Top 5 Crypto Wallet for 2022-2023

Carlos Abiassaf -

With cryptocurrencies becoming increasingly popular, many people may be looking to learn and get the best available information regarding the security of their crypto.

Why would you need a crypto wallet?

Especially now with inflation soaring pretty much everywhere a lot of regular people in heavily impacted countries like Turkey, Argentina, and Lebanon who don't trust or can't rely on the traditional banking system for their savings are adopting cryptocurrencies and stablecoins. (Stablecoins are crypto that is Pegged to another fiat currency like the Dollar or Euro. The biggest stablecoins are USDT issued by tether and BUSD issued by Binance and both of them are pegged to the US dollar)

This statistic is from 2019 we can safely assume that those numbers have increased in the past 3 years. Underlying the importance of the gigantic shift we are witnessing through the adoption of crypto by regular people not only traders or investors.

Our top picks for Best Crypto Wallets as of September 2022

Trust Wallet - Best for mobile

MetaMask - Best for Ethereum-based Defi

Ledger Nano S Plus - Best Hardware wallet

Phantom Wallet - Best for Solana-based Defi

Cake Wallet - Support p2p Bitcoin and Monero transactions on mobile

Wallet Reviews

Trust Wallet

Pros                                                            

• Supports a vast range of coins and tokens

• Earn interest on one of 12 different cryptos

• Simple and easy-to-use interface

• Built-in Web3 browser allowing users to use Defi and NFT marketplaces

• Easy to download on IOS and Android

Cons

• Educational resources on coins and tokens are limited

• Not open source it’s owned by Binance

Trust Wallet is a very popular mobile online crypto wallet. Despite its links to Binance, the wallet is non-custodial, which means it does not keep your private keys, and the user is responsible for safeguarding them ( This is really important). It supports over 40 blockchains, which is how it’s able to store such a wide variety of digital assets it supports the largest number on our list.

Trust Wallet is also a great mobile option for decentralized app enthusiasts. The wallet has a built-in Web3 browser, allowing users to access Dapps and blockchain games directly through the app.

Overall really convenient and can offer you the full Defi experience without the need for a computer web Browser.

Rating: 9.5/10

Metamask

Pros

· Intuitive interface design on browser extension and app

· Best suited for Defi use on a computer web browser but also supports a mobile version

· Can be linked to NFT marketplaces

· Supports thousands of DApps and most layer 1 and layer 2 blockchains like Ethereum, Binance Smart Chain, Avalanche, and Polygon Network...  

Cons

· Fees could be very expensive

· Cannot directly store Bitcoin, Litcoin, Monero, and many other coins

· Can block or restrict the ability of users to interact with Web3 like what we saw happening when the US treasury sanctioned tornado cash and complied with sanctions on certain jurisdictions.

We chose MetaMask as the best crypto wallet for Ethereum based-Defi because its user-friendly interface provides quick and easy access to thousands of tokens and decentralized apps within the Ethereum ecosystem.

MetaMask is also notable for its compatibility with other blockchain solutions. Users can add almost any blockchain network to the app. The wallet fully supports popular Web3 networks, including Polygon, Binance Smart Chain, and Avalanche. Users can also access popular NFT marketplaces like OpenSea, and swap a variety of collectibles by connecting them directly to the wallet.

Anyone using Google Chrome, Microsoft Edge, Mozilla Firefox, or Brave browsers can download the wallet as an extension. You can also download the MetaMask app on your mobile Android or Apple devices.

Even though it's a non-custodial wallet which means users have full control over their funds with what we have seen lately with the US sanctions compliance we can question their supposed neutrality and freedom of usage a key component of Defi.

Rating: 8.5/10

Ledger Nano S Plus

Pros

· Simple navigation

· Supports NFTs and 5,500 cryptocurrencies

· Install up to 100 apps at the same time

· Buy and sell crypto directly through the Ledger Live app

· Verify all transactions with 2-button presses

· Compatible with 50 other hardware wallets

Cons

· Custom operating system is not open source

· The extra security comes at the expense of being completely responsible for your assets.

· If you lose your physical device or misplace the written-down copy of your seed phrase, there is no way to recover access to your coins.

We chose Ledger Nano S Plus as the best crypto hardware wallet because of its large number of supported assets, tight security framework, and trading capabilities through the integrated Ledger Live app.

Ledger is one of the most well-known and trustworthy brands in the crypto space. Its first wallet, the Nano S, was upgraded in April 2022 to the Nano S Plus, which came with an improved display, much greater storage capacity, and a USB-C cable port. This upgrade to the Ledger Nano S made an already strong entry-level product even more enticing when compared to its bigger brother, the Ledger Nano X.

If you are looking to start your journey with cold storage, the new Ledger Nano S Plus will not disappoint. With a $79 price tag, it's an inexpensive option for a first-time user to try out.

Rating 10/10

Phantom Wallet

Pros

· Very Intuitive interface design on browser extension and app

· Best suited for Defi use on a computer web browser but also supports a mobile version

· Can be linked to NFT marketplaces

· Supports all tokens and NFT on the Solana ecosystem

· Very low fees per transaction

· They also have customer supports

Cons

· Only supports the Solana ecosystem

We chose Phantom Wallet as the best Solana network wallet because it has a fast intuitive and easy-to-use interface. It has basically the same functionality of MetaMask. Users can easily tracks their tokens and NFT portfolio just with a click of a button.

Overall a very capable and well designed wallet. The only setback and it's a major one it's limitations to the Solana ecosystem, but since other wallet that support ethereum aren't compatible with Solana it doesn't make it inconvenient because you will need two different wallet for each network anyway.

The team behind it have been continuously making a lot of investment to improve their mobile users interface making it one of the best user experience in Defi.

Rating 8/10

Cake Wallet

Pros

· Allow p2p Monero and Bitcoin transaction on mobile

· Simple, reliable intuitive

· It supports assets rarely available on another mobile wallet like Monero, Litecoin

· You can buy and exchange crypto directly from inside the app

Cons

· There is no desktop version

· Only support a limited number of coins

We chose CAKE as the best mobile XMR wallet available. It's simple, reliable, and intuitive. Compared to the official desktop GUI, it's a night and day difference.

A lot of people might not know Monero or it's advantages. Monero is token built with one purpose Privacy. No one can see anything about the transaction and because of that more and more restriction are being made by goverments and instituions to deminish the use of Monero.

Usually the Monero wallets are built on desktop and hard to use for an everyday user but with the Cake wallet it's really easy to receive and send payements. you can also create many wallets within the app for Bitcoin and other crypto making it very easy for people in developing countries to use it as medium of exchange.

Rating 8/10

After exploring the above questions, we put together some general suggestions for what to look for in a crypto wallet:

1. Supported currencies  “the more, the better.” Unless you're interested in only trading Bitcoin, we suggest you opt for a wallet that supports at least a few of the more popular altcoins.

2. Accessible interface

3. 24/7 customer support - Although more useful for newer traders, having customer support available throughout the day is always a plus. This is especially true for wallets that undergo frequent updates and may suffer from bugs or visual glitches.

4. Hardware wallet compatibility - Anyone who is seriously thinking about getting into crypto should consider getting a hardware wallet. Investors with a hot wallet that’s compatible with at least one brand of hardware wallet have an advantage, since they can default to the model(s) supported by their wallet and transfer their crypto back and forth as needed.

Legal Disclaimer:
The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Always do your own research.
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