What is a Bitcoin Wallet?
In the world of crypto trading, if you are familiar with the basic knowledge of cryptocurrencies, then you must have heard about Bitcoin. Yes, it is the most popular cryptocurrency which almost every person on planet earth has heard of. As it is the most popular digital currency in the world, therefore, it is traded the most in the crypto market by people from around the world. There are several platforms where you can buy or sell your preferred assets, but the question arises where does the trader keep his Bitcoins when he’s not trading them? To answer that question, many companies have made private wallets where traders can store their Bitcoins according to their investments; however, unlike in the case of real money or gold, which is present in the physical form, bitcoin is rather a virtual asset, so in order to keep this crypto asset known as Bitcoin safe, companies have made different private wallets. The interface of these wallets is kept simple to enhance the experience of traders and to make trading more secure and easier for them.
While choosing a wallet, there are many difficulties faced by a trader. There are many chances that you may face scams while dealing with some companies which are offering wallets. In order to overcome this problem, we have done the research and found out 12 some of the best bitcoin wallets that a trader can choose to keep their bitcoins safe. And not only is security a major key point among these wallets, but there are some other services that these wallets provide as well.
Top 12 Bitcoin Wallets
These are some of the Bitcoin wallets that you can choose from.
Ledger Nano
Ledger provides two types of wallets known as “Ledger Nano X” and “Ledger Nano S.” The company charges $59 for the S model and $119 for the X model. The services provided in these models justify the prices. Traders can run up to 6 applications at a time, while with the X model, that number rises up to 100.
These wallets are basically hardware-based wallets that keep your Bitcoin safer than the ones which are kept online. In the online form, there is always a chance of the wallet getting hacked, and the risk of frauds is higher than that in an offline wallet. The device can be connected to your phone or laptop in order to give you access to it. If we talk about the build quality, the devices are made up of stainless steel cover, which provides them with great durability. The hardware is supported by the company’s software and gives you the facility to store your Bitcoin, and not only that, but you can buy or sell it directly from there as well.
Pros
- Offline storage – more secure
- Support for several currencies other than Bitcoin
- Bluetooth compatibility for X model
Cons
- Complex interface for less tech-guys
- More steps to perform transactions through the offline wallet
Trezor
It is an offline wallet as well, which provides added security than online wallets. It has the ability to connect to your device and store your Bitcoins or any other cryptocurrency as well. The device offers a small screen that gives you the connectivity information. The company is offering its devices starting from $60 and goes up to $193 for the highest model known as “Model T.”
The device has security features added to it to keep your currency safe, and with over 1,000 types of digital coin support, it allows it to end up in this list. The company is offering many features ranging from the variant you are getting if we talk about the highest model “model T” so it provides a better screen and some other features like better interface to enhance user’s experience.
The device is password protected. It is strictly advised not to lose your password or recovery information in any case; otherwise, the user can lose his capital as there is no way to bypass the device.
Pros
- Secured offline storage
- 1000+ digital currencies supported
- The user-friendly touch screen on model T
Cons
- Complex interface for less tech-guys
- No recovery option of coins in case of any loss
Mycelium
Mycelium is one of the most popular crypto wallets to keep your Bitcoin safe. The company provides Android and IOS applications to support every customer’s device. The interface of the wallet is kept so simple to welcome the new investors who are not much aware of Bitcoin and other cryptocurrencies. The wallet provides some added features like QR-code-based transactions, an option for offline storage or cold storage, and access to control your private keys. Mycelium is offering one of the most secure online storage platforms and working with Glidera exchange API that helps in buying and selling Bitcoins and provides other services as well.
The wallet is offering all the features that a trader needs in order to perform his trades. The extremely fast and easy-to-use transaction process and support for many cryptocurrencies other than Bitcoin and Ethereum make it one of its kind, and all of this is provided through free to install software on your smartphone.
Pros
- Easy to get started (just install and start trading)
- No compromise on security
- Allows different types of transactions for cryptocurrencies
Cons
- A bit complex interface for people totally new to the field
- Not as secure as offline wallets
- Only available for your smartphone
Electrum
Electrum is one of the pioneer Bitcoin wallets. It has been working and providing wallets since 2011 (2 years after Bitcoin was created). It has always supported just Bitcoin, and the users who are just interested in trading or storing Bitcoin can take advantage of this wallet as it is one of the most experienced and rated wallets. However, it provides a little bit of a more complex interface than other wallets, but it is suitable for experienced traders who have been in this field for a while and want a trustworthy and secure wallet to store their Bitcoins.
It is an open-source platform that means a trader can set transaction fees according to their preferences. The wallet is fully customizable according to the trader’s choice, which includes everything from the security level to the features that a trader wants. It is not designed for new traders. However, experienced traders are provided with the best security and customizable features in a simple layout.
Pros
- Customizable fee structure
- Added security than other wallets
- Customizable seed phrase
Cons
- Bare-bones user interface
- Supports only bitcoin
- No customer support service
Atomic Wallet
Atomic wallet is an online wallet that provides an extremely easy-to-use interface. The company is offering mobile applications for both android and IOS to accommodate every user’s preference. Other than an easy-to-use interface, Atomic Wallet does not compromise on security in any way. They use one of the best encryption technologies to help you keep your cryptocurrency safe and secure. Other than that, the registration process is also kept extremely fast as there is no KYC policy for basic features in the wallet. One of the plus points that Atomic Wallet has is its 24/7 customer support. In case you have any query or face any type of error while using their services, you can contact them easily and get your problem fixed as soon as possible.
The wallet offers many services like trading cryptocurrencies, staking crypto to get rewards, and much more.
Pros
- Easy to use interface
- Support for Bitcoin, Ethereum, and many other assets
- 24/7 live chat support
Cons
- Only available for smartphone
Wasabi Wallet
It is an open-source wallet that is available for Windows, macOS, and Linux. The most prominent and distinct feature of Wasabi is its implementation of the trustless CoinJoin process. The process allows users to perform transactions with added security and privacy than other wallets. The process basically combines different coins from individual clients and adds them into a single transaction, which becomes more easy and convenient to monitor and safeguard from any threats. Other than the security, Wasabi also provides customers with some other features as well which is going to enhance the user’s experience and make it easier for the trader to trade.
Pros
- Open-source
- Keeps on changing addresses for added privacy
- Custom fee structure
Cons
- Complex for new users
- Only support bitcoin
PointPay Banking Wallet
PointPay Banking Wallet is one of the first wallets in the whole world to offer the support to store more than ten popular cryptocurrencies, including Bitcoin at a time. By storing these currencies, the company is also going to provide users with daily interests which are not often provided by others. By investing in PointPay Banking Wallet, users can earn up to 30% of interest yearly with PointPay token, also known as “PXP.” The wallet is providing loans in order to facilitate traders on very low markup plans.
Pros
- Daily interests
- Higher interests through tokens
- Support for various payment methods
Cons
- Only for mobile phones
- Complex design for many users
eToro Wallet
eToro Wallet provides different types of trading after you have signed up with them. Unlike other wallets, which restrict you to a certain type of trading, eToro gives you the opportunity to explore more options. The payment methods or, in other words, the money transfer facilities of eToro are quite simple and easy to use. It is one of those few wallets which give you the best services for crypto trading. But the service doesn’t end here. It also provides social trading, Forex trading, and exchange-traded funds as well. The users who are looking for a wallet where they can trade multiple instruments varying from cryptocurrency to Forex trading, eToro is simply one of the best options for them with an extremely easy-to-use interface.
Pros
- You are able to develop a trading portfolio
- Variety of instruments to trade
- Affiliated with banks for added security
Cons
- Available only for mobile phones
Bitcoin IRA
It is one of the easiest to use wallets. The company has paid special attention to make it easier for the traders to trade with complete ease. The traders who are new to this field and don’t have much experience of how trading works can check out Bitcoin IRA as it is one of the most convenient and easy to handle platforms. Other than a user-friendly interface, Bitcoin IRA is also offering a tax-free platform that means there will be no extra charges through this wallet. The wallet is offering support for many cryptocurrencies other than bitcoin as well, which makes it a good deal for new traders looking for a convenient option.
Pros
- Support for many cryptocurrencies
- Portfolio building
- No hidden or extra charges
Cons
- Not offering support for trading other than crypto
Paxful Wallet
Paxful Wallet is another very famous wallet that provides facilities to trade online and store your currencies. The most prominent feature of Paxful Wallet is the wide variety of payment options available at this platform to make transactions easier for different traders. The wallet offers a peer-to-peer marketplace to make trading extremely efficient. The people who have been using this wallet have reported that they have been making a lot of profits, but it is comparatively less than the ones who are not using it for a long time. But the company helps traders through various educational options to make them aware of how this trading world works so that they can earn profits as well.
Paxful Wallet offers very high rates of profits which attract many traders. The convenience and high profits that Paxful Wallet offers make it an easy choice for many traders who are looking for a trustworthy Wallet service.
Pros
- Easy payment methods
- Secured platform
- High-interest rates
Cons
- A bit complex interface for new users
- It doesn’t offer an offline wallet
Blockchain Wallet
Privacy and security is the ultimate goal of Blockchain Wallet. The company keeps records of their customers to avoid any type of scam or fraudulent activity. One of the key features that Blockchain Wallet provides is the option to choose from the cold wallet or hot wallet. As we have discussed above, what both are, there are some wallets which provide any one of them. But Blockchain Wallet has given the trader an opportunity to opt for their preferred type of wallet. The wallet has given all the access and control to the trader as they know that the investment is made by the trader, and it is his right to take control over it. The company has provided a slightly complex design of the interface, but that includes many features for the experienced traders who want to test their strengths. It also has support for both IOS and Android. Users can trade or manage their wallets with devices available in their pockets all the time.
Pros
- Supports Ethereum and Bitcoin
- Offers complete control to the trader
Cons
- Only for smartphones
- It doesn’t include other smaller cryptocurrency support
Xapo Wallet
Xapo is a wallet service that offers one of the best crypto wallets to store your currencies safely. The company is comparatively new and hasn’t been in this work for a very long time, but you can tell that the company is worth it if it has made it among the top 12 crypto wallets. The major reason for this recommendation is because the security and services that they provide are simply amazing. There are plenty of reviews on their website from the traders who have experienced them. The wallet provides a very robust banking alternative that provides the exact level of security to all of your assets. That means that there is no discrimination between big and small assets. If you have kept your currencies in Xapo, then no matter what currency it is, you will feel like it is in safe hands.
The wallet offers many distinct services like it supports a Debit card that is compatible with most of the Bitcoin ATM machines located across the globe and PoS machines as well. Also, the wallet gives you an SMS alert feature, which makes it convenient for you to keep track of your spending, and in case of any type of fraud activities, you are going to get a notification on your mobile number that you have provided.
Pros
- Supports Bitcoin ATM and PoS machines
- Extremely secured
- Proprietary encryption technology
Cons
- A bit more complex for new users
- It doesn’t support many cryptocurrencies at the moment
Conclusion
If you are looking for options to store your Bitcoin that you have recently bought or looking to buy, then there are some things you need to consider before choosing any wallet. The first thing to look at is which wallet type suits you. There are many options, like hot and cold. If you are planning to keep your coins for a longer period of time, then it is advised to go for cold wallets as it provides more security than hot ones. The second and most important thing is the security measures that the wallet takes. This is something that no one should compromise on while choosing a wallet as it is going to keep all of your investments, and we know that you don’t want your hard-earned money to be stolen. The list above is going to give you a wide variety of options to choose the best wallet that meets your requirements.