Investing
Hannah Alberstadt
Hannah Alberstadt
Verified by an expert
“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.
Farran Powell
Farran Powell
Verified by an expert
“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.
BLUEPRINT
Updated 5:49 a.m. UTC April 1, 2024
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Your cryptocurrency is only as safe as your private key. The safest place to keep this alphanumeric sequence that allows you to access your funds is in a cryptocurrency wallet.
Hot wallets are connected to the internet. Cold wallets aren’t, making them harder to hack but less convenient. When choosing a wallet, consider how you’ll use it, its security and its appearance, said Mark Venables, founder of The Crypto Merchant.
To find the best bitcoin and crypto wallets of 2024, we compared nearly 20 providers on their storage functionality and fees, the type of crypto they support, and more.
Best bitcoin and crypto wallets
- Coinbase Wallet Web3: Best bitcoin hot wallet.
- Ledger: Best bitcoin cold wallet.
- SafePal: Best crypto hot wallet.
- Ledger: Best crypto cold wallet.
- Coinbase Exchange: Best exchange wallet.
Best bitcoin hot wallet
Coinbase Wallet Web3
Number of coins supported
100,000+
Type of storage
Noncustodial
What you should know
Coinbase offers three types of wallet accounts, but the Web3 caught our eye. It takes a middle-of-the-road approach to private key storage by keeping half your private key on your device and the other half on Coinbase, giving you the convenience of easy access while using decentralized applications (dApps) and the added security of private storage. This also makes recovery simpler in the event you lose your security key.
The Web3 supports one of the widest ranges of cryptocurrency products of any wallet we reviewed and may be a no-brainer for Coinbase users, as it can be easily linked to a Coinbase account. The downside is that it is still being rolled out and may not be available to all users.
Pros and cons
Pros
- Combines the convenience of centralized storage with the security of private storage.
- Easy to link to your Coinbase account.
- Supports hundreds of thousands of tokens and dApps.
Cons
- No longer supports BCH, ETC, XLM and XRP due to low usage.
- Currently has limited availability.
- Users can’t move or transact with assets in the dApp browser.
More details
- Ability to convert coins within the wallet: Y.
- Access to exchanges within the wallet: Y.
Best bitcoin cold wallet
Ledger
Number of coins supported
1,630
Type of storage
Noncustodial
What you should know
Cold wallets are only as secure as the computer chip used in the hardware. This is why Ledger uses Secure Elements — the same chips in passports and bank cards. Despite this security, the company experienced a data breach in July 2020 that exposed customers’ personal information, including phone numbers, email addresses and postal addresses. Ledger stated that no payment information or crypto was exposed.
While the breach concerned many, we believe Ledger still offers the best cold storage option for bitcoin due to its security and easy integration with the Ledger Live app for seamless transacting. If anything, the breach proves how secure Ledger’s cold storage is, as the hackers could not access the hardware wallets.
Pros and cons
Pros
- Uses the same computer chips in passports and bank cards.
- Links to Ledger Live app for easy trading.
- Supports multiple types of bitcoin, including BCH and BTC.
Cons
- Company has come under scrutiny after a data breach in 2020.
- Optional recovery service requires government ID and could undermine security and privacy.
- Risk of losing access to your coins if you lose your hardware wallet.
More details
- Ability to convert coins within the wallet: Y.
- Access to exchanges within the wallet: Y.
Best crypto hot wallet
SafePal
Number of coins supported
10,000
Type of storage
Noncustodial
What you should know
Founded by a team of data science, hardware and security engineers in 2018, SafePal offers the best crypto hot wallet technology with the SafePal app. You can buy crypto directly in the app and import crypto from other wallets using a mnemonic phrase, private key or other system. It also integrates Binance to let you spot trade on the Binance mini-program. You can even cross-chain swap and bridge tokens directly from the wallet.
There’s also a section for tracking the crypto market within the wallet. A browser extension lets you easily move between mobile and computer. And if you want the option to keep some crypto offline, you can use the SafePal hardware wallet for cold storage.
Pros and cons
Pros
- Easy to import crypto from other wallets.
- Users can transact directly in the wallet.
- App and browser extension are available, plus a compatible hardware wallet.
Cons
- Not compatible with other crypto wallets.
- Customer support is available via email and FAQs only.
- Does not support stablecoins.
More details
- Ability to convert coins within the wallet: Y.
- Access to exchanges within the wallet: Y.
Best crypto cold wallet
Ledger
Number of coins supported
1,630
Type of storage
Noncustodial
What you should know
Ledger isn’t just the best bitcoin cold wallet; it’s a great pick for storing almost any type of crypto thanks to its ability to support 1,630 coins. Ledger offers three cold wallets that range in price from $79 to $279. They all use Ledger’s proprietary operating system to keep your crypto safe and work with Ledger’s Live app, which lets you manage your crypto from your cellphone or computer.
But don’t worry. Your crypto is still kept off the internet in cold storage. When you buy crypto on the app, Ledger sends your coins directly to your hardware wallet.
Pros and cons
Pros
- Supports thousands of cryptos.
- Three types of hardware wallets are available.
- Links to Ledger’s Live app for easy transacting.
Cons
- Recent security breach.
- Lower-priced wallets do not have wireless charging or touch screens.
- Lowest-priced wallet is not compatible with Apple iOS.
More details
- Ability to convert coins within the wallet: Y.
- Access to exchanges within the wallet: Y.
Best exchange wallet
Coinbase Exchange
Via Coinbase's website
Number of coins supported
262
Type of storage
Custodial
What you should know
Given that Coinbase is one of the largest cryptocurrency exchanges, the Coinbase Exchange wallet is a natural choice for any crypto user. It lets you store and manage hundreds of coins, thousands of tokens and dApps, and multiple wallets, all from the app or a browser extension. You retain full control over your crypto in this self-custody wallet. It gives you direct access to DeFi liquidy pools so you can lend or borrow crypto for extra return. If you want to purchase more, use your credit or debit card.
You can recover access to your wallet using a recovery phrase. The downside is that this recovery phrase is the last line of defense. If you lose your recovery phrase, you lose access to your wallet for good.
Pros and cons
Pros
- Easy to transfer from Coinbase, one of the largest crypto exchanges.
- Support for thousands of coins and tokens.
- Access to dApps.
Cons
- Users who lose their recovery phrase(s) cannot access their wallet.
- Does not allow Apple Pay.
- Conversion costs apply.
More details
- Ability to convert coins within the wallet: Y.
- Access to exchanges within the wallet: Y.
Compare the best bitcoin and crypto wallets
| WALLET | BITCOIN SUPPORTED | ETHEREUM SUPPORTED | NUMBER OF CRYPTO COINS |
|---|---|---|---|
Coinbase Web3 | Y | Y | 100,000+ |
Ledger | Y | Y | 1,630 |
SafePal | Y | Y | 10,000 |
Coinbase Exchange | Y | Y | 262 |
Methodology
We have reviewed and researched some of the most well-known cryptocurrency wallets available in the U.S. to rank the best ones on the market today.
For our rankings, we sent a digital survey, consisting of more than 70 queries, to each company that we reviewed. Our researchers verified the survey data and confirmed any missing data points by contacting each company directly and conducting online research.
Bitcoin and crypto wallets were ranked on several factors, including the number of cryptocurrencies supported, staking availability, functionality, storage features, customer service, costs and fees, and security.
Within each major category, we considered several subcategories, combining them to give an overall score for that category, which we then weighted to calculate an overall ranking of the exchanges.
Data points were scored on a 0.00 – 1.00 scale.
- The top raw score for the best bitcoin hot wallet was 0.78, curved to a 5-star rating as the highest possible score.
- The top raw score for the best bitcoin cold wallet was 0.77, curved to a 5-star rating as the highest possible score.
- The top raw score for the best crypto hot wallet was 0.77, curved to a 5-star rating as the highest possible score.
- The top raw score for the best crypto cold wallet was 0.81, curved to a 5-star rating as the highest possible score.
*The Coinbase Exchange wallet was the highest ranking crypto exchange wallet in the crypto hot wallet category.
Final verdict
When it comes to choosing the best bitcoin and crypto wallet, you must first decide what type of storage you want to use. Hot, cold and exchange wallets all have their merits. Depending on the storage style you’re after, the options we identified above are great choices.
Bitcoin users who like the convenience of hot wallets that are always connected to the internet may like the Coinbase Web3. It supports hundreds of thousands of tokens and dApps and easily links to an existing Coinbase account.
If you prefer a cold wallet to store your bitcoin, Ledger is a solid option. Despite the company’s recent data breach, we believe in its strong security. It also supports multiple types of bitcoin and links with the Ledger Live app for easy transacting.
Users who handle more than just bitcoin may want to consider SafePal for hot storage or Ledger for cold storage. SafePal also offers a hardware wallet for cold storage if you want to combine hot and cold for a Goldilocks version that’s just right.
One of the easiest options is an exchange wallet that links directly to your existing account, which is where the Coinbase Exchange wallet comes in. New users who already transact on the exchange may find this the simplest way to get started. As your crypto holdings grow, you can progress to a cold wallet or another hot wallet in this review.
What is a crypto wallet?
Crypto wallets keep your crypto safe by storing your private key. This storage can be online in a hot wallet or offline in a cold wallet. Hot wallets are often apps or browser extensions. Cold wallets are typically physical devices that may resemble USB sticks that you plug into your computer to transact and then disconnect for safe storage.
How to choose the best crypto wallet
To choose the best crypto wallet, you must decide what type of storage you want to use. Hot wallets offer convenience because they’re always accessible via the internet.
Some users feel hot storage is less secure, as it can be prone to hacking, so they prefer cold wallets. These hardware wallets are less convenient, however, because they aren’t directly connected to any exchanges for easy transacting.
Frequently asked questions (FAQs)
Crypto wallets don’t directly store cryptocurrency, but they do store your private key, which is how you access your crypto. If you lose your private key, you can no longer access your crypto. This is why you need a way to keep your private key both safe and accessible, which is where crypto wallets come in.
To open a crypto wallet, you must create an account with a wallet provider. If you’re using a cold wallet, purchase the hardware on the provider’s website and then use the linked app to transact online. If you’re using a hot wallet, install the wallet app on your phone or computer and follow the setup instructions to create your account.
The security of hardware and software wallets is a topic of debate in the crypto world. The consensus is that hardware wallets are more secure because they are not connected to the internet and thus are less prone to hacking. That said, if you’re the type of person who can’t keep track of your car keys, a software wallet may be a better option, as it’s less likely to disappear between the couch cushions.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
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Coryanne is an investing and finance writer whose work appears in Forbes Advisor, U.S. News and World Report, Kiplinger, and Business Insider among other publications. She discovered her passion for personal finance as a fully-licensed financial professional at Fidelity Investments before she realized she could reach more people by writing.
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Hannah Alberstadt is the deputy editor of investing and retirement at USA TODAY Blueprint. She was most recently a copy editor at The Hill and previously worked in the online legal and financial content spaces, including at Student Loan Hero and LendingTree. She holds bachelor's and master's degrees in English literature, as well as a J.D. Hannah devotes most of her free time to cat rescue.
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Farran Powell is the lead editor of investing at USA TODAY Blueprint. She was previously the assistant managing editor of investing at U.S. News and World Report. Her work has appeared in numerous publications including TheStreet, Mansion Global, CNN, CNN Money, DNAInfo, Yahoo! Finance, MSN Money and the New York Daily News. She holds a BSc from the London School of Economics and an MA from the University of Texas at Austin. You can follow her on Twitter at @farranpowell.
