Best Crypto Wallets in 2022

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Choosing a crypto wallet is the first step in getting into the crypto or blockchain system because there is no physical provision to access your cryptocurrencies or investments. A Crypto wallet can be a software and/or hardware application to secure your cryptocurrency. All cryptocurrency transactions will be validated with the crypto wallet.

As a starter or an existing crypto trader or investor, it is best to go for a suitable crypto wallet to protect your investments and ease of trade. What is the best crypto wallet? Here is the best crypto wallets list to choose from as a beginner or expert. 

• Coinbase Wallet: Best Overall
• Exodus: Best for Beginners
• Electrum: Best for Experienced Bitcoin Users
• Guarda Wallet: Best for security
• Mycelium:  Best for Mobile
• Metamask: Best for Etherum and WEB3
• Trezor: Best Crypto Hardware Wallet for security

Coinbase Wallet 

Even though this crypto wallet only went public in April 2022, it is still the best crypto wallet 2022. And although many say it is best for beginners, it is a tested and trusted crypto wallet for both beginners and advanced users. It works on Android and iOS devices and has an easy-to-use interface. 

The company holds no custody, which means only you can access the wallet’s private key. It is a multi-asset wallet, allowing access to thousands of cryptocurrencies. It is hardware compatible. 

Pros

• It allows access to more than 500 digital access
• It allows users to store NFTs
• It allows  access to decentralized apps (dApps), enabling Web3 applications
• It allows NFTs storage

Cons

• It is not available on the desktop app (except via browser)

• It lacks some advanced features.

Exodus

It is the best crypto wallet for beginners because of its beginner-friendly interface, ease of use, and diverse functionality to suit clients. Despite its easy-to-use interface, it still has a feature that walks new users through its use. 

It grants access to over 200 cryptocurrencies, including Bitcoin, though it has certain limits. Although it is perfect for beginners, it can be tiring for advanced users because of its procedures and guardrails. 

Pros

• It allows crypto staking.
• It can be used on mobile and desktop.
• Customizable fees for Bitcoin
• Simple payment verification process
• It has a quick response team (customer care service)

Cons

• It is not the most secure as it does not allow multi-factor authentication
• Customizable for bitcoin only.
• It does not support multiple signatures. 

Electrum

Electrum is one of the oldest crypto wallets and is still one of the top crypto wallets. It allows users to store Bitcoin for a long while, which has been proven with its existence over time. One of the best upgrades Electrum did was to support Lightning Network; this allows for a cheap and quick transaction. 

Another strong point of Electrum is the customization option. This allows users to interchange the use of Lightning Network and Bitcoin blockchain. It allows the use of a multi-signature wallet, serves security standards, including two-factor authentication settings, and writes words on seed phrases.

Pros

• It provides more security than other wallets
• Open source code
• It hardly suffers server downtimes

Cons

• It is not beginner-friendly
• It is for Bitcoin only
• There is no customer support service

Guarda Wallet

If you are worried about the safety of your cryptocurrency, then the Guarda wallet is one of the best crypto wallets to get. It has high-quality security despite its user-friendly interface. It enables the storage, buying, and swapping of cryptocurrencies through staking.

While it is relatively new, it has built a good reputation for use and high-security checkers. It has almost all the features of all other wallets combined in itself. It allows access to 50 blockchains and 400,000+ digital tokens.

It has added advantages for new and existing users. All users can get more cryptocurrency knowledge through the lessons provided by the platform. 

Pros

• You can earn, swap, and borrow crypto.
• Excellent customer service
• Multi-signature wallets
• It is available to Android, iOS, and Windows users. 
• Multi-signature use and Face ID authentication

Cons

• High charges/rates apply

Mycelium

Do you want to manage your account while on the go? Mycelium is the best crypto wallet app for your mobile device. It is a non-custodial wallet with many advanced features to use on your mobile. It features open-source code for the community to edit and audit. Here are a few things you can do with the mobile app:

• Send and receive Bitcoin via QR codes.
• Transfer of coins between hardware or software wallet
• Review all transactions
• Single address savings account
• Spending account

Pros

• Use of Trezor hardware wallet
• Privacy features
• Cold storage integration

Cons

• It is available on mobile devices only.
• It is not beginner-friendly
• Poor and inaccessible customer service support. 

Metamask

If you are more interested in dApps and tokens within the Ethereum network, this is the best wallet for crypto to use. It is a widely known Ethereum wallet used by over thirty million people to access tokens in the Ethereum network. It is user-friendly and easily accessible, with an attractive design that makes beginners want to try it out.

Metamack allows users to add different blockchain networks to the app and access NFT marketplace like OpenSea. Another big advantage of Metamask is that it allows crypto traders to access the Web3 world from Web2. If you use it with hardware, you can store NFTs and use them for crypto exchange. 

Pros

• Only accessible to owners
• Attractive and beginner-friendly interface
• Allows access to thousands of dApps
• Allows access to the NFT world

Cons

• Even though it is free, high transaction fees apply
• It can not store Bitcoin (directly) 

Trezor 

If you are a crypto investor looking to buy and hold, Trezor is the best cold wallet for crypto. Often, when people want a hardware wallet, they are looking for a secure way to secure their crypto investments, and they are not willing to take chances. 

Trezor is worth it if you are willing to pay the price for the security and functionality it offers. Some things you get from using Trezor are

• Dull-color touchscreen display
• A unique security standard
• Add-ons, e.g. Shaamir Backup, allow the creation of 16 recovery phrases in case you forget your code. 
• Recovery in case of theft or destruction

Pros

• Beginner-friendly
• Allows access to 1800+ cryptocurrencies
• Available on mobile and desktop

Cons

• Price is on the high side, especially considering similar alternatives
• The hardware security key comes only with Trezor Model T.

Conclusion 

There are many suitable and high-quality crypto wallets to choose from; however, it all boils down to your preference. What are the features you are looking for in the crypto wallet? What features can you not compromise on? When you answer these questions, you will find it easier to choose the best crypto wallet. In all your decisions, ensure security is a top priority and others come after.