Best Crypto Wallets For Beginners In 2024 – Top 8 List

Crypto wallets are blockchain-based software programs or physical devices that help to securely store your cryptocurrencies. While the cryptocurrency sector has been prospering rapidly, the number of platforms offering crypto wallet services has increased too. Hence, it can be hard to find out the best crypto wallet to store your coins, especially if you are a beginner. 

To help you decide which crypto wallet to choose, we have introduced and reviewed the top best crypto wallets in 2024. Our guide also thoroughly provided a step-by-step walkthrough on how to start using them. 

Top Crypto Wallets Reviewed – Full List

With thousands of cryptocurrency wallets in the market, it can be daunting to explore and test multiple ones to find out which is the best. Meanwhile, you can’t trust a crypto wallet if you don’t know whether it is safe, functional, and affordable. To help you in this task, we have reviewed the best crypto wallets in detail to make it easy for you to choose a suitable crypto wallet. 

BloFin Wallet – Seamless User Experience

BloFin Wallet is one of the top crypto wallets every beginner should consider this year. The platform was launched in Clayman Island in 2019 by Matt Hu, a tech-savvy figure who has earned a good reputation for his successful crypto data and research firm, TokenInsights.

In addition to providing extensive crypto storage, BloFin also offers several trading opportunities that can help investors optimize their returns. One of such is its copy trading feature which empowers newbies to replicate the strategies of proven traders and savor huge profits.

Similarly, even without a trading experience, users can still make gains on BloFin by exploring its earn and saving options. BloFin also has an academy department that’s dedicated to providing cutting-edge resources and materials that caters to beginners finding their feet in the industry and intermediate investors looking to expand their knowledge and improve their trading strategies. Other industry-leading offerings provided by BloFin include spot trading and futures trading.

On BloFin, users enjoy easy entry into several perpetual future markets, with a high leverage of up to 150x.  Also, the wallet supports more than 500 trading pairs and about 80 fiat currencies so that users can buy cryptocurrencies seamlessly. Aligning with various needs and preferences, BloFin provides a wide range of market orders such as market price orders, limit orders, trigger orders, trailing stop orders, take profit/stop loss orders, and advance limit orders.

Likewise, it supports automated trading through its bots, ensuring that users do not have to embark on extensive market research to make informed trading decisions. Instead, they can set up the bots according to their preferred trading strategy, allowing them to focus on other important things.

Ellipal – Air-Gapped For Optimal Security

Developed by a team of passionate innovators and tech-savvy individuals with a wealth of experience in crypto security, Ellipal is a leading hardware wallet that empowers users to safely manage their investment portfolios. What sets Ellipal apart from its peers is its air-gapped concept which helps protect users and their assets from every form of remote attacks.

With a major focus on delivering full online protection, Ellipal does not support any kind of wireless connection. Rather, it makes use of offline and verifiable QR codes, ensuring that users’ private keys never come in contact with the internet. As such, if the goal is to keep your crypto assets for the long term, Ellipal stands out as one of the best wallet providers to consider.

In addition to its unbeatable security system, the Ellipal wallet has also solidified its market appeal with its sleek, simple, and easy-to-use posture. Through its highly responsive touchscreen feature, users can easily create accounts, add coins, buy and sell cryptos, engage in staking, and lots more.

Meanwhile, Ellipal comes in different versions – Titan Mini and Titan 2.0. Accompanying these cold wallets is the fully optimized mobile app which can be downloaded on both the Google Play Store and Apple Store. Users can connect their wallets to the app using QR codes and explore a host of excellent features offered by Ellipal. In essence, through the mobile app, they will be able to buy, sell, trade, and swap their favorite crypto assets with ease.

Among all hardware wallet classes, Ellipal has established itself as one of the easiest pathways to accessing different variations of Web3 apps. It supports numerous dApps that cut across various areas like gaming, metaverse, lending, payment, and many more.

Crypto staking is one of the most interesting features that users can maximize while using Ellipal. Although the options are limited to about five cryptos, Ellipal’s staking program is considered one of the best ways in which users can compound their gains.

Ledger Stax – Highly Reliable And Secure

Ledger Stax is one of the latest additions to Ledger’s hardware wallet family. While building on the success of its predecessors – Ledger Nano X and Ledger Nano S Plus, Ledger Stax distinguishes itself by featuring a large e-ink screen. This innovative aspect of the wallet not only enriches users’ interaction but also introduces a new level of functionality.

When it comes to security, Ledger Stax is one of the safest options. Like Nano X and Nano S Plus, it provides cold storage for your assets by keeping your private keys offline. This makes it even more difficult to get access to your cryptocurrencies and protects you from malicious attacks. Hence, if you are looking for the best option to store your coins as a long-term investment, Ledger Stax is the best choice.

One of the core attributes of Ledger Stax is that it supports both USB-C and wireless charging. These flexible charging options ensure that users can power their wallets in a way that’s most convenient for them. The device is also portable, meaning users will be able to keep it in their pockets while on the move.

Ledger Stax is also renowned for its support for over 5,500 cryptocurrencies and NFTs. Users can acquire, sell, swap, and stake cryptos through the device. In addition to this, Ledger Stax is suitable for NFT enthusiasts looking for the right spot to showcase and trade their collections.

Another good thing about the Ledger wallet is its Ledger Live app which enables you to easily manage your holdings while keeping them in cold storage. You can use the app to check your balance, follow your transaction history and access different features of the decentralized network.

For example, through the Buy Crypto option, you can purchase Ethereum, Bitcoin, and many other cryptocurrencies with a debit or credit card. The Stake crypto option also enables you to lock up your Solana, Ethereum, and other similar cryptocurrencies so as to gain passive rewards. The other two important features of the Live app are Manage Crypto and Swap Crypto options through which you can easily send, receive, and swap different cryptocurrencies.

The only disadvantage of this wallet is its price which is quite high when compared to software wallets, which are quite affordable or free to download. The price for the Ledger’s hardware device is over $100. But, this high price is compensated by its advanced security.

Ledger is one of the most reputable hardware wallet providers, with 6 million customers worldwide. Its Ledger Stax hardware wallet scores 4.5 out of 5 on Amazon.

Cypherock – 10x Security 

Cypherock has been capturing the imaginations of all categories of crypto enthusiasts, including newcomers with its unique approach to storing seed phrases. Unlike other hardware wallets, Cypherock embraces the concept of full decentralization in protecting users’ private keys and assets from unauthorized access.

Private keys on Cypherock are cryptographically broken down and shared across five segments through the aid of Shamir Secret Sharing. Each segment of the keys is securely stored on one X1 vault and four X1 cards – five tamper-proof devices that are kept under the sole control of users.

The X1 vault comes has a dual-chip design, with STM32L4 as its master microcontroller and the Secure Element ATECC608A serving device authentication and key security purposes. This top-notch security design helps protect Cypherock against side-channel attacks. To execute transactions on Cypherock, users only need the X1 vault and just one of the NFC-enabled cards.

Meanwhile, while Cypherock takes away all the worries associated with finding a secure place to store one’s seed phrases, it still caters to those who want to access and back up their keys separately. However, those intending to keep their private keys outside Cypherock’s decentralized backup model must be sure they are embracing reliable storage solutions like Cryptotag.

Beyond its security architecture, Cypherock is also gaining considerable interest due to its support for a vast number of crypto assets. At press time, the device supports not less than 5000 different cryptocurrencies which can be managed through its desktop app – CySync.

All in all, those interested in Cypherock will enjoy a 17% discount if they use the promo code – “coldwallet” while buying the device.

Trezor – Top Option For Long-Term Crypto Storage

Renowned for its all-in-one features, Trezor is quite popular as one of the pioneers in the hardware wallet industry. It supports more than 1,000 crypto assets including Bitcoin, Ethereum, Litecoin, Ripple, Cardano, Bitcoin Cash, Dogecoin, and many more.

Being a leading hardware wallet with robust security features, Trezor is considered a secure wallet option for long-term storage of cryptocurrencies. The core objective of this wallet is to guarantee the protection of cryptocurrency from unauthorized access and potential cyber-attacks.

Driven by this utmost goal, Trezor operates as a cold storage, ensuring that users’ private keys are not exposed to the internet. This groundbreaking aspect of Trezor has made it impossible for hackers and bad actors to pounce on the wallet. Despite being around for almost a decade, Trezor has never been hacked, a feat that has significantly contributed to its popularity among all categories of crypto bulls, including beginners.

That being said, Trezor offers several industry-standard models – Trezor Model One, Trezol Model T, Trezor Safe 5, and Trezor Safe 3. They are quite affordable and provide an opportunity for users to buy, send, receive, and stake their favorite crypto assets. To effectively use these physical wallet devices, users are expected to download the Trezor Suite. This app is accessible on mobile devices, serving as a companion to the hardware wallets.

When connected to the best crypto wallet, the Trezor Suite provides a comprehensive platform for users to manage their crypto assets. Users can also customize this product to enhance balance management and tracking of their assets. However, while it supports the creation of multiple wallets, every transaction executed on the Trezor Suite must be confirmed on the physical wallet, fostering its security posture.

All in all, considering several factors, including its efficient security and affordability, Trezor is considered suitable for both casual investors and whales. Since its inception in 2014, the well-known wallet provider has been making its mark and keeping an unblemished track record in the crypto scene. As such, amid the growing importance of privacy in the industry, Trezor has emerged as a go-to wallet for all crypto enthusiasts.

MetaMask Wallet – Highly Secure Software Wallet

MetaMask is another highly popular cryptocurrency wallet that stands out with advanced security and good functionality as a software wallet. Built on the Ethereum exchange, MetaMask allows users to store, swap, and exchange cryptocurrencies and NFTs. Outside that, it also gives access to multiple decentralized applications. As the wallet describes itself, it is your “gateway to blockchain apps.”

MetaMask is trusted by over 30 million users and has already built a reputation as a good crypto wallet. Its security mechanisms are actually quite effective, ensuring that your passwords and keys are stored on your device, and only you can have access to it. You can decide which part to share with the platform and which data to keep private. 

MetaMask provides a mobile app and an extension to the browser, free to download and install on your device. With MetaMask, you can enjoy buying, selling, storing, and swapping thousands of cryptocurrencies as the wallet has multi-chain support. It is compatible with a number of popular blockchains, including Ethereum, Binance Smart Chain, Avalanche, Compound, and many others. 

MetaMask is a good choice if you are looking for secure storage for your digital assets, such as cryptocurrencies and NFTs.  The wallet helps you to interact with different dApps, and exchange cryptocurrencies at a fraction of the cost. 

OKX Wallet – Easy-to-Use Crypto Wallet With Multiple Features

OKX Wallet is backed by a popular cryptocurrency exchange, OKX, and has built quite a good reputation. It is a beginner-friendly platform that provides a number of features in one place, including crypto storage, an NFT aggregator platform, earning tools, and a DEX to swap between different cryptocurrencies. With all this, the OKX wallet is among the best DeFi wallets in the market.

As mentioned on its website, OKX is like “your portal to Web3” due to its unique features. As a crypto storage platform, OKX aims to support interoperability between different networks and supports over 60 blockchain networks, with many more to come in the future. The popular networks supported by the wallet include Ethereum, Bitcoin, Solana, OKC, Polygon, Binance Smart Chain, etc. To know more about this, check out our OKX review. 

Another feature that may especially interest NFT enthusiasts is the NFT aggregator platform supported by OKX. This tool can be used to create and sell your NFTs across 11 networks and is powered with all the necessary tools. The platform also supports various popular NFT collections, including Bored Ape Yacht Club, Wrapped CryptoPunks, Azuki, etc. 

Also, OKX earns our recognition as one of the best crypto wallets for beginners because of its easy-to-navigate interface. Beginners can easily understand it without having complex knowledge about DeFi. Its app is available on various devices, including phones operating through iOS and Android systems. It can also be downloaded and installed on MacOS and Windows operational systems-supported computers. 

Apart from the main features of sending, receiving, and storing cryptocurrencies, the OKX wallet also has an in-built decentralized exchange and Bridge aggregator. This tool enables users to swap hundreds of cryptocurrencies across a number of blockchain networks. Additionally, its Web3 Dashboard will help you manage your investments, providing an overview of your transaction history, portfolio performance, and digital assets. 

As one of the best Bitcoin wallets, OKX Wallet provides a so-called Earn platform through which users can make passive income with their digital assets. There are various tools available on the platform, such as Save, Vault, Stake, Pool, and Farm. You can use these tools to lock up your assets and get rewards. The APY differs depending on the asset, but it can even reach over 5%. 

ByBit Wallet – Beginner-friendly Crypto Wallet

The next crypto wallet in our list is the ByBit Wallet – a user-friendly custodial wallet designed to streamline access to Web3. The word “custodial” means that the wallet is designed and managed by a centralized exchange.

Although ByBit belongs to a centralized exchange, it provides advanced security features to protect your private keys safely. So, its robust safety mechanisms enable users to safely enjoy various features of Web3. Besides, the ByBit wallet belongs to one of the popular cryptocurrency exchanges – ByBit. The latter is a reputable cryptocurrency exchange with a large trading volume and is trusted by 10 million users globally. 

As one of the best Ethereum wallets, ByBit gives access to different decentralized apps through its aggregator, thereby enabling users to learn about different Web3 applications. Additionally, it gives efficient insights into the upcoming initiatives within the Web3 ecosystem. Apart from storing your assets on the app, users can also enjoy various aspects of Web3, such as swapping if they choose the wallet provider. For more details, check out our Bybit review.

Another key feature is that the ByBit wallet is adjusted to the needs of beginners. Its platform is easy-to-use and easy to manage, so you can get started and build your wallet through a couple of clicks. It has good customer support with a 24/7 available service. ByBit also enables investors to leverage cryptocurrencies up to 50x and Bitcoin up to 100x. 

When it comes to fees, ByBit is quite affordable – it does not charge any fees to use its wallet and for deposits. The only transaction fees charged when using the wallet are those charged by the blockchain network. 

With all these being said, we need to keep in mind that ByBit is a centralized wallet that is considered less secure compared to decentralized hardware and software wallets. It can be a good start if you are a beginner and want to get used to using Web3 applications, but it is not suitable for keeping large amounts of crypto for a long period. 

Binance Wallet – Widely-used Crypto Wallet

If you have traded before, you may have already heard about the Binance Wallet, one of the largest and most popular cryptocurrency exchanges. It is a self-custody wallet app within the Binance ecosystem. Renowned as one of the easiest gateways to blockchain-powered applications, this wallet is specially designed to help beginners access the Web3 ecosystem and store their crypto assets securely. 

Apart from having a user-friendly interface with learning material to help novice traders navigate the Web3 ecosystem, the Binance wallet has another good feature that attracts investors: its functionality. Regarding the number of assets supported by this wallet, you may be pleased to know that it is compatible with multiple blockchains. 

Along with storing your cryptocurrencies and NFTs, Trust Wallet also provides various features to access Web3. One of the features is access to various decentralized apps, such as blockchain-based games. You can easily browse these platforms without leaving your wallet. It also offers exchange and earning services so that you can gain rewards on your idle assets. 

Meanwhile, swapping and exchanging cryptocurrencies with Binance Wallet is quite simple. Users can create their own wallets within the Binance app without having to worry about private keys and seed phrases. In essence, the Binance Wallet is considered one of the most streamlined methods to manage and grow crypto assets.

Best Crypto Wallet – Overall Best Crypto Wallet To Store Your Digital Assets

Best Crypto Wallet might be a new name in the cryptocurrency landscape but it has already gained huge popularity among investors. This does not come as a surprise, as the platform incorporates advanced security mechanisms and innovative tools that make the wallet attractive for crypto traders. We consider Best Crypto Wallet as one of the best wallets for beginners because of its innovative features. 

First, it provides a comprehensive Web3 ecosystem to securely manage your digital asset. Along with receiving, sending, and storing different kinds of digital access, Best Wallet users also have access to various DeFi tools, including decentralized applications, yield farming tools, and crypto staking protocols. 

The next important feature is that Best Wallet tries to provide blockchain interoperability. It supports multiple blockchain networks, the most popular ones being Ethereum and Binance Smart Chain, so users can easily interact across different chains. This is an important feature if you want to store and manage a number of cryptos built on different blockchains in one space. 

Another important factor to consider when selecting a crypto wallet is security. Best Wallet integrates highly advanced security mechanisms to make your experience safe and away from malicious events. Its app is protected with multifactor authentication, biometric identification tools, and cryptographic protocols. For more information about its security features, check out our Best Wallet review. 

Eventually, what makes Best Wallet attractive to investors is its innovative tool – an AI chatbot. The AI chatbot will do crypto market watch and provide users with helpful insights about the market so investors won’t need to spend time on research.

Furthermore, it will help investors with insights into their portfolios and help them to manage their digital assets wisely. Another feature is that the AI chatbot will be like their personal assistant within Best Wallet’s app and can answer questions about the platform and help them understand all the app’s features. 

Apart from using Best Wallet’s app, you can also invest in its native token and get several advantages by holding it. Among these benefits is the integration with the OpenAI tool, early access to different presales, airdrops, NFT drops, and other exclusive features of the platform. It will also enable you to stake and earn rewards without paying gas fees. 

Exodus – Supports Over 1,000 Crypto Assets

Exodus is one of the most popular cryptocurrency wallets with a huge variety of networks and digital assets supported. It is easy to download and has an exceptional interface design that attracts many DeFi enthusiasts. The interface is also customizable, meaning you can select which theme to use for your page.

Along with its mobile app, which is compatible with iOS and Android, Exodus also provides desktop services. You can download its app and use it on your computer. Through its multi-chain support, users can store cryptocurrencies built on 50 different networks. Hence, we recognize it as one of the best crypto wallets for beginners who want to invest in coins backed by Solana, Ethereum, Binance Smart Chain, and other blockchains.

With Exodus, you can store and manage over 100 assets. Meanwhile, the app gives you access to NFT storage and decentralized applications. One of the DeFi tools provided by Exodus is the yield farming tool which enables you to earn rewards through your digital assets.

The wallet also provides other important DeFi tools, such as live charts to examine the market, portfolio management tools, and a built-in swap mechanism that you can use to exchange between different cryptos.

That’s not all. Exodus has a good customer support. Its security mechanisms are also quite robust. Additionally, Exodus can be linked to hardware wallets, like Trezor. This not only helps to increase the security of your assets and safely keep them on the Trezor hardware wallet but also enables you to swap cryptocurrencies between Exodus and Trezor wallets.

What makes Exodus exceptional, among other decentralized wallets, is its payment options. Along with the opportunity to send and receive cryptocurrencies from other wallet addresses, Exodus also accepts traditional payment systems. For example, you can use a credit or debit card, Google Pay, Apple Pay, and even a bank transfer option to buy cryptocurrencies. You can also withdraw funds from your Exodus account to your e-wallet.

eToro – Trusted By Millions Of Users

eToro Wallet is another great crypto wallet to consider, which is the product of a highly reputable brokerage platform – eToro. With millions of users across hundreds of countries, excellent security, and a user-friendly platform, eToro has already built a good reputation. This is already one reason to trust its crypto wallet, which is one of the newest products of the platform and is also called eToro Money wallet.

The first thing to notice about the eToro crypto wallet is its advanced security. To ensure your funds are safe, eToro uses different safety systems, including DDoS protection, standardization protocols, etc. The app is compatible with many operational systems, which means you can download it on your mobile device, tablet, or computer and use it safely.

With the eToro Money wallet, you can send, receive, store, and transfer more than 100 cryptocurrencies. It also enables swapping between different tokens, so you can easily use the wallet to buy new cryptocurrency coins and store them on the wallet. The app is free to download and  no fees are charged by the platform.

So the only fee to pay is the one charged by the blockchain network, which can change depending on the network. Another important feature for beginners is that the platform is easy to navigate and you will have an easy experience using it. Besides the advanced security features, eToro also supports unlosable private keys, which means you can recover your keys even when you forget them. For more details, read our eToro review.

Overall, the eToro crypto wallet is one of the top DeFi wallets you can consider as a beginner. Its beginner-friendly platform provides newbies with a seamless experience. This wallet is good whether you want to store new or popular crypto tokens.

Update – As of 2024, the only cryptocurrencies eToro users in the United States will be able to trade on the platform will be Bitcoin, Bitcoin Cash and Ethereum.

Margex Wallet – Secure Crypto Storage

Thanks to its user-first posture, Margex Wallet has emerged as one of the most popular wallet options for crypto enthusiasts, especially newbies. It is considered an ideal solution for those seeking to build a diversified portfolio as it supports hundreds of crypto assets. Meanwhile, crypto storage is just one of the major features of this innovative wallet provider.

Margex is home to a host of industry-leading investment products and tools that can help investors grow their investments. While users can buy and sell a wide range of crypto assets on the platform, Margex also supports staking, allowing investors to earn daily rewards without necessarily locking their funds.

Another key attraction for Margex is that it offers leverage trading that’s as high as 100x along with fast order execution. Since staked funds on the wallet provider are available in the equity balance, users can still use them as an initial margin when placing orders.

On Margex, traders can enjoy a 1% margin requirement while trading popular crypto assets such as Bitcoin, Ethereum, and even the Binance Coin. Other crypto assets like XRP, Litecoin, Solana, Cosmos, and Cardano amongst others have a 2% margin requirement. These standout offerings position Margex as an ideal destination for those looking to capitalize on rising and falling market situations to make substantial returns.

Also, setting itself apart from competitors, Margex has a beginner-friendly interface that’s not just simple to use but also easy on the eyes. All the icons, labels, and bars on Margex are well-positioned to ensure easy access. With that, users, including newcomers, will find it very easy to explore all the features embedded on the platform.

Like other top wallets mentioned in this guide, Margex also leaves no stone unturned when it comes to security. The wallet provider has strategically integrated institutional-grade security tools like Secure Sockets Layer (SSL) encryption, Google Authenticator, and many more to safeguard users and their funds.

Zengo – Intuitive Mobile Application

Zengo is next on the list of the best crypto wallets that beginners can try out this year. Designed as a non-custodial wallet, Zengo ensures that users have full control of their crypto assets without any form of private key vulnerabilities. It supports more than 120 crypto assets, including Bitcoin and major altcoins like Ethereum, Dogecoin, Polygon, Tether, and Chainlink.

The popular wallet provider is built with users’ convenience in mind. Its first-class mobile application is accessible on Google Play Store and App Store, making it a suitable option for those who want to manage their assets while on the move. While the desktop version of this wallet is not available yet, Zengo’s mobile app is well-equipped with top-tier features to help users secure their assets with ease.

The wallet’s home screen is tailored to ensure almost-instant access to all its top features anytime, anywhere. The icons on the app are also very responsive and straightforward, meaning users, including beginners, can get started with the wallet and build their investment portfolio in no time. As such, it is no fluke that the Zengo wallet app is rated 4.7/5 on the App Store, boasting over 3,000 positive reviews. It also has an impressive rating on Trustpilot, a feat that shows that users are happy with its offerings.

Most importantly, when it comes to security, Zengo ticks all the right boxes, ensuring that users enjoy full privacy while maximizing their assets. It uses Multi-Party Computation (MPC) to eliminate any worries associated with private keys. Another vital security feature of Zengo is its 3-factor authentication, adding an extra layer of protection to users’ assets.

Meanwhile, it is important to note that Zengo, like some wallets, has a paid version. This version, known as Zengo Pro, costs $9.99 monthly and $69.99 annually. However, unlike the free version of the wallet app, Zengo Pro offers exclusive access to advanced features like theft protection, priority customer support, and legacy transfer.

Those who subscribe to this wallet version of Zengo will be able to integrate facial biometrics confirmations for withdrawals, thereby enhancing the security of their assets.

What Is A Crypto Wallet And How Does It Work?

There’s no doubt that over 420 million people own cryptocurrencies. When you invest in cryptocurrencies, it is important to store them safely. Crypto and Bitcoin wallets are designed to serve these purposes, that is, to help you store your digital assets securely, as well as provide a pathway for you to send, receive, or stake them. Hence, it is safe to refer to crypto wallets as physical devices or software apps which assist you to manage your cryptocurrencies. 

However, it should be noted that crypto wallets do not directly store your cryptocurrencies like physical wallets store your cash. They actually give you access to the part of the blockchain where your cryptocurrencies are. You can access that part of the blockchain through your private key, which is stored in your wallet. 

Apart from the private key, crypto wallet owners also have a public key which is used to send or receive cryptocurrencies. However, to prove the ownership of that cryptocurrency, you will need your private key. Hence, it is important to keep your private key securely: once you lose or anyone gets it, you can no longer access your cryptocurrencies.

Read our guide on how to buy cryptocurrency safely for more tips.  

Types Of Crypto Wallets

Depending on your investment size, term, and strategy, you can select a cryptocurrency wallet that suits your needs. There are various types of crypto wallets that differ in terms of their security mechanisms, functionality, and features. Crypto wallets basically fall into three categories – hardware, software, and paper wallets. In this section, we will discuss each of these wallets so that you can make an informed decision.

Hardware Wallets

Hardware wallets, also known as “cold” storage wallets, are hardware devices that look like USB sticks. They provide offline storage for your private keys and are considered the most effective way to store your cryptocurrencies securely. Hardware wallets are almost 100% safe as long as they are offline, making it hard for hackers to steal your private keys. Hardware wallets are great when it comes to security; however, they are not the best option in terms of practicality. 

The problem is that any time you want to make a transaction, you need to connect them to a device which is not quite convenient compared to software wallets. So, hardware wallets are good when it comes to storing cryptocurrencies for the long term. When you buy a hardware wallet, make sure that it is compatible with the token standard you want to store. 

Software Wallets

In contrast to hardware wallets, software wallets exist as software apps that can be downloaded and installed on your device. These two types have three main differences: cost, security, and functionality. Regarding security, software wallets are less secure than hardware wallets as they are connected to the Internet. Still, reputable wallet providers use advanced safety mechanisms to keep your assets safe. 

In terms of cost, software wallets are more affordable and, in many cases, even free to download. While you need to buy hardware wallets from a store, you can easily find and download software wallets without paying any money. Finally, software wallets provide more functionality, which is why they are also known as “hot storage” wallets. You can easily and quickly make transactions: send, receive, and stake cryptocurrencies.

In addition to this, many popular software wallets provide other useful features. They can give you access to different Web3 sectors, including NFT marketplaces, dApps, crypto presales, airdrops, etc. So, if you are into active trading, using a software wallet would be a more reasonable decision. 

Paper Wallets

A paper wallet is another type of crypto wallet. They are called paper wallets as long as you must write your private and public keys on a piece of paper and store them somewhere safe to ensure no one has access to it.

When it comes to safety and practicality, paper wallets are less safe and functional than software and hardware wallets, which is why they are not so widely known among investors. 

How To Get A Crypto Wallet – Step-by-Step Tutorial

Now that you know about different crypto wallets, it is time to learn how to start using them. Here, we will walk you through the whole process with eToro’s Money wallet. Before we start going through the steps, you can download the Money Wallet app and install it on your phone.  The app is free to download and is compatible with both Android and iOS devices. 

Step 1 – Open An eToro Account

Before you start using the Money wallet, you will need to have an account with eToro. But don’t worry; it is a quick and straightforward process. You must start by providing a valid email address and creating a username and password for your account. To continue the registration process, you must fill in the required personal information, such as your name, surname, date of birth, address, etc. 

Step 2 – Verify Your Account 

eToro is a heavily regulated brokerage platform requiring its customers to undergo the KYC procedure. During this process, you will need to go through a number of verifications so that the broker can keep your account safe and away from fraud. At first, you will need to provide a valid email address and phone number to verify your account.

The next verification stage is identity verification, which you can do by providing the relevant documents, such as a government-issued ID, a copy of your passport, or a driver’s license. Eventually, you must verify your address by providing proof of address. This can be a utility bill or a bank document with your name and address mentioned on it. 

Step 3 – Download And Install eToro Wallet

After you finish registering and verifying your account, you can fund your account to buy cryptocurrencies. The first step to transferring your funds to your eToro wallet is to download and install it if you have not done that. Find the app in the Play Store or App Store and install it on your device. Then, log in to your Money Wallet account using the same credentials you entered while creating your eToro account. 

Step 4 – Transfer Your Funds To eToro’s Crypto Wallet 

To transfer your cryptocurrencies from your eToro exchange to your eToro crypto wallet, go to your portfolio section and select the position you want to send. Click on the “Transfer to Wallet” button to make the transaction. After the transaction is confirmed, your funds will be transferred to your eToro Wallet. Please remember that once you transfer your funds, you can’t return them to your eToro account. 

Getting cryptocurrencies on your eToro wallet from another centralized exchange account or crypto wallet is also possible. To do this, you will need to get your eToro wallet address which you can do by clicking on the “Receive” section on your wallet page. After that, you will need to convey your wallet’s public address to the sender. 

Conclusion

In this guide, we reviewed the best crypto wallets that beginners can consider to store, trade and swap their crypto assets. We also explained the differences between different types of wallets, which can help you to select the most suitable one based on your needs and trading goals. 

Our top pick is the Best Wallet which is not only safe but also easy to use. It comes with numerous innovative features like an AI chatbot to provide users with good insights about the volatile market.  

While we acknowledge Best Wallet as the best crypto wallet for beginners, we also included other top alternatives that can be considered. Eventually, if you are new to using crypto wallets, our step-by-step tutorial will guide you through.

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