Crypto.com DeFi Wallet and Ledger are among the top crypto wallets of 2024, offering excellent options for securely managing your digital assets. These wallets put you in control of your private keys, ensuring that you have full ownership and access to your cryptocurrencies. Whether you’re looking for flexibility or high-end security, these wallets are designed to help you protect and manage your crypto with ease.
Cryptocurrency wallets come in different shapes and sizes, but they all share a common goal: protecting the sensitive information, or private keys, that give you access to your digital assets. This is not something to take lightly—lose your private keys, and you could lose your cryptocurrency forever. Properly securing these keys is crucial to maintaining control over your crypto holdings.
What Are Non-Custodial Crypto Wallets?
Non-custodial crypto wallets are a popular choice among crypto enthusiasts because they give you complete control over your private data. Unlike keeping your assets on a crypto exchange, where you rely on a third party to safeguard your private keys, non-custodial wallets put you in the driver’s seat. The 2022 collapse of platforms like FTX and BlockFi, which left users uncertain if they’d ever recover their funds, highlights the risks of trusting someone else with your crypto.
That said, non-custodial wallets aren’t without their own risks. They don’t offer much room for error—forgetting your password could mean permanently losing access to your assets. Plus, you’ll need to trust the hardware and software of your wallet to function properly.
Moving funds between wallets frequently can also get expensive due to transaction fees charged by blockchain networks. For this reason, many crypto users opt to use multiple wallets: one for long-term storage and another for active trading.
When selecting a wallet, it helps to start by visiting the official site of the cryptocurrency you’re planning to store. Many wallets are built for specific cryptocurrencies. Take MetaMask, for instance, which is often seen as the go-to Ethereum wallet since it’s dedicated to ERC-20 tokens. Electrum, on the other hand, is a top pick for Bitcoin enthusiasts because it’s specifically designed for Bitcoin.
If you’re looking to store multiple types of crypto, it’s smart to explore various wallet options to find one that suits your needs. Here’s how to make the right choice.
How to Choose the Best Crypto Wallet
When deciding on a non-custodial crypto wallet, one of the first things to consider is whether you want a hot wallet or a cold wallet. These terms might sound a bit technical, but the big difference is whether the wallet is connected to the internet or not.
A hot wallet is stored on a device that’s always connected to the web. These wallets are usually free to use and often come with extra features like trading or staking (for a fee). Hot wallets are great if you want to make quick and easy transactions with your crypto. However, since they are connected to the internet, they can be more vulnerable to hackers who could potentially gain access to your assets.
A cold wallet, on the other hand, is kept on a device that stays offline. You’ll usually need to buy a physical piece of hardware to store your crypto securely. Cold wallets are a safer bet when it comes to avoiding online threats because they’re not accessible through the internet. But there’s a trade-off—if you lose the physical device, recovering your assets can be a real challenge.
There’s a huge variety of hot wallets out there, and many of them can handle hundreds, if not thousands, of different cryptocurrencies. Most of these wallets also support at least some NFTs (non-fungible tokens), and many offer direct connections to crypto exchanges, making buying and selling super convenient.
When choosing a crypto wallet, here are some key factors to think about:
Asset support: How many types of digital assets can the wallet hold? Does it cover all the cryptos and NFTs you’re interested in?
Offline transfer: How easy is it to move your crypto into a cold wallet for added security when needed?
In-app features: Does the wallet offer staking options or rewards programs within the app, helping you earn while holding your assets?
Zengo Wallet: 4.8/5 Stars
Zengo is making waves as a next-gen crypto wallet, claiming to improve upon traditional wallets. Instead of relying on seed phrases and private keys, Zengo uses multi-party computation (MPC)—a more advanced cryptographic method—to secure assets and handle transactions. This is the first time MPC tech has been used in a consumer wallet, with previous implementations mostly limited to institutional use. While most wallets have focused on seed phrases and private keys for self-custody, Zengo is looking to improve security and eliminate the common headaches of managing those keys.
As of 2024, Zengo proudly states that none of its wallets have been hacked, phished, or compromised in any way, which is a major selling point.
Downsides? Zengo doesn’t yet offer a desktop version, and it lacks support for some popular cryptocurrencies like Solana, XRP, Cardano, and Polkadot.
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Crypto.com DeFi Wallet: 4.8/5 Stars
The Crypto.com DeFi Wallet is crafted by a company famous for its crypto exchange but is designed specifically for the world of decentralized finance (DeFi) .
DeFi is all about cutting out the middlemen—no central brokers needed—so users can lend, save, and use other financial tools entirely through blockchain technology.
With Crypto.com DeFi Wallet, you can easily connect your crypto holdings to DeFi platforms using both the mobile app and a browser extension. For those who want extra security, it even has a desktop app that integrates smoothly with Ledger hardware wallets, giving you the best of both worlds: convenience and security.
Guarda: 4.6/5 Stars
Guarda is a versatile, free crypto wallet that lets you manage your assets across mobile, desktop, and browser extension platforms. Boasting support for over 400,000 digital assets, it offers a broad range of options for storing and using your crypto.
With Guarda, you can easily transfer your assets into cold storage via its integration with Ledger hardware wallets, ensuring your funds are kept safe from online threats. Additionally, Guarda provides staking programs, allowing you to earn rewards while holding your crypto.
Exodus: 4.5/5 Stars
Exodus is a robust crypto wallet offering a comprehensive suite of software tools, including a mobile app, desktop app, and browser extension. This wallet makes it easy for users to buy, trade, or stake cryptocurrencies directly from within the app.
For those looking to enhance security, Exodus integrates seamlessly with Trezor cold wallets, simplifying the process of moving crypto from hot to cold storage. Additionally, Exodus is free to use and provides a rich library of educational content, perfect for anyone looking to learn more about the world of crypto.
Coinbase Wallet: 4.4/5 Stars
You might know Coinbase as the leading U.S.-based crypto exchange, but Coinbase Wallet is a separate tool that lets you store your cryptocurrency independently, rather than relying on Coinbase’s custody. Created by the same team behind the exchange, Coinbase Wallet integrates smoothly with Coinbase’s platform, making it a solid choice for those new to non-custodial wallets.
This free app shines with its mobile and browser-based connections to decentralized applications. However, it’s worth noting that it doesn’t offer a desktop version, though its browser extension does connect with Ledger hardware wallets for added security.
Trust Wallet: 4.3/5 Stars
Trust Wallet is a notable storage option that comes with the backing of a major player in the crypto world—Binance. As Binance’s official wallet, it allows users to buy, sell, and trade directly from the wallet, streamlining the process.
Trust Wallet claims to support over 10 million digital assets, though this figure might be a bit inflated considering CoinMarketCap lists around 2.4 million circulating cryptocurrencies. The wallet doesn’t provide a comprehensive list of supported assets on its site, but its open-source nature and support for over 100 blockchains suggest it can handle nearly any cryptocurrency you encounter.
MetaMask: 4.0/5 Stars
If you’re diving into the Ethereum blockchain, you’ve probably heard of MetaMask. This free and open-source wallet is a go-to for storing any digital assets tied to Ethereum. It also integrates seamlessly with many Web3 applications, making it easy to handle crypto transactions on the Internet.
MetaMask offers both mobile and browser-based wallets, but it doesn’t provide a desktop app. It features staking and DeFi apps through its MetaMask Portfolio, adding to its functionality. However, if Ethereum and its tokens aren’t your primary focus, MetaMask might not be the best fit for your needs.
Best cold wallets
Cold wallets are essentially gadgets designed to keep your sensitive crypto information safe on a device that isn’t constantly connected to the internet. While you can set up cold storage yourself, hardware wallets come with preloaded software and a host of usability and security features that make the process much easier.
Why the Higher Cost? Cold wallets are pricier than hot wallets because you’re purchasing a physical product. When shopping for a crypto wallet, consider factors like price and security features. If you’re also using a hot wallet, make sure the hardware you choose is compatible with your software wallet.
Here are some of NerdWallet’s top picks for cold crypto wallets to help you get started.
Ledger: 5.0/5 Stars
Ledger stands out as one of the most trusted names in the crypto wallet space. With prices ranging from approximately $79 to $149, Ledger offers robust security and flexibility. It integrates seamlessly with popular software wallets like Crypto.com and Guarda, making it a versatile choice.
Ledger provides a highly-rated mobile app and a dedicated desktop app, with plans to introduce a browser extension soon. For added security, Ledger includes two-factor authentication and offers a comprehensive library of educational content to help users get the most out of their wallet.
Trezor: 4.0/5 Stars
Trezor is known for offering top-tier hardware for crypto storage. Its entry-level model, the Trezor Model One, is priced around $60, while the higher-end model, featuring a touch screen, costs about $179.
Trezor integrates with various crypto platforms, including Exodus, and also provides its own built-in services such as staking and crypto purchases through its software. It supports both a desktop app and a mobile app (Trezor Suite Lite) for both Apple and Android devices, offering a comprehensive and user-friendly experience.
Best Crypto Wallets by Category
For Hot Wallets: Crypto.com DeFi Wallet and Zengo Wallet
When it comes to hot wallets, Crypto.com DeFi Wallet and Zengo Wallet are tied for the top spot. Crypto.com DeFi Wallet stands out for its broad support of various cryptocurrencies, while Zengo Wallet is known for its cutting-edge security protocols and impeccable security record.
But there’s a trade-off. DeFi Wallet is missing some crucial security features, such as two-factor authentication, which could be a concern. On the other hand, Zengo Wallet doesn’t support several popular coins like Solana and XRP, which might limit its appeal.
For Cold Wallets: Ledger
Ledger shines in the cold wallet category, earning top marks for its affordable pricing, popular mobile app, comprehensive educational resources, and strong security features. It also integrates smoothly with a variety of crypto software, making it a standout choice for securely storing your assets.
Methodology : How We Review Cryptocurrency Wallets
Our review process for cryptocurrency wallets is thorough and aimed at giving you clear, independent assessments of products available to U.S. customers for storing, sending, and receiving crypto. We follow strict guidelines to ensure editorial integrity and provide you with the best possible information to make informed decisions.
Here’s how we do it:
- First-Hand Testing: We personally test and observe each wallet to understand its performance and user experience.
- Proprietary Assessment: Our unique evaluation process scores each wallet based on more than 15 factors, covering various aspects of functionality and security.
- Star Ratings: We then translate these scores into a star rating system, ranging from one star (poor) to five stars (excellent).
For a deeper dive into the categories we consider and our detailed review process, check out our full methodology.
Frequently Asked Questions
Can I move crypto from a traditional online broker to a crypto wallet?
It depends on the broker. Some brokers, such as Robinhood, allow you to transfer crypto to external wallets. However, others, like SoFi, do not support this feature. For more details on which brokers and platforms allow transfers, check out our roundup of the best crypto exchanges and apps.
How do I buy crypto?
Once you have a crypto wallet set up, you can purchase cryptocurrency through various channels including crypto exchanges, some traditional brokers, certain money transfer services, and even Bitcoin ATMs. For a comprehensive overview of current options for buying crypto, take a look at our article on how to buy Bitcoin.
