are creating a new wallet we choose the “Create a new seed” option.
4: Write down the 12-word recovery seed displayed on the screen and keep it safe.
5: Confirm that you have accurately captured the recovery seed.
6: Complete this process by creating a unique password for your wallet.
How to add/receive bitcoins into Electrum wallet
1: Log in to your Electrum bitcoin wallet.
2: Click on the “Receive” tab.
3: Copy the wallet address displayed on the screen and forward it to the person sending you the coins.
How to send bitcoins from Electrum wallet
1: Log in to your Electrum bitcoin wallet.
2: Click on the “Send” icon on the user dashboard.
3: On the transfer tab, enter the recipient’s wallet address and the number of bitcoins you want to send (including the transaction fees as electrum deducts it from the amounts being transferred).
4: Confirm the accuracy of these transaction details and hit send.
Is Electrum bitcoin wallet safe?
Yes, the fact that Electrum wallet is open-sourced, integrates hardware crypto wallets, and embraces equally popular crypto strategies makes it one of the safest bitcoin wallets around. Two factors, however, seek to pour cold water on its solid reputation of trustability – the recent hack and the fact that it is a hot wallet.
Guarda wallet is a free multi-platform crypto vault. Though relatively new – seeing that it launched in 2017 – it still makes it to our list of top bitcoin wallets because of its strong focus on user privacy. The wallet is non-custodial and does not share any of your personal data or private keys with third-party servers.
It was developed by the Guadarian OU Company and regulated by Estonian FIU (Financial Intelligence Unit). At the time of its founding, Guarda was an eth-focused wallet that provided standalone storage vaults for different coins. It has since consolidated its services and is now a single multi-asset vault.
In this Guarda wallet review, we look at its features, the safety measures it has put in place, a step-by-step setup process, fees, and supported crypto assets.
Guarda Wallet Pros and Cons
Guarda Wallet Pros
Highly intuitive user interface
Wide range of features
Responsive customer support
Guarda Wallet Cons
It is an online wallet
Relatively high exchange fees
Relatively new and not time tested
Intuitive interface: Guarda wallet maintains a decongested and interactive interface for both online and software wallets. Both are easy to use and quite beginner-friendly.
Feature-rich: Guarda is a feature-rich crypto wallet. It integrates such innovative features as a built-in exchange and token generator.
Responsive support: Guarda also stands out as one of the non-custodial wallets that offer customer support 24/7. The team is accessible via live chat and social media.
Guarda is a hot wallet: Though non-custodial, we must appreciate the fact that Guarda is a non-custodial wallet. It, therefore, is exposed to all the inherent threats facing hot wallets.
Relatively high fees: One may consider the in-wallet fees charged by Guarda wallet to be relatively high.
Not time tested: Guarda wallet is relatively and is, therefore, not time-tested. It is not as battle-tested as other online wallets like Electrum that have been around for close to a decade.
Guarda wallet unique features
Multi-platform: Guarda wallet is available both as an app and software. You can get it as a desktop and mobile app, web wallet, online extension, or a shielded wallet app – specially developed for ZCash.
Token generator: Guarda started as an eth-focused wallet. And though it has expanded this base and started accepting more coins like bitcoins, it is still rich in eth-focused features. These include the token generator that allows you to create and launch new tokens.
In-built exchange: Guarda wallet provides you with a platform for swapping crypto. It also integrates third-party exchanges that facilitate the purchase of crypto with fiat.
Multi-asset wallet: We have also mentioned that Guarda Wallet started as an Eth-focused crypto wallet. Today, however, the multi-platform wallet supports crypto-assets created on all the most popular blockchains.
Earn with staking: Guarda wallet integrates several DeFi protocols that allow you to grow your crypto assets through staking. Under this program, you will earn interest when you stake such coins as Ethereum, Tezos, Tron, and Cosmos.
Guarda wallet security features
Non-custodial: Guarda is a non-custodial crypto wallet. It does not store your crypto assets in the Guarda company servers or over the cloud. It encrypts and stores them on your device. Guarda also ensures that the chrome extension does not have access to the company servers thus eliminating the possibility of hackers exploiting web vulnerabilities.
Password and biometrics: Your Guarda wallet is secured with a password. You can also choose to add biometric security – Touch and Face ID to the Guarda mobile app wallets. In addition to securing the wallet, the password also serves as the wallet encryption tool.
Open sourced: Guarda is an open-sourced crypto wallet. You can view and audit the wallet source code on their website or their Github repository.
Wallet backup: When creating your Guarda wallet, you will be presented with the wallet recovery seed. You will need it to recover a lost wallet or import the wallet to another device.
Guarda wallet supported crypto and countries
Guarda wallet has established its presence in 100+ crypto-friendly countries across the world. Guarda wallet users in these countries can access the 50 crypto assets and 10k+ tokens supported by the multi-platform wallet.
Guarda wallet fees and limits
Guarda is a free online wallet. You won’t be charged to download any version of the Guarda wallet. The wallet however imposes a small transaction fee – about 3.5% – in addition to the blockchain network fees charged when swapping crypto. You will also have to pay the variable transaction processing fee when you buy crypto using fiat.
How to activate Guarda wallet
1: Start by downloading your preferred Guarda wallet from the Guarda official website, Google Play Store, or Apple app store. You can also use the web wallet, which is what we chose.
2: Click on ‘Create Wallet’ to get started. The popup window will give you the option to either create a new wallet or import an existing one.
3: Create a strong password for the wallet. Download the 12-word recovery seed and keep it safe offline
Your web wallet app is set and ready to use.
How to buy bitcoins into Guarda wallet
1: Log in to your Guarda wallet app and click on the “Buy” tab on the user dashboard.
2: Choose your preferred currency and enter the amount you would wish to spend. Proceed to choose which wallet you would want the cryptos deposited into and click ‘Next.’
3: Choose the payment method.
4: Confirm that these transaction details are okay and hit “Confirm”
5: The app will redirect you to a third-party exchange that facilitates the purchase
How to send bitcoins from the wallet
1: Log in to your Guarda wallet app
2: On the user dashboard, tap the “Send” tab
3: On the transfer window, enter the recipient’s wallet address
4: Confirm the accuracy of these transaction details before hitting send.
Is Guarda bitcoin wallet safe?
Yes, Guarda wallet is safe as it has put in place several measures aimed at keeping your wallet and crypto assets safe. These include the fact that the wallet is non-custodial, password, and biometrics. The wallet is also open-sourced – thus open to audits and improvement.
9. Trezor Model T wallet – Best alternative to ledger hardware
Trezor Model T is a hardware bitcoin wallet developed by SatoshiLabs Company and introduced to the crypto community in 2018. It is an improvement of the Trezor One hardware developed by the same company in 2013. Instead of conducting a few adjustments to the Trezor One wallet code, Its developers decided to create a new code from scratch.
It has a sleek design with a wide full-color display, it is open-sourced, and avoids the controversial wireless connection for hardware wallets. These features make it one of the best bitcoin wallet and help it top the bitcoin wallet comparison table.
Let us go through these features and the security measures it has put in place in this Trezor Model T review.
Trezor Wallet Pros and Cons
Trezor Wallet Pros
One of the most secure hardware wallet
Easy and straightforward set and use
Multi-asset hardware wallet
Trezor Wallet Cons
Most expensive hardware
Fiat purchase not available to all crypto
No support for iOS
Most secure wallet: Trezor Model T and Ledger Nano X are by far the most advanced and most secure bitcoin hardware wallets available today. But the controversial Bluetooth connectivity robs Ledger Nano X key security points. This helps Trezor Model T topple it as the most secure hardware wallet yet.
Easy to use: Though technologically advanced, Trezor Model T is relatively easy to use. It has a beginner-friendly UI and you don’t prior experience handling a hardware wallet to learn how to interact with Model T.
Multi-asset Wallet: Trezor Model T, like its predecessor Trezor One, is a multi-blockchain wallet. It supports all the popular coins, ERC 20 tokens, and collectibles.
Most expensive wallet: Trezor Model T tops the list of the most extensive crypto wallets. We believe that this is largely due to the integration of the full-color touchscreen display on the hardware device.
Fiat purchase not available to all crypto: Trezor Model T, unlike the ledger Nano X wallet, integrates third party exchanges on its software companion. In this case, you can only buy limited crypto using fiat on this platform.
No support for iOS: Currently, Trezor Model T does not have a software companion for macOS or iOS devices.
Trezor Model T wallet unique features
Large touchscreen display: Trezor Model T’s most distinctive feature is its sleek design, especially the touchscreen display. It is the first hardware wallet to integrate a wide (240×240), full-color touchscreen, and an LCD display on a hardware device. This display comes in handy when creating a wallet password,, backup, and confirming crypto transfers.
Integrates third-party exchanges: Trezor Model T’s software companion integrates third-party crypto exchanges – Changelly and Shapeshift. These make it possible for you to buy crypto using fiat. Wallet users have, however, complained about the limited number of coins and tokens you can buy on these exchanges.
Multi-blockchain wallet: Trezor Model T supports a wide range of cryptocurrencies, altcoins, tokens, and collectibles.
Compatible with several online wallets: Trezor Model T is highly versatile and can integrate several online wallets. The integration is nevertheless two-way and allows Trezor wallet users to import or recover private keys for lost or damaged hardware device on such software wallets as Electrum and Mycelium.
U2F and FIDO2 functionality: Trezor Model T also integrates U2F and FIDO2 functionalities. This means that it has been certified to store security passes and passwords for different online accounts. In such a case, Trezor sends a signature to these websites and accounts to authorize signing.
Trezor Model T wallet security features
Cold Storage: Trezor Model T is a hardware device and this means that it stores the private keys for your crypto offline. It is a non-custodial wallet that encrypts your private keys and stores them offline in the hardware device.
Physical transaction verification: Physical transaction verification implies that the hardware device must authorize outbound crypto transfers. This ensures that no one can transfer coins from your Trezor account without physical access to the hardware device.
Hierarchically deterministic: The Trezor Model T hardware wallet is also hierarchically deterministic. It creates a new wallet address for all crypto transactions. This helps eliminate the possibility of third parties tracking your crypto transactions and activity by masking your real wallet address.
PIN and recovery seed: The Trezor hardware wallet is secured with a password that you set when configuring the device. You will also be provided with a 12-word recovery seed (though there are options for 18 and 24-word seeds). The hardware device generates this all-important recovery seed offline.
Open source: According to SatoshiLabs, the Trezor Model T wallet technology was developed from scratch. This ensures that it doesn’t carry forward any undetected vulnerabilities that may be present within its predecessors – Trezor One – code. The code is also open-sourced and you can view it on the Trezor website or their Github page.
Trezor Model T wallet supported crypto and country
Trezor Model T hardware wallet can be shipped into virtually any crypto-friendly country around the world. To date, the wallet has been shipped to 150+ countries and territories around the world. Its users can then interact with the more than 1400 crypto assets supported by the platform.
Trezor Model T wallet fees and limits
Trezor Model T hardware wallet costs €59 + tax and shipping. The wallet does not impose additional transaction fees on the user. You only have to pay the dynamic blockchain network fees for crypto transfers and the costs associated with buying crypto with fiat.
There is no limit to how much crypto you can transact using Trezor or hold in your hardware device.
How to activate Trezor wallet
First, we unbox the Trezor Model T package. In the box, you will find the hardware device, a USB-C cable, two leaflets for capturing recovery seed, and Trezor stickers.
1: Power on the Model T hardware device and connect it to your computer using the USB-C cable
2: On your preferred browser, open the official Trezor website.
3: Click on the “I already own Trezor” tab select the model of your device – Trezor Model T
4: Click on the “Continue to wallet” button after which you will get a prompt to download the Trezor Bridge Software
5: Click on “Install Firmware.”
6: Disconnect and then reconnect the hardware device
7: On the bridge software, click on the “Create New” icon to start creating a new wallet account
8: Click on the “Create a Backup” icon. The hardware device will display the recovery seed. Write it down on the sheets provided and keep it safe
9: Confirm that you have accurately captured this seed to continue
10: Create a strong PIN for the hardware device
The wallet is now set and ready to use
How to add/receive Bitcoins into Trezor wallet
1: Power on the hardware device, connect it to the computer, and open the Trezor Bridge software
2: Tap on Account#1 on the user dashboard to reveal supported cryptocurrencies
3: Select the crypto asset you want to add e.g. bitcoins and click on the “Receive” icon
4: Confirm that the wallet address displayed on the on-device screen and bridge software match.
5: Copy the address and forward it to the party sending you the coins
How to send Bitcoins from Trezor wallet
1: Power on the hardware device, connect it to the computer, and open the Trezor Bridge software
2: Tap on Account#1 on the user dashboard to reveal supported cryptocurrencies
3: Select the crypto asset you want to transfer e.g. bitcoins and click on the “Send” icon.
4: On the transfer window, enter the recipient’s wallet address and the number of bitcoins you wish to send
5: Select the priority of transaction fees (can be low, economy, Normal, or High)
6: Confirm that the transaction details are accurate and hit send – on the bridge software
7: Re-confirm that the transaction details are correct on your Trezor hardware device. Long press the green “Hold to Confirm” button until it shows that transaction has been sent
Is Trezor Model T Bitcoin wallet safe?
Yes, Trezor Model T is arguably the most secure bitcoin wallet yet. It embraces highly dynamic security features and has also done away with the controversial Bluetooth connectivity – effectively eliminating possible man-in-the-middle attacks. Its effectiveness is evidenced by the fact that the wallet has never been hacked.
When you compare bitcoins wallets, there are a few factors that you must prioritize. First, you have to vet at the security measures put in place around the wallet. For instance, it is a custodial or a non-custodial wallet, does it allow two-factor authentication, and does it have multi-signature functionality? You also have to consider the wallet’s user-friendliness. Equally important, are the number of supported crypto assets, fees (both purchasing cost and transaction fees), and the number of integrated features. After going through this list of the best bitcoin wallets in 2021, you should be able to come to the right decision on the best wallet for you.
Frequently asked questions
A bitcoin wallet is a physical device or an online program that you can use to store public and private keys for your bitcoins. In addition to storing, a bitcoin wallet is a device that encrypts these keys and facilitates in and outbound transfers of these bitcoins.
First, you need first identify your preferred bitcoin wallet from our list of the best bitcoin wallets 2021. If it is a free wallet, head over to their official website, Google Play Store, or Apple App Store and download the wallet app. For premium hardware devices, we also advise that you also buy these devices from the official wallet developer websites.
If you still have access to your wallet, contact its developers for guidance on how to recreate the backup recovery seed. There, however, is no way of recovering your wallet or private keys if you lose the backup seed and forget your wallet password.
Most effective bitcoin wallets are free. However, premium bitcoin wallet developers – especially hardware devices developers get to express discretion in setting the wallet prices.
Most bitcoin wallets do not impose additional transaction fees on in-wallet crypto activity. They are free. Some like Trezor Model T and ZenGo do not charge additional fees for fiat to crypto transactions conducted on the integrated crypto exchanges.