Tag: wallet

Top 4 Best Crypto and NFT Wallets in 2022 (and which one you should use)

When you purchase crypto for the first time, you will probably use an exchange.

While centralized exchanges have a number of benefits, you often do not have direct control over your digital assets when keeping them there.

Establishing your own self-custodial crypto wallet enables you to access dapps, transact in crypto, trade NFTs, as well as attain greater control and sovereignty over your money.

For this reason, its a good idea to move some of your crypto off the centralized exchange and into your own non-custodial wallet.

The next step is actually getting your first real crypto wallet setup. The good news is you can access the blockchain from any wallet provider. Think of the wallet as your portal to the world of web3. Yes, some portals are better than others, but at the end of the day they should all take you to the same place.

There are 4 wallets that stand out from the rest of the market as being the best:

The Winners for the Best NFT / Crypto Wallets:

Best All Around

Trust Wallet

  • Many assets hosted
  • Ultra secure
  • Large community
  • NFT Optimized
  • Free to use

Best for Beginners

Coinbase

  • Buy with $USD
  • Easiest on-ramp
  • Buy popular tokens
  • NFT optimized
  • Free to use

Most Secure

Ledger Nano X

  • Max security
  • Offline, cold storage of your cryptocurrencies.
  • No NFTs
  • Costs $149.00

Best for Ethereum

Metamask

  • Ethereum optimized
  • Compatible with ERC-721 and ERC-1155 NFTs
  • Most popular ecosystem
  • Explore layer 2 rollups and web3 dapps
  • Browser and Mobile compatible
  • Free to use

1. All-Around Best Crypto / NFT Wallet: Trust Wallet

Trust Wallet Specs:

  1. Custodial / Non-Custodial: Non-Custodial
  2. Hot or Cold? Hot
  3. Security:
    • Open Source
  4. Tokens Supported: Supports 53 blockchains and over 53 million different assets.
  5. Price: Free
  6. Ease of use:
    • Easy to use compared to most crypto wallets.
    • As with any new system, it takes some getting used to but there are many instructional guides available.
    • Includes a Dapp browser which lets you connect to various web3 tools and dapps.
  7. Devices Supported: Mobile crypto wallet
  8. Popularity:
    • 168,000 reviews in the app store
    • has a very active user community with forums and comments where community members discuss topics and answer questions.
  9. NFTs Compatibility:
    • Displays images of your NFTs readily, as well as enables you to send and receive them.
    • Only displays NFTs from within the Ethereum Ecosystem. Not compatible with Solana NFTs, for example.
  10. Additional Features:
    • Direct Deposit: you can buy crypto using your credit card.
    • Staking: you can earn 11% APR on quite a few different coins.
    • Multisig: No

Trust Wallet Overview:

For the general user, Trust wallet is great because it has a huge community, open forum discussion, and supports one of the largest number of different assets of any wallet on the market.

For the user looking to stake crypto, you can earn a sizable yield on your assets as well.

From owning some of the most well-known blue-chip assets, to buying and trading NFTs on the Ethereum Ecosystem, as well as browsing dapps within the web3 internet, the Trust wallet provides a well-rounded experience within crypto and NFTs for any user.

2. Best Beginner-Friendly Crypto / NFT Wallet: Coinbase Wallet

Coinbase Wallet Specs:

  1. Custodial / Non-Custodial: Self-custodial aka Non-custodial
  2. Hot or Cold? Hot
  3. Security:
    • Open Source
  4. Tokens Supported: The Coinbase wallet supports popular tokens like BTC, ETH, BCH, LTC, XRP, XLM, and DOGE, all EVM-compatible and ERC 20 tokens, as well as some stable-coins like DAI. (read more)
  5. Price: Free
  6. Ease of use:
    • User friendly and easy to learn.
    • There are many instructional videos on YouTube to help new users learn the ropes.
    • Supports dark mode.
  7. Devices Supported: Browser and Mobile crypto wallet
  8. Popularity:
    • 103,000 app store reviews.
    • One of the most popular and well-known crypto exchanges has a large team behind the product.
    • Publicly traded company
  9. NFT Compatibility:
    • NFTs supported and displayed.
    • ERC-721 compatible.
  10. Additional Features:
    • Direct Deposit: support credit / debit direct purchases for crypto. Easy cash on ramp
    • Staking: Earn interest via smart contracts.
    • Multisig: not supported
    • Anything else? view crypto price movements directly from the app.

Coinbase Wallet Overview:

One of the largest publicly traded crypto exchanges in the world has a non-custodial wallet available for download.

The Coinbase wallet is best for beginners because it enables you to link your existing account on Coinbase.com to your self-custody wallet in order to move some of your funds off exchange.

Having the big tokens supported like Ethereum and Bitcoin as well as Polygon is key. Although it doesn’t have as many coins available as other wallets, it is great for getting started.

As staking is supported, this is a good opportunity for beginners to learn a bit more about DeFi and experience earning some yield on their assets, if that is within your risk tolerance.

One of the downsides to Coinbase is that you can’t use it in some jurisdictions, like Hawaii.

3. Best Crypto Wallets for Security: Hardware Wallets (Ledger Nano X)

Ledger Nano X Wallet Specs:

  1. Custodial / Non-Custodial: non-custodial
  2. Hot or Cold Storage? Cold
  3. Security:
    • Most secure hardware / cold storage. Open Source. Keeping your coins and NFTs offline and protected.
  4. Tokens Supported: over 5,500 tokens supported
  5. Price: $149.00
  6. Ease of use: Setting up the Nano Ledger X takes less than 30 minutes.
  7. Devices Supported:
    • Mobile friendly via bluetooth connection. Bluetooth enabled, access your wallet via your phone.
    • Install up to 100 dapps at a time.
    • You also have access to the Ledger Live, a browser and mobile wallet that enables you to access your funds on the go, if you don’t want to bring your physical hardware wallet with you.
  8. Popularity:
    • Ledger wallets have thousands of reviews on Amazon.
    • There is a community on Reddit with over 86,000 members.
    • Ledger Academy provides intro information for people to learn about crypto, such as how to keep their assets safe.
  9. NFT Compatibility: does not display your NFTs
  10. Additional Features:
    • Direct Deposit: no
    • Staking: no
    • Multisig: no

Ledger Nano X Wallet Overview

Ledger, a French company, has a number of hardware products designed to store crypto and NFTs in the most secure way possible.

The only real difference among the Ledger line of products is the number of features like which assets are supported. From a security perspective, all hardware wallets are equally secure because they keep your assets offline, aka in “cold storage”.

Ledger Nano X is the most advanced, and robust wallet from the Ledger line of products.

Granted security is of top priority here, the Nano X supports the most tokens and has the best screen display for usability.

4. Best Crypto Wallets for Ethereum Ecosystem: Metamask

Metamask Wallet Specs:

  1. Custodial / Non-Custodial: non-custodial
  2. Hot or Cold Storage? Hot
  3. Security:
    • Most popular wallet to use in the Ethereum ecosystem, enabling you to connect to web3 dapps as well as EVM powered networks such as Polygon and Optimism. Open Source. Your coins and NFTs are easily accessible.
  4. Tokens Supported: all ERC-20 tokens and EVM compatible NFTs (ERC-721 and ERC-1155)
  5. Price: Free
  6. Ease of use: Quick setup, many tutorials online as well as instructional how-to’s in the Metamask support site. As with all self-custodial wallets, make sure you store your private key in a safe, secure location.
  7. Devices Supported:
    • Browser and Mobile enabled. Access your wallet via computer or your phone.
  8. Popularity:
    • Most popular web3 wallet to date with more than 21 million active users.
    • Large Metamask community with forums and more.
  9. NFT Compatibility:
    • Displays your NFTs on mobile, but the functionality could be improved.
    • As the NFT display system is not optimized, Metamask users often find themselves going to OpenSea or Quixotic to view their NFT portfolios as opposed to the wallet display.
  10. Additional Features:
    • Direct Deposit: yes, via credit card, however transaction fees can be high.
    • Staking: no
    • Multisig: no

Metamask Wallet Overview

Metamask, an open-source software wallet built by Consensys, is by far the most popular wallet by user count in web3 as of 2022.

The wallet is focused on crypto and NFTs that leverage the Ethereum protocols, ERC-20, ERC-721, and ERC-1155. Additionally, the ability to add Ethereum Virtual Machine networks to your wallet makes bridging to layer 2 rollups easy and user-friendly.

For people that want to explore the emerging world of web3 decentralized applications (dapps), using a Metamask wallet is the way to go.