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Whether you are a Bitcoin expert or just starting your journey into cryptocurrency, having a secure and trustworthy Bitcoin wallet is essential for keeping your assets in one place.
However, the crypto market is so saturated that finding the best Bitcoin wallet for your specific needs may seem overwhelming.
Bitcoin wallets make accessing your accounts a breeze - you can check your crypto stats anytime and anywhere. Read on for more information on the best Bitcoin wallets of 2023, their benefits and pitfalls, and how to keep your cryptocurrency secure.
The Top Bitcoin Wallets in 2023
Comparison of the Best Crypto Wallets
The Ledger Nano X is a great way for someone with a large number of tokens and other holdings to secure their cryptocurrency.
Coinbase Wallet is a simple-to-use software wallet that brings the functionality of other wallets like MetaMask to a broader user base.
The Trezor Model T is the upgraded Trezor wallet that continues its commitment to security and open-source services.
Ledger Nano S allows you to secure, buy and grow your crypto assets with the world's most popular hardware wallet.
The Exodus wallet allows you to manage and exchange cryptocurrencies with the best Crypto Wallet for desktop and mobile.
Methodology - Our Criteria for Bitcoin Wallets
We did not just pick five random Bitcoin wallets for this list - we created criteria to ensure we delivered the highest quality wallets available.
Throughout our research, we asked questions such as:
- Are there fees associated with this wallet? If yes, how much, and do those fees increase over time?
- What are the reviews like for this crypto storage wallet? Are they predominantly positive (4 stars and over), or do they fall below the 3.5-star line?
- Does the wallet have investment minimums? If they do, are the minimums reasonable or sky-high?
- How long has this wallet been around? While an older wallet does not automatically mean it is trustworthy, new wallets may be riskier.
- Who is on the leadership team? Are they well-known tech gurus or laymen?
Of course, what makes these wallets the best may be subjective - but the consensus here is to find a reliable, affordable, and highly-rated crypto wallet.
5 Best Crypto Wallets of 2023
Are you ready to find your ideal cryptocurrency wallet? Below are our top five picks of 2023.
1. Ledger Nano X - Best Overall
The Ledger Nano X is a powerhouse hardware Bitcoin wallet. This powerful tool is Bluetooth-enabled and stores all your information in one place.
Since Ledger sells hardware Bitcoin wallets and not crypto, there is no minimum investment. The Nano X model boasts 4.5 stars from 8,592 reviews. Ledger launched in 2017 in Paris, France.
The Nano X keeps your NFTs and tokens offline and secure, making it one of the safest wallets on the market. Its large screen is easy to navigate and perfect for those that do not want to worry about having a perpetual internet connection.
2. Coinbase Wallet - Best Free Wallet
Coinbase hit the crypto scene in 2012 and has continuously had success since. Co-founder Brian Armstrong states that the company goal is to make cryptocurrency accessible and transparent for all users.
With a userbase of over 89 million, Coinbase is one of the largest crypto wallets worldwide. Coinbase Wallet has a low minimum investment of $2 and an overall user rating of 4.4 out of 5.
We rated this wallet best overall because of its user-friendly interface. Coinbase Wallet is self-custody, meaning you have total control of your crypto account.
If you have NFTs, you can store those in your Coinbase Wallet account, too.
3. Trezor Model T - Best for Security
Keeping your crypto wallet secure is a top priority for most users, and if you have any concerns regarding the security of your account, the Trezor Model T is your best bet.
It works as a Bitcoin wallet, password storage device, and Digital ID. Trezor released its first product in July 2014 and has since provided top-notch hardware for crypto users worldwide.
With the Trezor Model T, you never have to worry about agreeing to unwanted transfers accidentally or your private information leaving the hardware.
The device also comes with 12-word recovery seed options should you lose your Model T.
4. Ledger Nano S - Best Offline Wallet
The Ledger Nano S is the most popular crypto wallet and one of the most affordable. The Nano S is the less complex version of the Nano X but has many similar benefits.
Users can buy, trade, and sell crypto on the Nano S and keep NFTs secure. This Bitcoin wallet is ideal for beginners as it has several security features but is not overly complicated to use.
5. Exodus - Best for Beginners
Exodus is one of the most popular wallets for its accessible features and multiple user platforms. Their company goal is to make cryptocurrency understandable and fun for new users.
Through continuous updates, new features, and attention to detail, Exodus is the perfect way to enter the cryptocurrency world.
How to Choose a Bitcoin Wallet
No two crypto users are the same - so every wallet needs to be flexible enough to accommodate a wide range of needs and tokens. When deciding what Bitcoin wallet will work best for you, consider features such as security, ease of use, and overall access to your crypto accounts.
If you have ever experienced hacking, you may want to pick an offline hardware Bitcoin wallet, like the Ledger options above. New users may find additional success with the Exodus wallet for its simplicity and enjoyable features.
Experienced cryptocurrency traders will more than likely need something with extensive token choices, like the Coinbase wallet or the Model T.
Bitcoin recommends choosing a wallet based on how often you trade, sell, or buy. For example, a user that purchases Bitcoin often may opt for a wallet with a high present - meaning, they pay more in fees but receive their funds faster than with a medium or low-speed preset.
If you actively purchase crypto, higher presets are the way to go. Casual buyers do not need the high preset option and can use a medium or low setting.
Hardware vs. Mobile
Another consideration is whether you want a physical wallet or one that works as a mobile or desktop app. While hardware wallets are the most secure, they are not as convenient as opening up an app on your phone (or as immediate).
Hardware wallets are also more expensive, but most users find the investment worth it in the end due to lower security risks. But, having to carry around an additional physical device may be cumbersome for particular users.
Why You Need a Bitcoin Wallet
Bitcoin wallets store cryptocurrency and other crypto assets, such as passwords, keys, and NFTs. Physical Bitcoin wallets (like the Ledger Nano S, Nano X, and Trezor Model T) are the best way to keep your information secure and protected from hackers.
As mentioned above, hardware wallets (sometimes called cold storage) are the most secure. But whether you choose a hardware wallet or mobile option, your information needs to remain private.
Otherwise, hackers can potentially find your standard bank account and wreak havoc. Having a Bitcoin wallet will enable you to buy and sell your cryptocurrency safely and securely from one device that is very unlikely to be compromised.
A crypto wallet is an excellent investment if you plan on dealing in crypto regularly. That said, Bitcoin wallets are not technically essential for maintaining your crypto assets.
They are simply the easiest way to manage all of your accounts in one place.
First and foremost, learn as much as you can about crypto before purchasing shares or investing in a Bitcoin wallet. While the market is pretty confusing and can get overly tedious, you need to know the basics regarding buying and selling.
The five Bitcoin wallets above represent the best on the market - each has security features, can hold multiple kinds of tokens at once, and allows you to check your account from anywhere.
We provided both hot and cold wallets to appeal to every level of cryptocurrency investor and weighed the pros and cons of each choice.
Overall benefits of a Bitcoin wallet include:
- Instant transactions
- Ability to shop at stores that accept Bitcoin payments
- Browse decentralized data apps
Regardless of what Bitcoin wallet you choose, the choices on this list are practical and efficient ways to ensure your information stays secure.
Our top pick of Ledger Nano X is a surefire way to maximize your crypto success.
Bitcoin Wallet FAQ's
Are you still curious about Bitcoin wallets? Here are the most common questions from crypto users just like you.
Bitcoin wallets are digital wallets with encrypted codes representing tokens, NFTs, and account information.
An easy way to think about a Bitcoin wallet is to consider it the crypto equivalent of a standard wallet - instead of keeping it in your pocket, your Bitcoin wallet is on your phone, a hardware device, or desktop.
Bitcoin wallets work by utilizing a blockchain, which is a digital ledger that stores all data types. Using your Bitcoin wallet is relatively straightforward.
You need a code (similar to a password) and a wallet address. From there, sending and accepting crypto is as easy as tapping a button. For your Bitcoin wallet to operate correctly, you need to keep your wallet address private and as inaccessible as possible.
Remember that Bitcoin wallets do not store cryptocurrency directly. Instead, they save the encrypted codes and data of your crypto - so you can access your account, but the monetary value itself is not accessible through your wallet.
A Bitcoin wallet doesn't have to be expensive. The most expensive model on this list is the Trezor Model T, which will run you over $200.
If you want a hardware Bitcoin wallet but do not want to break the bank, the super-popular Ledger Nano S is under $100 and provides excellent security options.
Some software-based Bitcoin wallets are free - but they don't have the security features available in the Bitcoin wallets represented here.
In the interface of your wallet, you will want to look for a buy and sell button. Use this buy and sell button to buy and sell cryptocurrency in crypto marketplaces.
It may take up to 5 days for certain transactions to appear - however, many dealings are instantaneous. To cash out your Bitcoin wallet, you have to sell at least some of your crypto.
When another user buys your share, you receive actual cash and can transfer it to your bank account or purchase more cryptocurrency (this process is called a peer-to-peer transaction).
Also, if you make a profit off of your crypto, you will eventually have to pay taxes on it.
Cold wallets are hardware Bitcoin models, like the Trezor and Ledger options on this list. Hot wallets are mobile, fast-paced wallets like Coinbase or Exodus.
Experts recommend not storing large amounts of crypto in a hot wallet account. The significant difference is that hot wallets are connected directly to the internet, while cold wallets remain offline.
Everyday crypto users tend to lean towards hot wallets, but those with extensive currencies may go for cold wallets for higher levels of data protection.
Ledger Nano X
Secure, buy, exchange, grow your crypto and manage your NFTs with our new Bluetooth-enabled hardware wallet. All your digital assets secured in one place.
Recap of our top Bitcoin Wallets