Crypto wallets are necessary for anyone trading, buying or selling cryptocurrencies. Wallets are essential to storing information securely and validating transactions on the blockchain and are available as hot and cold. Without a wallet, you can’t buy, sell or trade cryptocurrency, NFTs.
There are two main categories of wallets: hot wallets and cold wallets. Hot wallets are accounts that are online; cold wallets are separate storage devices. Hot wallets are often easier to use, but since they’re always online they are a little less secure than cold wallets.
A cold wallet is simply storing access codes and key phrases on a wallet that is not connected to the internet. Cold wallets should not have the ability to communicate with any electronic device. Cold wallets, such as those from the company called Ledger, store your transaction information offline; which means that when you want to make transactions you need to login to your wallet and connect it to the wallet’s online portal before you’re able to make a transaction. This extra level of security requires a little more effort.
A hot wallet is always connected to the internet via a computer or phone. They are linked to an exchange and are oftentimes user-friendly. Hot wallets facilitate an ease of transferring cryptocurrency or cash out earnings.
Smart traders know that having a mix of wallets is the best practice in keeping track of all transactions. Not all wallets are created equal. Some wallets support storing (transactions of) different cryptocurrencies and utility tokens, some support minting, buying and selling NFTs.
Read on to learn about the best-reviewed hot crypto wallets.
- Metamask
- Metamask has a Chrome browser extension that allows easy access to web3 sites like the NFT marketplace.
- You can easily create multiple addresses to hold your NFTs and cryptocurrency separately.
- Metamask has a mobile application (App) that allows flawless syncing across devices.
- Built-in browser for decentralized applications (dApps) and NFT marketplaces.
- Built-in swap feature, which allows easy exchange of currencies in order to purchase an NFT.
- Supports alternative blockchain platforms.
- Math Wallet
- Math Wallet supports over 70 blockchains.
- Offers a web, desktop, and mobile version of the wallet that syncs across devices.
- Allows for integration with several hardware wallets.
- Supports the creation of multiple addresses for your NFTs.
- Offers a built-in dApp browser that enables users to view NFT marketplaces.
- Offers a unique utility token.
- Includes other features like staking and swapping.
- AlphaWallet
- AlphaWallet is an open-source cryptocurrency wallet with few limitations; however, it’s mobile-only and Ethereum-only. It stands out because of its local support for blockchain games and NFTs.
- The simple user interface makes it very easy for beginners to understand.
- There’s a section of the wallet devoted to NFTs and gaming tokens.
- Supports a built-in dApp browser.
- Trust Wallet
- Trust Wallet is a mobile-only wallet owned by Binance.
- Supports various blockchains, including Ethereum, but is highly biased toward smart chain tokens.
- Includes a dApp browser.
- Includes a built-in exchange feature that allows easy currency swapping.
- Coinbase Wallet
- Coinbase Wallet supplies a non-custodial wallet for storing NFTs and other tokens.
- Provides the user full control over their crypto.
- Includes browser extension, which makes it easier to use the wallet across devices to purchase NFTs and use other dApps.
- Offers you the ease of transferring tokens to others by using usernames instead of public wallet addresses.
- Offers one-click cloud backup for your private keys.
