With the number of crypto investors growing exponentially since the pandemic struck, there has been an increase in investment and trading, and a growing need for reliable cryptocurrency wallets so that investors can store their crypto securely. While investors may not have all the technical knowledge about cryptocurrency wallets, there are some fundamental elements that must be considered when choosing the right wallet.
When looking for a crypto wallet, it is important for investors to understand the type of storage on offer, the security protocols of that wallet, and how easy it is to use. In terms of safety, investors must know whether that specific wallet offers online (hot) or offline (cold) storage for your personal crypto key — the pin code that allows investors to access their funds. With that being said, we run through some of the finest crypto wallets on offer for 2021.
Best Crypto Wallets for 2021
Best for beginners: Exodus
Exodus is the most popular crypto wallet for new investors due to its ease of use and flexibility. It is a hot wallet that offers investors insight with live charts and a built-in exchange. Exodus users benefit from 24/7 customer support and have many options available with 145 supported cryptocurrencies on the platform.
Exodus is particularly suitable for desktop crypto traders who are attracted to its quick transaction speeds, ease of use, and wide range of functionality. While Exodus was initially available exclusively for desktop users, it has now expanded its offering for mobile users on Android and iOS. Moreover, users have the luxury of buying Bitcoin with Apple Pay.
Best for advanced Bitcoin users: Electrum
For those investors who invest and trade exclusively with Bitcoin, they need look no further than Electrum to store their bounty. Electrum is a hot wallet that has been the Bitcoin wallet of choice for many investors since 2011 — making it the most popular and oldest Bitcoin wallet in the industry.
Users are attracted to its rapid speed of transactions, ease of use and security protocols. This platform is created to provide unique, Bitcoin-specific security features that are head and shoulders above comparable crypto wallets. Users also have the ability to choose adjustable fees where they have the freedom to determine what their transaction fees will be — based on how long they are willing to wait for their transaction to be processed.
Best for mobile users: Mycelium
Mycelium is one of the most established crypto wallets and began as a mobile-only app. Due to its reputation, it remains an extremely popular option for mobile crypto storage on both iOS and Android. Users have the option of storing their crypto in either hot or cold storage — with offline storage not hindering a user’s ability to continue using the platform.
Mycelium users have the option to choose adjustable fees that are determined by how long they are willing to wait for the transaction to be processed. Mobile app users can benefit from an in-app exchange, trading and crypto learning resources. Although Mycelium primarily accommodates Bitcoin investors, the platform is also compatible with Ethereum and other ERC-20 tokens on the market.
Best for security: Trezor Model T
For those crypto investors who want the highest level of security from a crypto wallet, Trezor Model T is your solution. Trezor Model T is a cold storage platform that offers a user-friendly touchscreen that makes it easy and more intuitive to use while incorporating key enhancements from its predecessor, Trezor One wallet.
Trezor Model T can also boast of being the very first hardware wallet globally to implement Shamir Backup (SLIP39) that provides incredible levels of security in recovery seed — making it exceptionally easy for users to recover their wallet if they happen to lose their device. Cold storage is definitely the way to go for the ultimate protection of your funds, and Tezor Model T features on the top of the list in this category. Investors can expect to pay around $190 for the device.
Best bang for your buck: Ledger Nano S
Ledger Nano S is a fantastic cold storage wallet for those investors who are on a tighter budget. Investors are drawn to this storage platform due to its incredible range of compatibility options with over 1800 cryptocurrencies supported. This makes it perfect for those users who have highly-diverse portfolios and are looking to store a wide variety of altcoins in the same wallet.
Ledger Nano S wallet holders all have access to Ledger Live software, and the hardware includes a certified secure chip — CC EAL5+ — underscoring its commitment to secure storage for investors. Users can store up to three apps at a time and can expect to fork out around $60 for the device — perfect for those investors who are keeping a tight lid on their finances.
Final Thoughts
Whether you are a seasoned crypto investor or just starting out in the crypto game, it is vital that you choose reputable crypto wallets to safeguard your crypto portfolio. With cybercriminals becoming ever more brazen and creative, investors must not compromise when it comes to choosing a safe and secure crypto wallet.
While all the crypto wallets discussed above have excellent track records when it comes to safety and security, the choice is ultimately up to you when selecting your storage platform. Make sure to do your research before committing to a crypto wallet and always evaluate your personal circumstances to choose a crypto wallet that is most suitable. Good Luck!
It is important to note that investing in cryptocurrencies is a risky and highly speculative proposition. This article does not provide recommendations, advice or guidance regarding cryptocurrency investments but is rather our opinion on such activities. Investors must conduct their own research and engage in the services of qualified professionals before making any financial and/or cryptocurrency investment decisions. We do, however, recommend established platforms like Wisly to monitor and analyse your crypto investments.
