Exodus sets itself apart from other wallets with a design focus on people who have never dabbled in the world of crypto. It has an easy-to-use interface and its developers spend a great deal of time and effort polishing the UI to make it more intuitive. You can also use the wallet to exchange one cryptocurrency for another without any form of registration.
Exodus is a solid option for managing and exchanging small amounts of cryptocurrencies without getting into the nitty-gritty parts of the process. For more, read our full Exodus review.
What Are Bitcoin Wallets For?
Wasabi is an open source, non-custodial and privacy-focused Bitcoin wallet, available on Windows, macOS and Linux. CoinJoin helps Wasabi make individual Bitcoin transactions more secure by combining multiple coins from multiple people into a single transaction. By jumbling up the inputs and outputs, CoinJoins can obscure identifying information, which makes Wasabi a popular choice for the privacy-conscious. The developers have also done a nice job of keeping most of its complexities from ruining the user experience. For more, check out our full Wasabi review.
Electrum has been around since and works with Windows, Mac, Linux and Android. It's one of the most popular thin wallet clients, in that instead of downloading the entire Bitcoin blockchain, it connects securely to other servers to verify your BTC balance and process payments. This means you can set it up in minutes and it takes up very little space on your hard drive. Electrum uses a hierarchical deterministic wallet, which means a random 'seed' of 12 dictionary words is generated when you first launch the app, from which it derives the keys necessary to spend and receive BTC.
Electrum displays the seed as you create your wallet and requires you to write it down. This means that if you lose access to this version of Electrum, you can easily reinstall it on another machine and use the seed to restore your BTC. Electrum offers you the option of encrypting your wallet file during setup, although you can choose to leave it unencrypted if you wish.
The Best Bitcoin Wallets of
You can also use Electrum in cold storage mode to create a 'watching only' wallet. This allows you to receive Bitcoin payments and see your balance, but not spend the coins, which may be useful if you're buying BTC as a long-term investment. For more, check out our full Electrum review.
Mycelium is one of the oldest and most popular Bitcoin wallets available exclusively for mobile platforms, having first been released in as an Android app before later being ported to iOS as well. For starters, Mycelium is entirely open source, which is one of the most essential features for any good cryptocurrency wallet.
The app also relies on the Simplified Payment Verification SPV technique, which allows it to confirm transactions without having to download the entire blockchain. Since mobile devices are insecure in some regards and more prone to theft, the developers of Mycelium have implemented a handful of features to improve the security profile of the app, without overly complicating the interface.
For more, check out our full Mycelium review.
Types of UK Crypto Wallets
To accommodate those looking to safely invest in Bitcoin, we have assembled a list of the best Bitcoin wallets and storage devices. Some of these wallets have more features than others, including the ability to store more cryptocurrencies than just Bitcoin, as well as added security measures. This list goes in no particular order other than having hot wallets come first, but that does not mean hot wallets are better.
To learn about the differences in specific wallet types, such as hot and cold wallets , you can check below this list for detailed information. For now, you can think of hot wallets as a less secure way to make transactions quickly and cold wallets as a more secure way to store for longer terms, though we do recommend that you understand these concepts entirely before choosing a wallet, as safe storage is key. Exodus is a desktop and mobile wallet with a very simple user interface and an exchange built-in.
Exodus currently allows for swaps between over different cryptocurrencies. With its simplicity, this wallet is great for beginners just getting into the crypto space.
It also has great support, which is an essential feature for beginners getting into what many would consider a confusing market. While it is great for beginners, more advanced users may find it lacking in some features. First, Exodus is a closed source wallet.
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This goes against the ethos of the idea of Bitcoin and blockchain and can create some security concerns as its code is not open for everyone to see. Instead, users rely on the Exodus team to ensure there are no holes in the security of its wallet.
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Exodus has an option to set custom fees in addition to automatically setting a fee that ensures the transaction completes quickly. Electrum is one of the original Bitcoin wallets. While this wallet is bare-bones in terms of its user interface and its commitment to only Bitcoin, it excels at this primary function. Electrum is also more suited for advanced users due to its complex options. Electrum is open source, allows its users to set custom transaction fees, and has the option to choose between legacy Bitcoin and Segwit. It also offers users the ability to determine the level of security they wish to use.
For example, you can create a standard wallet, one with 2-factor authentication, or a multi-signature wallet. You can also elongate your seed phrase with custom words.
Electrum is perfect for the more advanced Bitcoin holder who wants great security features and customizability all in a simple layout. Mycelium is an open-source and mobile-only Bitcoin wallet. In some ways, Mycelium is quite similar to the Electrum wallet with some of the differences being that it is mobile only, has a more refreshed user interface than Electrum, and also has a built-in exchange. Mycelium, like Electrum, is one of the earlier wallets in the space.
The Ledger Nano X is the second generation hardware wallet from Ledger, a French company launched in In July , Ledger experienced serious hacks that revealed detailed customer information including names, phone numbers, email addresses, and even home addresses in some cases.
Best Bitcoin Wallet: The 6 Best Crypto Wallets for 2021
Though this does not affect people's private keys, it has led many to question the integrity of Ledger's internal security measures. This means that you can connect the wallet to your iOS or Android device and do not need a computer. It supports well over 1, cryptocurrencies. This list continues to grow each year as the Bitcoin community asks for support for their favorite cryptos. While the device itself is a cold storage hardware wallet, the Ledger team has created the Ledger Live software that provides a user interface for all your holdings.
This gives users the ability to add new wallets for different cryptocurrencies to their devices and manage their portfolios. Ledger hardware wallets have been, and currently are, the most popular in the industry. The Ledger also comes with a USB Type-C cable so that it can be connected to either a desktop computer or a smartphone if preferred over Bluetooth.
Trezor, like Ledger, is a name synonymous with crypto cold wallet storage. Its Model T is the second generation of hardware wallets they have created.
Best Bitcoin Wallets
The Trezor Model T is very much like the Ledger, but it gives the user the ability to access third-party exchanges, like Changelly and Shapeshift, directly in its website interface. The Model T utilizes a touch screen, which can be easier to use for beginners than the buttons their previous model used. Currently, the Trezor Model T supports more than 1, different cryptocurrencies. The Ledger Nano S is the first generation hardware wallet introduced by Ledger. One of the first hardware wallets ever made, it followed shortly after the first generation of the Trezor.
Like its successor, the Nano S is compatible with thousands of cryptocurrencies. The Nano S does not come with a USB type-C cable, so users with more modern smartphones may have trouble connecting to their devices. The Nano S is essentially the same as its successor, the Nano X, minus a couple of features. Both support the same list of cryptos and have access to the Ledger Live software.
Unlike the Nano X, Nano S lacks Bluetooth connectivity, and it only stores up to 18 wallets versus the wallets that can be simultaneously stored with Nano X. The Nano S only has enough storage to make wallets for a limited number of cryptocurrencies at a time. If you were to delete a wallet in order to add another type of cryptocurrency, you would not lose the cryptocurrency in the wallet you deleted.
This is because that cryptocurrency is stored directly on the blockchain. The deleted wallet, and crypto within it, can still be seen in Ledger Live, but the wallet will not be seen on the Ledger device itself. This means that if you would like to send or receive to the wallet you have deleted, you may have to delete another wallet to make more room. It is also quite easy to use with Ledger Live, making it an ideal product for a beginner looking for safe and simple storage for a handful of cryptocurrencies.
This prevents someone else from using your Bitcoin or the transaction being altered by a third-party.