Search Inside Bitcoins

Best Bitcoin Wallets UK

If you want to buy Bitcoin and don't know where to store it, you are at the right place. In this guide, you will learn more about the best Bitcoin wallets and how to create your personal wallet.
Best Bitcoin Wallets
Best Bitcoin Wallets

Like traditional money, which you keep either in a wallet or on your bank cards, Bitcoin must be kept somewhere. In general, despite the similarities, there is also a big difference between storing traditional money and bitcoin. The problem is that you don’t actually store Bitcoin as it is a part of the blockchain and cannot be moved from it. Instead, you keep private keys that you need to access the part of the blockchain where your Bitcoin is stored.

In this guide we’ll review Bitcoin wallets (both physical and exchange wallets), explain how they work, introduce some of the best UK Bitcoin wallets and show how to create your own crypto wallet.

Contents [show]

    Best Bitcoin Wallets in the UK in December 2021

    What is a Bitcoin Wallet?

    In essence, when you buy Bitcoin, you get cryptographic information through which your Bitcoin address is linked to you. This information represents a combination of long and complex codes which are rather difficult to remember (or to hack). That’s why you need a bitcoin wallet where you store these codes or otherwise called private keys. Your Bitcoin wallet interacts with the blockchain network and allows you to send your Bitcoin or receive a new BTC. 

    Never trust your Bitcoin wallet to someone else in the same way as you don’t trust your physical wallet where you keep your money. If someone gets your private keys, they can easily have access to your Bitcoins and steal it. Hence, you create a personal password for your crypto wallet, which you must not lose or forget. 

    Best Bitcoin Wallet UK

    With a Bitcoin wallet you can:

    • Receive cryptocurrencies
    • Send cryptos
    • Trade crypto
    • Withdraw cryptos at a Bitcoin ATM

    Never:

    • Forget your wallet password
    • Trust your password to anyone else
    • Lose a hardware Bitcoin wallet

    Nowadays, you have multiple Bitcoin wallet options to select – you can download it on your mobile phone, computer or buy it in the form of a physical device. On the whole, bitcoin wallets can be of three basic types – software, hardware, and exchange wallets.

    A software wallet, also known as a hot storage wallet, is a program or an app that you download and install on a device. In their turn, software wallets can be mobile, web, and desktop wallets.

    Exchange Wallets

    eToroIn the early days of the crypto craze, there was a widespread opinion among crypto fans – “don’t keep your crypto on a cryptocurrency exchange”. It is because the first cryptocurrency exchanges like Mt Gox and others were less trustworthy and involved lots of scams.

    Today this saying seems quite outdated, as brokers are trying to build more trust, and you can find basically several good brokers that are regulated and fully licensed platforms where you can safely trade and keep your crypto. 

    From all the available options, hardware wallets are indeed well-known as the most effective and secure way to store bitcoin, but they have their shortcomings too. The biggest threat is that you can lose it or forget your keys, and there is still the possibility of being hacked (remember the Metamask wallet case).

    CoinbaseCrypto exchanges can also be hacked, but unlike hardware wallets, top regulated brokers like eToro and Coinbase will compensate for your loss while crypto wallets won’t. 

    Hardware Wallets

    A hardware wallet, also known as a cold storage wallet, exists in the physical form. You can buy a hardware wallet from the store and use it to keep your Bitcoin offline. And the third type is an exchange wallet which operates utterly different from the previous two, as long as it is a centralized way of storing your BTC while the other two are decentralized. 

    The exchange wallet is provided by your broker/exchange and is also known as your brokerage account. When you buy Bitcoin in the UK on an exchange platform, your coins are automatically saved on your exchange wallet.

    We should note that the exchange wallets provided by top brokers that are regulated by serious financial institutions are usually as reliable as decentralized bitcoin wallets. So, in all cases, when you select a Bitcoin wallet, the important thing is not the type of wallet you choose but its reliability and effectiveness. 

    Top 5 Bitcoin Wallets in the UK

    In this section, we will introduce some of the most recommended crypto brokers and companies that provide bitcoin wallets to their users. But before making our list of recommendations, we have carefully examined many such brokers to choose those with the best security systems and fee structure. Bear in mind that apart from exchange wallets, we have also included some hardware bitcoin wallets for those who still want to use them. 

    1. eToro Exchange Wallet

    eToro is among the most reputable and well-known brokers in the UK and worldwide. Along with its multiple assets available for trading, it also offers cryptocurrencies that you can buy and sell without paying any commissions. The only trading fee you need to pay is the difference between the buy and sell prices. Plus, there are lots of other exciting and reliable features eToro offers to its customers.

    First and foremost, in this case, is that apart from your trading account, you can also get access to eToro’s crypto wallet called Money. It’s among the world’s safest crypto wallets with high-level security features. Also, with the Money crypto wallet, you can always be sure to recover your private keys free and quickly if you forget them. 

    eToro Wallet

    The wallet gives you access to 120 cryptocurrencies that you can buy, receive, send or transfer. Plus, you can also stake crypto assets such as ETH, ADA, TRX and get rewards from holding them for a certain period of time.

    As for the security of your trades and assets, both the platform and the wallet are regulated – Its wallet is regulated by GFSC, while the eToro exchange is regulated by 4 top tier authorities – FCA, CySEC, ASIC and the FSCS. eToro also stands out with its good customer support service that includes phone and email contact too.

    Visit eToro

    2. Coinbase Exchange Wallet

    Coinbase is another worldwide known cryptocurrency exchange that also offers a separate crypto wallet known as Coinbase wallet. The latter exist standalone, and you don’t have to open a Coinbase account to have a Coinbase Wallet. Still, you can link your wallet to your Coinbase account and quickly transfer your funds between them.

    Coinbase Wallet

    With your Coinbase Wallet, you can store your crypto coins in one place and get access to more than 500 cryptocurrencies and several NFTs, take part in ICOs, shop at the stores where they accept cryptocurrencies, send crypto to any part of the world, and not only. Among the essential features of the platform offers is its easy and simple-to-use interface. Another crucial thing is your security – Coinbase Wallet protects your private keys with high-standard security systems, including Secure Enclave, biometric authentication, and optional cloud backups. 

    Visit Coinbase

    3. Binance Exchange Wallet

    Binance is a cryptocurrency exchange and a peer-to-peer marketplace that offers users a vast selection of digital assets. To store these cryptocurrencies, Binance also offers a crypto wallet used by already 10 million people around the world. It interacts with several blockchain wallets and crypto tokens and it has a mobile app that you can install on your device and use to store, receive, exchange, and send hundreds of cryptocurrencies.

    BinanceAdditionally, Binance Wallet not only allows you to store your cryptos but also gives you the opportunity to earn rewards by staking your coins. At the time of writing, Binance supports locked staking of 76 different cryptos.

    Visit Binance

    4. Trezor

    For those who prefer to use a hardware wallet and have a larger amount of bitcoin to store, we have selected two of the best-known cold storage wallets. The first one is Trezor, a small-sized device able to hold different types of cryptos, such as Bitcoin, Ethereum, Ripple, Cardano, Zcash, etc. Launched in 2014, it was the first hardware wallet that offers secure storage for your BTC and other crypto assets.

    Trezor Bitcoin Wallet

    You can get Trezor for under $100, and the package also includes a USB that connects the small device to your computer. You will also get a list where you should create a 24-word security code for your Trezor that later you can use to recover your wallet in case you lose your Trezor. The device stands out with excellent privacy, and even the company producing it cannot track how you use it as long as there is no serial number written on it. 

    5. Ledger Nano S 

    Ledger Nano S is a trendy hardware crypto wallet that became so famous due to some of its features. First and foremost, it’s known as one of the most secure wallets to store your bitcoin, and only a few cases are known when it was hacked. It’s a compact device that is used and packed easily and has built an excellent reputation so far. 

    Ledger Bitcoin Wallet

    Similar to the Trezor wallet, when you get your Ledger Nano S, you create a code consisting of 24 words that you can use to recover your private keys in case you lose your physical device. As for its functionality, you can use Nano Ledger S to store almost 1100 tokens and cryptocurrencies. Twenty-three of these digital currencies are backed by Ledger itself, while other crypto assets are available with the help of third-party apps. As for its cost, you can buy a Nano Ledger S hardware wallet for under $60.

    Conclusion

    To conclude, Bitcoin is digital money that needs to be stored somewhere, much like any other digital asset. Hence, several crypto wallets emerged offering different services to store your cryptocurrencies. On the whole, they are of three kinds – exchange wallets, hardware, and software wallets. 

    Notably, while exchange wallets were once known as a not-so-secure method to store your bitcoin today, things have significantly changed. There are several brokerage platforms and crypto exchanges with a good reputation that also offer a safe place to store your bitcoin. Apart from the exchange wallets, you can also buy hardware wallets, which is physical device that helps you to keep your bitcoin offline. 

    A software wallet is another type of bitcoin wallet that exists in the form of apps that you install on your device and use it. There are multiple crypto wallets, so you may be somehow confused while selecting the most suitable one. Therefore, from our research, we have collected a list of the five best bitcoin wallets in the UK, including eToro, Coinbase, and Binance as the best exchange wallets; Trezor and Ledger Nano S, – the best hardware wallets. 

    eToro: Our Recommended UK Cryptocurrency Platform

    Our Rating

    eToro exchange
    • ASIC, CySEC and FCA regulated - 20 Million Users Worldwide
    • Buy with Bank transfer, Credit card, Neteller, Paypal, Skrill, Sofort
    • Free Demo Account, Social Trading Community
    • Free Secure Wallet - Unlosable Private Key
    • Staking Rewards for holding ETH, ADA or TRX
    • Copytrade Winning Crypto Traders - 83.7% Average Yearly Profit
    eToro exchange
    Cryptoassets are unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.

    FAQs

    How do I get a Bitcoin Wallet?

    It depends on which type of wallet you want to select. Exchange wallets are usually provided by your broker - meaning the wallet is in your brokerage account, and when you buy bitcoin, it is automatically stored on your exchange wallet. However, brokers sometimes also provide a separate crypto wallet that you need to install separately. As for software wallets, you need to download the app and install it on your device. After this, you need to register for an account and create a password for your wallet. Coming to hardware wallets, you need to get them from the stores.

    What is the best bitcoin wallet in the UK?

    Analyzing several bitcoin wallets provided by crypto exchanges and hardware wallets, we have composed a list of the best five bitcoin wallets in the UK. It includes three exchange wallets (eToro, Coinbase, and Binance) and two hardware wallets (Trezor and Ledger Nano S).

    What’s the difference between a cold and hot wallet?

    They are both used to store your private keys and give you access to your bitcoin addresses. But hot storage wallets keep your keys online and exist in the form of software apps and programs. In contrast, cold storage wallets are physical devices that store your private keys offline.

    Can I link my credit card/bank account to my Bitcoin wallet in the UK?

    You cannot directly transfer bitcoin from your bitcoin wallet to a credit card or a bank account. Firstly, you need to sell your bitcoin and provide the buyer with your payment option details who will transfer money to your account or bank card. But you can link your credit card or bank account to your exchange or brokerage account and use it to withdraw money.

    InsideBitcoins uses cookies to improve and customize your user experience. Learn more

    The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

    Close