What is unknown to most people is that the cryptocurrencies held in your trading account are not well protected against hackers. Many getting into crypto need an easy platform to start out on. An easy way to keep your money safe and start your crypto investing is using the right crypto wallet. 

Over the years, the amount of various crypto wallets has increased exponentially. Currently, there are roughly a hundred crypto wallets to choose from. Each one has slightly different features, capabilities, and levels of security. Most wallets are either Cold or Hot wallets, which means they are either physical drives that hold your crypto or online wallets holding your money. 

New wallets come out all the time, yet it’s hard to find the right one to use. Here are my suggestions on crypto wallets depending on your experience in crypto investing, security preferences, fees and costs, and overall capabilities:

• Ledger Nano X: Cold Wallet Specialty

If hacking fears you but losing a physical drive does not, you might want to check out Ledger Nano X. Since its release in 2019, this crypto wallet is one of the safest wallets out of any other on this list because it is offline. The wallet can hold up to 1,800 cryptocurrencies and will only cost you $119. The drive works on either plug-in or Bluetooth. If you are afraid of Skynet and are a very organized person, this crypto wallet is worth using.

• Trezor Model Z: A Safe But Pricey Cold Crypto Wallet

For the highest level of security and a touch screen, your crypto wallet will be safe for as little as $190. While it does not feature Bluetooth, it has very tight security features. If your biggest worry is security and you have the breathing room to splurge, investing in this wallet is suggested. While it does not have a maximum number of applications and different cryptos, it can only hold 1,200 crypto coins, less than that of Ledger Nano X.

• CoinBase: A Great Start

Coinbase is the second-largest wallet by volume and accepts more than 500 different cryptocurrencies and NFTs. The wallet is accessible through mobile devices only and is easy to use. This is a great starting point in my opinion for amateur crypto investors. Coinbase’s security features call for two-factor authentication and can optionally save your files in Google Drive as a backup. While Coinbase is easy to use and is a great start for investors, it has very high fees. Fees range from 0.5 to 4.5% for transactions. If you are a large investor, Coinbase is not a good spot for your investments.

• Electrum: Bitcoin Investors Only Club

This wallet is the largest Bitcoin-only wallet, storing Bitcoins since 2011. It is fast, easy to use, and is most suitable for investors who are exclusively interested in Bitcoin. Electrum’s fees are special: users decide how much their fees are, based on how long they are willing to wait for their transaction to process. Their fees peak at 0.2 mBTC (millibitcoin is the one-thousandth of a Bitcoin) and are typically reduced depending on processing preferences.

• Exodus: For Investors Who Are Computer People

Exodus is another easy-to-use wallet exchange for cryptocurrencies. Investors can choose between more than 150 different currencies and have the option of receiving 24/7 customer support. While Exodus has a very easy-to-use desktop version, it is also fully functional on mobile devices. While Exodus has a fast transaction speed, it does not have strong security, failing to include two-factor authentication. Likewise, Exodus has high fees. While Exodus is working towards having customizable fees like Electrum, its monthly fees are high compared to others on this list. Typically, you will be paying around $10 a month with this wallet.

• Mycelium: For Investors Who Are Not Computer People

Mycelium is another old crypto wallet. It can work as a cold wallet (where cryptos are stored offline) or a hot wallet. This wallet is the best crypto wallet for mobile users because it is so easy to use, and it has built-in educational resources for users to learn more about crypto. Mycelium features customizable fees for Bitcoin and is working to establish that option for other cryptos. Mycelium also supports Ethereum and Ethereum based NFTs.

• Ledger Nano S: Safe And Cheap Cold Storage

Ledger Nano S is a primitive version of Ledger Nano X. Initially released in 2014, Ledger Nano S was the safest cold storage for crypto on the market. This wallet has the capacity of 1,100 crypto coins yet has the capability of only storing three different applications rather than Nano X’s 100. While it does not feature Bluetooth technology, the drive, at just $59, is much cheaper for investors who do not have a lot of spending room.

• MetaMask: Best NFT Wallet

MetaMask is a hot wallet accessible through a browser extension or mobile application. This wallet accepts only Ethereum-based NFTs and the fees are typically 0.875%. While this fee is high compared to other wallets, MetaMask is incredibly safe. MetaMask never stores the wallet information on its own servers, making it decentralized. Instead, it places your information on the internet, making your data even harder to acquire. Their fees are high, but if safety is a must for you––I would hold and trade with MetaMask.

*Not a financial advisor. All investment strategies and investments involve risk of loss. Nothing contained in this article should be construed as investment advice. Any reference to an investment’s past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit. The opinions expressed in this article are the author’s own. Harriton Banner does not endorse nor support views, opinions or conclusions drawn in this article and are not responsible or liable for any content, accuracy or quality within the article or for any damage or loss to be caused by and in connection to it.*