Crypto wallets are necessary for anyone who wishes to trade crypto currencies and NFTs. Crypto wallets provide access to the blockchains on which crypto currencies and NFTs are stored. Crypto wallets can generally be divided into hot wallets and cold wallets. A cold wallet exists offline, so you can hold your crypto keys or seed phrases securely, because offline cold wallets cannot be hacked or accessed remotely. Hot wallets exist only online, on your laptop or on your smart phone, in a mobile version. Hot wallets provide direct access to the blockchains on which crypto currencies and NFTs are stored.
A misconception often surrounds popular cold wallets, such as Trezor and Nano. Cold wallets securely store your keys or seed phrases in an encrypted form, but they do not actually hold crypto currencies offline, since crypto only exists on a blockchain from which they cannot be separated. Because a user’s keys are encrypted offline in cold storage wallets, they are the most secure method of storing your crypto keys.
Top 5 Cold Storage Wallets
- Ledger Nano X – is perhaps the most popular cold storage wallet. With the Ledger Nano X, you can secure and manage over 5,500 coins and tokens, and its Bluetooth compatible so you can use Nano X remotely.
- Ledger Nano S – is similar to Ledger Nano S but unlike the X version. You can manage over 5,500 coins and tokens, but you cannot use Bluetooth with the Nano S and its storage capacity is more limited. However, Nano S is also half the price of the X version.
- Trezor – developed the first cold storage wallet, and it is therefore one of the leading wallets in the market. Trezor’s model T supports over 1,200 crypto currencies, and Trezor is also quite affordable compared to Ledger wallets.
- Atomic Wallet – is a decentralized cold storage wallet that supports over 500 crypto currencies. Its main distinguishing feature, is that it allows its users to make credit card purchase of crypto online via Atomic Swap.
- Safepal S1 – is a hardware wallet from Binance. The most impressive aspect of S1 is that it permits storage of keys associated with 10,000 crypto coins and tokens across 19 blockchains. If you are searching for storage capacity, then Safepal S1 is likely your best choice.
Top 5 Hot Wallets
- Metamask – allows users to store and manage their account keys, and to send and receive crypto currencies from 7 different blockchains. It also allows users to securely connect to decentralized applications through a web browser or the mobile-versions built in browser. However, several users have reported that the app’s browser is sometimes slow and difficult to use.
- Trustwallet – is one of the most popular mobile crypto wallets, that permits access to 50 blockchains, and permits the storage and trading of over 1 million crypto currencies. Unlike Metamask, Trustwallet displays an excellent variety of Dapps directly on the wallet’s dashboard, permitting users to more easily connect to PCS, Uniswap and a host of other crypto applications.
- Safepal – is another popular mobile wallet, that supports 20 blockchains and can store over 10,000 crypto coins, tokens and NFTs. It also has excellent Dapps, including one for accessing Binance.
- Coinbase wallet – is popular with traders because of its advanced charting capabilities. However, it can only store coins, tokens, and NFTs from 5 blockchains and can hold up to 44,000 crypto currencies.
- Huboi wallet – can store over 1,000 crypto currencies across 20 blockchains, and allows users to buy crypto from traders on the P2P market or trade directly on Huobi Global, which is a well-known international crypto exchange.