Owning crypto assets is one thing, but keeping them safe is a different conversation. Initially, trust was a ubiquitous sentiment in the crypto sphere, but as hackers brushed away millions of dollars from popular exchanges, people realized they needed an alternative(a fact that was reaffirmed by the FTX collapse), and that’s when crypto wallets came into the picture.
As a crypto investor or an NFT collector, you need a crypto wallet, one that’s safe, reliable, and most importantly accessible when you need your assets. Now, there are hundreds if not thousands of crypto wallets in the crypto sphere, hot wallets, cold wallets, custodian wallets, non-custodian wallets, and more to choose from.
In this article, we discuss 5 best and most secure crypto wallets to keep your assets safe.
How Can You Choose the Most Trusted Crypto Wallet?
Choosing the most reliable crypto wallet depends on your specific needs, preferences, and the types of cryptocurrencies you intend to hold.
To help you out, here’s a list of the top 5 wallets for cryptocurrency to choose from.
Electrum
Electrum is one of the most trusted crypto wallets across the crypto community owing to its lightning-fast transaction speeds and support for a wide range of cryptocurrencies including Bitcoin, Ethereum, and Litecoin.
Electrum uses a hierarchical deterministic (HD) wallet structure, which creates a unique address for each transaction you make. This helps to enhance privacy and security by preventing anyone from tracking your transactions. Electrum also enables you to create multiple wallets within the same software, allowing you to organize your digital assets easily. The platform also supports hardware wallets and offers custom transaction fees for people with advanced use cases.
Pros:
High transaction speeds
Wide range of cryptocurrencies
User friendly
Custom transaction fees
Supports hardware wallets
Cons:
Does not offer as many features as some other software wallets
Not beginner friendly
Security vulnerabilities reported in the past year
ZenGo
If you’re looking for a reliable, secure, and easy-to-use non-custodial crypto wallet, ZenGo is the way to go. It is one of the first crypto wallets to solve the private key vulnerability i.e., frauds that occur due to the misplacement of the private key. It does that by removing the private key from the equation altogether by leveraging encrypted biometrics, making it one of the simplest wallets to use.
You can download the app on your android or IOS device by scanning the QR code in the image below.
You can make your account with ZenGo in less than 60 seconds and transact in 70+ crypto assets. With a guaranteed recovery model and built-in Web3 firewalls, it is one of the safest crypto wallets out there. ZenGo eliminates the possibility of phishing scams by using MPC cryptography instead of private keys and offers a safe environment for users to buy, sell, and trade crypto assets.
Trezor Model T is one of the most technically advanced cold wallets in the digital wallet space. The cold wallet comes with a touch-screen display to navigate the device, and a dedicated processor to make those transactions lightning fast, not to mention the high levels of encryption on the device to secure your assets. It supports more than 1,440+ crypto assets. Trezor is a subsidiary of Satoshi labs and it was launched back in 2016. You can buy it directly from the website.
Although it’s a cold wallet, you can download the desktop app of the wallet for easier access. It is one of the few cold wallets to implement the Shamir Backup to protect your security seed and clubs it with a catchphrase recovery model, making it the best crypto wallet out there as far as cold wallets are concerned.
Pros:
Touchscreen display
Open-source firmware
Easy to use
Highly encrypted
Cons:
A bit expensive
Lack of customer support
Exodus
Every entry on this best crypto wallet list has a USP apart from all the basic functionalities. Exodus is on the list thanks to its visually attractive and super intuitive user interface, which makes using it, a delightful experience for the users. Initially launched as a desktop-only wallet, it’s now available for download across Android and iOS devices. However, the desktop version of the app is still the primary offering, being updated every 14 days to make it more secure.
Exodus wallet also supports the Trezor hardware wallet for users who want to have easier access to their assets stored on cold wallets. Among the 260 odd crypto assets it supports, XRP, BCH, Ether, Litecoin, and Dogecoin are some of the popular holdings. It has also advanced features like customizable transaction fees for Bitcoin, Ethereum, and ERC-20 transactions. The transaction speeds are unbelievably fast because, unlike other soft wallets, it does not download entire blockchains to verify a certain transaction.
Pros:
Easy to use
Supports Apple Pay
Customizable transaction fees
Supports 260+ assets
Cons:
Less secure mobile version
No Native 2-FA
Multisig not supported
Blue Wallet
If you want a Bitcoin wallet for your smartphone, BlueWallet is the logical choice thanks to its feature-rich mobile app. The wallet supports cold wallets to easily manage their cold storage, and also allows users to create multiple spaces in case of forced disclosure. You can easily bump, cancel, or batch transactions by tweaking the dynamic transaction control feature on the app.
The app has a beginner-friendly interface that allows new users to easily navigate through the sea of functionalities offered within the app. Moreover, it supports complex features like customizable transaction fees and torr connectivity for enhanced security. Just like most of the wallets on this best crypto wallet list, it supports cold wallet integrations for efficient management of cold assets. It also supports integrations with lightning network, a layer 2 protocol that makes P2P transactions unbelievably fast and reliable.
Pros:
Beginner friendly
Supports lightning transactions
Customizable transaction fees
Multisig support
Create and manage proxy storage spaces
Cons:
No in-app tutorials for advanced features
Does not support 2-FA
Conclusion
From enhanced security to streamlined access to your cryptocurrency assets, the wallets on this list provide top-notch protection for your digital assets. While the ultimate choice will depend on individual needs, rest assured that any of the options listed here will keep your crypto safe.
And regardless of which wallet you choose and what transactions you participate in, your tax obligations remain constant. However, navigating cryptocurrency taxes can be complicated, as different countries have varying rules and regulations, and tax authorities are continuously updating their guidelines. To ensure accurate reporting, you need to keep track of all your crypto activity across all exchanges and wallets and stay up to date on the latest tax laws and that’s challenging.
One way out of this mess is to leverage tax automation software like Kryptos. You just need to connect all your wallets and crypto exchange profiles on the platform, and it will auto-fetch all the necessary information and generate an accurate tax report based on your location. The platform even suggests tax-saving strategies like HIFO accounting and tax-loss harvesting, so that you don’t have to pay an extra dollar in taxes.
FAQs
1. What are the safest crypto wallets available?
If you’re looking for the most secure crypto wallets out there, hardware wallets are the best alternative for you. These are physical devices that are designed specifically to secure cryptocurrency. They store your private keys offline, making them immune to hacking attempts and other online threats. Trezor Model T is one of the best cold wallets out there with a simple interface and includes many security features to protect your assets.
2. Which is the best crypto wallet to use for you?
There’s no “one size fits all” answer to this question. It’s a choice that is subjective to your priorities and expectations. If you want the best bitcoin wallet for your smartphone, do with BlueWallet, if you need a more secure alternative, pick a cold wallet like Trezor, if you want something that works well on your desktop, Electrum is the right choice, and if you need something that fits all your needs with a little compromise on security, go with Exodus.
3. What are the best crypto wallet apps?
If you’re looking for the best and most trusted crypto wallet app that’s compatible with your smartphone and easy to navigate, BlueWallet is the way to go. However, it only supports bitcoin transactions and that can be a handicap for some users. Some of the popular crypto wallets for smartphones are Mycelium, Trust Wallet, BRD, ZenGo, and Exodus. There are many cryptocurrency wallets available for smartphones, and the best one for you will depend on your specific needs.
4. What are the best Bitcoin wallets?
There are multiple Bitcoin wallets available in the crypto sphere, however, we recommend going with Electrum if you’re a desktop user, and BlueWallet if you prefer using your smartphone.
All content on Kryptos serves general informational purposes only. It's not intended to replace any professional advice from licensed accountants, attorneys, or certified financial and tax professionals. The information is completed to the best of our knowledge and we at Kryptos do not claim either correctness or accuracy of the same. Before taking any tax position / stance, you should always consider seeking independent legal, financial, taxation or other advice from the professionals. Kryptos is not liable for any loss caused from the use of, or by placing reliance on, the information on this website. Kryptos disclaims any responsibility for the accuracy or adequacy of any positions taken by you in your tax returns. Thank you for being part of our community, and we're excited to continue guiding you on your crypto journey!
Country
Issue
Kryptos Use Case
India
Cryptocurrency transactions are taxed as capital gains, with evolving legislation creating uncertainty.
Kryptos.io streamlines the process by automatically tracking transactions and computing capital gains, adjusting to new regulations for precise reporting.
Brazil
Cryptocurrencies are subject to capital gains tax and must be reported, posing challenges with complex requirements.
Kryptos.io simplifies compliance by offering real-time transaction tracking and detailed tax calculations, making it easier to meet Brazil’s tax obligations.
Nigeria
Regulatory framework for cryptocurrencies is evolving, with uncertainty around taxation and restrictions from the Central Bank.
Kryptos.io provides an adaptable solution by maintaining detailed records and generating flexible reports, helping users stay compliant despite regulatory changes.
USA
Cryptocurrency transactions are subject to capital gains tax, with detailed IRS reporting requirements.
Kryptos.io enhances compliance by automating the tracking of transactions and generating comprehensive tax reports, facilitating adherence to IRS requirements.
UK
Cryptocurrencies are taxed under both capital gains tax and income tax, requiring careful tracking and reporting.
Kryptos.io aids UK users by monitoring both capital gains and income from crypto transactions, ensuring accurate and straightforward tax reporting.
Australia
Cryptocurrencies are subject to capital gains tax, and users must report their gains and losses to the ATO.
Kryptos.io assists Australian users by providing seamless transaction tracking and precise capital gains calculations, ensuring efficient compliance with ATO reporting requirements.
Germany
Cryptocurrencies are taxed as private assets with gains subject to tax if held for less than a year.
Kryptos.io supports German users by tracking holding periods and computing taxes on cryptocurrency transactions, ensuring adherence to German tax regulations.
Japan
Cryptocurrency gains are treated as miscellaneous income and are subject to high tax rates.
Kryptos.io helps Japanese users by offering a detailed tracking system and calculating taxes on miscellaneous income, efficiently managing high tax obligations.
Scenario
Description
Kryptos Features that can be of aid
Multiple Exchanges and Wallets
Consolidating records from various exchanges and wallets to maintain a comprehensive overview of crypto activities.
Seamless integration with numerous exchanges and wallets, automatic import, and consolidation of records.
International Transactions
Managing records for cross-border transactions, including currency conversions and compliance with international tax laws.
Support for multiple currencies, efficient management of cross-border activities, accurate currency conversion for reporting.
Complex Transactions
Handling trades, swaps, staking, lending, and other sophisticated crypto activities.
Advanced tracking, reporting, and documentation for various transaction types. Kryptos' DeFi and NFT modules offer specialized tools for managing decentralized finance and NFT activities, ensuring precise records and comprehensive oversight.
How we reviewed this article
Written by
Pratibha Tiwari
Content Creator - Kryptos, An engineer who transitioned to become a Web3 Content Writer and Creator, has contributed to core marketing teams of renowned Web3 projects.
As Web3 evolves, managing a diverse portfolio has become complex. Kryptos simplifies this with advanced tools for real-time tracking, NFT management, and DeFi analytics. Discover how Kryptos turns challenges into strategic advantages for modern investors.
Struggling with crypto tax in Australia? Kryptos.io simplifies the process, ensuring accurate and compliant filings with the ATO. Track transactions and value assets effortlessly—make tax season stress-free.
Mastering Crypto Taxation: Navigate the Complex World of Digital Assets with Kryptos, the Ultimate Solution for Accurate, Efficient, and Future-Proof Tax Reporting.
See More
Top 5 Wallets for Cryptocurrency in 2023
By
Pratibha Tiwari
On
Owning crypto assets is one thing, but keeping them safe is a different conversation. Initially, trust was a ubiquitous sentiment in the crypto sphere, but as hackers brushed away millions of dollars from popular exchanges, people realized they needed an alternative(a fact that was reaffirmed by the FTX collapse), and that’s when crypto wallets came into the picture.
As a crypto investor or an NFT collector, you need a crypto wallet, one that’s safe, reliable, and most importantly accessible when you need your assets. Now, there are hundreds if not thousands of crypto wallets in the crypto sphere, hot wallets, cold wallets, custodian wallets, non-custodian wallets, and more to choose from.
In this article, we discuss 5 best and most secure crypto wallets to keep your assets safe.
How Can You Choose the Most Trusted Crypto Wallet?
Choosing the most reliable crypto wallet depends on your specific needs, preferences, and the types of cryptocurrencies you intend to hold.
To help you out, here’s a list of the top 5 wallets for cryptocurrency to choose from.
Electrum
Electrum is one of the most trusted crypto wallets across the crypto community owing to its lightning-fast transaction speeds and support for a wide range of cryptocurrencies including Bitcoin, Ethereum, and Litecoin.
Electrum uses a hierarchical deterministic (HD) wallet structure, which creates a unique address for each transaction you make. This helps to enhance privacy and security by preventing anyone from tracking your transactions. Electrum also enables you to create multiple wallets within the same software, allowing you to organize your digital assets easily. The platform also supports hardware wallets and offers custom transaction fees for people with advanced use cases.
Pros:
High transaction speeds
Wide range of cryptocurrencies
User friendly
Custom transaction fees
Supports hardware wallets
Cons:
Does not offer as many features as some other software wallets
Not beginner friendly
Security vulnerabilities reported in the past year
ZenGo
If you’re looking for a reliable, secure, and easy-to-use non-custodial crypto wallet, ZenGo is the way to go. It is one of the first crypto wallets to solve the private key vulnerability i.e., frauds that occur due to the misplacement of the private key. It does that by removing the private key from the equation altogether by leveraging encrypted biometrics, making it one of the simplest wallets to use.
You can download the app on your android or IOS device by scanning the QR code in the image below.
You can make your account with ZenGo in less than 60 seconds and transact in 70+ crypto assets. With a guaranteed recovery model and built-in Web3 firewalls, it is one of the safest crypto wallets out there. ZenGo eliminates the possibility of phishing scams by using MPC cryptography instead of private keys and offers a safe environment for users to buy, sell, and trade crypto assets.
Trezor Model T is one of the most technically advanced cold wallets in the digital wallet space. The cold wallet comes with a touch-screen display to navigate the device, and a dedicated processor to make those transactions lightning fast, not to mention the high levels of encryption on the device to secure your assets. It supports more than 1,440+ crypto assets. Trezor is a subsidiary of Satoshi labs and it was launched back in 2016. You can buy it directly from the website.
Although it’s a cold wallet, you can download the desktop app of the wallet for easier access. It is one of the few cold wallets to implement the Shamir Backup to protect your security seed and clubs it with a catchphrase recovery model, making it the best crypto wallet out there as far as cold wallets are concerned.
Pros:
Touchscreen display
Open-source firmware
Easy to use
Highly encrypted
Cons:
A bit expensive
Lack of customer support
Exodus
Every entry on this best crypto wallet list has a USP apart from all the basic functionalities. Exodus is on the list thanks to its visually attractive and super intuitive user interface, which makes using it, a delightful experience for the users. Initially launched as a desktop-only wallet, it’s now available for download across Android and iOS devices. However, the desktop version of the app is still the primary offering, being updated every 14 days to make it more secure.
Exodus wallet also supports the Trezor hardware wallet for users who want to have easier access to their assets stored on cold wallets. Among the 260 odd crypto assets it supports, XRP, BCH, Ether, Litecoin, and Dogecoin are some of the popular holdings. It has also advanced features like customizable transaction fees for Bitcoin, Ethereum, and ERC-20 transactions. The transaction speeds are unbelievably fast because, unlike other soft wallets, it does not download entire blockchains to verify a certain transaction.
Pros:
Easy to use
Supports Apple Pay
Customizable transaction fees
Supports 260+ assets
Cons:
Less secure mobile version
No Native 2-FA
Multisig not supported
Blue Wallet
If you want a Bitcoin wallet for your smartphone, BlueWallet is the logical choice thanks to its feature-rich mobile app. The wallet supports cold wallets to easily manage their cold storage, and also allows users to create multiple spaces in case of forced disclosure. You can easily bump, cancel, or batch transactions by tweaking the dynamic transaction control feature on the app.
The app has a beginner-friendly interface that allows new users to easily navigate through the sea of functionalities offered within the app. Moreover, it supports complex features like customizable transaction fees and torr connectivity for enhanced security. Just like most of the wallets on this best crypto wallet list, it supports cold wallet integrations for efficient management of cold assets. It also supports integrations with lightning network, a layer 2 protocol that makes P2P transactions unbelievably fast and reliable.
Pros:
Beginner friendly
Supports lightning transactions
Customizable transaction fees
Multisig support
Create and manage proxy storage spaces
Cons:
No in-app tutorials for advanced features
Does not support 2-FA
Conclusion
From enhanced security to streamlined access to your cryptocurrency assets, the wallets on this list provide top-notch protection for your digital assets. While the ultimate choice will depend on individual needs, rest assured that any of the options listed here will keep your crypto safe.
And regardless of which wallet you choose and what transactions you participate in, your tax obligations remain constant. However, navigating cryptocurrency taxes can be complicated, as different countries have varying rules and regulations, and tax authorities are continuously updating their guidelines. To ensure accurate reporting, you need to keep track of all your crypto activity across all exchanges and wallets and stay up to date on the latest tax laws and that’s challenging.
One way out of this mess is to leverage tax automation software like Kryptos. You just need to connect all your wallets and crypto exchange profiles on the platform, and it will auto-fetch all the necessary information and generate an accurate tax report based on your location. The platform even suggests tax-saving strategies like HIFO accounting and tax-loss harvesting, so that you don’t have to pay an extra dollar in taxes.
FAQs
1. What are the safest crypto wallets available?
If you’re looking for the most secure crypto wallets out there, hardware wallets are the best alternative for you. These are physical devices that are designed specifically to secure cryptocurrency. They store your private keys offline, making them immune to hacking attempts and other online threats. Trezor Model T is one of the best cold wallets out there with a simple interface and includes many security features to protect your assets.
2. Which is the best crypto wallet to use for you?
There’s no “one size fits all” answer to this question. It’s a choice that is subjective to your priorities and expectations. If you want the best bitcoin wallet for your smartphone, do with BlueWallet, if you need a more secure alternative, pick a cold wallet like Trezor, if you want something that works well on your desktop, Electrum is the right choice, and if you need something that fits all your needs with a little compromise on security, go with Exodus.
3. What are the best crypto wallet apps?
If you’re looking for the best and most trusted crypto wallet app that’s compatible with your smartphone and easy to navigate, BlueWallet is the way to go. However, it only supports bitcoin transactions and that can be a handicap for some users. Some of the popular crypto wallets for smartphones are Mycelium, Trust Wallet, BRD, ZenGo, and Exodus. There are many cryptocurrency wallets available for smartphones, and the best one for you will depend on your specific needs.
4. What are the best Bitcoin wallets?
There are multiple Bitcoin wallets available in the crypto sphere, however, we recommend going with Electrum if you’re a desktop user, and BlueWallet if you prefer using your smartphone.
All content on Kryptos serves general informational purposes only. It's not intended to replace any professional advice from licensed accountants, attorneys, or certified financial and tax professionals. The information is completed to the best of our knowledge and we at Kryptos do not claim either correctness or accuracy of the same. Before taking any tax position / stance, you should always consider seeking independent legal, financial, taxation or other advice from the professionals. Kryptos is not liable for any loss caused from the use of, or by placing reliance on, the information on this website. Kryptos disclaims any responsibility for the accuracy or adequacy of any positions taken by you in your tax returns. Thank you for being part of our community, and we're excited to continue guiding you on your crypto journey!
As Web3 evolves, managing a diverse portfolio has become complex. Kryptos simplifies this with advanced tools for real-time tracking, NFT management, and DeFi analytics. Discover how Kryptos turns challenges into strategic advantages for modern investors.
Struggling with crypto tax in Australia? Kryptos.io simplifies the process, ensuring accurate and compliant filings with the ATO. Track transactions and value assets effortlessly—make tax season stress-free.
Mastering Crypto Taxation: Navigate the Complex World of Digital Assets with Kryptos, the Ultimate Solution for Accurate, Efficient, and Future-Proof Tax Reporting.