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Bitcoin wallets, also called crypto wallets, were created to protect investors’ private keys from security breaches and fraud. Similar to traditional wallets that hold cash and cards, a bitcoin wallet secures digital assets and their private keys in one place. Crypto wallets are only meant to be opened by the owner.
But unlike a traditional wallet you’d keep in your pocket or purse, crypto wallets are software programs that either exist on a computer (software wallet) or as a physical device (hardware wallet).
Best Bitcoin Wallets
- Exodus: Best Overall
- BitBox02: Best for Bitcoin-Only Storage
- Electrum: Best for Desktop
- BlueWallet: Best for Mobile
- Crypto.com Wallet: Best DeFi Wallet
- Coinbase Wallet: Best for Beginner
Compare the Top Bitcoin Wallets
Crypto wallets keep your private keys (the passwords that give you access to your owned cryptocurrencies) secure. The top bitcoin wallets offer secure storage, accessible user interfaces, and low trading fees.
Here are the best Bitcoin wallets as picked by Business Insider Editors in 2024.
Exodus
Best for: All cryptocurrencies and digital assets
Exodus is a top bitcoin multichain web3 wallet for desktop and mobile. Exodus’ account features include live charts and portfolio data, 24/7 customer support, a built-in exchange, and trading between thousands of digital assets, including NFTs.
Exodus’ hot wallet offers commission-free cryptocurrencies like bitcoin, Solana and other trading opportunities with fiat money like USD, EUR, and GBP. You can manage your assets using Exodus and Trezor, another popular bitcoin wallet. You don’t need to use multiple wallets, but some users might prefer having them as an additional security measure.
Exodus and Trezor’s partnership caters to those who prefer hardware security since you can securely manage your assets offline while simultaneously using the Exodus platform.
Cons: Exodus mainly caters to hot wallet (software) users. It may not be suitable for hardware-minded traders unless you plan to use a Trezor device with the app.
BitBox02
Best for: Bitcoin-only storage
With BitBox02, a hardware wallet, you can store your crypto private keys and manage any assets offline through an external chip. It offers interactive touch features and an OLED screen for transaction details. BitBox supports multiple digital coins and tokens, such as Bitcoin, Ethereum, and Litecoin.
BitBox also provides a Bitcoin-only edition, which could be a great fit if you want to store Bitcoin assets only. It relies on Bitcoin-only firmware and offers compatibility with the BitBoxApp, Electrum, Specter, Sparrow, and Wasabi. The BitBoxApp also gives you desktop access.
Cons: If you like mobile access, you can only use BitBox on Android devices.
Electrum
Best for: Desktop
Launched just two years after bitcoin was created, Electrum specializes in private key encryption and two-factor authentication. Electrum supports the Bitcoin Lightning Network and cold storage wallets with private keys. It has an open-source application structure and can be connected to hardware wallets like Trezor or Ledger.
Electrum is a great option for desktop traders as it is compatible with Mac, Windows, and Linux. The desktop app offers many customizable features suitable for sophisticated crypto traders with programming experience.
Cons: Electrum doesn’t offer traditional phone customer support. However, the company provides helpful information in its documentation and FAQ sections, plus a Reddit support page and an inquiry page on bitcointalk.org. Another thing to note is that while Electrum supports other wallets, but only for bitcoin transactions. This may be a downside for those interested in exploring other cryptocurrencies.
BlueWallet
Best for: Mobile
BlueWallet is a robust, mobile Bitcoin wallet with a user-friendly interface and straightforward integrations with the Lightning Network. Using open-source code, It is accessible to virtually anyone.
Beginner and advanced bitcoin traders can use BlueWallet’s simplified batch storing, sending, and receiving features. BlueWallet is a self-custodial wallet that provides private keys to individual investors in addition to multi-signature security measures. You can even set up a decoy pin.
Cons: This cold wallet storage is similar to Electrum in that it’s bitcoin-focused. So, BlueWallet isn’t a good option if you’re looking to store other cryptocurrencies. Also, it should be noted that you can’t buy or sell bitcoin assets with Blue Wallet.
Crypto.com
Best for: DeFi products
Crypto.com is a global exchange headquartered in Hong Kong and one of the best cryptocurrency exchanges. The exchange offers hundreds of coins and tokens and its powerful crypto wallet storage. Crypto.com’s DeFi wallet can be opened as a custodial or non-custodial wallet.
Newbie crypto investors can benefit from a Crypto.com Wallet’s accessible trading and easy sign-up process. It offers decentralized finance tools like day-to-day crypto activities, access to other decentralized apps, and one-to-one crypto swap features.
Crypto.com DeFi wallet lets you view, share, and deposit NFTs across multiple blockchains. Another feature is that you can swap more than 1000 tokens over multiple blockchains, such as Ethereum, Cosmos, and Cronos. Security features include two-factor authentication, Secure Enclave technology, and biometric authentication.
Cons: However, you won’t be able to recover your funds if you lose your private key with Crypto.com, and there are relatively high fees.
Coinbase Wallet
Best for: Beginners
Coinbase is the largest U.S.-based cryptocurrency exchange, offering robust trading features and a large selection of digital coins and tokens. In addition to its exchange, Coinbase offers an intuitive, self-custody hot wallet with desktop and mobile access to DeFi applications.
Coinbase Wallet partnered with Ledger so you can easily transfer assets into offline cold storage for increased protection. You don’t have to have a Coinbase trading account to use Coinbase Wallet, which is easy to set up and supports thousands of digital coins and tokens.
Cons: Coinbase Wallet’s software is not entirely open-source, so you can’t test the security of the code. Instead, investors have to trust Coinbase as a secure platform.
What is a Bitcoin Wallet?
A bitcoin wallet is essentially a digital wallet for storing, sending, and receiving bitcoin and other cryptocurrencies. The assets in your crypto wallet are securely stored with a unique private key, similar to a password, to ensure that no one else can access the wallet.
Bitcoin wallets are worth it if the crypto exchange or investment platform doesn’t offer in-built storage. Crypto wallets were created to protect your private key and crypto assets against security breaches. While most wallets give you complete custody of your assets, not all exchanges and investment platforms do.
Types of Bitcoin Wallets
There are two main types of crypto wallets for traders to store Bitcoin, Ethereum, and other digital assets securely.
- Hot wallets: A software wallet that provides easy access and accessible transactions by being connected to the internet. But this convenience has a price. Since hot wallets are connected to the internet, they are generally considered less secure due to online vulnerability.
- Cold wallets: A hardware wallet that stores private keys offline for enhanced security. Since cold wallets aren’t connected to the internet, they are not susceptible to internet hackers or spyware. However, cold wallets are not as easily accessible. In many cases, there is only one key to access the wallet and no way to recover it if lost.
How to Choose the Best Bitcoin Wallet
When deciding which bitcoin wallet is best for your crypto needs, use the following criteria to find a suitable match.
Security of bitcoin wallets
While the kind of bitcoin wallet you open impacts the kind of security measures you have access to, there are other notable security features worth considering. So, when shopping for a new bitcoin wallet, prioritize wallets with strong reputations and transparent offerings. Security measures to seek out include two-factor authentication, encryption software, and PIN protection.
Ease of use
At its core, whatever bitcoin wallet you use to store your crypto keys should be easy to use. An accessible user interface is key to a positive trading experience, so using your wallet shouldn’t be tedious.
Cryptocurrency support
The wallet you choose should be able to support the cryptocurrencies you support. While you aren’t limited to one bitcoin wallet, juggling multiple digital wallets can make managing your digital coins and tokens harder than it needs to be.
Additional features
The more features made available in your bitcoin wallet, the better. The additional offerings made available in crypto wallets often separate a decent digital wallet from an amazing one. Features like access to decentralized applications, seamless integration with a built-in exchange, and community resources can take your crypto-trading skills to the next level.
Cost
Some crypto wallets are quite expensive, while others run cheap. Try to avoid wallets that charge unnecessarily high fees and prices. There are plenty of affordable, low-cost wallets with great offerings. That said, certain advanced features and resources may jack up the price. If those features are worthwhile, paying slightly higher fees may be worth it.
Best Practices for Bitcoin Wallet Security
- Use strong passwords: Create strong and unique passwords for your wallet and enable two-factor authentication for increased security.
- Keep updated software: Regularly update your wallet to protect against potential security hacks, malware, and phishing attacks.
- Backup your wallet: Create secure backups of your wallet’s seed phrase or private keys and store them offline safely.
- Be wary of potential scams: Be cautious of suspicious emails or links that could compromise your wallet security. Don’t give out your private keys; have a unique password and notification alerts.
Best Bitcoin Wallets FAQs
A bitcoin wallet may be worth it if you’re looking to trade, buy, or receive bitcoin and other cryptocurrencies and don’t already have wallet storage through an online crypto exchange.
Yes, you do need a crypto wallet to buy bitcoin. But you don’t necessarily have to set up your own wallet to store your assets. Some exchanges — like Coinbase and CEX.IO — offer their own wallets to users. The differences between these and the bitcoin wallets mentioned above are mainly security and custody. You’ll probably need a non-custodial bitcoin wallet if you want complete custody or control over your money.
Why You Should Trust Us: How We Reviewed The Best Bitcoin Wallets
Bitcoin wallets are rated based on Business Insider’s rating methodology for investing platforms. This methodology uses various factors to determine an accurate rating. These factors include customer support, wallet custody, platform accessibility, security, and wallet compatibility.
Some crypto wallets are compatible with other storage platforms. For instance, Mycelium currently supports Trezor, Ledger, and KeepKey hardware wallets. Investment platforms are rated between 1 and 5.
