Best 5 Bitcoin Wallets for Beginners in 2020

If you're a beginner and don't have a bitcoin wallet yet, then you need to check out our comprehensive guide below to know more about the best bitcoin wallets you can choose from.
Author: andrew black
Last Updated: 17 August 2020

Bitcoin may be digital cash, but it has a lot in common with the paper currency you carry with you. Both Bitcoin and paper money can be bought, sold, and traded. And both forms of money are stored in a wallet. A Bitcoin wallet is simply a digital version.

We’ll dig deep into the nature of Bitcoin wallets below. We’ll also talk about the many options that Bitcoin users have today when choosing a Bitcoin wallet. This might seem like a confusing topic at first, if you’ve never used cryptocurrencies before. But by the end of this, you’ll be able to download your own Bitcoin wallet, and know exactly how to use it. Before you do any of that though, you might want to have a look at the Bitcoin price before you decide whether or not you want to buy and store the cryptocurrency.

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    Top-rated crypto platform for 2020


    eToro Commits To Better Future Growth with Delta Acquisition
    • 15+ coins supported
    • CySEC and FCA regulated
    • Buy, sell and trade crypto in 1 platform
    • Over 6 million users worldwide
    eToro Commits To Better Future Growth with Delta Acquisition
    75% of retail investor accounts lose money when trading CFDs with this provider. Crypto assets are highly volatile unregulated investment products. No EU investor protection.
    You can find out more and compare the different wallet providers in our list below. If you want to learn more about how to buy cryptocurrencies, we recommend this guide.
    What is a Bitcoin/Crypto Wallet?

    What is a Bitcoin/Crypto Wallet?

    Bitcoin may be digital, but it still has to be stored somewhere. Just like a leather wallet is used to keep track of your paper money, a Bitcoin wallet is a personal storage and safety tool for the Bitcoin that you buy.

    Each Bitcoin owner uses a piece of software to keep track of their Bitcoin and cryptocurrencies. You can use your Crypto Wallet to:

    • Send Cryptocurrencies
    • Receive Cryptocurrencies
    • Trade Cryptocurrencies
    • Spend Cryptocurrencies
    • Withdraw Cryptocurrencies

    Each Bitcoin and cryptocurrency has its own blockchain technology to register transactions. You can’t use your crypto wallet to:

    • Send BTC to another Crypto Address
    • Share your information with 3rd parties (not recommended)
    • Withdraw funds from the bank (only Bitcoin ATM)

    Follow out eToro review to create a Bitcoin Wallet

    To buy Bitcoin and tie it with its owner, these wallets usually have “private keys”.  These keys are secret codes that link specific Bitcoin balances to specific individuals. Without the keys, this Bitcoin can’t be accessed at all. But it’s inconvenient to keep track of long alphanumeric keys, so Bitcoin wallet software does the job for us.

    When you send Bitcoin to a Bitcoin wallet you own, its keys are stored there. This allows the wallet to show you how much Bitcoin is present, and to use it for any purpose you desire.

    Bitcoin wallets can live on your phone or computer, for everyday use of your personal funds. They can also exist in specialised hardware devices, safely disconnected from the internet.

    Bitcoin wallets can also exist on third party exchanges, like Binance, which will temporarily store your Bitcoin after you buy it, or while you’re waiting to use it for trading.

    Your Cryptocurrencies are always safer in a wallet that you control, preferably on a device not connected to the internet.


    How to Create a Bitcoin Wallet



    Binance is one of the best trading platforms in the world, so if you want to use Bitcoin, chances are you’ll be using it sooner or later. Let’s take a quick look at how to create your Binance account and exchange wallet.


    Step 1 – Create Your Binance Account

    Go to and complete registration by giving your email and new password.

    You’ll be sent an email with a link to click.

    Follow it into the Binance site. From here you’ll supply a little more information, then you’ll be able to send Bitcoin to your Binance exchange wallet.

    Note: You can’t buy Bitcoin with fiat money on Binance.

    Step 2 – Go to “Funds” > “Balances”

    Here you’ll see all of your Binance wallets.

    Anytime you buy a coin on Binance, it will be delivered to its respective wallet.

    Wallets with balances will appear at the top of the screen. Send Bitcoin to the address you see after clicking “deposit”, and you’ll have Bitcoin on Binance for all your trading needs.

    Visit Binance


    Coinbase is a great place to buy Bitcoin with PayPal for the first time, because they let you use bank transfer, debit card, and credit card. Creating a Coinbase wallet is about as easy as opening your first Facebook account. Here’s how it works.

    Step 1: Create Your Coinbase Account.

    Go to and sign up for a new account as an individual.

    Give your first and last name, your email address, and your new password.

    Go to your email and click the link inside when you find the new message from Coinbase.

    This will lead you into the site.

    Step 2: Find Your Bitcoin Wallet.

    Click on “wallets” and you’ll see your Bitcoin wallet (as well as the other wallets for the rest of the coins sold on Coinbase).

    Click it and you’ll see a screen like the one above.

    You can send Bitcoin from “my wallet” to any other wallet you control, or to which you have the address.


    Visit Coinbase

    Exodus Wallet

    Exodus wallet is a piece of software that lives on your computer. All you have to do is download it and set it up and you’ll be ready to store Bitcoin here. Follow these steps to do just that.

    Step 1: Download Exodus.

    Go to and download the desktop wallet (Exodus is not currently available for mobile). Install it just as you would any other desktop application.

    Step 2: Open Your Exodus Bitcoin Wallet.

    As you can see above, Exodus can hold all kinds of cryptocurrencies. To use it for Bitcoin, just click the “wallet” tab on the right, and then click the “Bitcoin” wallet. You’re now ready to use the Bitcoin Exodus wallet.

    Visit Exodus

    Infinito Wallet

    The Infinito Wallet is used to hold all kinds of cryptocurrencies, not just Bitcoin. Use it if you want an easy one-stop storage shop for all of your portfolio. Infinito wallet is also very convenient and well designed. Here’s how to get it.

    Step 1: Download Infinito Wallet

    Go to and click “download” as seen in the image above. Select the right file for the device you’ll be using. Once the file is downloaded, install it just as you would any other application. Once it’s set up, open it up.

    Step 2: Go to the Bitcoin Wallet already within Infinito

    You’ve already got a Bitcoin wallet once you open Infinito. It’ll have your address, to which you can send any amount of Bitcoin.

    Visit Infinito Wallet

    Formerly, the Bitcoin wallet is one of the most convenient web wallets in the space. Create an Bitcoin account fast and have secure access to Bitcoin and other cryptocurrencies whenever and wherever you need.

    Step 1: Create a Wallet

    Go to and create a new wallet by submitting your email, choosing a new password, and clicking the link in the email sends you.

    Step 2: Find Your Bitcoin Wallet Inside

    Click on “Wallet” at the top of the page. This will take your to your Bitcoin wallet, from which all your Bitcoin business can be managed.


    Best Bitcoin Wallets in Your Country

    UKCanada & USAustralia

    For the best Bitcoin wallet available in the UK, we’re going to have to go with one we haven’t yet mentioned: Coinbase.

    Coinbase used to be a place where you could only make value speculations on cryptocurrencies like Bitcoin. How things have changed.

    Today, Coinbase offers the Coinbase wallet, a bespoke solution for sending and storing Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

    Coinbase is a fully licensed and regulated trading source, with a history that streches back before the time of cryptocurrency.

    They’re not new to the game, and therefore have the benefit of trust and experience that few Bitcoin wallet providers can match.

    Fortunately, the Coinbase wallet is not just for people in the UK any longer. While Coinbase used to be restricted in the United States, the team has improved its offerings so much that they now are fully licensed in the United States.

    The Coinbase mobile wallet app is one of the best in the business, and will work perfectly for customers in the United States and Canada.

    Binance is definitely the best wallet solution for Australians and New Zealanders.

    Though it’s not the best option for long term storage, it’s the place where Bitcoin holders will get the most mileage out of the BTC.

    Users can trade Bitcoin against dozens of other world-class cryptocurrencies and altcoins on Binance.

    This is a great way to get access to the global cryptocurrency scene, as Binance has business in all parts of the world.

    Differences Between Exchange, Hardware and Software Crypto Wallets

    Let’s go into a bit more detail about the differences between Exchange, Hardware, and Software wallets.

    Exchange Wallets

    The Exchange Wallet is used when someone buys Bitcoin or an Altcoin, and safely stores it within the user’s exchange account.

    It’s never a good idea to store cryptocurrency on exchanges for a long time, because exchanges are routinely hacked and compromised due to the massive trading volumes they have.

    Here are some good examples of Exchange wallets:

    • Coinbase Wallet
    • Binance Wallet

    Hardware Wallets

    Hardware wallets are physical devices designed for long term storage of cryptocurrency.

    They’re safer than other kinds of wallets because they’re not connected to the internet, and thus cannot be hacked when properly used. There are only a few hardware wallet manufacturers, but all of these options are good.

    Here are some good examples of Hardware wallets:

    • Ledger Nano S
    • Trezor
    • Bitcoin Paper Wallet

    Software Wallets

    Software wallets are phone or computer applications that store Bitcoin.

    More secure than an exchange wallet, internet-connected software wallets are not as safe as hardware wallets, so should only be used to store Bitcoin for daily use. You wouldn’t store all the money you own in a leather wallet. Software wallets should be used the same way.

    Here are some good examples of Software wallets:

    • Exodus Wallet
    • Jaxx Wallet
    • Bitcoin Core

    Best Bitcoin Wallet on Mobile

    AppleAndroidApple x Android

    Best Bitcoin Wallet Apple

    Your mobile Bitcoin wallet isn’t there for ultimate security; it’s there for convenience.

    Therefore, we say go with the most convenient option, which for our money is

    There is no Apple Bitcoin wallet more user friendly than, and it’s free.

    Another great option is the Coinbase wallet that was mentioned before. Your crypto will be safe and it’s a company with solid reputation. The only downside is that they currently hold 5-6 different crypto wallets.

    Best Bitcoin Wallet Android

    For Android, our vote has to be cast for Jaxx, which we’ve already mentioned in more detail above.

    Although our first option is to always go with a regulated wallet like Coinbase that will allow you to buy and sell cryptocurrencies without any issues, we also recommend Jaxx for new users.

    Not only is it secure and convenient, it supports many more coins than just Bitcoin.

    You can even do basic trading within the app. If you have only one Bitcoin wallet on your Android phone, go with Jaxx.

    There are tons of Bitcoin wallets for mobile devices. We’ll cut to the chase and give you the best option for Android and Apple. You can find the main differences regarding Crypto Applications below:


    • Only works with applications made for its own software
    • Most Cryptocurrency apps and wallets are instantly banned on the Apple store due to violations of T&C
    • All app publishers need to be identified and cannot be anonymous


    • You can run any application on Android
    • You will find any app on the Play store, even the ones that are scams
    • You can run crypto mining applications and scripts on your device

    As you can tell by now, you have dozens and dozens of options when it comes to choosing a good Bitcoin wallet. As long as you choose one that has excellent security and a good user interface, you should have no problems. When choosing a wallet, always see what other users have to say, using independent comments and reviews from third party forums, like Reddit and BitcoinTalk Forum. Keep your keys to yourself and guard your passwords, and you should never lose access to your precious Bitcoin. Keep it safe for the long term, and you could have an incredible investment on your hands. Good luck!

    Interested in storing other cryptocurrencies?

    If you’re interested in buying and storing altcoins, check out our guides below to find the best wallets that cater to each specific coin.

    Top-rated crypto platform for 2020


    eToro Commits To Better Future Growth with Delta Acquisition
    • 15+ coins supported
    • CySEC and FCA regulated
    • Buy, sell and trade crypto in 1 platform
    • Over 6 million users worldwide
    eToro Commits To Better Future Growth with Delta Acquisition
    75% of retail investor accounts lose money when trading CFDs with this provider. Crypto assets are highly volatile unregulated investment products. No EU investor protection.


    Can I store all my cryptocurrencies in the same wallet?

    Yes. If you choose a wallet like Jaxx of Exodus, you'll find that most cryptocurrencies you're interested in buying are supported. There will be a different address for every coin (make sure never to send a coin to the wrong coin address!), but each coin will be supported in the same convenient user interface.

    Can I send Bitcoin to a Ripple or Ethereum wallet address?

    Absolutely not! This will result in the loss of your funds, so make sure never to send one coin to the address of another coin type. Bitcoin to Bitcoin addresses. Ethereum to Ethereum addresses. Ripple to Ripple addresses. Some ERC20 tokens (tokens created using Ethereum) can be sent to Ethereum addresses, but this is an exception that you'll learn when you get deeper into this discipline. For now, keep it simple and send specific coin types to specific wallet type addresses.

    What is the best Way to keep my Cryptocurrencies safely stored?

    The best way to store your cryptocurrency safely is to use a hardware wallet or other 'cold' (offline) solution. Even a paper wallet is safer than a software wallet that's running on an internet-connected computer, as the latter could theoretically be hacked. A device with no internet connection can't be hacked through the internet.

    Can I convert Bitcoin to FIAT currency on my wallet?

    On certain wallets, like the Coinbase wallet, you can trade fiat currency for Bitcoin, and vice versa. These are specially licensed and regulated wallets, and typically are associated with a specific exchange. This is not the norm.

    Can I link my credit card to my bitcoin wallet?

    On specifically licensed and regulated wallets, like those belonging to Coinbase, you can pay for Bitcoin with credit card. This is not normally available through software and hardware wallets.

    A-Z of Bitcoin Wallets

    Remember, all trading carries risk. Past performance is no guarantee of future results.

    Andrew Black is a freelance technology and financial writer from Baltimore, Maryland. He's a longtime crypto user and investor.

    20 thoughts on “Best 5 Bitcoin Wallets for Beginners in 2020

    1. I’ve heard that it is possible, at least in some cases, to link my credit card to my bitcoin wallet. What platform would allow me to do that?

      1. Hello Bill. Thank you for your question. Yes, that is correct. There are only a few platforms that allow you to pay for Bitcoin with your credit card and that is normally not an option for software and hardware wallets. The platforms that give you this option are only eToro and Coinbase, so if you consider this to be a requirement when choosing your platform, then you should definitely go for one of the two. You can visit both our Coinbase and eToro reviews to find out more about them.

    2. Hello, can anyone please walk me through the sign up process on eToro? I would like to create a bitcoin wallet on it.

      1. Hello Austin. Thank you for your question. The sign up process on eToro is very straight forward and simple. All you have to do is go on the official website, and click on the “CREATE ACCOUNT” button. You will have to provide a few personal details such as email address, full name, phone number and password. You will also have to accept the terms and conditions. You will then be required to provide proof of your identity with the appropriate documentation, which includes a copy of your passport. After that, you will have to place funds into your account, go on the trading space and buy bitcoin and finally you will be able to download the eToro wallet and store your cryptocurrencies in it.

    3. Hello. I’ve been wanting to sign up on an exchange to create a bitcoin wallet and I’ve been struggling to find one that I thought was right for me. I recently ran into Coinomi. I’ve read some really positive reviews about it but I didn’t see you mention it on this page. What are your thoughts on it?

      1. Hello Morgan. Thank you for your question. You can find all the information you need on the exchange by visiting or Coinomi review. We do not recommend using it as a platform to create your wallet on for a variety of reasons. The first one is that it is an unregulated exchange. The exchange also does not support fiat currency, meaning that you cannot buy crypto using fiat. Another reason is that it connects to third party platforms to support trades and we’ve found such platforms to be quite suspicious. We recommend creating a bitcoin wallet on a trusted platform like eToro instead.

    4. Hello there. Is it possible to store many different types of cryptocurrencies in a bitcoin wallet? I’ve been thinking about diversifying my trades but I would find it quite inconvenient to store each cryptocurrency type in a different wallet. Any suggestions would be greatly appreciated.

      1. Hello Harry. Thank you for getting in touch. Yes, you can definitely store all of your cryptocurrencies in one wallet but not all kinds of wallets allow you to do that. We recommend either Exodus or Jaxx. They support lots of different digital coins, particularly ERC20 assets. Please make sure that you send your cryptocurrencies to the right address, so if it is Ethereum send them to an Ethereum address, Bitcoin to Bitcoin addresses. Do not mix addresses or you may lose funds in the process of putting your coins into your wallet.

    5. Hi. I know that almost all of the exchanges that you can create a bitcoin wallet on require a minimum deposit. The thing is that I don’t have $250 to spend on that and I’ve been looking for an exchange that allows me to spend less. Any suggestions?

      1. Hello James. Thank you for your question. Most of the minimum deposits offered by these exchanges are undisclosed, but we assume that they will probably be around $200-$250. What you can do is either contact a member of staff on one of these exchanges and see if you find one that requires lower minimum deposit. The thing is, that what you might save up at the beginning, you may have to spend in extra fees later on. For example, even though eToro requires a deposit of $250, it is known to have very limited fees, so in the long term, you will end up paying less than an exchange that requires say $100 but has higher fees.

      1. Hello kwo5412. Thank you for getting in touch with us. I am afraid there is no simple and straight forward answer to that because all of these wallets have certain strengths and weaknesses. The most well-reputed of these is definitely eToro. It is a CySEC regulated platform with millions of users across the world. It is known for having taken great steps to ensure the safety of customers and it is definitely a reliable platform. You can find out more about it by reading our eToro review. Other platforms that we’ve found to be excellent for creating a wallet on are Coinbase, Binance and Exodus. We recommend looking at each of them individually to find out which one of them suits your preferences the most.

      1. Hello Alicia. Thanks for your question. The answer is yes, absolutely. You are able to access your bitcoin wallet on your smart phone, regardless of whether it is an iPhone or an Android. When it comes to Apple devices, we recommend eToro, it is one of the best out there, it is free to download and regulated. As for Android phones, again we recommend eToro. We have found the platform to be an excellent platform for both storage and trading. Feel free to read through our eToro review to find out more about it.

    6. Hello. I am considering creating a bitcoin wallet to store the cryptocurrencies I want to buy. I have been trying to find some information online about some of the best ones and I ran into the Jaxx wallet. Do you think it’s a good one?

      1. Hello Jeremy. Thank you for getting in touch. Jaxx definitely has some positive aspects. It is easy to sign up on it, and very simple and intuitive to use. You can store multiple currencies in it and a Jaxx wallet can be accessed from your mobile phone. However, we would not recommend this wallet because of security concerns. In the past, Jaxx made headlines for being the target of hacking attacks. Personal information of users is easily accessible, no verification information is requested upon log in and you do not have to provide any proof of identity when signing up on it. These are all sources of concern about the safety of your funds in a Jaxx wallet. To find out more about it, feel free to have a look at our Jaxx review.

    7. Hi. Thank you for this review. I am considering buying cryptocurrencies and storing it in a wallet. What happens if the exchange I have a wallet with cryptocurrencies on gets hacked and I lose my money?

      1. Hello Bas417. Thank you for the question. The best thing you can do is to have a look, before you create an account on that platform, if they have a refund policy in case of hacking. If they do, you will probably find information about it in the legal section or the terms and conditions on the website of the platform. If you already have an account and lost your money, the best thing you can do is contact customer support and ask for advice on the next steps to take. I suggest to create a wallet on a regulated platform such as eToro because they normally have refund policies to protect you from these kinds of events. You can check out our eToro review to find out more about it.

      1. There is no easy answer to that question. The cryptocurrency market is known to be highly volatile, meaning that it is very hard to predict the direction in which the value of a cryptocurrency is going to go. We suggest doing some accurate research to find out which currency you think might make the most profits.

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