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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.
Compare the Top Bitcoin Wallets
The best cryptocurrency wallets offer secure storage for all types of crypto investors, accessible user interfaces, mobile access, low trading fees, and more.
Suppose you want to invest in bitcoin or another cryptocurrency like ether or litecoin. In that case, you'll need to pick an exchange (e.g., Coinbase or Kraken) that offers such assets and a "crypto wallet" to store and secure your private key code for accessing your assets.
Here are the best crypto wallets as picked by Business Insider Editors in 2024.
Best Overall
Exodus
$0
None (Exodus receives 2-5% spread on asset exchanges)
Hot wallet
- More than 150 cryptocurrencies
- Exodus partnership with Trezor creates additional security option for crypto assets
- Desktop and mobile access
- 24/7 customer service
- Not the best option for those who strictly prefer hardware wallets
- Features: Desktop and mobile wallet, Trezor hardware access; Exodus crypto apps, live charts, 150+ crypto assets, and 24/7 support
Exodus is a multichain web3 wallet offering desktop, mobile, and more cryptocurrency exchange services. 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.
The hot wallet offers commission-free cryptocurrencies like bitcoin, solana, and others with 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 for their assets.
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.
Exodus mainly caters to hot wallet (software) users. It may not be suitable for the hardware-minded traders, unless you plan to use a Trezor device with the app.
Best for Beginners
BitBox
$0
None
Warm wallet
- No minimum or fees
- BitBox02 wallet supports more than 1,500 cryptocurrencies
- Bitcoin-only edition of the wallet is compatible with Electrum, Specter, Sparrow, and the BitBoxApp
- Desktop and mobile access
- Mobile app is only available for Android users
- Features: Bitcoin-only hardware storage, 1500+ cryptocurrencies, and BitBoxApp.
With BitBox's BitBox02 hardware wallet, you can store your crypto private key and manage any assets offline through an external chip. It offers interactive touch features and an OLED screen for transaction details. The wallet supports bitcoin, ether, litecoin, and more.
But BitBox also provides a bitcoin-only edition. This version could be a great fit for you if you only want to store bitcoin. It relies on bitcoin-only firmware and offers compatibility with the BitBoxApp, Electrum, Specter, Sparrow, and Wasabi.
The BitBoxApp also gives you desktop access.
If you're a fan of mobile access, you'll only be able to use BitBox on Android devices.
Best for Advanced Users
Electrum
$0
None
Hot wallet
- Exportable private key
- Multisig feature lets you spend between multiple crypto wallets
- Support available for other wallets, including Ledger, Trezor, and Keepkey
- No phone customer support
- Only accepts bitcoin transactions
- Features: Cold storage, add-ons supported, exportable private key; compatible with Ledger, Trezor, and Keepkey.
Launched just two years after bitcoin was created, Electrum specializes in private key encryption and two-factor authentication. Like Exodus, Electrum is a hot wallet that gives you online encryption for your crypto information.
Electrum verifies that all of your crypto transactions are in the bitcoin blockchain, and allows you to spend bitcoin between multiple wallets. Electrum also supports other wallets, including Ledger, Trezor, and Keepkey.
In addition, Electrum says it offers several interfaces that you can use on mobile, desktop, or with its command-line interface. However, according to its website, with its cold storage offering, you can sign transactions from an offline computer.
Electrum doesn't offer traditional phone customer support. However, the company provides helpful information in its documentation and FAQ sections, offers a Reddit support page, and allows you to ask questions on bitcointalk.org. Another thing to note is that while Electrum supports other wallets, it only allows for bitcoin transactions. This may be a downside for those interested in exploring other cryptocurrencies.
Best Mobile Bitcoin Wallet
BlueWallet
BlueWallet is a robust, mobile Bitcoin wallet offering a user-friendly interface offering straightforward integrations with the Lightning Network. Using an open-source code, BlueWallet is accessible to virtually anyone.
Both 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.
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.
Best DeFi Wallet
Crypto.com
$1
Maker fees 0.0750% - 0% and taker fees are 0.0750% - 0.0500%; 0% credit/debit card purchases for first 30 days of opening account
- 350+ cryptocurrencies; support for more than 20 fiat currencies
- Separate NFT platform
- Earn up to 5% cash back on purchases with Crypto.com Visa Card
- You can set up price alerts and price movement alerts to stay updated on more than 250 assets
- Crypto.com Exchange isn't available to U.S. residents; U.S. investors limited to the mobile app
- Crypto.com isn't available to residents of New York
- High credit and debit card transaction fees
- Promotion: Get up to $2,000 for every friend you refer and 50% of their trading fees.
Crypto.com is a global cryptocurrency exchange headquartered in Hong Kong, offering over 250 coins and tokens, in addition to it's powerful crypto wallet storage that is the best DeFi crypto wallet. Crypto.com DeFi wallet can be opened as either a custodial or non-custodial wallet.
Beginner crypto-investors can benefit from a Crypto.com crypto wallet for accessible trading and an easy sign-up process. Moreover, it offers decentralized finance tools like day-to-day crypto activities, connecting to other decentralized apps, and one-to-one crypto swap features.
Crypto.com DeFi wallet also allows you to deposit view, share, and deposit NFTs across multiple blockchains. Another feature is that you can swap more then 1000 tokens over multiple blockchains, such as Ethereum, Cosmos, Cronos, etc. Security features include two-factor authentication, Secure Enclave technology, and biometric authentication.
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.
Best Bitcoin Wallets Frequently Asked Questions (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.
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. If you want complete custody or control over your money, you'll probably need a non-custodial bitcoin wallet.
How to Choose the Best Bitcoin Wallet
Some of the best investment apps also offer cryptocurrency trading and market access to the crypto market. Many of the best cryptocurrency exchanges offer an internal crypto wallet to store your digital assets, including bitcoin. But if your platform doesn't provide secure storage, or you prefer to keep your crypto separate, you can open an external wallet.
To secure your cryptocurrencies with a bitcoin wallet, you must create an account with your desired platform first. Most non-custodial wallets (wallets that you hold complete custody over) offer downloadable software that you can use to secure your private key and crypto assets.
However, if you're using a hardware wallet, you'll likely need a USB cable to connect to your platform's external storage chip. Once you've created your account, connected the necessary devices or downloaded any required software, you can transfer over any existing crypto assets.
Why You Should Trust Us: How We Reviewed The Best Bitcoin Wallets
Business Insider rating methodology for investing platforms is based on several factors, including customer support access, bitcoin features, wallet custody, educational resources, 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 given a rating between 0 and 5.
