David RodeckInvesting Expert Writer
David Rodeck specializes in making insurance, investing, and financial planning understandable for readers. He has written for publications like AARP and Forbes Advisor, as well as major corporations like Fidelity and Prudential. Before writing full time, David was a financial advisor. That added a layer of expertise to his work that other writers cannot match.
David Rodeck
David RodeckInvesting Expert Writer
David Rodeck specializes in making insurance, investing, and financial planning understandable for readers. He has written for publications like AARP and Forbes Advisor, as well as major corporations like Fidelity and Prudential. Before writing full time, David was a financial advisor. That added a layer of expertise to his work that other writers cannot match.
Investing Expert Writer
Lisa DammeyerDeputy Editor, Investing & Retirement
With more than six years' experience an editor, investing specialist Lisa Dammeyer brings a keen eye for detail and fact-checking chops to everything she works on. Her work over the past four years at various financial publications has helped investors sort through the news and make informed decisions about their money.
Reviewed
Lisa Dammeyer
Lisa DammeyerDeputy Editor, Investing & Retirement
With more than six years' experience an editor, investing specialist Lisa Dammeyer brings a keen eye for detail and fact-checking chops to everything she works on. Her work over the past four years at various financial publications has helped investors sort through the news and make informed decisions about their money.
Deputy Editor, Investing & Retirement
Reviewed
Updated: May 1, 2024, 10:12am
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
Crypto wallets provide a safe place to store cryptocurrency, although they work a little differently than tucking cash into a billfold. There are countless options to choose from—deciding which one fits your needs is the first step. Different wallets support different types of coins—most hold bitcoin, some only handle Ethereum, a few can hold any type of crypto—and they come in two main flavors: hot wallets (internet-enabled) and cold wallets (which live offline).
To help you find the right wallet for you, Forbes Advisor has evaluated the leading options and picked the best crypto wallets available. We’ve separated our list into the best hot wallets and the best cold wallets to further aid your search.
Why you can trust Forbes Advisor
Read more
FEATURED PARTNER OFFER
Coinbase Wallet
4.9
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.
Crypto Assets Supported
Hundreds of thousands
Staking Support
Yes
On Coinbase's Secure Website
Hundreds of thousands
Yes
Editor's Take
Coinbase is a leading crypto exchange, and it offers three different crypto wallets. The Coinbase Wallet is one of the exchange’s hot wallet products. The other two wallets offered are the Coinbase dApp Wallet and the storage available via Coinbase Exchange.
According to the company, Coinbase Wallet supports “hundreds of thousands” of crypto assets. But there are a few caveats. Most notably, Bitcoin is only supported through the wallet’s mobile app.
The Coinbase Wallet seamlessly connects to its native crypto exchange and many other major decentralized crypto exchanges (DEXes) such as Uniswap (UNI), Sushiswap (SUSHI), 1inch (1INCH) and TraderJoe, among others.
If you’re looking for cold wallet compatibility, Coinbase Wallet has teamed up with cold storage pal Ledger. Users can combine Ledger’s offline crypto storage with Coinbase Wallet’s assortment of features.
Pros & Cons
- Connects to several DEXes
- Compatible with Ledger for cold storage
- Scores of coins are available for staking
- Supports Ethereum- and Polygon-based NFTs
- Will not recoup stolen assets
- Bitcoin is only supported through Coinbase Wallet’s mobile app
5 Best Hot Wallets of April 2024
Hot wallets are connected to the internet and are often available as a standalone product or as an add-on through popular crypto exchanges.
Hot wallets make it easy to execute crypto transactions. But since hot wallets are hosted online, they are more vulnerable to hackers. That’s why some users look to place their crypto in cold storage as a long-term solution.
Coinbase Wallet Web3
4.9
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.
Crypto Assets Supported
“Hundreds of thousands”
Staking Support
Yes
Learn More
On Coinbase's Secure Website
“Hundreds of thousands”
Yes
Editor's Take
Not only does the Coinbase Wallet Web3 seamlessly connect to its native crypto exchange, but it also works with major decentralized crypto exchanges (DEXes) such as Uniswap(UNI), Sushiswap (SUSHI), 1inch (1INCH) and TraderJoe, among others.
Pros & Cons
- Connects to several DEXes
- Compatible with Ledger for cold storage
- Scores of coins are available for staking
- Will not recoup stolen assets
Details
Coinbaseis a leading crypto exchange that offers three different crypto wallets—the Coinbase Wallet Web3 ranks the highest of the three. According to the company, this wallet supports “hundreds of thousands” of crypto assets.
If you’re looking for cold wallet compatibility, Coinbase Wallet Web3 has teamed up with cold storage pal Ledger.
MetaMask Crypto Wallet
4.4
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.
Crypto Assets Supported
Ethereum and any ETH-based token
Staking Support
No
Ethereum and any ETH-based token
No
Editor's Take
If you’re an Ethereum(ETH) enthusiast, you may have come across the name MetaMask. Developed by ConsenSys Software, the MetaMask crypto wallet is designed specifically to support ETH and any digital asset built on the Ethereum blockchain. There are thousands of ETH-based tokens available.
Pros & Cons
- Supports Trezor, Ledger, Lattice, Keystone and AirGap Vault
- A multitude of ETH-based tokens are supported
- No direct support for bitcoin
- Staking isn’t directly available
Details
Note that MetaMask does not directly support bitcoin(BTC) or any other non-Ethereum-based crypto assets. There’s also no support for crypto staking. If you’re interested in staking, you’ll need to investigate other apps that connect to MetaMask.
Crypto.com DeFi Wallet
4.3
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.
Crypto Assets Supported
700+
Staking Support
Yes
700+
Yes
Editor's Take
If you’re looking for the right place to park bitcoin, Ethereum and USD Coin(USDC) under one roof, the Crypto.com DeFi Wallet might be the wallet for you. It supports more than 700 types of crypto assets, including popular stablecoins and the top 20 cryptocurrencies by market capitalization.
Pros & Cons
- Seamless interaction with DeFi products
- Earn rebates on 25+ tokens
- Integrated with Crypto.com
- Deposit NFTs
- Lacks email and phone support
- Experienced a recent hack
Details
Crypto.comis another leading crypto exchange, and the Crypto.com DeFi Wallet is dedicated to storing decentralized finance (DeFi) crypto assets.
While Ethereum staking isn’t available, you’ll be able to stake other coins like Cosmos (ATOM) and Crypto.com’s native token Cronos(CRO).
Crypto.com experienced a hack in January 2022 but said no funds were compromised. For security, Crypto.com DeFi Wallet’s features entail two-factor authentications (2FA), password encryption and biometric authentication.
Exodus Crypto Wallet
4.2
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.
Crypto Assets Supported
225+
Staking Support
Yes
225+
Yes
Editor's Take
The Exodus crypto wallet supports more than 225 cryptocurrencies. For those new to crypto, Exodus offers a plethora of educational materials and explanatory videos to enhance your knowledge of specific cryptos.
Pros & Cons
- Exodus will recoup stolen assets
- Strong educational materials
- Staking is available for Ontology (ONT), Cosmos, Algorand (ALGO), Tezos (XTZ), Solana (SOL), Cardano (ADA), Dai (DAI) and more
- Ethereum staking isn’t available
Details
The Exodus crypto wallet is a strong choice for crypto investors. Additionally, you can also trade and stake cryptocurrency directly from your wallet with Exodus’ built-in exchange. If you’re looking for storage offline, the Exodus wallet is integrated with Trezor.
Gemini Crypto Wallet
4.0
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.
Crypto Assets Supported
100+
Staking Support
Yes
100+
Yes
Editor's Take
Gemini supports many of the classic cryptos, such as bitcoin and Ethereum. Additionally, Gemini hasn’t fallen prey to a major hack like some of its competitors. Should you lose any crypto in a Gemini Wallet, the company has insurance against certain types of losses.
Pros & Cons
- Strong security with no reported hacks
- Recoups stolen assets
- Live charts are available
- Extra fees may apply
- Some major cryptos aren’t supported
Details
While Gemini does support many popular cryptos, Avalanche(AVAX), Tron (TRON) and Ethereum Classic(ETC) are notably missing from the list.
If you want to use the wallet more frequently, you might have to pay a little more with this wallet. You’ll pay a nominal fee in the crypto per withdrawal if you exceed more than 10 withdrawals within a month.
Summary - 5 Best Hot Wallets of April 2024
| Company | Company - Logo | Assets Under Management | Expense Ratio | Investing Strategy | Learn More CTA text | Learn more CTA below text | LEARN MORE |
|---|---|---|---|---|---|---|---|
| Grayscale Bitcoin Trust (GBTC) |  | $23.7 billion | 1.50% | Spot bitcoin | View More | ||
| iShares Bitcoin Trust ETF (IBIT) |  | $17.7 billion | 0.12% | Spot bitcoin | View More | ||
| Invesco Galaxy Bitcoin ETF (BTCO) |  | $417 million | 0.00% | Spot bitcoin | View More | ||
| Bitwise Bitcoin ETF (BITB) |  | $2.2 billion | 0.00% | Spot bitcoin | View More | ||
| ProShares Bitcoin Strategy ETF (BITO) |  | $3.0 billion | 0.95% | Bitcoin futures | View More | ||
| Volatility Shares 2x Bitcoin ETF (BITX) |  | $1.5 billion | 1.85% | Leveraged bitcoin futures | View More | ||
| ProShares Short Bitcoin ETF (BITI) | | $96 million | 1.33% | Decline in bitcoin futures | View More |
3 Best Cold Wallets of April 2024
Cold wallets are physical gadgets, and some even look like USB sticks. Whatever their form factor, a cold wallet provides a place to store your crypto ownership keys that is not connected to the internet.
Ledger Crypto Wallet
4.9
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.
Crypto Assets Supported
1,600+
Staking Support
Yes
Price
$
1,600+
Yes
$
Editor's Take
Ledger is a well-known name in the crypto sphere. It’s easy to use with a user-friendly interface.
Ledger is also seamlessly integrated with other software wallets, such as Crypto.com. With the Ledger Nano X, you can manage more than 5,500 tokens and coins with the Ledger Live app.
Pros & Cons
- Staking is available for an assortment of cryptos, from Ethereum and Polygon (MATIC) to lesser-known cryptos, like Ark (ARK) and Casper (CSPR)
- Experienced a 2020 hack
Details
Ledger is a reputable name among crypto wallets. Hardware wallets range in cost from $79 for the Ledger Nano S Plus to $149 for the Ledger Nano X.
One drawback of this cryptocurrency hardware solution is it experienced a hack in July 2020, in which one million email addresses were leaked. The shipping information required to purchase an item was stolen. Ledger hired a new chief information security officer in response to the hack.
Ellipal Titan Crypto Wallet
4.8
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.
Crypto Assets Supported
10,000+ tokens
Staking Support
Yes
Price
$
10,000+ tokens
Yes
$
Editor's Take
Ellipal may not be as well known as Ledger, but the wallet eliminates the USB or Bluetooth connection, which are common sources of attack, by using QR codes instead.
Pros & Cons
- Eliminates transferring crypto to an online wallet
- Supports 46 blockchains and thousands of tokens
- Limited customer support
- Not widely used
Details
The intricate cold storage solution supports buying and staking crypto via decentralized application (dApps) connections. You can stake popular cryptos like Cardano and Polkadot and buy and swap bitcoin (BTC) via the Ellipal Titan wallet.
With Ellipal you can convert your coins to any supported currency without needing to transfer to an online exchange.
SafePal Crypto Wallet
4.5
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.
Crypto Assets Supported
30,000+
Staking Support
Yes
Price
$
30,000+
Yes
$
Editor's Take
SafePal ticks many boxes—it supports all major cryptocurrencies by market cap and popular stablecoins like Dai (DAI) and TrueUSD (TUSD). One major perk of this cold storage option is its integration with crypto exchange Binance. It’s also a relatively cheap hardware solution, with a device costing about $50.
Pros & Cons
- Ability to pair a hardware wallet with a software one
- Integrated with Binance
- Plenty of educational materials
- Not beginner-friendly
- Limited customer support
Details
In May 2020, SafePal added to its repertoire with its SafePal Software Wallet. You can pair your hardware wallet with the Software Wallet.
SafePal serves more than six million users across more than 190 countries.
Summary - 3 Best Cold Wallets of April 2024
| Company | Company - Logo | Forbes Advisor Rating | Forbes Advisor Rating | Crypto Assets Supported | Staking Support | Starting Price | Learn More CTA text | Learn more CTA below text | LEARN MORE |
|---|---|---|---|---|---|---|---|---|---|
| Ledger Crypto Wallet |  | 4.9 |  | 1,600+ | Yes | $ | View More | ||
| Ellipal Titan Crypto Wallet |  | 4.8 | | 10,000+ tokens | Yes | $ | View More | ||
| SafePal Crypto Wallet |  | 4.5 |  | 30,000+ | Yes | $ | View More |
Best Bitcoin Wallets of April 2024
Bitcoin remains the top cryptocurrency by market capitalization. Whatever the vicissitudes of the crypto market, investors remain committed to bitcoin as both a buy-and-hold asset and as a means of transaction.
Like other cryptocurrencies, bitcoin requires a crypto wallet for storage, and most of the leading crypto wallets—hot or cold—support BTC.
There are a few specialized wallets that do not support bitcoin. MetaMask, for instance, does not directly support bitcoin, as it is designed only for Ethereum-based crypto tokens. Other wallets may have a few quirks. Coinbase Wallet Web3 only supports bitcoin in its mobile app, for example.
Conversely, some crypto wallets are solely dedicated to the big “B.” Electrum only supports bitcoin. If that’s going to be the only crypto you keep in your portfolio, it’s a reasonable choice. It has never experienced a hack; plus it’s integrated with Ledger and Trezor.
Here are some leading crypto wallets that support bitcoin and other top major cryptocurrencies by market cap.*
| Crypto Wallet Name | Wallet Type |
|---|---|
Coinbase Wallet Web3 | Hot |
Crypto.com DeFi Wallet | Hot |
Exodus | Hot |
Ellipal Titan | Cold |
Ledger | Cold |
SafePal | Cold |
*At the time of this writing, the top major cryptocurrencies (excluding BUSD) by market cap: bitcoin, Ethereum, Tether, USD Coin, BNB, XRP, Cardano, Solana, Dogecoin, Polkadot, Dai, Polygon, Shiba Inu, Tron and Avalanche.
If you’re looking for a crypto wallet that supports Ethereum and bitcoin—but some of the other major cryptocurrencies—Robinhood’s new Web3 Wallet or eToro’s exchange wallet might be a good fit.
Methodology
Forbes Advisor performed an in-depth assessment of the features and options offered by the leading crypto wallets.
From the data gathered, each wallet was scored and assessed based on seven key variables:
- Stablecoins. The number of popular stablecoins supported.
- Top cryptocurrencies. The number of supported major cryptocurrencies by market capitalization.
- Usability. The approach for this metric differed for Best Exchange/Hot Wallets and the Best Cold Wallets. But both types of wallets were measured for exchange integration(s) and staking accessibility.
- Customer service. Types of customer support available.
- Costs and fees. Fee structures were assessed differently for Best Exchange/Hot Wallets and Best Cold Wallets.
- Security. Some of the features assessed include whether the wallet recoups stolen assets and provides several security measures (e.g., two-factor authentication, password encryption, etc.).
- Additional features. Other areas measured include, but are not limited to, whether the wallet provides educational resources and live charts and support for non-fungible tokens.
For each ranking, the sum of weighted values across all or some of these key factors was calculated to award each crypto wallet an overall rank.
Guide to Crypto Wallets
- What Is a Crypto Wallet?
- How Do Crypto Wallets Work?
- Types of Crypto Wallets
- Why Do You Need a Crypto Wallet?
- How To Choose a Crypto Wallet
- How To Get a Crypto Wallet
- Crypto Wallet FAQs
What Is a Crypto Wallet?
Cryptocurrency is a highly abstract store of value, and ownership exists as nothing more than a string of code on a larger blockchain.
When you purchase a crypto, such as bitcoin or Ethereum, your ownership boils down to a public key and a private key.
The public key is like your bank account number but doesn’t provide access to your crypto. The private key identifies you as the “true owner.” If you lose your key, you could lose access. Likewise, the person holding a private key has full access to your crypto.
There’s a popular expression in the crypto world, “Not your keys, not your coins.” If you don’t control your keys, you don’t have full access to your crypto assets.
How Do Crypto Wallets Work?
Crypto wallets work by storing the private keys for your cryptocurrencies. A wallet holds the credentials needed to prove you own the cryptocurrencies. You can also use the wallet to send cryptocurrencies to or receive them from others.
There are different types of crypto wallets, ranging from online services and programs to simply printing the keys on a piece of paper. The key function is that the crypto wallet holds the keys needed to access the blockchain to transact with your cryptocurrencies.
Types of Crypto Wallets
There are two main types of crypto wallets: hot and cold. Hot wallets are connected to the internet. These include:
- Online wallets. These wallets connect to other websites/online services. For example, many crypto exchanges offer online wallets through their platforms.
- Mobile wallets. Mobile wallets can be downloaded to your mobile device. You then store your keys on the mobile app.
- Desktop wallets. With a desktop wallet, you download a program to your computer, which you then use to store your keys.
Cold wallets are wallets that are not connected to the internet. For example, you could buy a USB key that stores your keys. You could also print off your private keys on a piece of paper.
In addition, crypto wallets can either be custodial or noncustodial. A custodial wallet is one where a third party controls and manages the wallet, including security, on your behalf. An online wallet from a crypto exchange would be custodial.
A noncustodial wallet is one where the cryptocurrency owner manages the wallet. A USB hard drive or a paper wallet would be noncustodial. You are responsible for storing and protecting your keys on a noncustodial wallet.
What Is a Hot Wallet?
“Hot” wallets can be desktop, mobile or web-based applications, requiring an internet connection. The connectivity to the web makes these types of wallets more accessible. But it comes with a trade-off: security. Online wallets are more susceptible to hacks.
What Is a Cold Wallet?
Generally, A more secure type of wallet is a “cold” wallet. These hardware wallets come in several shapes and sizes, and they can be a USB stick that connects to the web or a device that scans a QR code, linking to a software application.
Hardware wallets help keep your private keys safe from hackers who would need to steal the physical wallet to gain access and usually involve a PIN as an extra layer of security.
You can typically purchase a hardware wallet for between $50 and $150, although there are some higher-priced options, too.
Why Do You Need a Crypto Wallet?
Cryptocurrency exists as nothing more than a string of code on a larger blockchain. When you purchase cryptocurrency, such as Bitcoin or Ethereum, your proof of ownership is based on a public key and a private key.
The public key is like your bank account number: It tells you where your crypto is, but it doesn’t provide access to it. The private key identifies you as the “true owner.”
If you lose the private key, you could lose access to your crypto. Likewise, any person who gets ahold of your private keys has full access to your crypto.
There’s a popular expression in the crypto world, “Not your keys, not your coins.” If you don’t control your keys, you don’t have full access to your crypto assets.
As the number of use cases continues to grow, holding a cryptocurrency wallet can be likened to the process of building a credit history. Your crypto address stands to provide access to numerous opportunities in the future.
– Bakhrom Saydulloev, product lead at global payments infrastructure platform Mercuryo
How To Choose a Crypto Wallet
If you’re buying crypto, you’ll want to explore the crypto wallet best suited for your needs. You might be interested in holding a whole portfolio of different coins and tokens in one wallet. Or maybe you’re just looking for a crypto wallet that supports only a few big cryptos with myriad features.
Overall, it’s important to find a crypto wallet with:
- A strong, stable history
- A high level of security
One of the most important attributes to watch out for is the safety/security features of a crypto wallet. Key things a crypto user needs to ask is whether the crypto wallet has a history of being hacked, user reviews, community size and the team behind the project. So the reputation of a crypto wallet is essential to keep an eye on.
– Petr Kozyakov, co-founder and CEO of global payments infrastructure platform Mercuryo
How To Get a Crypto Wallet
How to get a crypto wallet depends on what kind you want. If you’d like an online, mobile or desktop wallet, the steps are fairly straightforward.
- Download the necessary software from the crypto wallet company.
- Set up your account.
- Use the digital address or QR code provided by the wallet to start accepting asset transfers. Some wallets can also integrate directly with major crypto exchanges.
- Follow the wallet’s process for transferring over your assets. The crypto private keys will then be stored in your wallet versus the exchange.
You follow a similar process with a cold, offline wallet.
- Buy the physical hardware wallet.
- Download the necessary program to set up your wallet as indicated by your hardware.
- Use the program to transfer your cryptocurrency keys to the hardware storage device.
- Alternatively, there are paper wallet generator websites online. You can use those to create and print off a paper crypto wallet with your keys.
How To Set Up a Crypto Wallet
Just like there are many ways to store your cash, there are many ways to stash your crypto.
Opening a crypto wallet will vary by the type chosen. If you’re using an exchange wallet, for example, you’ll pick a platform that you trust and then create an account. Generally, personal information and a two-step verification process is required.
For a hardware wallet, you’ll need to purchase the hardware first. You’ll typically need to install software to set up the wallet, too.
Crypto Wallet FAQs
What is a fiat wallet?
A fiat wallet stores currencies from countries, like U.S. dollars or euros, rather than cryptocurrencies. Fiat wallets use a setup similar to crypto wallets, including connecting to crypto exchanges.
If you want to make a crypto trade, you can transfer money from a fiat wallet much more quickly than a bank transfer, which could take days. Fiat wallets allow you to hold onto regular currency, so it’s ready immediately for future crypto trades.
Which wallet is best for crypto?
There are a number of excellent crypto wallets, many of which we have reviewed above. The right fit depends on your goals, such as whether you want a hot wallet that connects directly to the internet or if you would prefer a cold wallet to store your keys on an offline hardware device.
Are crypto wallets safe?
Crypto wallets are safe if you follow the proper practices and use a company with good security. In general, moving cryptocurrencies off an exchange to a wallet helps protect your digital assets. You add an extra layer of protection from a cyberattack against an exchange.
If you use a hot wallet connected to the internet, it could still be exposed to hackers. That’s why it’s essential to use a company with a strong reputation for security. Cold wallets are safe from hacks. However, you need to protect the device and not lose it. Otherwise, you risk losing your cryptocurrencies.
What happens if a crypto wallet company goes out of business?
If you store your cryptocurrencies on a noncustodial cold wallet, you are protected if the crypto wallet company goes bankrupt. You still possess the keys and can transfer your cryptocurrencies to another wallet.
Using a hot wallet managed by a third-party custodian could be a problem if the company goes out of business. You would file a claim against the company, like all other creditors and investors. However, there is no guarantee the company would have enough to pay the total value of your crypto.
For this reason, it’s safest to keep your long-term investments in a cold wallet, even if a hot wallet is cheaper and more convenient.
Next Up In Investing
- The Best Crypto Exchanges
- Best Bitcoin ETFs
- 10 Best Cryptocurrencies
- What Is An NFT? Non-Fungible Tokens Explained
- KuCoin Review
- Coinbase Review
