Cryptocurrency software wallets allow crypto investors to safeguard their assets. Most leading crypto wallets also enable users to buy, sell, swap, and earn crypto directly within the app, providing a one-stop shop for crypto investors.One of the most important things to consider before you transact in and store cryptocurrencies is that you have a suitable crypto wallet in place. To help determine the wallet that works best for you, we conducted a comprehensive review process of the top cryptocurrency software wallets by analyzing a long list of crypto wallets. We narrowed it down to five names to determine the best cryptocurrency software wallets for different purposes. Guarda Wallet tops our list of the best crypto software wallets around. It's among the most secure and user-friendly wallets available on the market. Investing in cryptocurrencies, decentralized finance (DeFi), and initial coin offerings (ICOs) is highly risky and speculative, and markets can be extremely volatile. Speak to a qualified investment professional before making any financial decisions. This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed. Best Crypto Wallets for SEPTEMBER 2024 Best Crypto Wallets for SEPTEMBER 2024 The Bottom Line Compare Wallets How to Choose Pros and Cons Why You Should Trust Us FAQs Guide to Crypto Software Wallets Investopedia's Rating 4.9 Why We Chose It Guarda Wallet is a highly secure and user-friendly cryptocurrency wallet that allows users to buy, store, swap, and earn a wide range of crypto assets. One of the newest wallet providers on our list, it passed our reputation background checks with flying colors and ticked the most security boxes among all non-custodial providers. It is a non-custodial, multi-platform software wallet that enables crypto investors to manage their digital assets using a web interface, a Chrome extension, on desktop, and mobile (Android and iOS) while retaining complete control over their private keys. Because it is a non-custodial wallet, users don’t have to worry about losing funds in case a company files bankruptcy (like FTX) as only they access their funds stored using Guarda Wallet. The company has no access to or control over user assets. Supporting over 50 blockchain networks, users can safeguard and manage an extensive portfolio of more than 400,000 digital currencies and tokens. It's worth noting that the wallet's in-app purchase fees tend to be higher, but Guarda Wallet devliers a secure and user-friendly experience, where the importance of security cannot be overstated. Pros & Cons Pros Highly secure wallet Supports 400,000+ crypto assets Enables users to buy, swap, and earn crypto Very responsive customer service Multi-signature (MultiSig) wallets Cons Relatively high fees for in-app crypto purchases Company Overview Launched in 2017, Guarda Wallet established itself as the best cryptocurrency software wallet on the market. Under the stewardship of two corporate entities, the Portuguese Guardaco LDA and Estonian Guardarian OÜ, Guarda Wallet cemented its position as the market leader in secure digital asset storage. Licensed by the Estonian authority, Guardarian OÜ can provide virtual currency services, enabling the wallet to offer regulated in-app crypto exchange services, and the capability to earn staking rewards and prepaid card-related solutions. Despite being the youngest entry in our list of best crypto software wallets, Guarda Wallet provides everything today’s cryptocurrency users need. Investopedia's Rating 4.2 Why We Chose It Exodus Wallet is a renowned multi-asset crypto wallet that's great for beginners, allowing users to manage their crypto portfolios on a user-friendly interface. With a built-in exchange accessible on desktop and mobile, it covers beginners' most pressing needs. It also unlocks a myriad of possibilities, enabling users to buy, trade, and earn interest on their digital assets via staking.Users can explore various in-app applications that enable them to earn staking rewards, generate interest through lending crypto assets, delve into the realm of non-fungible tokens (NFTs) on Solana, and more. One of the wallet's key strengths lies in its intuitive and user-friendly interface, making managing a portfolio of crypto assets significantly less complex. It also offers: One downside is that it is not fully open-source, limiting external code inspection for potential vulnerabilities. Pros & Cons Pros Supports 250+ crypto assets Has a built-in crypto exchange functionality Enables users to earn staking rewards Available on desktop and mobile Cons Software is not fully open-source Company Overview Founded in 2015, Exodus is a United States-based company that provides a mobile and desktop crypto wallet known for its user-friendly interface. With Exodus Wallet, users can securely store and trade 250+ digital assets in a single location, simplifying their crypto management experience. Investopedia's Rating 3.3 Why We Chose It Electrum is a secure, open-source, Bitcoin-only wallet for users to successfully store their digital currency since 2011. Electrum also enables users to open Lightning payment channels to send and receive Bitcoin payments over the Lightning Network. Bitcoin transactions executed through the network are near-instant and low-cost While Electrum's no-frills user interface may pose a challenge for beginners, it prioritizes functionality over user-friendliness, which is why it has a fan base among experienced Bitcoiners. Advanced features are a highlight of Electrum, including compatibility with hardware wallets for highly secure cold storage, support for multi-signature wallets, and the ability to set custom transaction fees. As such, this wallet remains an excellent choice for experienced Bitcoin users seeking an advanced, feature-rich wallet. Pros & Cons Pros 10+ years of providing a Bitcoin storage solution Supports Lightning Network payments Open-source code Cons Only supports Bitcoin Not beginner-friendly No customer support Company Overview Electrum was launched in 2011 by Thomas Voegtlin. The company has had many developers working on its source code since it was launched. Since its launch, it's become one of the pioneering Bitcoin wallets. It’s still regarded as one of the top Bitcoin-only wallets available because it's an open-source desktop wallet. It empowers users to securely store, send, and receive Bitcoin payments. The company urges prospective new users not to download the wallet from any site other than electrum.org and to verify all GPG signatures. Investopedia's Rating 3.7 Why We Chose It Mycelium is a leading mobile crypto wallet that offers users a secure platform to effectively manage Bitcoin, Ethereum, and ERC-20 tokens. The open-source, non-custodial wallet provides a range of advanced wallet features, such as cold storage integration, spending accounts, and single-address savings accounts. While the user interface of the mobile app may not be the most intuitive for beginners, it offers a plethora of advanced wallet features that seasoned cryptocurrency users greatly appreciate, such as the ability to establish HD spending accounts, create single address saving accounts, and access detailed transaction information. The Mycelium wallet is ideal for Bitcoin and Ethereum holders who want to store their assets in a secure, privacy-focused mobile wallet. Pros & Cons Pros Software is open-source Supports cold storage integration In-app crypto purchase option Strong focus on user privacy Cons Mobile-only Not very beginner-friendly Company Overview Mycelium was introduced by Megion Research & Development GmbH, a team of hardware engineers who came together in 2008. It calls itself one of the oldest and most popular Bitcoin wallets. During the early days of Bitcoin, the team made significant contributions to the cryptocurrency space by creating various solutions, including Mycelium Payment System, Bitcoincard, and Affinity. The company is dedicated to “the development of a social media hardware and software platform called Mycelium MEDIA.” Investopedia's Rating 3.7 Why We Chose It Coinbase Wallet is a non-custodial, multi-asset crypto wallet that is available as a Chrome extension and smartphone app that allows users to hold their private keys, giving them complete control over their funds.This makes it different from the Coinbase.com app, which provides users with a custodial wallet. This wallet enables users to securely store thousands of cryptocurrencies and NFTs while providing seamless access to decentralized applications known as dApps. The wallet stands out for providing a user-friendly and attractive experience for DeFi and Web3 users. As of February 2023, Coinbase no longer supports the following cryptocurrencies because of low use: BCH, ETC, XLM and XRP. Pros & Cons Pros Only charges network fees Supports thousands of digital currencies and tokens Provides a dApp browser to access Web3 applications Enables users to manage NFT collections Cons Coinbase has a history of bad customer support Software isn’t open-source Company Overview Coinbase was launched in 2012 to enable individuals to buy, sell, and store Bitcoin using a user-friendly application. Fast-forward after that: Coinbase transformed into a public company, boasting a market capitalization that exceeded $45 billion. With a user base spanning over 100 countries, the platform now holds over $269 billion worth of assets as of August 2024. To cater to the growing demand for non-custodial crypto wallets and facilitate access to web3 applications, Coinbase developed the Coinbase Wallet. This solution enables users to store a vast array of digital assets and conveniently manage their NFTs within a unified platform. Despite Coinbase’s tainted reputation in the cryptocurrency community, largely stemming from concerns surrounding account closures, subpar customer service, and frequent platform downtimes during periods of heightened volatility, the company delivers an exceptional web3 wallet suitable for both beginners and experienced users alike. While all leading cryptocurrency wallets provide a high level of security for safekeeping your crypto assets, improper security practices on behalf of the user can lead to a complete loss of funds. Crypto enthusiasts should take care to store the bulk of their assets meant for trading on exchanges using cold storage methods, and never share your wallet’s login details, recovery phrase, or private keys with anyone. When searching for a cryptocurrency wallet, seek out a provider with a robust and reliable track record, a high level of security and transparency, a range of crypto asset management features, and seamless options to trade crypto. After thorough research, we determined that Guarda Wallet stands out as the top choice for the best overall crypto wallet. Guarda Wallet supports more than 50 blockchains and over 400,000 assets, provides a range of crypto earning opportunities, and comes with easy-to-use in-app crypto purchase and swapping features. Notably, Guarda Wallet has received high rankings in terms of security based on our criteria. While Guarda’s in-app purchase fees are relatively high, the wallet’s user experience, robust security, and wide range of features justify paying a premium. By storing crypto assets in a secure, non-custodial wallet like Guarda, instead of on a crypto exchange, investors can avoid losing funds due to exchange insolvencies, like the ones that occurred with Celsius, BlockFi, and FTX last year. Cryptocurrencies emerged as a popular asset class, buoyed by the impressive historical returns of crypto assets likeBitcoinandEther. Unlike financial securities like stocks and bonds, digital assets aren’t typically held with online brokers upon purchase. Instead, crypto investors have to use crypto wallets to securely store their digital assets. A crypto wallet is a hardware device or software program that provides you with a storage solution for your cryptocurrency. Devices must be connected to a computer or mobile device while software programs can be downloaded or installed on your desktop, tablet, or smartphone. Your private keys are stored on these devices or programs, which enables you to transact with your currency. When you access your wallet, you can buy, sell, trade, or transfer your crypto from your computer or mobile device without a physical device. Choosing the best cryptocurrency wallet depends largely on your personal needs. Here are some helpful tips to help you choose the wallet that's right for you. If your goal is to create a diversified crypto portfolio consisting of numerous digital currencies and tokens, selecting a multi-asset wallet that supports a wide range of assets would be a wise choice. Ever thought of having multiple cryptocurrency wallets? Having more than one wallet helps keep your tokens secure and separates them so you can manage them with ease. As we've already mentioned, software wallets are apps that you use on your computer and/or mobile devices, such as your smartphone or tablet. Since you don't have a physical device to tote around, you can access your (software) wallet from anywhere—as long as you have an internet connection. But, there are other wallets you can use, including: As a point of reference, you've probably heard the terms hot and cold wallets. Hot wallets require an internet connection. These are typically software-based, such as a web, mobile, or desktop wallet. Cold wallets, on the other hand, can be handled physically. So your hard or paper wallet are both considered cold wallets. We've already discussed the frequency of use, ownership of your keys, customer support, and privacy. Be sure you understand the difference between public and private keys. Public keys allow others to send you crypto when they're transacting with you. Private keys, on the other hand, are like the password to your wallet, so it works on the same principle as your email password. That means only you should know it. There are some other factors you'll also want to consider, including: Once you've decided on the wallet(s) you want, you'll need the following information to open and begin using it: This information is required by law to meet anti-money laundering regulations and know-your-customer (KYC) rules. Without these details, you may not be able to open your wallet and begin trading. You can now trade cryptocurrency exchange-traded funds (ETFs). The Securities and Exchange Commission (SEC) announced the approval of spot Bitcoin ETFs in early 2024. Retail investors can now get exposure to cryptocurrency prices without direct ownership of these assets. Some of these ETFs hold the crypto. Other crypto ETFs, which hold futures in their portfolios, were approved for trading in 2021. Pros Easy to access: Software wallets Range of features Affordable Cons Susceptible to hackers Requires internet connection May need multiple wallets for different cryptocurrencies Our review process is built around a quantitative rating model that weighs key factors like security, costs, privacy, usability, customer support, and features according to their importance. Our team of researchers gathered over 40 data points and conducted extensive research for each of the 19 companies we reviewed. Our team then test-drove each wallet to lend their qualitative point of view. Our model gave preference to companies with the strongest security measures and reputations.Companies with rich features, such as supporting a large number of crypto assets, giving users the ability to sync with hardware wallets, and allowing for fee customization, also ranked highly. Crypto wallets store keys that give you access to your cryptocurrency. How they work depends on what type of wallet you have. Hard or cold wallets are portable devices (like USB drives) that need to be physically linked to an internet-connected device, such as a computer. Hot or software wallets store your keys on a mobile, desktop, or web-based application. This makes these wallets easily accessible, as long as you have an internet connection.. Keep in mind that since your keys are stored online, they are susceptible to hackers, which is why it's important to take precautions like two-factor authentication. There are several different ways you can get a crypto wallet, including downloading a software wallet on your smartphone or computer, purchasing a hardware wallet device, or printing a wallet onto paper. The most popular crypto wallets are software wallets like the ones listed above. So let’s use the example of a mobile cryptocurrency wallet to show you the typical steps you need to take to set up a wallet. Software wallets are designed to be a secure storage solution for your cryptocurrency. They are used to store your private keys. They allow you to buy, sell, trade, and hold your crypto. But, many of these options are internet-, mobile-, or web-based, which can make them susceptible to hackers. Be on the look out for phishing and upgrade scams that try to access your wallet, and be careful about how you use your wallet. Keep your keys safe and integrate your software wallet with a hard wallet to give you an added level of protection. Software wallets are designed to hold your cryptocurrencies. You can also use them to buy, sell, and trade them. They are meant to be a safe place to store your coins, but do come with certain downsides. Since they are web- or mobile-based, software wallets are susceptible to hackers and malware. Although they may be more affordable than hardware wallets, you may be responsible for fees and charges for transactions conducted through your software wallet. Hardware and software wallets help you store your cryptocurrencies. They also all you to buy, sell, trade, and make other transactions using your coins. While they share some characteristics, there are certain differences between the two. Hardware wallets are physical devices, whereas software wallets provide you with web- or mobile-based storage solutions. Another difference is security. Hardware wallets are more secure than software wallets since they can operate offline. Software wallets can be accessed from anywhere at any time while hardware wallets must be with you to access your crypto. Then there's the cost: Software wallets may charge a small fee for downloads and transactions. Hardware wallets, on the other hand, require a higher one-time fee when you purchase them. A paper wallet is a piece of paper used to store cryptocurrency keys. Both private and public keys are written out on paper wallets. These wallets may also come with barcodes that can be scanned for easy access to your keys. Once popular, paper wallets are losing favor among crypto enthusiasts because they have the potential to be degraded and deteriorate. Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy. Guarda.com. "Supported Cryptocurrencies & Tokens." Guarda. "Secure Multi Crypto Wallet." Guarda. "How Can I Top Up My Wallet." Guarda. "About Us." Exodus.com. "Getting started with Exodus." Exodus. "Your Wallet + The Best Crypto Apps." Electrum. "Does Electrum Support Altcoins." Electrum. "About." Google Play. "Mycelium Bitcoin Wallet." Mycelium. "Be Among Smart 8%." MEGION TECHNOLOGIES. "Homepage." Coinbase. "Supported assets and networks." Coinbase. "Coinbase Wallet." Trading View. "Coinbase." Coinbase. "About Coinbase." U.S. Securities and Exchange Commission. "Statement on the Approval of Spot-Bitcoin Exchange-Traded Products." Related Terms Ledger Wallet: Examples of How Crypto Wallets Work Ledger wallets are hardware devices that enable offline cryptocurrency transactions. more Multi-Signature Wallets: Definition and Use Cases Multi-signature wallets are cryptocurrency wallets designed to require two or more cryptocurrency wallet keys to unlock and withdraw funds. more Blockchain Wallet: What It Is, How It Works, Security Blockchain Wallet is a wallet created by blockchain.com that allows you to use its decentralized exchange in peer-to-peer transactions. more What Is a Paper Wallet? Definition and Role in Cryptocurrency A paper wallet is an offline method for storing cryptocurrency. The process involves printing your private keys on paper and storing it somewhere secure. more Cryptocurrency Wallet: What It Is, How It Works, Types, and Security A cryptocurrency wallet is a software program that stores your cryptocurrency keys and lets you access your coins. Discover how crypto wallets work. more Dark Wallet: What It Was, Concerns, and Future Dark Wallet was an early attempt to improve the anonymity of Bitcoin transactions. moreBest Crypto Wallets for SEPTEMBER 2024
Best Overall and Best for Security : Guarda Wallet
Best for Beginners : Exodus Wallet
Best for Bitcoin : Electrum
Best for Mobile : Mycelium
Best for Low Costs : Coinbase Wallet
The Bottom Line
Compare the Best Cryptocurrency Wallets
Company Number of Currencies Supported Supports Bitcoin Incorporated Exchange Customizable Fees Compatible Hardware Type of Wallet Guarda Best Overall and for Security 400,000+ Yes Yes Yes Yes Hot Exodus Best for Beginners 250+ Yes Yes Yes Yes Hot Electrum Best for Bitcoin 1 Yes No Yes Yes Cold Mycelium Best for Mobile 8+ Yes Yes Yes Yes Hot Coinbase Wallet Best for Low Costs Thousands Yes Yes Yes Yes Hot How to Choose a Crypto Wallet
What Is a Crypto Wallet?
Software Wallets vs. Hard Wallets vs. Paper Wallets
Software Wallet Hard Wallet Paper Wallet Hot or cold? Hot Cold Cold Connection? ⎷ ⎷ Portable device? ⎷ ⎷ Expensive? ⎷ What You Need to Create Your Software Wallet
Did You Know?
Pros and Cons of Crypto Software Wallets
Pros Explained
Cons Explained
Why You Should Trust Us
Frequently Asked Questions
How Do Crypto Wallets Work?
How Can You Get a Cryptocurrency Wallet?
How Can You Set Up a Cryptocurrency Wallet?
How Safe Are Crypto Software Wallets?
What Are Some of the Disadvantages of Software Crypto Wallets?
What's the Difference Between a Hardware and Software Wallet for Crypto?
What Are Paper Wallets?
Guide to Crypto Software Wallets
The Best Bitcoin Wallets for September 2024 Ledger Wallet: Examples of How Crypto Wallets Work Best Crypto Exchanges and Apps for September 2024 Multi-Signature Wallets: Definition and Use Cases Cryptohunters: Who They Are, What They Do, and Types How to Create a Crypto Wallet